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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. Between 2009 and 2012, 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 Euro 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.
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:
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.
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.
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.
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.
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.
Open an account today with MTFX to unlock thousands of savings through competitive EUR - CAD exchange rates and low transfer fees.
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