Convert Canadian Dollars (CAD) to US Dollars (USD)
Convert US Dollars (USD) to Canadian Dollars (CAD)
Enter the current "Bank Sell" rate. Estimated default: 0.73
You Will Receive Approximately:
Understanding TD Canada Trust US Exchange Rates
For Canadians travelling south for the winter, businesses dealing with cross-border partners, or online shoppers purchasing from the United States, understanding the exchange rate between the Canadian Dollar (CAD) and the US Dollar (USD) is crucial. This calculator helps you estimate the conversion value based on rates similar to those offered by major financial institutions like TD Canada Trust.
How the Exchange Rate Works
When you exchange currency at a bank like TD Canada Trust, the rate you receive is rarely the "mid-market" rate you might see on Google or news sites. Banks apply a spread (a margin) to cover costs and generate profit.
Non-Cash Rate: This rate typically applies to electronic transfers, such as moving money between a CAD chequing account and a USD Borderless Plan account within online banking (EasyWeb). It is usually more favourable than the cash rate.
Cash Rate: If you walk into a branch to buy physical USD cash, the rate often includes a higher margin to account for the logistics of handling physical currency.
Inputs Explained
To use the calculator effectively, ensure you input the correct figures:
Conversion Direction: Select whether you are selling CAD to buy USD (going to the US) or selling USD to buy CAD (returning to Canada).
Amount to Convert: The total amount of the source currency you wish to exchange.
Exchange Rate: Since rates fluctuate every minute, you should input the specific rate provided by TD for the transaction type you are performing. For example, if 1 CAD = 0.73 USD, enter 0.73.
TD Borderless Services
Frequent exchangers often utilize the TD U.S. Daily Interest Chequing Account or the Borderless Plan. These accounts allow you to hold USD directly, avoiding the need to convert funds for every single transaction. Using a US-dollar credit card in conjunction with these accounts can save significant amounts on foreign transaction fees (usually around 2.5%) that are charged on standard CAD credit cards.
Calculating the Spread
To understand the "cost" of the exchange, compare the bank's rate to the mid-market rate. If the mid-market rate is 1.35 CAD/USD and the bank is charging you 1.38 CAD to buy 1 USD, the 3-cent difference per dollar is the spread. On a $1,000 transaction, this difference amounts to $30 in exchange costs.
Example Calculation
If you are converting $1,000 CAD to USD and the bank's effective rate is 0.7350:
$1,000 CAD × 0.7350 = $735.00 USD
Conversely, if you are converting $1,000 USD back to CAD and the rate is 1.3200:
$1,000 USD × 1.3200 = $1,320.00 CAD
// Initialize default values on load
window.onload = function() {
updateLabels();
};
function updateLabels() {
var direction = document.getElementById('conversionDirection').value;
var amountLabel = document.getElementById('amountLabel');
var rateLabel = document.getElementById('rateLabel');
var rateInput = document.getElementById('exchangeRate');
var rateNote = document.getElementById('rateNote');
if (direction === 'cad_to_usd') {
amountLabel.innerText = "Amount to Convert (CAD)";
rateLabel.innerText = "Exchange Rate (USD per 1 CAD)";
// Set a realistic default estimation for CAD -> USD
// This is a static estimation for UX purposes
rateInput.value = 0.7300;
rateNote.innerText = "Enter the rate at which the bank sells USD. (e.g. 0.73)";
} else {
amountLabel.innerText = "Amount to Convert (USD)";
rateLabel.innerText = "Exchange Rate (CAD per 1 USD)";
// Set a realistic default estimation for USD -> CAD
rateInput.value = 1.3600;
rateNote.innerText = "Enter the rate at which the bank buys USD. (e.g. 1.36)";
}
}
function calculateConversion() {
// 1. Get Input Values
var direction = document.getElementById('conversionDirection').value;
var amountStr = document.getElementById('inputAmount').value;
var rateStr = document.getElementById('exchangeRate').value;
// 2. Parse Numbers
var amount = parseFloat(amountStr);
var rate = parseFloat(rateStr);
// 3. Validation
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid positive amount to convert.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid exchange rate.");
return;
}
// 4. Calculation Logic
// Formula is simply Amount * Rate because the rate input changes context based on direction
// CAD to USD: Amount (CAD) * Rate (USD/CAD) = Result (USD)
// USD to CAD: Amount (USD) * Rate (CAD/USD) = Result (CAD)
var result = amount * rate;
// 5. Formatting Results
var currencySymbol = "";
var currencyCode = "";
if (direction === 'cad_to_usd') {
currencySymbol = "$";
currencyCode = "USD";
} else {
currencySymbol = "$";
currencyCode = "CAD";
}
// 6. Display Output
var resultBox = document.getElementById('resultBox');
var finalResult = document.getElementById('finalResult');
var rateSummary = document.getElementById('rateSummary');
resultBox.style.display = "block";
// Format with commas and 2 decimal places
finalResult.innerText = currencySymbol + result.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " " + currencyCode;
rateSummary.innerText = "Based on an exchange rate of " + rate;
}