Culture and traditions

The Canadian dollar: facts and curiosities about the currency of Canada

The official currency of Canada is the Canadian dollar. This has different characteristics from other currencies in the world. In this article, we tell you about the most relevant data of this one and we indicate the exchange rate that it has with respect to other currencies.

Below you have an index with all the points that we are going to deal with in this article.

Current currency

The legal currency in Canada is the Canadian dollar, its ISO code is CAD and its symbol $ or C $. The fractional currency is the penny or cent, and one hundred of these equals one dollar. Its history began in April 1871, when, after several years of uncertainty, the government passed the Monetary Unification Law or Uniform Currency Act.

The bills that are currently in circulation are those of 5, 10, 20, 50 and 100 CAN. On the other hand, we find coins of 5, 10 and 25 cents, and 1 and 2 dollars. The penny ceased to be distributed in 2013.

Each coin has a popular nickname. For example, the dollar is known as loonie and at two dollars as twoonie.

While the coins are produced by the Royal Canadian Mint (Winnipeg), the bankroll is the Bank of Canada (Ottawa). In all of them, the inscriptions appear in both English and French, as both are the official languages โ€‹โ€‹of the country.

There are some models made of materials such as silver and gold that have a higher value and are collectible. These usually commemorate a prominent moment in the history of the country or honor a prominent character.

Exchange rate

The value that the Canadian dollar has with respect to other important currencies of America and Europe is the following:

  • 1.00 CAD = 13.97 Mexican pesos (MXN)
  • 1.00 CAD = 0.74 US dollars (USD)
  • 1.00 CAD = 0.69 euros (EUR)
  • 1.00 CAD = 2.116.22 Colombian pesos (COP)
  • 1.00 CAD = 482.592 Chilean pesos (CLP)
  • 1.00 CAD = 2.41 Peruvian soles (PEN)
  • 1.00 CAD = 11.43 Argentine pesos (ARS)
  • 1.00 CAD = 35.07 Dominican pesos (DOP)
  • 1.00 CAD = 4.126.27 Paraguayan Guarani (PYG)
  • 1.00 CAD = 5.45 Guatemalan quetzales (GTQ)

Currency exchange and use

In Canada you will find multiple exchange houses in which to get the official currency of the country. However, generally, you can also carry out this transaction at a bank in your home country, before making the trip to Canada.

Also, credit and debit cards can be used in most establishments. In the past, travel checks were also used to pay and, although accepted (provided they are in Canadian dollars), they are becoming obsolete.

A travel check is a bonus that can be made cash at a bank or used to pay at an establishment.

In Canada it is common to give a tip of about 15% on the final price of the product in establishments such as restaurants. Failure to do so can be interpreted as a gesture of rudeness.

The coins that are most useful during a trip to Canada are those of 25 cents and 1 dollar, since they are the ones requested by the dispensing machines.

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