How to Convert Your Canadian Dollars to Euros?

Last Updated: 02 Dec 2023


Need to convert Canadian Dollars to Euros? Make your international transfer online with a currency specialist - the cheapest, easiest, and fastest way to send money abroad.

Historically, the EUR/CAD exchange rate¹ has experienced sharp fluctuations due to the global recession. After the great recession, the euro to Canadian dollar exchange rate experienced a sharp decline, with the CAD strengthening against the euro.

Since then, the EUR/CAD exchange rate has had periods of recovery with dips in between. Whenever the exchange rate declines, you need less Canadian dollars to buy one euro, and goods from European suppliers will be cheaper.

Hence, timing is crucial when sending money to Europe for those looking to save. Regardless of your reasons for transferring Canadian dollars to euros, this guide will help you get the best value for your money.
 

Key facts about CAD and EUR


Canadian Dollar (CAD)

  • The Canadian Dollar, symbolized as CAD or $, serves as Canada's national currency.
  • It is known colloquially as the "Loonie," a nickname derived from the image of a common loon on the one-dollar coin.
  • The CAD is subdivided into 100 smaller units known as cents.
  • The Bank of Canada, the country's central bank located in Ottawa, is responsible for issuing and regulating the CAD.
  • The Canadian Dollar is a significant currency in the global commodities market, especially for transactions involving natural resources.

Euro (EUR)

  • The Euro, denoted as EUR or €, is the official currency of the Eurozone, a union of 19 countries.
  • It is the second most traded currency in the foreign exchange market after the United States Dollar (USD).
  • The Euro is divided into 100 smaller units called cents.
  • The currency is managed by the European Central Bank (ECB), based in Frankfurt am Main, Germany.
  • The Euro was introduced on 1 January 1999, and physical euro coins and banknotes were introduced on 1 January 2002.
     

How much is 1 CAD to EUR?

The exchange rate from 1 Canadian Dollar (CAD) to Euros (EUR) fluctuates based on international currency markets. These rates are influenced by various economic factors, including inflation rates, interest rates, and geopolitical stability, among others. For the most current and accurate conversion, it's recommended to check a reliable financial news source, your bank, or an online currency converter. Keep in mind that the rates provided by different sources may slightly vary due to transaction fees and the time of the day.
 

What is a good exchange rate for CAD to Euro?

A good exchange rate from EUR to CAD has the lowest conversion losses. However, this exchange rate can be very unpredictable because the strength of each currency is subject to various volatile factors.

For instance, factors driving the euro include the European Central Bank (ECB) monetary policy, interest rates, inflation rates, elections, and new government policies in Eurozone countries. Similarly, the Canadian Dollar is influenced by the current economic landscape.

Factors like Bank of Canada (BoC) interest rates, commodity prices, employment rates, and U.S.-Canada relations determine whether the exchange rate will be in favor when sending money to Europe.

Use these FX tools to get real-time answers to your questions:

  • How much is $100 Canadian Dollars in Euros?
    Crunch the numbers with the MTFX rate calculator to get a quick estimate before initiating your transfer.
     
  • Is the Canadian Dollar stronger than Euro?
    Check out the latest trends in the CAD's strength against the EUR with MTFX's live exchange rates.
     
  • Is Canadian currency getting stronger?
    These currency charts offer valuable insight into whether the CAD is getting stronger compared to the EUR.
     

Where can I convert CAD to Euros?

Although it's difficult to predict market fluctuations and how they affect the EUR/CAD rate, there's one easy way to tell whether you'll get a good exchange rate. You'll usually get the mid-market rate if you use a specialist foreign exchange service to make your international money transfer.

The mid-market or interbank rate is the fair and true rate without any add-ons. A specialist service like MTFX offers competitive rates and low transfer fees because it captures more transactions from customers and has an efficient technological operation. In contrast, using banks comes with hidden exchange rate markups because that's how banks make money from the low-volume transactions in this department.

Therefore, the best place to convert CAD to Euros is with a dedicated and specialist foreign exchange service like MTFX. That's where you get great rates (3-5% lower) and faster, more reliable transfers.
 

Where to exchange Canadian dollars for Euros: Your best options

When looking to exchange Canadian Dollar to Euro, it's essential to explore your options to ensure you receive the best exchange rate and service. Here are some avenues to consider:

Banks and financial institutions: Many banks offer currency exchange services to their customers. Rates and fees may be higher than other services, so it's advisable to check with your bank and compare with others to find the most favorable terms.

Currency exchange services: These can be found in airports, major shopping areas, and tourist centers. They are convenient but might offer less competitive rates and charge higher fee. Always inquire about both the exchange rate and any service fees.

Online currency exchange services: Various online platforms specialize in currency exchange and often provide competitive rates and lower fees. Ensure the service is reputable and check for customer reviews before proceeding.

Before making Canadian dollar to euro exchange, it's crucial to research and compare the current exchange rates, including any potential fees or charges. This will help you make an informed decision and potentially save money in the process.
 

The most convenient way to exchange CAD to EUR

The most convenient method for exchanging CDN to EUR is through online foreign exchange services like MTFX. Online platforms offer a seamless and efficient way to conduct currency exchanges from the comfort of your home or office. With competitive rates that surpass traditional banks, online services provide a cost-effective solution. Additionally, they offer the advantage of real-time rate comparisons, allowing you to lock in the best exchange rate CAD to EUR conversion. The process is straightforward, with user-friendly interfaces ensuring a hassle-free transaction. Moreover, online exchange services often have lower or no service fees compared to local banks.
 

When should I exchange Canadian Dollars with Euros?

The best time to convert currency is when your desired exchange rate is met. This is the rate that saves you more money on overseas transfers. Fortunately, you can still capture a favorable rate without obsessively watching market fluctuations.

