Send Money To Canada With CurrencyFair
You could save up to 90% on transfer fees when you send money to Canada with CurrencyFair.
How do I send money to Canada?
Once you have set up an account, our easy-to-follow process takes the stress out of your transaction.
How Does It Work?
If you choose to deposit through our “Create a Transaction” option, your money will be exchanged straight away at the best rate available as soon as it reaches us.
Alternatively, you can request a better rate in our Exchange and wait for the market to match it. This can take a little longer than creating an auto-transaction, but you could end up with a rate better than the interbank itself (the real, live exchange rate). This is only available to CurrencyFair customers.
Still not sure if CurrencyFair is the best way to send money to or from Canada? We’ve compared our costs to popular high-street banks, brokers and currency exchange providers. Compare the costs and decide for yourself.
Reduce your costs when sending money to Canada
History of the Canadian Dollar
Canada has a rich history when it comes to currency. For example, in the 16th century, items such as fur were regarded as currency.
The Canadian dollar came into use in 1867, when the colonies of Canada, New Brunswick and Nova Scotia were united in a confederation known as the Dominion of Canada.
As part of this, each colony abandoned its own currency and used the Canadian dollar. Prince Edward Island later joined the Dominion of Canada in 1873 and in April 1871, the Canadian Parliament passed the Uniform Currency Act, tying up old currencies and replacing them with the Canadian dollar. The currency has been floated since 1970.
The fifth most held reserve currency in the world, the Canadian dollar is also referred to as ‘the loonie’ or ‘the loon’ thanks to the image of a loon on the one-dollar coin.