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Need to convert Canadian to Australian dollars? Using a specialist provider can put hundreds or thousands of extra savings in your pocket on one transaction alone.
Australia is an export nation, exporting¹ over $1 billion worth of goods to Canada in one year, including inorganic chemicals, metals, pearls, edible fruits, and meat.
That means Canadian businesses need to make international payments to their Australian suppliers. Australia is also a popular study destination for Canadian students, who then need to send money to cover the cost of living and studying abroad.
Hence, converting CAD to AUD is a regular affair for many businesses and individuals. If that’s you, consider switching from your bank to a specialist overseas transfer service offering better exchange rates and low transfer fees.
The Canadian dollar (CAD) and Australian dollar (AUD) are ranked as the most tradable currencies². The CAD or loonie is heavily connected to the USD, and it also helps that Canada is rich in natural resources like uranium, making it one of the biggest economies in the world. Further, it can be assessed in detail by observing the USD/AUD trends.
The Aussie dollar is also popular because of the country’s extensive wealth of natural resources. That said, exchange rates change every split second, and the AUD/CAD exchange rate is no different.
Several factors³ make the Australian dollar rise and fall, including interest rate differentials, commodity prices, and sentiment and speculation. These factors determine the demand for and supply of Australian dollars in the foreign exchange market.
Similarly, key drivers⁴ behind movements in the Canadian dollar exchange rate include the country’s interest rates and inflation rates relative to other countries.
Another factor is the demand for Canada’s financial assets, like stocks and bonds. The point here is if you’re converting Canadian dollars to Australian dollars, it helps to understand how the forex market works.
That way, you can easily navigate exchange rates. Fortunately, MTFX has the right tools to ensure FX rate transparency, including the CAD to AUD converter.
When changing Canadian dollars to Australian dollars, the exchange rate depends on who you ask. If you ask your bank, they’ll have an exchange rate markup to make a profit on the transfer. Therefore, your exchange rate will be less favorable.
The higher the markup, the less you end up with when you convert currency. If you ask a specialist provider like MTFX, we’ll tell you that we use the mid-market rate, which is the true rate with no markup. That means your recipient gets more when you exchange currency.
Ready to convert CAD to AUD? Before you do, use the MTFX rate calculator to discover how much your Canadian dollars are worth.
This Canadian dollars to Australian dollars currency converter will give you real-time exchange rates and help you answer the following popular questions:
Looking for the best international money transfer services? Your best bet is always with a specialist provider. Banks offer various services, and international money transfer is not at the top of the list.
With a specialist money transfer service, you get better CAD to AUD exchange rates because of the high volume of transactions, which makes it possible to operate on thin margins.
Specialist providers like MTFX have differentiated themselves from banks for years with lower FX costs. Try us on your next transfer if you want your Canadian dollars to go further.
MTFX makes it easy to complete an international transfer online with these three simple steps.
If you’re new, you need to register an account first. It’s free and takes less than five minutes. You can then log in to add funds (bank transfer or bill payment) and start your exchange.
Select your currencies – AUD and CAD – and choose the amount to convert. You also need to input the following details:
Once your Canadian to Australian dollar conversion is done, you can send your money at a great exchange rate. That’s all it takes.
It usually takes MTFX 24-48 hours to transfer your funds. If you have an urgent transfer, you can always opt for a same-day transfer. The actual process of transferring money is easy since MTFX’s platform is accessible 24/7 from anywhere.
You can even set up automated transfers if you need to convert Canadian to Australian dollars regularly. This makes the entire process time-efficient.
Need to convert Canadian to Australian dollars? You’ll get the real exchange rate with MTFX every time. You’ll also get the following:
When it’s time to convert CAD to Australian dollars, do it with MTFX. It’s easy, quick, and secure, plus MTFX offers excellent exchange rates and low transfer fees. Sign up today.
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