How to Compare Exchange Rates?
| Bank | Spread % | Source | |
| Royal Bank of Canada (RBC) | 2.6% | RBC Exchange Rates | |
| TD Bank | 2.6% | TD Exchange Rates | |
| Scotia Bank | 2.8% | Scotia Bank Exchange Rates | |
| Bank of Montreal (BMO) | 2.6% | BMO Exchange Rates | |
| CIBC | 3.3% | CIBC Exchange Rates | |
| Desjardins | 2.5% | Desjardins Exchange Rates | |
| HSBC | 2.1% | HSBC Exchange Rates | |
| Bank of Canada | 0.0% | Bank of Canada | |
| Knightsbridge FX | 0.1%-0.5% | KnightsbridgeFX |
The best way to compare currency exchange rates is to use the table above or call each bank directly. Simply ask them if you wanted to buy US $1,000, how much in Canadian would you have to pay? This will give you the amount in Canadian dollars. Divide the number of Canadian dollars needed to purchase $1,000 and this will give you the implied exchange rate.
Resources: Canadian Bank Exchange Rates Comparison | Why Can't I Get The Bank of Canada Exchange Rate? | How to Compare Exchange Rates? | Currency Exchange - History