Which Canadian Bank Has The Best Exchange Rate?

I run a currency exchange company, so I have an interest in how you convert your money. The rates and fees below are dated and sourced so you can check them yourself.

What US dollar rate did each Canadian bank post on October 6, 2026?

We read each bank's own public rate page between 2:56 and 3:01 p.m. ET on October 6, 2026. These are non-cash rates, the ones used for transfers between accounts, drafts, and wires. For Desjardins, the comparable public rate is its rate for cheques and drafts. Cash rates at a branch counter are lower, and I cover them further down.

The gap is how much less money you receive at the bank's rate than at the market rate. For reference, the Bank of Canada's most recent daily rate was 1.4254 for October 5, 2026. Scotiabank's posted rate applies to non-cash transactions up to $9,999, so a $10,000 exchange there is quoted separately.

BMO and CIBC are not in this table. On October 6, 2026, BMO's public page showed cash rates only, which it says apply only to over-the-counter cash exchanges, and CIBC did not show a public rate for converting between Canadian and US dollar accounts without signing in to online or mobile banking. If you bank with either, ask for the non-cash rate on your exact amount and write it down with the time.

Which bank pays the most Canadian dollars when you sell US dollars?

The order changes when you go the other way. When selling US dollars, National Bank had the smallest gap and RBC the largest, the reverse of the buying table. I use US$5,000 here because a larger amount goes over the posted-rate limit at RBC and Scotiabank.

Same sources and times as the table above.

Which Canadian bank has the lowest exchange rate fees?

Most banks advertise no fee to convert money between your own accounts. That does not make it free. The bank earns its money on the gap between the rate it gives you and the market rate, and that gap is in the tables above. On a $10,000 exchange, a 2.5% gap costs about $250, whether or not a fee appears on your statement.

Sending the money out of the bank adds a second cost: the outgoing wire fee.

The receiving bank in the United States may also charge to accept a wire. The receiving bank sets that fee, not the bank in Canada. I go through the other charges, line by line, in what banks charge for currency exchange.

Which Canadian bank is most transparent about its exchange rate?

Transparency here means one thing: can you see what you will pay before you commit, without signing in or calling? We checked four facts for each bank on October 6, 2026, and counted how many it meets.

We checked all seven on October 6, 2026. TD was the only bank that showed the time its rate was set, as well as the date. If you bank with one of them, our pages on Scotiabank exchange rates and RBC exchange rates go into each bank in more detail.

Does the amount change the rate a bank gives you?

Yes. A posted bank rate applies only up to a set amount. On October 6, 2026, RBC said to contact a branch for conversions over $10,000 CAD, Scotiabank's posted rate covered non-cash transactions up to $9,999, and Desjardins set a maximum of US$15,000 at the posted rate. Above that, you ask the branch or your advisor for a quote. If you are moving a large sum for a US property purchase or sale, ask for a written quote on the day, with the time, and compare it with the market rate at that moment.

Is the cash rate at a branch different from the online rate?

Yes, and it is less favourable. Banks offer a lower rate on bank notes than on transfers between accounts because cash has to be shipped, stored and counted. RBC describes its non-cash rates as those for cheques, drafts, and wire transfers, and BMO says its posted cash rates apply only to over-the-counter cash exchanges. If you need a few hundred US dollars for a trip, the cash rate matters little. For anything larger, move the money between accounts and avoid the counter.

When does a bank make sense?

A bank is the simple choice for small amounts, for cash before a trip, and when the money is already in your account and you need it converted today. There is no minimum and nothing new to open. For a few hundred dollars, the difference between banks is a few dollars, and convenience wins.

Is there a cheaper option than a bank for larger amounts?

For larger transfers between bank accounts, a currency exchange company is the usual alternative. At KnightsbridgeFX, our markup is 0.1% to 0.8% above the interbank rate depending on the amount (checked October 1, 2026); outgoing wires are free, and the minimum is $2,000. We quote the rate live before you commit, so you can compare it with your bank's rate that morning and decide for yourself. You can see how a trade works step by step on how KnightsbridgeFX works, and if you are checking us first, read Is KnightsbridgeFX legit? For a side-by-side with Wise, XE and OFX at seven amounts, read Is KnightsbridgeFX actually cheaper than Wise, OFX and the big Canadian banks?

"The question is never which bank is cheapest in general. It is which one is cheapest for your amount, in your direction, on the day you send it. Ask for the number, write down the time, and compare."

Rahim Madhavji, President, Knightsbridge Foreign Exchange Inc.

What is the bottom line for October 2026?

On October 6, 2026, RBC paid US$42.89 more than Desjardins on a $10,000 CAD exchange, and National Bank paid $88.00 more than RBC for US$5,000 going the other way. The same bank was first in one direction and last in the other. That is why I compare same-day quotes rather than bank names, and why I suggest you ask your own bank for its rate on the day you send.

How did we check these rates?

On October 6, 2026, between 2:56 and 3:01 p.m. ET, we read the US dollar rate each bank posts on its own public website for transfers between accounts, without signing in. We compared every rate with the currencyapi.com mid-market rate read at 2:55 p.m. ET, so we measured all banks against the same number. We did not mix cash rates, credit card rates, or preferred-account rates into the main tables. Most banks show only the date of their rate, not when it was set, and rates change during the day, so the rate you are offered may differ from the rate shown here. We update these tables on the first business day of each month.

Rates and fees on this page were checked on October 6, 2026. Bank rates change during the day. Next update: November 2, 2026.

Rahim Madhavji, President, Knightsbridge Foreign Exchange Inc.

Read next: KnightsbridgeFX reviews · About Rahim Madhavji