Save Money When You Convert CAD/USD with PayTrie FX!

Are you looking to convert between USD and CAD and want a better rate?

We’ve got you covered! PayTrie now offers CAD to USD and USD to CAD conversion services to our users. These FX transactions need to have a minimum of $25K per transaction, which can be useful for those looking to convert larger amounts of CAD to USD, or vice versa.

Going to a bank for FX orders, your fees can end up being 2.5% or more. With PayTrie, we charge a flat 0.6% with no other hidden fees, meaning you won’t have any surprises once the order is placed.

Comparing PayTrie vs. Big 5 Bank — $25,000 USD Conversion

Take a conversion of $25k USD to CAD as an example.

The market rate at the time of this writing (February 10) for USD to CAD is $1 USD = $1.3367 CAD. This is called the mid-market rate.

PayTrie pulls the mid-market rate from mulitple sources. The screenshot above was taken from XE.com.

PayTrie’s market rate at the time of writing for USD to CAD is $1 USD = $1.33670 CAD. The slight difference between the XE.com rate and PayTrie’s rate is most likely due to the few seconds difference in taking the screenshot.

By processing your FX trade with PayTrie, you would send us the $25,000 USD. We would use the current FX rate of 1.33670 and take a 0.6% flat fee.

The final conversion is $25,000 USD = $33,217 CAD after all fees.

How Banks Take 2.5% Or More

Many banks say that they don’t charge any fees. Technically, that is true. But many banks actually make money on the spread.

What’s a spread?

The spread is the difference between the buy rate and the sell rate. In the example below, BMO will buy USD from you for 1.2922, but sell USD to you for 1.3824 (screenshot taken on February 10th)

If we were to take the same $25,000 USD and convert it to CAD with the buy rate of 1.2922, you would end up with $32,205.

As you can see, given the mid-market rate of 1.3367 and the 1.2922 FX rate that’s being charged, the hidden “fee” is actually 3.33%.

In this example, you could be saving upwards of $912 by having our FX team help you with your conversion. Keep in mind that rates fluctuate and this is just one example in a snapshot in time.

Take these savings and put them where it matters, where it benefits you.

Who’s This For?

A variety of people can benefit from foreign exchange with PayTrie.

If you want to buy property in the US, need to pay for foreign tuition fees, or have family that you want to send money to in US currency, PayTrie can help you.

Businesses that operate in Canada and the US can also benefit from our FX services. If you pay employees in USD, do billing and invoices, or pay other business expenses in USD, our team can help fund your exchange with a better rate than what banks quote you.

Why choose PayTrie for your foreign exchange?

• Low fees: We charge 0.6% for your transactions, while banks may charge 2.5% (or more) with other hidden fees that can add up along the way.
• Transparent pricing: We use the live mid-market rate when converting your funds along with our 0.6% fee. There are no other hidden fees or spreads.
• Security: PayTrie is FINTRAC regulated, meaning there are rules and regulations for us to operate as a legitimate service. You can be assured that your personal information will be protected, and your transactions are secure. (M19690633 — PayTrie AB Inc.)

Getting Started

If you’d like to get started with your exchange, or you have questions and concerns, email fx@paytrie.com and our team would be happy to help.

For new users, get started by opening a PayTrie account here: Sign Up, then send us an email and we’ll get you started.