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If you’re planning a trip to the U.S. in the near future, you may want to exchange some of your money into dollars, the country’s official currency. The international symbol for the currency is USD.
U.S. dollars may also be accepted outside of the U.S. including in Vietnam, Costa Rica, Peru and certain parts of Mexico.
This post has everything you need to know about converting CAD to USD, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.
Money Transfer Partners
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Xe Money Transfer
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Initiate transfers 24 hours a day, 7 days a week
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Wise – Multi-Currency Account
55 currencies
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Fortunately, converting Canadian dollars to USD is fairly simple. You can make the conversion using a calculator or you can do it by hand.
Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.
Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies usually charge a 2.5% conversion fee on all foreign transactions, and ABM networks, which are called ATMs in the United States, may charge an additional flat fee. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.
The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. At the time of writing, $1 CAD is worth $0.76 USD.
Once you know that information, multiply the amount you have in CAD by the current exchange rate. The resulting number will show you the amount of U.S. dollars that you have to spend on your trip (however, be aware that this calculation doesn’t factor in any fees).
Manual Currency Conversion Example
Let’s say you have $500 CAD and would like to figure out how many U.S. dollars you have for a trip to the United States. Using the current exchange rate, the formula for your conversion would look like this:
$500 CAD x 0.76 = $380 USD
When you’re ready to buy USD, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:
Money Transfer Partners
1
Xe Money Transfer
98+ currencies available to transfer to 130+ countries
Initiate transfers 24 hours a day, 7 days a week
Xe offers low to no fees on money transfers
2
Wise – Multi-Currency Account
55 currencies
$0
Direct debit, wire transfer, debit card, credit card & Apple Pay
3
CurrencyFair
Hold over 20 currencies
Send and receive to over 150 countries
Money transfers up to 8x cheaper than traditional banks
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