Currency & FX Fees Calculator
The exchange rate is the fee. See what converting money really costs you in Canada, the hidden spread on bank, credit-card, and Wise-style conversions, measured against the true mid-market rate.
What you get across fee scenarios
Same amount, same mid-market rate, only the provider's margin changes.
The cheapest way to convert
Real routes ranked by total cost on your amount: in-app broker conversion, Norbert's gambit, transfer services and banks. Fees as of ; ~ marks negotiated/unposted pricing estimates.
Fixed fees make Norbert's gambit cheaper as amounts grow; percentage fees don't care how you batch. Gambit needs a brokerage account and takes a few business days, but your rate locks when you buy DLR. This is fee math, not advice.
Cost vs amount: where each route wins
How the total cost of your cheapest routes grows with the amount converted, from $500 to $25,000, and where the flat-fee gambit overtakes the percentage routes.
All currencies at this amount
What your money converts to in each currency, at mid-market and under the selected fee scenario.
| Currency | Mid-market rate | At mid-market | You get | Cost |
|---|
How this is calculated
The spread is the real fee
The mid-market rate is the true midpoint between what buyers and sellers pay, the rate you see on Google or xe.com. Your provider quotes a worse rate; the gap is the spread, and it's where most of the cost hides. With a margin m, the amount you actually receive is amount × mid-rate × (1 − m), and the fee in the target currency is amount × mid-rate × m. The effective rate you really got is mid-rate × (1 − m).
The scenarios
Mid-market (0%) is the theoretical no-fee benchmark. Typical bank (2.5%) reflects a big-5 Canadian bank's built-in spread; flat wire fees of roughly $10–30 apply on top, and the routes ranking adds your editable flat wire fee to the bank routes (the scenario cards above show spread only). Credit card abroad (2.5%) is a typical foreign-transaction fee on top of the network rate; a handful of no-FX-fee cards charge 0%. Wise-style (0.6%) reflects specialist services that pass on close to the mid-market rate. Custom lets you enter the exact spread your provider quoted.
The DCC trap, always pay in local currency
When a foreign terminal, ATM, or website asks whether to charge you in Canadian dollars, that's dynamic currency conversion. It looks convenient but the merchant's bank sets the rate and adds roughly 3–7%, worse than your own card. Always choose the local currency (EUR, GBP, JPY…) and let your card network do the conversion.
Where to get better rates
For transfers, specialists (Wise, OFX, Knightsbridge) beat banks by 2%+. For large CAD↔USD amounts, Norbert's Gambit through a brokerage (using an interlisted ETF like DLR) converts at essentially the mid-market rate for only trading commissions. A no-FX-fee credit card is best for travel spending. Note that the CRA/FINTRAC require reporting on international transfers of $10,000+, and gains on foreign-currency holdings can be taxable.
What this doesn't model
Flat wire/transfer fees, ATM withdrawal fees, tiered rates that improve on large amounts, or how rates move minute to minute. Rates are indicative reference values as of the date shown above. If you hold foreign currency as an investment, gains may be taxable, see the capital gains calculator.
Common questions
How do banks hide currency exchange fees?
Most of the cost is the spread, the gap between the real mid-market rate and the worse rate you're offered. A big Canadian bank typically bakes in a 2–3% margin, so a 'no-fee' exchange still costs you about 2.5% of the amount. This tool shows that margin as real dollars against the mid-market benchmark.
What is dynamic currency conversion (DCC) and why should I always pay in local currency?
When a foreign terminal or website offers to charge you in Canadian dollars, that's dynamic currency conversion. The merchant's bank sets the rate and adds a markup of roughly 3–7%, on top of any card FX fee. Always choose to pay in the local currency so your own card network converts at a far better rate.
How much cheaper is Wise or a specialist than a Canadian bank?
Specialist services like Wise charge roughly 0.4–0.7% versus a bank's 2.5–3% plus a wire fee. On a $10,000 transfer that's the difference between paying about $60 and paying about $250–300 plus fees, often several hundred dollars saved.
What is Norbert's Gambit for CAD-USD conversion?
Norbert's Gambit converts large amounts between Canadian and US dollars through a brokerage using an interlisted stock or ETF (like DLR). You buy in one currency and sell the US-denominated version, paying only trading commissions instead of an FX spread, usually the cheapest route for CAD-USD amounts above a few thousand dollars.
Are these exchange rates live?
No. The mid-market reference rates are indicative stored values as of July 5, 2026, and the conversion-route and fee figures were last verified July 18, 2026. These are stored values, not a live feed. Always check the live mid-market rate (for example on Google or xe.com) before you transact, and compare it against the rate your provider offers.