CAD FAQs

Can I open a Canadian dollar account in the USA?

If you’re in the US and want to open an account to hold and handle Canadian dollars, you have a few options. Surprisingly few US banks offer specific CAD account products, but you may be able to open a multi-currency account which has the option to manage CAD payments and deposits. It’s worth looking carefully at the eligibility criteria for these accounts, though, as some require high deposits.

Another option is to open an account online with a Canadian bank. This may be possible depending on your nationality, residency status, and a range of other eligibility criteria. Finally, you can consider opening an online multi-currency account through modern providers, which lets you hold multiple currencies - including CAD - and switch between them using an app when you need to.

Can I open a CAD account online?

Many Canadian banks allow online account opening. To see if this is an option for you, you’ll need to find the bank and account product you’re interested in, and review the eligibility criteria. Not all accounts will be available to people living outside of Canada, so make sure you’ve found the right one for you before you get started.

Alternatively, select an online multi-currency account which is designed to handle multiple currencies and be managed exclusively online.

Where can I exchange US dollars to Canadian dollars?

There are plenty of places to change your US dollars to Canadian - but you’ll need to make sure you know how to get the best deal available when you do. You can find currency exchange services at banks, specialist exchange counters and kiosks, online, at the airport, and even at hotels. However, they might not all offer competitive fees and exchange rates.

When you’re choosing a way to exchange your money, do some research in advance to make sure you know the mid-market exchange rate for USD to CAD. You can find this online or using a currency converter.

Once you have the mid-market exchange rate you can compare this to the rates offered by different providers to find the most competitive. The mid-market exchange rate is the one the bank or currency service gets when it buys currency itself. However, many providers add a markup to this rate when calculating the retail rate they use for regular customers, which can push up the prices of exchange significantly.

Don’t forget to compare the upfront fees - and the exchange rate - of any provider you’re considering, to get the best available deal.

Can I use Canadian dollars in the US?

You’re unlikely to be able to use your CAD cash when you are in the US. You’ll need to find a currency exchange and switch any CAD you have to USD.

How much is the Canadian dollar worth?

The Canadian dollar is a floating currency. That means that its value changes over time and against different currencies, according to market demand.

To get the current value of CAD against USD, you can use a simple Google search, or an online currency converter tool. This will show you the mid-market exchange rate for the currency pair.

When was the Canadian dollar at its highest?

The value of CAD against USD moves around all the time.

To give an example, in the past 5 years, when CAD was at its highest in August 2017, one Canadian dollar would have cost you around USD0.82. However, over the same time period, when CAD was at its weakest point in January 2016, that same Canadian dollar would have cost only about USD0.69.

What is the currency symbol for Canadian dollar?

Canadian dollars are denoted using the international currency code CAD. You’ll see CAD written as $ in Canada, or sometimes as C$ or Can$ to distinguish Canadian dollars from other countries using dollars.