Canadian Dollar to US Dollar Exchange Rate

Canadian Dollar to US Dollar Exchange Rate

The Canadian dollar to US dollar exchange rate is posted above. This is the mid market exchange rate.  This rate is typically not offered by the Canadian banks.  The Canadian dollar to US dollar exchange rate changes frequently.  Almost every second. 


How to convert Canadian dollars to US dollars?

If you are looking to convert Canadian dollars to US dollars, there are a few options for you to consider but it depends on if you need physical cash or if you need the money electronically in your bank account in specified currency.


For example, if you are looking to buy US dollars in cash for a trip to the United States, then you can pretty much just head down to your local bank and ask them the rate to convert Canadian dollars to US dollars and convert your currency there.  They will add a markup to the exchange rate.  The bank offers a lot of convenience.


If you need to convert a large amount of Canadian dollars to US dollars and are looking for the best place to convert currency, then you may want to consider a non-bank provider.  A local currency exchange can provide better exchange rates than the bank.  The reason they can do so is because the banks simply charge such high markups.


What is the best time to convert Canadian dollars to US dollars?

There really isn’t a best time to convert Canadian dollars to US dollars.  The foreign exchange market is very large and efficient.  Most of the large banks, companies, and hedge funds are active in the global foreign exchange market.  This makes the foreign exchange market very efficient.  Therefore, don’t think that there is a specific time of day or a specific week of the day that will be better to convert currency.  Most likely, the Canadian dollar to US dollar exchange rate is based on market forces such as equity, oil prices, interest rates and economic data along with supply and demand factors.


How to get the best Canadian dollar to US dollar exchange rate?

The way to get the best Canadian dollar to US dollar exchange rate is to do some homework yourself.  The first step is to call your local bank and ask them what the exchange rate is today.  You can do this by asking them, what amount of Canadian dollars do I need to provide you to obtain US$10,000 US dollars?  They will tell you the exchange rate and the amount of Canadian dollars required.  If they simply provide you the amount of Canadian dollars, this is fine, as you can imply the exchange rate by dividing the Canadian dollar amount by US$10,000.  For example if the bank said, the amount to provide is C$11,000, then $11,000 divided by US$10,000 is 1.11.  This is the exchange rate.


You then want to call some other banks and do the same thing and see the bank that offers the best exchange rate.  It will take some time and effort, but you will find out the bank that offers the best deal.

You can also call a currency exchange specialist, one that focuses on Canadian to US dollar exchanges, such as Knightsbridge Foreign Exchange.  As long as you convert more than $5,000, you will get a better exchange rate than your bank offers. Just call, compare, and go with the one that offers the best rate.

 

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