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Canadian Currency: Everything you Need to Know

Ryan December 21st, 2021
Canadian Currency: Everything you Need to Know


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What currency does Canada use?

If you’re looking to take a trip to our expansive and temperate neighbor to the north, it would definitely help make your trip a lot easier knowing the currency you’ll need to take with you. 

All of Canada uses the Canadian dollar, however certain retailers throughout the country will accept the US dollar as a form of payment for goods. We highly suggest you to use the local currency to pay for goods and services.

Although it’s important to note that retailers are able to charge their own exchange rate between the Canadian and U.S. dollar, which could lead to an unfavorable price for a U.S. patron. Check out the video below with the latest $10 Canadian banknote, featuring Viola Desmond.


What does Canadian currency look like?

Similar to many international banknotes, Canadian currency is fairly colorful and bright. Consisting of vibrant shades of red, purple, green, and orange, and yellow, Canadian banknotes make it easy to distinguish between its 7 different denominations. These banknotes come in paper and plastic. In 2011, The Bank of Canada decided to make a switch to synthetic polymer, making it harder to counterfeit, lasts anywhere from two to five times longer than paper money, and virtually waterproof.

Canadian dollars


What is the Canadian currency symbol?

One more fact about the Canadian dollar you should take on your trip is its symbol. The Canadian dollar is often presented as C$, Can$, $, or CAD to distinguish it from other dollar denominations, which will serve you well to know as you make purchases throughout the country. To learn more about the origination of currency symbols for Canada, as well as several other great countries, click here.


What symbols are on Canadian coins?

The symbols on the $1 Canadian coin is how it received the nickname "loonies," from the aquatic bird appearing on the backside. The $2 Canadian coin has a polar bear and is called twonies or toonies, based on the word loonie and the word two. Once you come back to the states, perhaps after enjoying the Toronto International Film Festival, Niagara Falls, or Banff National Park, you’ll most likely have some loose Canadian loonies and toonies rattling around in your pockets. Even their coins are beautiful and easy to identify, which is definitely helpful, as there are 6 denominations for those as well. CXI currently accepted the $1 and $2 coin. Be sure to stop by your local CXI to exchange your Canadian coins.

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About Currency Exchange International
Currency Exchange International, CXI, is the leading provider of comprehensive foreign exchange services, risk management solutions and integrated international payments processing technology in North America. CXI’s relationship-driven approach ensures clients receive tailored solutions and world-class customer service. Through innovative and trusted FX software platforms, CXI delivers versatile foreign exchange services to our clients, so that they can efficiently manage and streamline their foreign currency and global payment needs. CXI is a trusted partner among financial institutions, corporations and retail markets around the world. To learn more, visit: www.ceifx.com


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