As exchange rates can vary
significantly between banks and also between currency exchange providers,
it's therefore important to carefully compare
US dollar (USD) to Canadian dollar (CAD) rates from different sources before making a conversion.
The above
HSBC - Dollar to Loonie comparison table
makes it easy to compare the Total Fees (both variable and fixed) you are being charged by
HSBC and other foreign exchange providers against the latest USD-CAD mid-rate and the possible savings of using various providers.
How do HSBC USD-CAD rates compare between providers?
Looking at the full
USD to CAD - Send Money comparison table the provider with the best USD to CAD exchange rate is OFX at 1.4052, -0.5% from the latest mid-market rate 1.4122.
The next best is XE at 1.4038, -0.59% from the mid-rate.
Then Wise at 1.398, which is -1% from the mid-rate.
The Western Union rate is 1.391 which is -1.5% from the mid-rate.
Among the banks the Chase Bank rate is 1.2889 at -8.7% the Wells Fargo Bank rate is 1.2805 at -9.3% and the Citibank rate is 1.3454 at -4.7% compared to the mid-rate 1.4122.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally,
banks like HSBC 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.