At MTFX, our money transfer specialists provide expert guidance to help you know the best time to buy euros. You can also leverage risk management tools to protect against adverse currency fluctuations.

For example, a forward contract – which requires a deposit – lets you lock in your desired rate for future exchanges.

Forwards contracts are settled on one pre-agreed date, so you never have to wonder about the best time to exchange currency for regular transfers. In addition, having a guaranteed rate allows you to budget accurately and manage profit margins.
 

How do I get the best exchange rate from CAD to Euro?

Securing the best exchange rate for CDN to Euro conversion involves a mix of timing, research, and smart tools. Here are some quick tips to help you maximize your currency exchange:

Stay informed: Keep an eye on the currency markets as exchange rates fluctuate due to various economic factors. Understanding these trends can help you choose the right time to exchange your money.

Always compare rates: Don't settle for the first rate you come across. Compare rates from different banks, online exchange services, and currency exchange bureaus to find the best deal.

Check for hidden fees: Sometimes, an attractive exchange rate can be offset by high service fees. Ensure you understand all the costs involved before making a transaction.

Avoid rush transactions: If possible, avoid exchanging money at the last minute, especially at airports or tourist areas, where rates can be less favorable.

Utilize online tools: MTFX offers CAD to EUR rate alerts, allowing you to set a desired exchange rate. You'll receive notifications when the market reaches your target, ensuring you don't miss the best time to buy euros with Canadian dollars.

Consider forward contracts: If you're planning a future transaction, using forward contracts can be advantageous. This tool lets you lock in an exchange rate today for a transaction that will occur in the future, protecting you from unfavorable shifts in the market.
 

Is it safe to transfer currency online?

Cost and efficiency aside, you need a safe way to convert currency online, especially if you're transferring large sums. The good news is that with MTFX, you can transact with confidence because our online platform has the best-enhanced security.

MTFX has been moving money abroad safely for over 20 years, and we are regulated by FINTRAC. Overseas transfers are always safer and more secure when you choose a trusted and reputable payment provider.
 

How to safely transfer CAD to Euros - step by step?

  1. Login or register your free account.
  2. Add money to your account via bank transfer or bill payment.
  3. Select the currency, and amount, then book a great rate.
  4. Transfer money, then track your payment online.
     

Which countries can I send money to in Europe?

Need to send money to Europe? Read our guides for tailored information.

You can also send money abroad to Spain, Greece, and other countries. MTFX lets you send euros to any Eurozone area, whether for purchasing real estate, paying suppliers, studying abroad, or anything else.
 


 

Compare CAD-EUR exchange rates and fees before your next money transfer

Before your next Canadian to Euro exchange, it's crucial to compare conversion rates and fees to ensure you're getting the best deal. MTFX provides highly competitive exchange rates, more favorable than those offered by traditional banks or currency exchange bureaus. This can lead to significant savings, especially on large transactions. By leveraging our market expertise, MTFX ensures that you receive rates close to the mid-market rates for Canadian to euro conversion, which are the real exchange rates seen in the currency markets.

Apart from that, MTFX stands out for its transparent fee structure. Unlike many other services that might have hidden charges, we make all potential fees clear from the outset, allowing you to make an informed decision without any surprises.
 

Convert Canadian Dollars to Euros today

Transferring and exchanging Canadian Dollars to Euros is quick and easy with MTFX. Avoid bank charges and queues and enjoy the convenience of our 24/7 online platform.

How long does it take to transfer CAD to Euro online? – Transfers typically take one to two days, but you can opt for same-day transfers for urgent payments.

Is Canadian Dollar stronger than Euro? – No, the euro is more valuable than the Canadian Dollar. Check this currency pair with MTFX's Daily Exchange Rate Lookup.

Can I set up regular international money transfers? – Yes, our automated technologies help you save valuable time and ensure effortless transfers every time.
 

Open an account today with MTFX to unlock savings of thousands of dollars through competitive EUR - CAD exchange rates and low transfer fees.
 


 

FAQs

1. Is it a good time to buy euros with Canadian dollars?

The ideal time to buy euros with Canadian dollars depends on current market trends and exchange rates. It's recommended to monitor the currency market or consult with a financial advisor to make an informed decision based on the latest economic indicators and forecasts.

2. How much does it cost to exchange CAD to EUR?

The cost of exchanging CAD to EUR can vary widely depending on the service provider, current exchange rates, and any associated fees or commissions. It's advisable to compare rates and fees from multiple sources, including banks, currency exchange bureaus, and online exchange platforms, to find the most cost-effective option.

3. How do I get the best exchange rate from CAD to Euro?

To secure the best exchange rate from CAD to Euro:

  • Stay informed about the current market rates and economic trends.
  • Compare rates from various exchange services.
  • Consider using online foreign exchange platforms, which often offer competitive rates and lower fees.
  • Utilize tools like rate alerts to exchange money when your desired rate is reached.
  • Look into options like forward contracts to lock in favorable rates for future exchanges.

4. Can I use my Canadian bank card to withdraw Euros in Europe?

Yes, you can generally use your Canadian bank card to withdraw Euros from ATMs in Europe. However, be aware of potential foreign transaction fees, ATM usage charges, and the exchange rates applied by your bank. It's a good idea to notify your bank of your travel plans to avoid any issues with card usage abroad.

5. Are there any online tools for converting CAD to EUR?

There are numerous online currency conversion tools and calculators available that can instantly convert Canadian Dollars to Euros based on the current exchange rates. Additionally, online foreign exchange platforms like MTFX often provide these tools, along with additional features like historical rate data, rate alerts, and currency analysis to aid in your currency exchange decision.

 


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Sources

  1. EUR to CAD exchange rate from Jan 1999 - Jan 17, 2023

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