If you want cash on hand before you leave Canada, you can buy foreign currency from your financial institution over the phone or online. There are a number of ways to manage your finances when you are abroad that will save you a lot of money in exchange fees. It pays to know your options when dealing with foreign exchange rates. You can find the official exchange rate of the currency in the country you will be visiting by using the Bank of Canada’s online currency converter. When you exchange your money, you are actually using it to buy or sell foreign currency at a specific price called the exchange rate. The currency exchange rate tells you how much your Canadian money is worth in the local currency. When you arrive at your destination, you can withdraw more cash from an ATM. If you are permitted to import its currency, bring enough cash to get by for a couple of days and keep it in a money belt or in several different pockets in case your wallet is lost or stolen or your financial institution accidently freezes your cards. On this pageĬheck with the embassy or consulate in Canada of the country you are planning to visit to make sure you are allowed to import or export its currency. Make sure you purchase travel insurance, and most importantly make sure you always carry a backup source of funds in case of emergency or an unexpected delay. Because currency conversion costs at major card providers can easily be as steep as at PayPal, we recommend choosing PayPal's exchange rates unless you know that your card provider offers you favourable exchange rates.Take steps that will help you avoid financial problems that may ruin your trip. However, PayPal allows users to choose whether to pay their exchange rate fees or the card issuer's. If you make a PayPal transfer from US to Canadian dollars using a debit or credit card, you could be charged an exchange rate margin fee by your card issuer. (The exchange rate margin for these payments is 4.4% for transfers from the US to Canada.) Other Fees to Anticipate However, if you're sending money from the US to a business or non-profit in Canada, or if you receive payment using the 'Request Payment' tab, then you'll be subject to a CAD 0.30 fixed fee in addition to the exchange rate margin. If you're sending money to the PayPal account of somebody else in a different currency, you won't pay any fixed transaction fees over and above the exchange rate margin we explored above. PayPal Foreign Transaction Fees: US to Canada In effect, this means that for every USD 1,000 you transfer to Canada, PayPal will convert only around USD 966.50 of that amount into Canadian dollars at the actual exchange rate. However, according to our analysis of the exchange rate that PayPal displays on its pricing calculator for USD/CAD transfers compared to the mid-market exchange rate, PayPal's exchange rate margins are still higher, in the region of 3.35% of the transfer value. the one you see on Google) and the exchange rate that PayPal offers.Īccording to PayPal's fee schedule, this fee constitutes a margin that's 3% above the mid-market rate. In most cases, all fees PayPal will charge you when sending money from the US to Canada will come in the form of the exchange rate margin, the difference between the mid-market exchange rate (i.e. This is because of the highly variable, nontransparent fees and exchange rates that you'll be charged. PayPal US to Canada Fees and Exchange RatesĪll things considered, sending money from one PayPal account to another is one of the most expensive ways to transfer into a different currency.
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