CAD – Canadian Dollar
USD – US Dollar
EUR – Euro
GBP – British Pound
JPY – Japanese Yen
AUD – Australian Dollar
MXN – Mexican Peso
USD – US Dollar
CAD – Canadian Dollar
EUR – Euro
GBP – British Pound
JPY – Japanese Yen
AUD – Australian Dollar
MXN – Mexican Peso
You Convert:
Exchange Rate Used:
You Receive (Estimated):
*Note: This calculator applies an estimated retail bank spread (approx 2.5%) typical of major Canadian banks. Actual Scotiabank rates may vary based on account type, amount, and non-cash vs cash transactions.
Understanding Scotiabank Foreign Exchange Rates
When planning to convert currency through a major financial institution like Scotiabank, it is crucial to understand the difference between the "mid-market rate" you see on Google and the "retail rate" offered to customers. This Scotiabank Exchange Rate Calculator helps simulate the actual costs involved in converting your money by factoring in typical bank spreads.
How Bank Exchange Rates Work
Banks do not trade currencies with consumers at the exact market price. Instead, they apply a "spread"—the difference between the price they pay to buy the currency and the price they sell it to you. For most retail transactions (like exchanging vacation money or paying a bill in USD), Scotiabank and similar institutions may add a margin typically ranging from 2% to 3.5% depending on the currency pair and the transaction method (cash vs. non-cash).
Key Factors Influencing Your Rate
Currency Pair: Major pairs like CAD/USD usually have tighter spreads (lower fees) compared to exotic currencies.
Transaction Type: Non-cash rates (drafts, wire transfers) generally offer better value than exchanging physical cash at a teller.
Volume: Large transactions (often over $10,000) may qualify for "preferred rates" that are closer to the mid-market rate.
Using This Calculator
This tool is designed to give you a realistic estimate of what you will receive in your target currency. It takes the base exchange rate and adjusts it to reflect the retail markup typical of Canadian banking institutions. This prevents the "shock" of expecting the Google rate and receiving significantly less at the counter.
CAD to USD Conversions
The most common exchange for Scotiabank customers is Canadian Dollars (CAD) to US Dollars (USD). Because the CAD/USD exchange rate fluctuates daily based on oil prices, interest rate differentials, and economic data, checking the rate immediately before your transaction is recommended. Use the tool above to see how much USD you can expect to buy with your Canadian funds today.
function calculateExchange() {
var amountInput = document.getElementById("exchAmount").value;
var fromCurrency = document.getElementById("exchFrom").value;
var toCurrency = document.getElementById("exchTo").value;
var resultDiv = document.getElementById("result");
// Validate Input
if (amountInput === "" || isNaN(amountInput) || amountInput CAD -> To
// Step 1: Get Value in CAD
// If From is USD (1.36), and amount is 100. Value in CAD = 100 * 1.36 = 136 CAD.
var valueInCAD = amount * ratesToCAD[fromCurrency];
// Step 2: Convert CAD -> To
// If To is EUR (1.48). Value in EUR = 136 / 1.48 = 91.89 EUR.
var midMarketResult = valueInCAD / ratesToCAD[toCurrency];
// Step 3: Apply Bank Spread
// Banks take a cut. If you are buying or selling, you always lose ~2.5% value compared to mid-market.
// We will apply a flat 2.5% "haircut" to the final amount to simulate the spread.
var bankSpread = 0.025;
// However, if converting same currency, no spread.
if (fromCurrency === toCurrency) {
bankSpread = 0;
}
var finalAmount = midMarketResult * (1 – bankSpread);
// Calculate effective customer rate
var effectiveRate = finalAmount / amount;
// Formatting currency
var localeMap = {
"CAD": "en-CA",
"USD": "en-US",
"EUR": "de-DE",
"GBP": "en-GB",
"JPY": "ja-JP",
"AUD": "en-AU",
"MXN": "es-MX"
};
var currencySymbolMap = {
"CAD": "$",
"USD": "$",
"EUR": "€",
"GBP": "£",
"JPY": "¥",
"AUD": "$",
"MXN": "$"
};
var decimals = (toCurrency === "JPY") ? 0 : 2;
// Display Results
resultDiv.style.display = "block";
document.getElementById("resAmount").innerHTML = currencySymbolMap[fromCurrency] + amount.toLocaleString(localeMap[fromCurrency], {minimumFractionDigits: decimals, maximumFractionDigits: decimals}) + " " + fromCurrency;
document.getElementById("resRate").innerHTML = "1 " + fromCurrency + " = " + effectiveRate.toFixed(4) + " " + toCurrency;
document.getElementById("resTotal").innerHTML = currencySymbolMap[toCurrency] + finalAmount.toLocaleString(localeMap[toCurrency], {minimumFractionDigits: decimals, maximumFractionDigits: decimals}) + " " + toCurrency;
}