Your guide to buying USD online in Canada

Whether you're a snowbird looking forward to the next winter down South, an international student, or are purchasing property in the USA, there are many reasons Canadians need USD, and buying currency online often offers a convenient solution. There are several options available, such as banks, currency exchanges and digital platforms, and the best fit for you depends on your specific circumstances.

In this article, we'll provide an overview of your options and the factors to consider, as well as introduce Wise. Wise is a specialist provider for currency exchange, which may offer a better deal than banks.

Why buy US Dollars online in Canada?

Buying USD online can be a convenient way to exchange your Canadian currency for American dollars. Many banks offer this service, as do dedicated fintechs like Wise.

Comparing Top Platforms to Buy US Dollars online in Canada

With the variety of providers that allow you to buy USD online in Canada, it's important to consider each one in turn. Consider both upfront and hidden fees, as well as the way you want to receive your money.

CIBC online Foreign Cash

With CIBC, you can order USD online, through CIBC online banking or the CIBC mobile app, and have it delivered to your home, a nearby branch, or for collection at the Toronto Pearson Airport.¹ Ordering foreign cash is free, but CIBC uses its own exchange rate, which may be different to the mid-market rate.

You must have a CIBC account to order foreign cash, and depending on your account type, transaction fees may apply. Orders count towards any limits set to your account.

Home deliveries of foreign cash are delivered securely by Canada Post, and have a limit of 2,500 CAD, meaning that if you want to order more than this, you'll need to collect it at your nearest CIBC branch.²

RBC Online Foreign Currency

You can also get USD cash from RBC, in person at a branch, by purchasing online for pickup, or from certain in-branch ATMs.³ As RBC does not offer home delivery, you'll need to visit a branch at least once, even if you order online.

If you choose to pick up your cash from a branch, RBC will contact you when it is ready, usually within three business days. However, depending on the branch, this may take up to 10 business days. RBC also imposes a daily 2,500 CAD limit for foreign cash orders from personal accounts, so make sure to plan well in advance for larger, or urgent orders.

RBC doesn't charge a specific fee to purchase foreign cash via their app, though you may be charged if your account has a limited number of free monthly transactions.⁴ If you have a credit card, foreign cash will be charged as a cash advance.

RBC sets its own exchange rates, which may include a markup compared with the mid-market rate. This means you may be charged over-the-odds.

Knightsbridge Foreign Exchange

Knightsbridge Foreign Exchange specialises in currency conversion, though you cannot pay or collect in cash.⁵ After creating and verifying your account, you can book a transaction.⁶ You'll need to send your Canadian funds, after which you'll receive your USD into the account you request. Typically, sending and receiving your funds are each subject to same-day processing, though this depends on the transfer method.

Knightsbridge sets their own exchange rate, which is different to the rate they use to buy currency⁷ and varies depending on how much you convert. This isn't published online, but you can obtain the rate, including fees, by contacting them by email or phone with the amount you want to exchange.

Knightsbridge typically requires a minimum of 2,000 CAD to be exchanged, though they may have some flexibility. Again, you'll need to contact a representative to find out for sure.

Comparing online USD providers

Factors to consider when you buy US dollars online

Different providers have different strengths, weaknesses and specialties when it comes to currency conversions. This means the same provider may work better in one instance than another.

Exchange rates and hidden fees

Many banks will advertise that they do not charge a service fee when exchanging foreign currencies, but this is unlikely to mean your transaction will be free. Many instead make a profit through an exchange rate markup, meaning you receive a less favourable exchange rate than they do, with the bank keeping the difference.

This is a form of hidden fee, which could mean you receive fewer USD than expected for your Canadian funds. It makes it important to consider the amount of USD you'll receive, rather than the fee being advertised, when deciding which provider to use.

Delivery options and timing

If you need your USD in cash, you'll need a provider which deals with cash exchanges. Home delivery may be more convenient than branch pickup. However, it typically takes longer for cash to be delivered, or available for collection, than exchanging currencies online, and may be subject to additional fees.

