Remember that rates fluctuate often and do not necessarily reflect market prices because of the spread. The convertor will show you the average aggregated prices offered from financial institutions. To get an idea of whether or not you’re getting a good rate, it’s smart to use a tool like the Bank of Canada’s Currency Converter. Some services may charge an additional fee on top of the spread, which is why it’s vital to shop around before you exchange currency. The spread is essentially a fee buried in the conversion rate. While some exchange services, like those offered by banks, may appear to be free, be aware that you’re still paying a fee in the form of a “spread,” the difference between the price the bank or exchange service paid for the currency and the marked-up price at which they sell it to you. How to find the best currency exchange rates Before confirming a currency exchange, make sure you’re seeing rates for the type of transaction you wish to conduct. Note that these websites may also show “non-cash exchange rates.” This rate applies only to conversions of things like cheques and bank drafts, and it tends to be more favourable. Many banks offer currency exchange calculators on their websites. You can generally look up exchange rates online, though the conversion rates and any fees charged can vary depending on the service you use. The amount of foreign currency for which you can trade your Canadian dollars depends on the daily exchange rate and any fees charged. You can exchange currency online or in person, depending on which type of service you use. Online through an online currency exchange service.Įxchanging currency is a lot like buying an item, but in this case, you’re buying another country’s currency.Currency exchanges in shopping malls and tourist areas.In Canada, the common places to exchange currency include: What is a currency exchange?Ī currency exchange is a business that allows you to trade one country’s money for another country’s money, such as converting Canadian dollars to U.S. Knowing how to exchange currency and how to get the best currency exchange rates could save you a significant amount of time and money. Whether you love to travel, fly overseas for work or just enjoy the occasional jaunt across the border, you may find yourself needing to convert your Canadian dollars into foreign currency (especially if you’re not packing an international credit card).
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