Estimate your currency conversion based on typical bank rates.
I have CAD, I want Foreign Currency (Buying)
I have Foreign Currency, I want CAD (Selling)
US Dollar (USD)
Euro (EUR)
British Pound (GBP)
Japanese Yen (JPY)
Australian Dollar (AUD)
Mexican Peso (MXN)
You can manually update this rate if you see a different live rate.
Estimated Amount You Receive:
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*Disclaimer: The rates provided by default in this calculator are indicative market estimates including typical bank spreads. Actual Scotiabank rates fluctuate constantly during market hours. Please sign in to Scotia OnLine or visit a branch for the precise, executable rate at the moment of your transaction.
Understanding Scotiabank Foreign Exchange
When planning a trip abroad, paying for international services, or sending money overseas, understanding how banks like Scotiabank calculate exchange rates is crucial for budgeting. The Scotiabank exchange rate calculator tool above helps you estimate the costs involved in converting Canadian Dollars (CAD) to other major world currencies.
How Banks Calculate Exchange Rates
Unlike the "mid-market" rate you might see on Google or news sites, banks apply a spread to the exchange rate. This spread covers their operating costs and profit margin. This results in two distinct rates:
Non-Cash Rate: Typically used for electronic transfers, wire payments, and drafts. These rates are usually more favorable than cash rates.
Cash Rate: Used when you are physically buying or selling paper bills at a branch. These often have a wider spread due to the logistics of handling physical currency.
Reading the Conversion
Buying Foreign Currency
If you have CAD and need USD, the bank "sells" you the USD. You will pay a higher rate (e.g., 1.38 CAD for 1 USD) compared to the mid-market rate.
Selling Foreign Currency
If you return from a trip with Euros and want CAD back, the bank "buys" them from you. You will receive a lower rate (e.g., 1.45 CAD for 1 EUR) relative to the selling price.
Tips for Better Rates
To maximize the value of your currency exchange with major Canadian banks:
Exchange Larger Amounts: Some institutions offer "tiered" rates where exchanging larger sums (e.g., over $5,000 CAD) may qualify for a better margin.
Use Digital Channels: conducting transfers via online banking or the mobile app often secures a Non-Cash rate, which is typically better than the counter rate at a branch.
Check the "Rate Date": Exchange rates change every minute while markets are open. Always confirm the rate immediately before confirming a transaction.
Note: This tool is for educational and estimation purposes. Always consult official Scotiabank resources for live transaction data.
// Indicative base rates (Approximate mid-market CAD value for 1 unit of foreign currency)
// These are approximations to simulate the tool functionality.
var baseRates = {
"USD": 1.36,
"EUR": 1.50,
"GBP": 1.76,
"JPY": 0.0092,
"AUD": 0.90,
"MXN": 0.075
};
// Typical bank spread percentages (approximate)
var spread = 0.025; // 2.5% spread
function updateLabels() {
var direction = document.getElementById("conversionDirection").value;
var amountLabel = document.getElementById("amountLabel");
var currencySelect = document.getElementById("currencySelect");
var selectedCurrency = currencySelect.options[currencySelect.selectedIndex].text;
// Extract currency code for display
var code = currencySelect.value;
if (direction === "buy_foreign") {
amountLabel.innerHTML = "Amount in CAD (to spend)";
} else {
amountLabel.innerHTML = "Amount in " + code + " (to convert)";
}
// Refresh the indicative rate when direction changes
updateRatePlaceholder();
}
function updateRatePlaceholder() {
var currency = document.getElementById("currencySelect").value;
var direction = document.getElementById("conversionDirection").value;
var rateInput = document.getElementById("exchangeRateInput");
var base = baseRates[currency];
var finalRate;
// Logic:
// If Buying Foreign (Bank Sells): Rate = Base * (1 + spread)
// If Selling Foreign (Bank Buys): Rate = Base * (1 – spread)
if (direction === "buy_foreign") {
// We need more CAD to buy 1 unit of foreign
finalRate = base * (1 + spread);
} else {
// We get less CAD when selling 1 unit of foreign
finalRate = base * (1 – spread);
}
// Adjust precision for JPY vs others
if (currency === "JPY") {
rateInput.value = finalRate.toFixed(6);
} else {
rateInput.value = finalRate.toFixed(4);
}
updateLabels(); // Ensure label currency code matches
}
function calculateCurrency() {
var amount = parseFloat(document.getElementById("amountInput").value);
var rate = parseFloat(document.getElementById("exchangeRateInput").value);
var direction = document.getElementById("conversionDirection").value;
var currency = document.getElementById("currencySelect").value;
var resultElement = document.getElementById("conversionResult");
var rateDisplay = document.getElementById("rateUsedDisplay");
var resultBox = document.getElementById("resultBox");
// Validations
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid positive amount.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please ensure the exchange rate is valid.");
return;
}
var result = 0;
var currencySymbol = "";
// Calculation Logic
// Rate is defined as: 1 Unit Foreign = X CAD.
if (direction === "buy_foreign") {
// Input is CAD. We want Foreign.
// Formula: CAD Amount / Rate = Foreign Amount
result = amount / rate;
// Set symbol
if(currency === "USD") currencySymbol = "$";
else if(currency === "EUR") currencySymbol = "€";
else if(currency === "GBP") currencySymbol = "£";
else if(currency === "JPY") currencySymbol = "¥";
else currencySymbol = "$";
resultElement.innerHTML = currencySymbol + result.toFixed(2) + " " + currency;
rateDisplay.innerHTML = "Exchange Rate Applied: 1 " + currency + " = " + rate + " CAD";
} else {
// Input is Foreign. We want CAD.
// Formula: Foreign Amount * Rate = CAD Amount
result = amount * rate;
resultElement.innerHTML = "$" + result.toFixed(2) + " CAD";
rateDisplay.innerHTML = "Exchange Rate Applied: 1 " + currency + " = " + rate + " CAD";
}
resultBox.style.display = "block";
}
// Initialize defaults on load
window.onload = function() {
updateRatePlaceholder();
};