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If you are making plans to travel to the United States in the near future, you may need to exchange some of your money into dollars, the country’s official currency. The foreign currency symbol is USD.
U. S. dollars can also be accepted outside the United States, adding Vietnam, Costa Rica, Peru, and parts of Mexico.
This article comprises everything you want to know about converting CAD to USD, adding where to get the most productive exchange rates and how to pay the highest fees on your conversion.
Fortunately, converting Canadian dollars to US dollars is simple. You can do the conversion using a calculator or you can do it by hand.
Using a currency conversion calculator is the simplest way to get an estimate when converting currencies. Since exchange rates vary daily, using a calculator can ensure that your calculations are correct.
Keep in mind that currency exchange comes with additional payments that a conversion calculator may not be able to predict. For example, credit card companies typically rate a 2. 5% conversion payment on all overseas transactions and ABM networks, called ATMs in the United States. , would possibly qualify for an additional fixed payment. Individual merchants would possibly also qualify additional payments if you ask them to convert the value of an item to their local currency at checkout.
The other option is to perform the calculation manually with an undeniable mathematical formula. However, to do this, you want to know the existing exchange rate. At the time of writing, $1 CAD is worth US$0. 76.
Once you know this information, multiply the amount you have in CAD by the existing exchange rate. The resulting number will tell you how much in US dollars you want to spend on your vacation (however, note that this calculation does not take into account rates). ).
Manual conversion example
Let’s say you have $500 CAD and would like to know how many US dollars you have to travel to the United States. Using the existing exchange rate, your conversion formula would look like this:
500 Canadian dollars x 0. 76 380 US dollars
When you’re in a position to buy USD, it’s a smart concept to plan ahead to make sure you pay the minimum fees. Here are 3 tactics to get the currency you want and minimize the fees you will be charged:
Next step: