FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

How to get US Dollars for less

CAD USD

The Canadian dollar has been hovering at around 75 cents U.S which means you currently have to spend around $134 CAD for $100 USD. Yikes!

Many Canadians are currently using their banks to handle their foreign exchange needs – while this may be convenient, it may be costing you more than you think.

Using foreign exchange companies like Olympia Trust Foreign Exchange, there are ways to save regardless of whether you are looking to exchange Canadian dollars for business or personal purposes.

First things first. The most common question we see is β€œWhy are the rates quoted by the banks or other companies not the same as the ones I see online?”

The exchange rates you see online or in the newspaper are interbank rates set by the Bank of Canada. This is the rate at which banks sell to each other. This rate is generally not available to the public.

Get the best rates with broker

Banks will purchase currency at these rates then β€˜sell’ them to the consumer at rates as high as 3-5% more than what they purchased it for. This is the conversion fee that you don’t see. At Olympia, traders offer rates that are significantly less than what banks charge. You can save a lot of money on your currency exchange transactions using a trust company that specializes in foreign exchange.

Buy or sell at the rate you want

If you are making large transactions and don’t need to trade completed today, you can place a market order or a forward contract. Both of these options allow you to take advantage of either current or possible future rates. A Foreign Exchange Specialist can look at your needs and help you determine what the best solution would be for you or your business. Learn more here.

The biggest savings come with the larger transactions. On average, we can save you between 1-3% per transaction by providing you with exclusive exchange rates and 1 free wire.

Typical Savings with Olympia Trust vs. the Bank

Typical Savings with Olympia Trust

Savings are calculated based on the transaction size.

3% Savings
1% Savings

Savings are calculated based on the transaction size.

1% Savings

3% Savings

Typical Savings with Olympia Trust vs. the Bank

Typical Savings with Olympia Trust

Save on every kind of foreign exchange transaction

Small personal transactions

Example: You need travel cash or foreign currency in cash form


For the best rates, withdraw cash from an FX ATM near you. Find a location here.

For ultimate convenience, order travel cash online and get next day delivery here.

Large personal transactions

Example: paying international tuition fees, buying property or a vehicle, transferring funds for snowbirds


Call or email one of our FX specialists They will be able to quote you the best rates and show you solutions to manage risk and stay within your budget.

Sign up (free) for a PayFX online trading account and trade anytime from anywhere.

Business/corporate transactions

Example: buying machinery, paying an international producers, suppliers, manufacturers, or employees


Call or email one of our FX specialists. They will be able to quote you the best rates and show you solutions to manage risk and make international payments a breeze.

Sign up (free) for a PayFX online trading account and trade anytime from anywhere.

 

Summary: If you are looking to purchase or sell large amounts of USD, call Olympia Trust for a free, no-obligation quote and see how personalized service and lower rates can change the way you do business. If you are travelling and need cash quick – Order online or visit an FX ATM to get the best rates.

 

To speak with a Foreign Exchange Specialist, or to get a free, no obligation quote on your foreign currency needs call 1.866.752.7135.

To sign up to receive Daily Market Updates or a quote, fill out the form below and a Foreign Exchange Specialist servicing your region will contact you within the business hour. Fields marked with an * are required.
Olympia Trust Foreign Exchange