First Review Of The CantorExchange

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Foreign exchange services

Whether you’re traveling or sending money abroad, we can help ensure your foreign currency transactions are processed safely and securely.

For the full list of the foreign currencies and related services we offer,
view our currency and service availability.

Foreign exchange meets convenience

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This information is for our Personal Banking Customers.

When we refer to foreign currency, we are referring to a currency other than Canadian Dollars. A foreign currency exchange is a purchase that occurs when you purchase foreign currency from us or we purchase foreign currency from you.

An exchange rate is the price at which one currency can be purchased or sold for another currency. For example, the exchange rate determines how much in Canadian Dollars it will cost to purchase U.S. Dollars. Exchange rates fluctuate throughout the day.

How the foreign exchange process works:
We set the exchange rate for foreign currency purchases associated with many services, such as when you:

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  • Purchase foreign currency in cash from us, or we purchase foreign currency in cash from you;
  • Purchase a draft in a currency that is different from the currency you are using to buy the draft;
  • Send a wire transfer in a currency that is different from the currency of the account you are sending from; or
  • Receive a wire payment or deposit a cheque in a currency that is different from the currency of the account into which you are depositing the funds.

For these services, we will quote to you our applicable exchange rate for the transaction and you may choose whether or not to complete the transaction.

When funds to be deposited into your account with us are in a currency that is different from that account, such as with an incoming wire transfer, we convert the funds into the currency of your account, and then deposit them into your account. The exchange rate we use is our applicable exchange rate in effect when the deposit is posted to your account.

There are other services where we do not set the exchange rate, such as when you use your debit or credit card outside of Canada to withdraw cash from an ATM or make a purchase. You will pay different exchange rates and fees for those services and you should review the agreements governing services and the use of those cards for more information.

How do we set our exchange rates:
For each foreign currency purchase where we set the exchange rate, the exchange rate we use is a retail exchange rate, except for purchases and sales between banks and other large financial institutions in the interbank (wholesale) market where an interbank exchange rate is used.

We update our Retail exchange rates frequently throughout the day based on many factors, including:

  • Interbank exchange rates (these are the wholesale rates for very large currency purchases and sales between banks and other large financial institutions in the interbank (wholesale) market, That are often quoted in the media);
  • The amount of the foreign currency purchase;
  • Whether the transaction involves foreign currency in cash; and
  • Our costs and risks related to dealing in foreign currency.

Cash and non-cash rates:
Exchange rates for foreign currency transactions not involving physical foreign currency cash (bank notes), such as transfers, payments, cheques or drafts, are generally more favourable to you than rates for buying and selling physical foreign currency cash. This reflects our costs and risks of shipping, handling and holding foreign currency in cash.

Exchange rate fluctuation risk – returns and reversals
If you deposit funds (e.g. cheque or wire transfer) that were converted to the currency of your account before they were deposited), and then that deposit is reversed or returned, we convert the funds (in the original currency of the funds deposited) to the currency of your account, and then debit the converted amount from your account. The exchange rate we use is our applicable rate in effect when the debit is posted to your account. The amount debited may be different from the amount deposited because of exchange rate fluctuations. For example:

Monday:
You come to a branch to deposit a US$100 cheque into your Canadian Dollar account.
Exchange rate: 0.75
Conversion: US$100 x 0.75 = C$75 deposited to your account.

Wednesday:
Cheque is returned unpaid (e.g. insufficient funds in the account of the person who wrote the cheque).
Exchange rate: 0.80
Conversion: US$100 x 0.80 = C$80 withdrawn from your account.

Similarly, if the funds you sent are returned or reversed, the amount returned to you may be different than the amount withdrawn from your account for the transfer because of exchange rate fluctuations. For example:

Monday:
You come to a branch to send EUR100 by wire transfer from your Canadian Dollar account.
Exchange rate: 0.75
Conversion: EUR100 x 0.75 = C$75 withdrawn from your account, converted to EUR100 and sent by wire transfer.

Base erosion and profit shifting

Inclusive Framework on BEPS: Action 5

In series: OECD/G20 Base Erosion and Profit Shifting Project view more titles

Published on December 04, 2020

Également disponible

News

FURTHER INFORMATION

The Action 5 minimum standard consists of two parts. One part relates to preferential tax regimes, where a peer review is undertaken to identify features of such regimes that can facilitate base erosion and profit shifting, and therefore have the potential to unfairly impact the tax base of other jurisdictions. The second part includes a commitment to transparency through the compulsory spontaneous exchange of relevant information on taxpayer-specific rulings which, in the absence of such information exchange, could give rise to BEPS concerns.

Exchange Rates

Daily Exchange Rates

View the daily average exchange rates. Published once each business day by 16:30 ET.

Monthly Exchange Rates

View the monthly average exchange rates. Published on the last business day of the month by 16:30 ET.

Annual Exchange Rates

View the annual average exchange rates. Published on the last business day of the year by 12:30 ET.

Daily Exchange Rates Lookup

Search and download exchange rate data.

Currency Converter

Convert from Canadian dollars based on daily exchange rates.

Foreign Exchange Intervention

Updated if and when the Bank intervenes in foreign exchange markets.

Canadian Effective Exchange Rates

The CEER index is a weighted average of bilateral exchange rates for the Canadian dollar against the currencies of Canada’s major trading partners.

Exchange Rate RSS Feeds

Subscribe to our feeds to get the latest exchange rate data.

Historical Noon and Closing Rates

Download our legacy noon and closing rates data. These rates were last updated 28 April 2020 using the Bank’s old calculation methodology, and will not be updated in future.

Historical Canadian-Dollar Effective Exchange Rate Index

Download our historical CERI data. These rates were last updated in January 2020, and will not be updated in future. The Canadian-Dollar Effective Exchange Rate index (CERI) was replaced by the Canadian Effective Exchange Rate index (CEER) as of January 2020.

Exchange Rate

Outlines the factors that influence the exchange rate and explains the role of the exchange rate in monetary policy.

Calculation Methodology

Describes the selection criteria, calculation methodology and publishing process for the new exchange rates, effective 1 March 2020.

Foreign Exchange Rates Published by the Bank of Canada

Background information about the publication of exchange rates on the Bank of Canada’s website.

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