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The currency used in Canada is Canadian dollars (CAD).
Are you a tourist or student looking to travel to Canada and seeking ways to send and receive money seamlessly? This guide will explore what you need to know about exchanging your money as well as sending and receiving money globally with ease while in Canada and how PESA, a multi-currency wallet is your trusted partner for global financial transactions.
The symbol for the Canadian dollar is $. Occasionally, you might also see symbols like CA$, Can$, and C$ used to differentiate CAD from other dollar-denominated currencies. The Canadian dollar is the world's seventh-most traded currency and is widely accepted nationwide. Canadian coins come in denominations of 1 cent, 5 cents, 10 cents, 25 cents, 1 dollar, and 2 dollars. Canadian banknotes come in denominations of $5, $10, $20, $50, and $100.
Canada has a robust banking system with several major banks that dominate the financial landscape. The largest banks in Canada, often referred to as the "Big Five," are:
These banks offer various services, including personal banking, business banking, investment services, mortgages, etc. Apart from the Big Five, smaller regional and specialized banks operate in Canada.
Additionally, there are credit unions, cooperative financial institutions that operate similarly to banks but are owned by their members rather than shareholders.
When choosing a bank in Canada, people and businesses typically consider factors such as branch availability, ATM network, fees, interest rates, customer service, and the range of products and services offered.
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There are often no restrictions when transacting Canadian currency, but you'll always deal with Canadian dollars (CAD). If you are a tourist visiting for the first time with your local currency, changing your money before getting into the country is usually advised. But if you cannot, there's no need to fret, as you can conveniently change your local currency to CAD upon arriving in Canada. There are several ways to do this.
If you have sufficient cash or available balance on your credit or debit card, you can make a payment easily within Canada, but if you need to send money to other people outside the country and you are looking for the best platform to do that, then PESA is your trusted financial platform.
With Pesa(formerly Pesapeer), transferring your money is a breeze. It's fast, secure, and completely free, so you can relax and know your funds are in good hands.
We offer one of the most competitive rates in the exchange market, allowing you to get the best value for your funds when sending or receiving money. You can also access our live exchange rates using the app or website.
We offer swift and efficient customer support, ensuring your questions are answered promptly and thoroughly. With Pesa, you can expect fast, efficient, and helpful customer service whenever needed. If you need help, you can contact the support team via the live chat option on either the Pesa app or website or by emailing support@pesa.co. The support team is available daily from 9 am to 5 pm ET.
Pesa prioritizes your security with advanced encryption, fraud protection, and zero transaction fees, giving you peace of mind for every transfer. Rest assured that your data and funds are secure.
PESA comes highly recommended with great reviews from satisfied users, and our app has 10k+ downloads on Google Play Store.
Cash works well for everyday purchases. Like cash, debit cards allow you to spend money. However, cash is generally cheaper. Unlike some debit card transactions, it usually doesn't come with hidden fees. Debit cards are mostly convenient as you only need your card and PIN to pay, avoiding the need for cash, checks, or waiting at ATMs.
No, Canada does not use euros as its official currency. The official currency of Canada is the Canadian dollar, abbreviated as CAD or C$. Euros are used in several European countries that are part of the European Union, but Canada has a separate currency system.
Having some Canadian dollars on hand for immediate expenses is a good idea. You just need to exchange some of your money before your trip. It can come in handy for covering expenses such as transportation or meals upon arrival.
At the time of writing, the approximate exchange rate is C$1 to £0.57.
USD is generally accepted, especially in tourist-heavy areas and border towns. However, you may not always get the best exchange rate. Alternatively, you can use the Pesa for your money transfers in Canada.
Create an account with Pesa today and start sending and receiving money globally.
