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Understanding the Table:
The comparison table above helps you see the total cost of your Bank of Canada currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
The Bank of Canada (BOC) is Canada's central bank. The role of central banks is to preserve the value of money by keeping inflation low and stable. They do this by controlling the interest rate at which banks can borrow.
Interest rates, inflation, and exchange rates are all intrinsically linked. When the BOC manipulates interest rates this impacts both the inflation in Canada and also the relative value of the Canadian dollar compared to other currencies.
Read our guide to the Relationship between Interest Rates and Currencies.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Swiss franc (CHF) to Canadian dollar (CAD) rates from different sources before making a conversion.
The above Bank of Canada - Franc to Loonie comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Bank of Canada and other foreign exchange providers against the latest CHF-CAD mid-rate and the possible savings of using various providers.
The next best is XE at 1.7085, -0.6% from the mid-rate.
Then Wise at 1.7067, which is -0.7% from the mid-rate.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks and foreign exchange providers often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency:
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