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Are you planning to send money from Canada (CAD) to the US (USD)? Here’s how to do it with ease and convenience at great exchange rates.
The USD, aka the greenback, is the dominant world currency and made up for 88%¹ of all forex trading in 2019. It is not a surprise that USD is the most traded currency in the world.
The greenback’s global acceptance means you have plenty of reasons to convert your Canadian dollars to American dollars and send money abroad, across different borders.
The top reasons for transferring CAD to USD include paying for studies overseas, purchasing foreign property, or settling an international invoice.
Whatever your reasons for buying the greenback, this guide explains everything you need to know about converting CAD to USD and getting the best value for your money.
There are many FX service providers you can turn to when buying US dollars. For example, banks and many other financial institutions offer this service alongside their main offerings. Although banks are convenient places to buy USD in Canada, they’re not the best option.
You can get better value with a service provider specializing in foreign exchange. This gives you access to currency specialists that offer superior customer service and simplify any foreign exchange transaction process. Overall, the best way to exchange CAD for USD should provide the following additional benefits:
• Competitive exchange rates: You always want to get the best exchange rate available at that time. That means for an X amount of Canadian dollars, you’ll get more US dollars compared to rates offered by banks.
• Low transfer fees: In order to keep costs down, you should prioritize low transfer fees and avoid expensive bank charges.
• Online convenience: Converting currency online outside of banking hours is the ultimate convenience. For faster and cheaper conversions, you need an FX provider with a secure 24/7 platform and an efficient technological operational back-end, such as MTFX.
• Trusted and reliable services: Look for a provider with a good track record, regulated by FINTRAC, and transparent with their exchange rates.
The USD/CAD currency pair is not immune to market fluctuations, so the rate you get varies. However, the United States Dollar is traditionally the stronger of the two currencies.
The best way to maximize the amount of USD you get is to use a provider that offers the best rates on international money transfers. Fortunately, checking the rate you'll get is fairly simple. You can convert quickly and get a reliable estimate with a rate calculator.
Want to know how much is $1 Canadian in US dollars? Use the MTFX rate calculator to get real-time rates and convert Canadian dollars to US dollars for any amount.
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 keeping track of market fluctuations.
FX markets may be unpredictable, but there are several specialized tools you can take advantage of.
Rate alerts – You don’t have to stay glued to the market 24/7. With rate alerts, you get notified whenever your desired rate is reached.
Forward contracts – This tool lets you lock in a favorable USD/CAD exchange rate for up to two years once you make the required deposit.
Market orders – Similar to a forward contract, but suitable for transactions without a specified delivery date. The transaction occurs whenever the desired rate is reached.
These free FX tools are great at letting you know how the market is moving and helping you plan your transactions accordingly. If you’re using an international money transfer specialist, the most significant benefit is getting expert guidance to help you determine the best time to transfer your money.
Canadians, in particular, have more reasons to buy the USD. That’s because Canada is one of the North American countries that share a strong business partnership and the longest international border with the US. This makes the USD/CAD currency pair one of the most popular on the FX market.
Need to convert Canadian dollars to American dollars? MTFX can help you with competitive USD-to-CAD exchange rates, low transfer fees, expert guidance, and a range of specialist tools.
How long does it take to transfer money in CAD to USD? – MTFX’s international transfers are quick, only taking 24-48 hours.
What is the cheapest way to convert CAD to USD? – Using a specialist international money transfer service like MTFX means you save every time when you send money abroad.
Why do currency conversion rates differ between companies? – Specialist providers are cheaper than non-specialist providers because they offer the mid-market rate. For example, MTFX works on slim margins because we deal in high-volume transactions.
Open an account today with MTFX and start making the most of your money whenever you transfer Canadian dollars to US dollars.
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