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The Best Place to Buy or Sell US Dollars In Ottawa

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The Cheapest Way to Buy or Sell US Dollars in Ottawa


The subsequent table compares the major Canadian bank exchange rates. The rates that are used have been sourced from the bank’s website or by calling their branch on a given day. Most Canadian banks offer similar exchange rates. However, upon further analysis, it’s clear that all the major Canadian banks charge a substantial mark-up.


Bank Markup % Source
Royal Bank of Canada (RBC) 2.60% RBC Exchange Rates
TD Bank 2.60% TD Exchange Rates
Scotia Bank 2.80% Scotia Bank Exchange Rates
Bank of Montreal (BMO) 2.60% BMO Exchange Rates
CIBC 3.30% CIBC Exchange Rates
Desjardins 2.50% Desjardins Exchange Rates
HSBC 2.10% HSBC Exchange Rates

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Essentially, the above table reveals that banks charge a substantial fee when buying or selling US dollars. This should not come as a shock. If you’re interested in learning your estimated savings from using a currency exchange firm instead of your bank, the process is simple. Multiply the difference in the exchange rates between the banks and a currency exchange provider by the amount of your transaction. Compare the rate to buy US$1,000 with your bank and with a currency exchange provider and the substantial potential savings will become apparent. After you’ve determined your potential savings, you can make an informed decision pertinent to where to exchange your money. As the amount your exchanging gets larger, the more your savings will increase. For small amounts of currency, such as spending money while on a short vacation, it makes the most sense to simply use your bank.  For larger foreign exchange transactions, it is much more financially beneficial to use a money exchange Ottawa service provider who can give you better rates.  

(Remember: Exchange rates fluctuate in real time and are constantly changing based on market events.)  When transacting foreign currency exchange, it is essential that you take the necessary precautions and tips to safeguard your money.  For more information, please consult our page on the best currency exchange tips.  

Currency Exchange Ottawa


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Standing on the south bank of the Ottawa River, in Southern Ontario, Ottawa is the capital of Canada. Ottawa has a high standard of living and low levels of unemployment. Ottawa has the fourth-highest GDP growth rate among the major Canadian cities. Additionally, over 7 million tourists visit the nation’s capital every year, spending over 1 billion dollars. In serving as the nation’s capital, Ottawa is host to 130 embassies.

Ottawa has a rich history of hosting significant cultural events in Canadian history, including the first visit of the reigning sovereign King George VI in 1939. Due to the presence of the government structures, the cities architecture appears to be both formal and functional. Ottawa has many museums, including the National Gallery of Canada, The Canadian War Museum, the Canadian Museum of History, the Canadian Children’s Museum, and the Canadian Postal Museum.