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Foreign Exchange Guide to Canada

Read this currency guide to Canada with money transfer and travel tips.   [USD/CAD=1.3193]

Canada
Country Code:
CA
Domestic Currency:
Canadian Dollar
Symbol - Code:
$ CAD
Telephone Prefix:
+1

This is a foreign exchange guide to Canada, the Canadian Dollar currency plus CAD transfers and travel tips.


In this Canada currency guide we take a look at :

  1. Canadian Dollar info - general info about the Canadian Dollar
  2. Canadian Dollar in the markets - recent CAD moves and predictions from the FX markets
  3. Travelling in Canada - currency & money saving tips
  4. Buying Canadian Dollar cash online - travel money for Canada
  5. Sending money to Canada - save on Canadian Dollar bank transfers to Canada
  6. Canadian Dollar exchange rates - latest & historic exchange rates.
  7. CAD News - the latest Canadian Dollar related articles from our blog.

Canadian Dollar (CAD) general currency information


What is the Canadian Dollar currency code and symbol?

The three letter currency code for the Canadian Dollar is CAD and the symbol is $.


Which countries use the Canadian Dollar?

It is the domestic currency in Canada.

Representing a little more than 5% of the foreign exchange market daily turnover, the Canadian dollar (ISO: CAD) is the world’s sixth most traded currency.

Frequently called the ‘loonie’ by foreign exchange traders due to the image of a loon (an aquatic bird) on Canada’s one-dollar coin, the currency’s value is heavily influenced by commodities prices, particularly oil. For this reason, the Canadian dollar is often labelled a ‘petro-currency’. Canada currently has the world’s third largest oil reserves and is the world’s fourth largest oil exporter.

Canadians are mostly concerned with the value of their currency against the US dollar, since nearly 80% of Canadian exports go south of the border. In the past two decades, the Canadian dollar lowest value against its US counterpart occurred in January 2002 when the CAD/USD exchange rate traded at just 0.6178. The currency’s two-decade high occurred in November 2007 (following a boom in the oil price) when CAD/USD reached 1.1041.


Canadian Dollar (CAD) in the markets

In the weeks leading up to this report (9-Nov-18), the Canadian dollar had struggled somewhat on the back of a total reversal in the oil market. The price of oil, which Canada exports in great quantities, had fallen in 5 straight weeks, by 23 percent in total, and as a consequence the Canadian dollar lost value against many of the G10 currencies. The benchmark exchange rate, USD/CAD, rose on November 9th to a 16-week high (CAD low) of 1.323.

Away from volatile energy prices, conditions at the time of this report were good for Canadian dollar appreciation. Chief among supporting factors is the formation of a new trade agreement between the US, Canada and Mexico, which has undoubtedly led to firmer Canadian interest rate expectations. The Bank of Canada said in October that it would likely “need to raise [interest rates] to a neutral stance to achieve the inflation target” — well above where rates are now.

Over the medium term, “the Canadian dollar still looks cheap,” analysts at Société Générale said in November. Citibank are forecasting the loonie slightly stronger by the middle of 2019 at 1.30 per USD.

The interactive chart below shows the USD to CAD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-CAD 3 Month chart
USD-CAD 3 Month chart
USDCAD currency converter

Travel, Currency and Money saving tips for Canada

 

Accessing ATMs and banks is not a problem in Canada with any major credit card.

Getting around by train is a popular way of travel in Canada as it is a big place. Booking a sleeper car can be comfortable for long distance overnight stretches. VIA Rail Canrailpass gives you 12 days of unlimited rail travel in Canada during a 30-day period, check VIA Rail's website for current prices. Bus travel in Canada is an economic and comfortable way to travel, Canada's system of intercity bus routes spans the entire country. Some cities also offer flexible transit passes so you can have unlimited all-day, multi-day, or monthly travel.

 

Travel money for Canada

 

Save money and time by Ordering your Canadian Dollar online from Travelex, you get better rates and can pick up the CAD cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Canadian Dollar otherwise you may get much worst exchange rates.

 

Compare USD to CAD Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Canadian dollar (CAD) Settings - Currency/Amount

ProvidersAmount CADExchange RateCostReviewsDeals Links
Travelex Online US logoTravelex Online US
$1170.10 CAD
Top Provider
1.170111.28%
 
HSBC logoHSBC
$1158.40 CAD
$12 less
1.158412.16%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
$1142.88 CAD
$27 less
1.150613.34%
Wells Fargo Bank logoWells Fargo Bank
$1135.23 CAD
$35 less
1.158413.92%
U.S. Bank logoU.S. Bank
$1135.00 CAD
$35 less
1.13513.94%
Travelex Online US fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:1.1701 (11.28% from mid-rate)
CAD amount:$1170.10 CAD
Total Cost:11.28%
Time:
Rate Fetched: Mon Nov 19 2018 16:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:1.1584 (12.16% from mid-rate)
CAD amount:$1158.40 CAD
Total Cost:12.16%
Time:18:07 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:1.1540 (12.5% from mid-rate)
CAD amount:$1142.88 CAD
Total Cost:13.34%
Wells Fargo Bank fee breakdown & reviews
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:1.1584 (12.16% from mid-rate)
CAD amount:$1135.23 CAD
Total Cost:13.92%
Time:18:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:1.1350 (13.94% from mid-rate)
CAD amount:$1135.00 CAD
Total Cost:13.94%
Time:18:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Cost is provider fees + exchange rate margin vs USD/CAD mid-rate: 1.3188
Rates @ 11/19/2018
 

Canada Trip Checklist    

 
  1. Compare CAD travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Canada
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Canada

When searching around for information on how to get a good exchange rate when sending money to Canada you need to start with finding out the latest Canadian Dollar foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


Get a better deal for foreign transfers to Canada

When sending money to Canada it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Canadian Dollar amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted CAD amount will be transfered to the recipient account you specify in Canada.

