Estimate your CAD/USD conversion based on current TD rates
Buy USD (Convert CAD to USD)
Sell USD (Convert USD to CAD)
Enter the current bank rate (e.g., if 1 USD = 1.35 CAD, enter 1.35).
Original Amount:–
Exchange Rate Used:–
Converted Amount:–
function updateLabels() {
var type = document.getElementById('td_transaction_type').value;
var label = document.getElementById('td_amount_label');
if (type === 'buy_usd') {
label.textContent = "Amount of CAD you are spending ($):";
} else {
label.textContent = "Amount of USD you are selling ($):";
}
}
function calculateExchange() {
// Get Inputs
var amount = parseFloat(document.getElementById('td_amount').value);
var rate = parseFloat(document.getElementById('td_rate').value);
var type = document.getElementById('td_transaction_type').value;
// Validation
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid positive amount.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid exchange rate.");
return;
}
var convertedAmount = 0;
var symbolOrig = "";
var symbolFinal = "";
// Calculation Logic
// Standard Banking Rate Quote in Canada is usually CAD per 1 USD (e.g. 1.35)
if (type === 'buy_usd') {
// Converting CAD to USD
// Formula: CAD / Rate = USD
convertedAmount = amount / rate;
symbolOrig = " CAD";
symbolFinal = " USD";
} else {
// Converting USD to CAD
// Formula: USD * Rate = CAD
convertedAmount = amount * rate;
symbolOrig = " USD";
symbolFinal = " CAD";
}
// Display Results
document.getElementById('res_orig_amount').innerHTML = "$" + amount.toFixed(2) + symbolOrig;
document.getElementById('res_rate').innerHTML = "1 USD = " + rate.toFixed(4) + " CAD";
document.getElementById('res_final_amount').innerHTML = "$" + convertedAmount.toFixed(2) + symbolFinal;
document.getElementById('td_result').style.display = "block";
}
Understanding US Exchange Rates at TD Bank
For Canadians travelling to the United States, snowbirds wintering south, or businesses handling cross-border transactions, understanding how the US exchange rate at TD Bank functions is essential for financial planning. Exchange rates fluctuate continuously based on global market conditions, but the rate you receive at the bank also includes a "spread" which covers the bank's service costs.
How to Read the Exchange Rate
When you look up exchange rates at major Canadian banks like TD, you will typically see two distinct numbers for USD:
Client Buys (Non-Cash/Cash): This is the rate the bank charges you to purchase US Dollars using Canadian Dollars. This number is usually higher (e.g., 1.38 CAD for 1 USD).
Client Sells (Non-Cash/Cash): This is the rate the bank offers to buy your US Dollars back from you, giving you Canadian Dollars. This number is usually lower (e.g., 1.32 CAD for 1 USD).
The gap between these two numbers is the bank's profit margin or spread.
Cash vs. Non-Cash Rates
It is important to note that TD Bank, like most financial institutions, often applies different rates depending on the form of the currency:
Cash Rates: Applied when you are physically exchanging paper bills at a branch. These rates are typically less favorable due to the logistics of handling physical cash.
Non-Cash Rates: Applied to electronic transfers, drafts, or transactions made between USD and CAD bank accounts (e.g., transferring funds from a Borderless Plan account). These rates are generally more favorable than cash rates.
Calculating Your Conversion
To use the calculator above effectively, you need the current rate relative to 1 USD. The formula changes depending on your direction of transaction:
Buying USD (CAD to USD): Divide your CAD amount by the exchange rate. Example: $1,000 CAD / 1.35 Rate = $740.74 USD.
Selling USD (USD to CAD): Multiply your USD amount by the exchange rate. Example: $1,000 USD * 1.30 Rate = $1,300 CAD.
Tips for Better Rates
If you frequently convert large sums, consider using a US Dollar specific account (like the TD US Daily Interest Chequing Account or Borderless Plan). These accounts can help you hold USD when rates are unfavorable and convert only when the market moves in your favor, potentially saving significant amounts over time.