There are other services where we do not set the exchange rate, such as when you use your debit or credit card outside of Canada to withdraw cash from an ATM or make a purchase. The exchange rate we use is our applicable exchange rate in effect when the deposit is posted to your account. When funds to be deposited into your account with us are in a currency that is different from that account, such as with an incoming wire transfer, we convert the funds into the currency of your account, and then deposit them into your account.

Receive a wire payment or deposit a cheque in a currency that is different from the currency of the account into which you are depositing the funds.įor these services, we will quote to you our applicable exchange rate for the transaction and you may choose whether or not to complete the transaction.

Send a wire transfer in a currency that is different from the currency of the account you are sending from or.

Purchase a draft in a currency that is different from the currency you are using to buy the draft.

Purchase foreign currency in cash from us, or we purchase foreign currency in cash from you.

We set the exchange rate for foreign currency purchases associated with many services, such as when you: Exchange rates fluctuate throughout the day. For example, the exchange rate determines how much in Canadian Dollars it will cost to purchase U.S. A foreign currency exchange is a purchase that occurs when you purchase foreign currency from us or we purchase foreign currency from you.Īn exchange rate is the price at which one currency can be purchased or sold for another currency. When we refer to foreign currency, we are referring to a currency other than Canadian Dollars. You can also read our practical guide to getting the Best Deals for your Foreign Transfers and Travel Money to the United States.This information is for our Personal Banking Customers. Our real-time foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.

Travel money and possibly over 5% to 6% when sending money. The transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for Reduce Excessive costs and feesĪll foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate). There are two important ways to save on Foreign Exchange, the first is minimising unnecessary or excessive costs and fees, and the other is to transact when the exchange rate is in your favour. How to get a good CAD to USD Exchange Rate

500 cad to usd