A closer look at the Interac Debit card in Canada
Read on to understand how to make the most out of the Interac Debit card in Canada, and how Wise can make international transfers easier
Buying foreign currency online in Canada? Here's your guide
Buying foreign currency can be tricky. Many banks add substantial markups on foreign currency transactions – and it can be difficult to compare providers. Here’s a simple guide on buying foreign currency online in Canada.
We’ll also look at Wise – your international money transfer alternative. Convert and use your money around the world in over 40 currencies at the mid-market exchange rate.
What is the mid-market exchange rate?
The mid-market exchange rate is the mid-point between the highest and lowest selling prices financial institutions use for foreign currency trading.
It’s the standard rate you might see on Google – but many banks and money transfer providers will add a markup to make a profit from your exchange.
At Wise, you’ll never pay hefty exchange rate markups. Wise uses the mid-market rate for online currency exchange, whether you’re shopping in the US or helping out a friend or family member in France.
Easily switch currencies and manage your money with the Wise app.
How much does it cost to buy foreign currency online in Canada?
Buying foreign currency online is one of the easiest ways to get funds for your travels.
There are a few different ways to buy foreign currency online. You can get your order delivered to your home in cash or access your money in an online account. For example, you can order 8 foreign currencies online from NBC.® You can also visit your local branch to order a wider range of currencies for your trip.¹
All providers charge for online currency exchange, but this cost can differ depending on your bank. If you want to buy 1000 euros or 1000 US dollars in exchange for your Canadian dollars, here’s what you’ll pay*
| Buying foreign currency from | Cost for buying 1000 EUR | Cost for buying 1000 USD |
|---|---|---|
| Canada Post® | 1575.10 CAD² | 1432.90 CAD² |
| International Currency Exchange® (at Toronto Pearson International Airport®) | 1563.55 CAD³ | 1460.51 USD³ |
| Interchange Financial® | 1539.90 CAD⁴ | 1402 CAD⁴ |
| Royal Bank of Canada® | 1551.20 CAD⁵ | 1422.70 CAD⁵ |
| TD Bank® | 1568.30 CAD⁶ | 1437.40 CAD⁶ |
| National Bank of Canada® | 1565.50 CAD⁷ | 1424.50 CAD⁷ |
| BMO® | 1565.30 CAD⁸ | 1438.60 CAD⁸ |
| Wise | 1514.87 CAD⁹ | 1397.95 CAD⁹ |
- Exchange rates as of 30 October 2024
How much does it cost to order foreign currency online as a Canadian business?
Ordering currency for your business is similar to ordering it for yourself. You can use a banking provider like RBC to order multiple foreign currencies or access advanced cash flow support.¹⁰
Let’s take a look at roughly how much it costs to order foreign currency online from a few notable Canadian providers.
| Buying foreign currency from | Cost for buying 1000 EUR | Cost for buying 1000 USD |
|---|---|---|
| Canada Post | 1575.10 CAD² | 1432.90 CAD² |
| Royal Bank of Canada | 1551.20 CAD⁵ | 1422.70 CAD⁵ |
| TD Bank | 1568.30 CAD¹¹ | 1437.30 CAD¹¹ |
| National Bank of Canada | 1565.50 CAD⁷ | 1424.50 CAD⁷ |
| BMO | 1565.30 CAD⁸ | 1438.60 CAD⁸ |
Exchange rates as of 30 October 2024
Are there limits to buying foreign currency online in Canada?
Some Canadian banks and money transfer providers may limit how much foreign currency you can order online. Let’s take a closer look.
| Buying foreign currency from | Maximum amount you can buy |
|---|---|
| Canada Post | 2500 CAD within a 30-day period² |
| International Currency Exchange | The provider doesn’t mention order limits online |
| Interchange Financial | Up to 2500 CAD¹² |
| Royal Bank of Canada | Up to 2500 CAD per day – up to 5000 CAD for business banking customers¹³ |
| TD Bank | Up to 1500 USD per transaction¹⁴ |
| National Bank of Canada | Up to 2000 CAD per day¹⁵ |
| BMO | Up to 2000 CAD per transaction¹⁶ |
| Wise | Up to 15 conversions in 24 hours. Wise Business account holders can convert money up to 75 times in 24 hours¹⁷ |
How to get foreign currency online at the mid-market rate with Wise
Wise is your global money transfer alternative. Send, spend and receive your money across the world – all from the palm of your hand.
Use Wise to pay for your holiday, send money to family in local currency, buy online from other countries or even invest in foreign markets.
Best of all? You’ll only pay for what you spend. Wise uses the mid-market exchange rate for every transaction. No markups, no hidden fees, no stress.
Wise is an easy digital platform. You can create your multi-currency account in minutes using these simple steps:
Step 1. Enter your email address to register for an account
Step 2. Verify your Wise account using a valid government-issued ID
Step 3. Add the amount you wish to send or exchange to this verified account
Here’s how to add money to your account in Canadian dollars:
Step 1. Click “Add money” and select a balance. Click “Add”
Step 2. Enter how much you would like to convert and selectthe currency of your choice
Step 3. Select how you’d like to pay and click “Continue”
Step 4. Follow the on-screen instructions to add money to your Wise account
You can also convert your money to over 40 foreign currencies, all in just one account. Here are the steps you’ll need:
Step 1. Go to “Home” and select “Canadian dollars”
Step 2. Select the currency you want to convert into and click “Convert”
Step 3. Enter how much you would like to convert and follow the on-screen prompts to confirm your exchange
You can use Wise Business for your company’s foreign currency needs. Pay overseas contractors, manage business expenses and issue refunds to customers abroad – all at the mid-market exchange rate.
It’s important to compare foreign currency providers. Most financial institutions charge an exchange rate to convert Canadian dollars, often with an added margin to earn revenue from the transaction.
Look out for the mid-market exchange rate for conversions without added markups or fees. To save on international conversions and make the most of your money, check out Wise.
Sources:
- NBC - Ordering foreign currency online
- Canada Post - Foreign Cash
- International Currency Exchange
- Interchange Financial - Order foreign currency
- RBC - FX Calculator
- TD Bank - Currency converter
- NBC - FX Rates
- BMO - FX Rates
- Wise - Pricing
- RBC - Businesses
- TD Bank - Currency conversion for small businesses
- Interchange Financial - FAQ
- RBC - Purchasing foreign cash
- TD Bank - Foreign currency order terms and conditions
- NBC - Help Centre
- BMO - Foreign exchange services
- Wise - Help Centre
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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