Security and regulations

Choosing a provider which offers a high level of security is vital. Whilst traditional banks are secure, many fintechs and other financial institutions are also safe ways of exchanging money. Providers are generally regulated and may safeguard client funds, but it's worth checking the protections in place before setting up a transfer.

How to exchange CAD for USD online

Many financial institutions offer online currency exchange services. While you may be able to do this through your bank, it may not offer the best value compared with specialist providers. Before using your bank to convert funds, check whether a provider like Wise offers a better rate. As even small differences in fees and exchange rates can become costly very quickly, it's worth researching the provider that will give you the best value for money, even if it is not your regular bank.

Convert your money to USD at the mid-market rate with Wise

If you need to hold both CAD and USD, a Wise multi-currency account might be the best fit for you. With a single account, you can hold up to 40 currencies, and can transfer between them almost instantly.⁸ You can also convert as you spend, meaning you only pay for currency exchange on transactions you make – and don't end up with leftover foreign currency, helping you save on exchange fees.

Wise uses the mid-market rate and instead charges a small, upfront fee starting at 0.48%. You can use their online calculator to see the fee for your specific transfer on the Wise website, without needing to make an account.

With your Wise account, you can get a free Wise Card, which allows you to spend abroad in-store and online.⁹ When you order the debit card, you'll receive instant access to a digital card, which you can use to spend in over 40 currencies straight away. You can also use it to take out cash abroad. Wise offers two free ATM withdrawals up to a combined 350 CAD per month.

Comparing typical currency purchasing methods vs. Wise

Which option is right for you?

With the variety of options available for currency exchange, it's important to consider which one makes sense for you. If you need cash before you travel, your bank may be the best option, though they are unlikely to give the best value for money compared to a specialist provider, like Wise. If you want to spend abroad, including taking cash out, whilst minimising foreign exchange fees, Wise is likely to be a better choice than a traditional bank, as a dedicated currency exchange provider.

When deciding, make sure to check the amount of foreign currency you'll receive when exchanging your CAD, rather than only the upfront fees. Due to the variety of hidden fees charged by some providers, those which advertise the lowest rates may not give you the best deal.

Frequently asked questions about buying USD online in Canada

If you have questions about how to buy USD online in Canada, don't worry – you're not alone. Here are some common questions, and their answers.

Is It safe to buy USD online in Canada?

Whilst you should make sure that you are buying from a reputable provider, it is generally safe to buy USD online in Canada.

What is the cheapest way to get USD in Canada?

This depends on whether you want USD cash, or in an online wallet or bank account. Often, specialist providers can provide a lower cost alternative to banks when exchanging currencies.

Can I get USD delivered to my home in Canada?

Some banks, including CIBC, have a home delivery service for USD cash orders.

Conclusion

If you need USD cash while you're in Canada, your bank is likely to offer the service you're looking for. However, they often charge a markup for currency exchanges, instead relying on the convenience factor for those who already have an account with them. These hidden charges can stack up rapidly, making it vital to find the provider which suits your needs best.

With Wise, you can hold both USD and CAD, transferring between them at any time – or holding only one, and spending in the other. This saves you transfer costs, and you only exchange what you need. Combined with its use of the mid-market rate and upfront fees, you can see the total cost before you confirm a transfer. With a Wise card, you can also withdraw cash from ATMs in the US, giving you access to cash in USD.

1. International currency exchange online – CIBC
2. How to order foreign currency online – CIBC
3. Order foreign exchange – RBC
4. What foreign currency exchange rate will I get when I purchase currency online? – RBC
5. Can I come into your office for an in-person cash exchange? – Knightsbridge FX
6. How it works – Knightsbridge FX
7. Terms and conditions – Knightsbridge FX
8. Account – Wise
9. Card – Wise
   Sources verified on 11 March 2026