If you’ve already purchased a ticket and are deterred by the high cost of changing foreign currency, or if you’re transferring Canadian dollars overseas and receiving less than anticipated, it’s advisable to read this article to discover the optimal exchange rates and save money.
Why Is the Exchange Rate Different from the Bank?
To generate profits, banks and other currency exchange services employ distinct rates for the purchase and sale of currencies. This results in a substantial difference when compared to online rates, such as the ‘interbank rate’ provided by platforms like Google, which does not include additional margins or fees.
Which Major Banks Offer the Best Exchange Rates?
For easy identification of providers offering the best exchange rates, we have compiled a table comparing the exchange rates of major Canadian banks. Discover potential savings by engaging with Ultimate Currency Exchange. This table captures a snapshot of bank currency exchange rates at the specific time mentioned below.
| Retailer | USD | Euro | AUD | |||
|---|---|---|---|---|---|---|
| Sell | Buy | Sell | Buy | Sell | Buy | |
| Royal Bank of Canada | 1.32920 | 1.40260 | 1.45190 | 1.54470 | 0.87310 | 0.92620 |
| TD Bank | 1.3337 | 1.4073 | 1.4558 | 1.5503 | 0.8723 | 0.9329 |
| Scotiabank | 1.344300 | 1.416300 | 1.4256 | 1.5243 | 0.8499 | 0.90570 |
| BMO | 1.3251 | 1.4179 | 1.4328 | 1.5562 | 0.8527 | 0.9313 |
Rates as of Nov 21, 2023
The table reveals that various banks may provide the best exchange rates for different currencies and transaction directions (buying or selling). For instance, the Royal Bank of Canada might offer the most favorable rate when buying Australian dollars from clients and the best rate when selling USD dollars to clients. If your currency exchange needs involve small amounts and infrequent transactions, the rate differences may not significantly impact you. However, for those engaging in larger and more frequent foreign currency exchanges, it is advisable to identify a bank that consistently offers the best rates for buying or selling specific currencies.
