What are the Wise transfer limits in Canada?
Read on to understand the limits with Wise for sending money, receiving money and using the Wise card for your personal as well as business requirements
What is the best way to buy euros in Canada?
If you’re travelling to Europe, buying euros in Canada can help you save on hefty exchange rate fees and make cash payments easier abroad. In this article, we’ll cover the best ways to buy euros in Canada, including exchange rate charges, order limits and delivery times.
We’ll also explore Wise as a flexible international money exchange alternative which uses the mid market exchange rate. Let’s dive in!
What is the best way to buy euros in Canada?
There are a few different ways to buy euros in Canada. You can visit a currency exchange service, get euros from your bank, use an online money transfer provider or pick up euros at the airport.
Many providers will let you order euros online for home delivery – or you can pick up your cash in-branch. Some banks may also let you spend your euros via a digital account.
Let’s take a closer look at some of the best ways to get euros in Canada, including the pros and cons of each exchange method.
| Buying euros from | Advantages | You’ll need to watch out for |
|---|---|---|
| Banks | * Get cash in hand – handy for holiday spending * Access through your regular bank * You can get euros in a digital account at some banks | * Delivery wait times * Conversion fees and exchange rate markups * Limits on exchange amounts |
| Online currency exchange providers such as Wise | * Quick and easy * Exchange euros on the go and access money in your online account * Wise uses the mid-market exchange rate | * No cash delivery * Many online providers don’t have branches – fully digital service |
| Currency exchange services | * Get cash in Canada before your holiday or trip abroad * Order online and pick up in-person | * You’ll pay a service fee and might buy at expensive exchange rates * There may be hidden fees for your currency exchange |
| Airports | * Get your euros in cash * Easy access before a flight | * It can be stressful to buy euros last-minute * Higher exchange rate markups or service fees |
How much does it cost to buy 1000 EUR in Canada?
Exchanging Canadian dollars for euros comes with fees. Each provider sets its own exchange rate, and many banks add a markup to the standard mid-market rate.
Let’s take a look at how much it’ll cost to get 1000 EUR at some of the best places to buy euros in Canada.
| Buying euros from | You pay in Canadian dollars |
|---|---|
| TD Bank® (in cash) | 1548.90 CAD¹ |
| Wise (in your multi-currency account) | 1489.22 CAD² |
| International Currency Exchange® - using Click and Collect at the Toronto Pearson International Airport® | 1432.50 CAD³ |
| Canada Post® Foreign Cash Online | 1560.20 CAD⁴ |
Exchange rates and fees can vary with the amount, payment method and collection method for certain providers
How can I ensure the best exchange rate when buying euros?
No matter where you exchange your money — Canada or the EU — you may face high exchange rate charges and hidden fees.
Multi-currency accounts like Wise use the mid-market exchange rate. This is the midpoint between the highest and lowest price that banks use to trade foreign currencies.
It’s also the rate you might see online – but many providers will add a markup to make a profit from your transaction. Wise always offers the mid-market rate, saving you money by avoiding unnecessary markups.
Worried about carrying cash? Use your Wise card to make payments abroad in multiple currencies. You can spend in over 150 countries with your Wise card, using the fair mid-market exchange rate for international purchases.
How do I buy euros with Wise?
Buying euros with Wise is easy. Convert Canadian dollars to euros directly in your digital account.
Simply follow these steps to sign up for your Wise account:
Step 1. Register for a Wise account using your email address.
Step 2. Verify your identity by providing key documents like your passport or driver’s license.
Step 3. Set up a payment through your Wise account,
You can also add money to your account in the currency of your choice. Follow these steps:
Step 1. Go to “Home” and click “Add money”
Step 2. Choose “Balance” and click “Add”
Step 3. Choose CAD or your preferred currency, and enter how much you want to add to your account
Step 4. Select your payment method and click “Continue”
Step 5. Follow the on-screen prompts to pay for your transaction
Then, convert your money into euros — any amount you choose. Let’s take a look.
Step 1. Go to “Home” and select your balance
Step 2. Select “Convert”
Step 3. Enter how much you want to convert and choose “EUR”
Step 4. Review and confirm your exchange
Use Wise to send and receive money in over 40 currencies – all from just one global account. Whether you’re travelling to Europe or buying clothes online, get euros with just the touch of a button!
How long does it take to buy euros with Canadian dollars in Canada?
Some banks and foreign currency exchange providers may provide home delivery – or you may need to pick up your cash in person.
Here’s how long it takes to get euros from major Canadian providers.
| Buying euros from | Time until you get your money in euros |
|---|---|
| TD Bank | Pick up your online euro order within 3 to 7 days⁵ |
| Wise | It typically takes less than 24 hours for Wise to convert your Canadian dollars to Euros |
| International Currency Exchange - using Click and Collect at the Toronto Pearson International Airport | Click & Collect –you can place your order at least 2 business days in advance and choose your collection date⁶ |
| Canada Post Foreign Cash Online | If you choose home delivery, your order should be delivered within 2 to 3 business days⁷ |
Buying euros in Canada is a convenient way to prepare for your European trip. For easy sending and spending in CAD and EUR at the fair mid-market rate, try Wise.
Sources:
- TD Bank
- Wise
- International Currency Exchange
- Canada Post
- TD Bank
- International Currency Exchange
- Canada Post
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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