The exchange rate we use is our applicable exchange rate in effect when the deposit is posted to your account. 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. 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.įor 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.Send a wire transfer in a currency that is different from the currency of the account you are sending from or.Purchase a draft in a currency that is different from the currency you are using to buy the draft.Purchase foreign currency in cash from us, or we purchase foreign currency in cash from you.We set the exchange rate for foreign currency purchases associated with many services, such as when you: Exchange rates fluctuate throughout the day. For example, the exchange rate determines how much in Canadian Dollars it will cost to purchase U.S. A foreign currency exchange is a purchase that occurs when you purchase foreign currency from us or we purchase foreign currency from you.Īn exchange rate is the price at which one currency can be purchased or sold for another currency.

When we refer to foreign currency, we are referring to a currency other than Canadian Dollars. dollar, the euro, the British pound and the Japanese yen.This information is for our Personal Banking Customers. For decades, the most important base currencies of the world have been the U.S. On the currency market, there is a larger trade volume than on the credit or the stock market. Thus, there are worldwide more than 160 official currencies that can be traded on the currency market at constantly changing exchange rates. Today, almost every country has its own currency, with the exception of countries with a common currency (such as the Eurozone) or countries that have adopted a foreign currency (such as the euro in Kosovo). Minting of coins from precious metals was developed about 2500 years ago in ancient Greece paper money has existed for about 1000 years.

In the beginning, different items were used as currency, including metals, pearls, shells or agricultural products. The functions that a currency took on (means of payment, value storage, unit of value) were essential to the development of an efficient economy with division of labor. (read more)Ĭurrencies have existed for several millennia they arose primarily as a replacement for the ineffective barter trade. Here, the currency calculator shows the opening and closing rate as well as the lowest and highest rates for the respective date. The result provided by the currency calculator is displayed in a clearly arranged table. This way, the Markets Insider currency calculator allows you to search for historical exchange rates. Additionally, you can also choose whether to calculate the result based on the current exchange rate or the exchange rate on a certain date. Once you select the base and target currencies from the list and enter the desired amount into the provided field, the currency calculator immediately gives you the result. In total, there are about 160 different currencies available on the currency calculator. With the currency calculator, you can quickly and easily convert amounts between any currencies. Do you deal in shares in different currencies? Do you like to travel? Do you like to shop on foreign online shops? The currency calculator of Markets Insider is the ideal tool for you.

Currency converter canada