Methodology

CAD2USD.ca is a research and aggregation site — not a product tester. This page documents exactly how each number, comparison and recommendation on the site is produced, so any reader, regulator or journalist can audit the work.

1. Primary sources

Exchange rates. Bank of Canada Valet API, endpoint bankofcanada.ca/valet/observations/FXUSDCAD/json. The BoC publishes the USD/CAD quote; we invert it to derive the CAD/USD reference used throughout the site. Same data, same source, just inverted for the CAD → USD direction. The Frankfurter API is the fallback.

Bank fees, rates and product terms. Issuer-published rate sheets and product pages, verified within 14 days of any article update. Sources: RBC, TD, BMO, Scotia, CIBC, National Bank, Desjardins, Wealthsimple, EQ Bank. US-side facts (correspondent fees, ACH receiving) come from US institutions and from Wise/Wealthsimple multi-currency documentation.

Credit card terms. Direct from issuer pages: Scotia, Amex Canada, Home Trust, Rogers/Fido/Shaw, Wealthsimple, EQ Bank. Reward multipliers and FX clauses are taken from the most current cardholder agreement on the issuer's site, dated.

Broker and fintech pricing. Wise, OFX, Knightsbridge FX, Questrade, Disnat (Desjardins Online Brokerage, $0 commission online since 2022) — direct from each provider's pricing or commission schedule.

Regulatory and policy facts. CRA, FINTRAC, CDIC, IRS, FinCEN, FDIC for the federal level. AMF, RAMQ, Loi 25 for Quebec. Snowbird-specific: IRS Substantial Presence Test and Closer Connection Exception (Form 8840), RAMQ residency rules.

2. Calculating all-in cost (CAD → USD)

CAD_rate_mid     = 1 / BoC_USD_per_CAD       (inverted BoC quote)
spread_pct       = (CAD_rate_mid − provider_quoted) / CAD_rate_mid × 100
fixed_fee_pct    = fixed_fee_amount / transfer_amount × 100
all_in_cost_pct  = spread_pct + fixed_fee_pct

Every dollar figure cited in an article is reproducible by rerunning this formula on the dated BoC observation.

3. Canonical fee benchmarks (CAD → USD)

Service	All-in cost	Source
Wise	0.4–0.8%	wise.com/ca/pricing/
Big-5 Canadian banks (counter)	2.5–3.0%	rate sheets, verified Q2 2026
PayPal	4–6.9% (4.0% FX + 2.9% fee)	PayPal Help Center
Knightsbridge FX	0.5–0.9%	knightsbridgefx.com
Norbert's Gambit (Questrade $9.95/leg or Disnat $0)	$0–$20 + ~3-day settle	broker commission pages
EQ Bank USD Savings	~1.5% spread, no transfer fee	eqbank.ca
Airport kiosks	8–10%	ICE Travel Cash, Travelex

4. Update cadence

Data type	Cadence
Live homepage widget rate	Each page load (direct from BoC Valet API)
Article rate references	At publication, with stated date
Bank rate sheets & card terms	Quarterly or on announced change
Regulator facts	When regulator updates its publication
Full content audit	Annually (January)

5. Norbert's Gambit threshold guidance

For CAD → USD conversions above CA$6,800 (~$5,000 USD), Norbert's Gambit via Questrade ($9.95/leg) or Disnat ($0 commission since 2022) becomes cheaper than Wise's variable fee. Below that, Wise's all-in cost stays lower thanks to its zero flat fee. We benchmark this threshold quarterly against current broker pricing.

6. How we score no-FX-fee credit cards

Cards in the no-foreign-transaction-fee cluster are evaluated on three criteria, each verified against the current cardholder agreement:

1. FX fee. Must be 0% disclosed in the cardholder agreement. Cards that waive the fee in marketing but charge it in the contract are excluded.
2. Net annual fee. Annual fee minus quantifiable annual credits (lounge memberships, statement credits, anniversary rewards). A $150 fee card with a $200 documented credit nets at −$50/year.
3. Earn rate on FX transactions. Many "no-FX-fee" cards still earn only the base 1% on non-CAD purchases. Cards earning above 1.5% on USD spend (Rogers Red WE with active Rogers/Fido/Shaw service plan = 2%; Wealthsimple Cash = 1% on FX but no fee) are flagged as superior.

We do not score on signup bonuses, perks unrelated to FX, or marketing copy.

6. What we don't do

• We do not personally test every product covered. Jocelyn Lamothe is an independent researcher, not a customer of every institution covered.
• We do not accept ghostwritten content from financial institutions.
• We do not republish PR pitches without verification against primary sources.
• We do not adjust rankings or comparisons based on affiliate payouts.

7. Corrections

Spot a factual error? Email contact@cad2usd.ca or use the contact form.

• SLA: factual corrections within 48 hours of verified report.
• Visibility: corrections include a dated note on the affected article.
• Process: every correction is logged with the original claim, the corrected version, and the source citation.

8. Affiliate independence

Currently active: Wise via Partnerize. Pending applications: Amex Canada (via CJ Affiliate), Wealthsimple (via Impact), Questrade (via Impact), Home Trust, Knightsbridge FX.

How we keep this real:

• Home Trust Preferred Visa is recommended for low-spend no-FX use despite earning us nothing (no affiliate program with them).
• EQ Bank Card is recommended where the math wins, zero affiliate revenue.
• Cards that pay good affiliate commissions but have weak terms get flagged or omitted.

Full disclosure on /disclosure/. Editorial principles on /editorial-policy/.