Use our Send to CAD calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Canadian Dollar deposited into the recipient bank account and less margins and fees kept by the banks!

 

Compare USD to CAD Foreign Transfers vs the Banks

Send USD $10,000 → CAD Settings - Currency/Amount

ProvidersAmount CADExchange RateCostReviewsDeals Links
OFX logoOFX
$13,135 CAD
Top Provider
1.31350.4%
 
HSBC logoHSBC
$12,660 CAD
$475 less
1.2664%
Wells Fargo Bank logoWells Fargo Bank
$12,450 CAD
$685 less
1.24725.6%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$12,419.5 CAD
$715 less
1.24875.83%
Bank of America logoBank of America
$12,284 CAD
$851 less
1.24086.85%
U.S. Bank logoU.S. Bank
$12,284 CAD
$851 less
1.24086.85%
 
OFX fee breakdown & reviews
USD amount:$10,000 USD
Fee:$0
Exchange Rate:1.3135 (0.4% from mid-rate)
CAD amount:$13,135 CAD
Total Cost:0.4%
Time:
Rate Fetched: 18:07 Local
Rating:
 
: 4.8/5.0
Reviews:
HSBC fee breakdown & reviews
USD amount:$10,000 USD
Fee:0
Exchange Rate:1.2660 (4% from mid-rate)
CAD amount:$12,660 CAD
Total Cost:4%
Difference:
$475 CAD less than using OFX
Time:18:07 Local
Rating:
: /5.0
Reviews:
Wells Fargo Bank fee breakdown & reviews
USD amount:$10,000 USD
Fee:$18
Exchange Rate:1.2472 (5.43% from mid-rate)
CAD amount:$12,450 CAD
Total Cost:5.6%
Difference:
$685 CAD less than using OFX
Time:18:07 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate
USD amount:$10,000 USD
Fee:$15
Exchange Rate:1.2383 (6.1% from mid-rate)
CAD amount:$12,419.5 CAD
Total Cost:5.83%
Difference:
$715 CAD less than using OFX
Bank of America fee breakdown & reviews
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2408 (5.91% from mid-rate)
CAD amount:$12,284 CAD
Total Cost:6.85%
Difference:
$851 CAD less than using OFX
Time:18:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank fee breakdown & reviews
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2408 (5.91% from mid-rate)
CAD amount:$12,284 CAD
Total Cost:6.85%
Difference:
$851 CAD less than using OFX
Time:18:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Cost is provider fees + exchange rate margin vs USD/CAD mid-rate: 1.3188
Rates @ 11/19/2018
 

Major CAD cross rates


CAD/USD - Canadian Dollar to United States Dollar - 10 Year History

DateExchange RatePeriodChange
19 Nov 20180.7591Latest
12 Nov 20180.75501 Week+0.54%
20 Oct 20180.76251 Month-0.45%
23 May 20180.77896 Months-2.54%
19 Nov 20170.78161 Year-2.88%
19 Nov 20160.74022 Years+2.55%
20 Nov 20130.95685 Years-20.66%
21 Nov 20080.780010 Years-2.68%

CAD/EUR - Canadian Dollar to Euro - 10 Year History

DateExchange RatePeriodChange
19 Nov 20180.6626Latest
12 Nov 20180.67261 Week-1.49%
20 Oct 20180.66141 Month+0.18%
23 May 20180.66526 Months-0.39%
19 Nov 20170.66611 Year-0.53%
19 Nov 20160.69902 Years-5.21%
20 Nov 20130.71205 Years-6.94%
21 Nov 20080.621410 Years+6.63%

CAD/GBP - Canadian Dollar to British Pound Sterling - 10 Year History

DateExchange RatePeriodChange
19 Nov 20180.5896Latest
12 Nov 20180.58731 Week+0.39%
20 Oct 20180.58331 Month+1.08%
23 May 20180.58266 Months+1.2%
19 Nov 20170.59221 Year-0.44%
19 Nov 20160.59942 Years-1.63%
20 Nov 20130.59425 Years-0.77%
21 Nov 20080.523910 Years+12.54%

CAD/JPY - Canadian Dollar to Japanese Yen - 10 Year History

DateExchange RatePeriodChange
19 Nov 201885.4092Latest
12 Nov 201885.83561 Week-0.5%
20 Oct 201885.81771 Month-0.48%
23 May 201885.59036 Months-0.21%
19 Nov 201787.55921 Year-2.46%
19 Nov 201682.02522 Years+4.13%
20 Nov 201395.69335 Years-10.75%
21 Nov 200874.302810 Years+14.95%

CAD/AUD - Canadian Dollar to Australian Dollar - 10 Year History

DateExchange RatePeriodChange
19 Nov 20181.0398Latest
12 Nov 20181.05241 Week-1.2%
20 Oct 20181.07091 Month-2.9%
23 May 20181.02966 Months+0.99%
19 Nov 20171.03491 Year+0.47%
19 Nov 20161.00862 Years+3.09%
20 Nov 20131.02565 Years+1.38%
21 Nov 20081.246710 Years-16.6%

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