Top Currency Exchange Rates from Canadian Banks

Many of the products/services listed on this page are from our affiliate partners. We receive commissions if you purchase any of those items, but it does not influence how we review them or what ratings starS (or lack thereof) appear next to each product category in reviews like these ones! Learn more by reading Advertiser Disclosure prior to making your decision.
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.
Vik Palan

Vik Palan

Chief Editor - Ratestead.ca

We will be happy to hear your thoughts

Leave a reply

Ratestead.ca
Logo

Leave Your Review

Would you mind taking just 1 minute to share your thoughts about your ISP/Mobile Carrier? Your insights can greatly assist others in making informed choices.