Cryptocurrency Q&A Why are Canadian currency exchange rates different?

Why are Canadian currency exchange rates different?

Sat Jan 11 2025 | 5 answers 1008
I'm wondering why the currency exchange rates in Canada seem to differ from other countries. Is there a specific reason behind this variation in exchange rates? Why are Canadian currency exchange rates different?

5 answers

Mon Jan 13 2025
Despite using the mid-market rate internally, banks and service providers often apply a hidden markup when serving customers. This practice leads to discrepancies in the exchange rates offered by different providers. Customers are thus presented with varying rates when they seek to exchange currencies.

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Mon Jan 13 2025
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Mon Jan 13 2025
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Mon Jan 13 2025
Banks engage in trading at the real exchange rate. Specifically, when banks and transfer services facilitate transactions involving the Canadian dollar among themselves, they adopt the mid-market rate, which is also referred to as the interbank rate. This rate is considered the most equitable and represents the true value of the currency exchange.

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