Euro to CAD Exchange: Best Rates for Canadians Traveling to Europe

Most Canadians exchange currency through their bank or at the airport without realizing how much those options cost. In this guide, we break down where the euro exchange rate really comes from, why the rate you get at a bank or airport is never the rate you see on Google, and how to get a better rate before you board your flight.

What Is the CAD to EUR Exchange Rate?

The Mid-Market Rate vs. What You Actually Get

The CAD to EUR rate you see when you search on Google or check xe.com is called the mid-market rate — the midpoint between what buyers and sellers are paying on the global currency market at that moment. It’s the fairest rate available, and it’s the one financial institutions use when trading with each other. It is not, however, the rate they give to individual customers.

When you exchange currency at a bank, the kiosk at Pearson, or a hotel front desk, the provider takes the mid-market rate and adds their markup. This markup is the fee — it’s just hidden inside the rate itself rather than shown as a separate charge. For Canadian banks, that markup typically runs between 2.5% and 3.5% on CAD to EUR conversions. On a $5,000 CAD exchange, that hidden fee amounts to $125–$175 that disappears before your euros are even counted out.

What Factors Affect the CAD/EUR Rate?

The euro and Canadian dollar move against each other constantly, driven by economic and political conditions on both sides of the Atlantic. Key factors that influence the CAD/EUR rate include:

• Bank of Canada interest rate decisions: Rate hikes typically strengthen the CAD, meaning more euros per dollar when you exchange.
• European Central Bank (ECB) policy: ECB rate changes affect the euro’s strength relative to all major currencies, including the CAD.
• Canadian commodity prices: Canada is a major oil and resource exporter — when commodity prices rise, the CAD tends to strengthen.
• Eurozone economic data: GDP growth, inflation figures, and employment data from major eurozone economies (Germany, France) move the EUR.
• Global risk sentiment: In uncertain times, investors tend to favour the USD, which can weaken both the CAD and EUR against the US dollar.

You don’t need to monitor all of this in real time. What matters is knowing that rates shift week to week, and exchanging when the CAD is relatively strong against the euro can meaningfully improve your travel budget.

Where Canadians Typically Exchange CAD to EUR — and What It Costs

Canadian Banks

The major Canadian banks — TD, RBC, Scotiabank, BMO, and CIBC — all offer foreign currency exchange, including euros. Most Canadians default to their bank out of familiarity and convenience. While banks are regulated and trustworthy, they are not competitive on exchange rates. The markup built into their CAD to EUR rates is typically 2.5–3.5%, and many also charge a service fee or foreign currency handling charge on top of that.

For a traveler exchanging $3,000 CAD into euros before a two-week trip to Europe, a 3% bank markup means losing roughly $90 before you’ve spent a single euro. Over multiple trips or larger exchange amounts, that figure grows considerably.

Airport Currency Exchange Kiosks

Airport currency exchange booths at Canadian airports — including terminals at Pearson, Trudeau, and Vancouver International — are consistently the most expensive option available. Operators at airports benefit from a captive audience: travelers who didn’t exchange before departure and need currency immediately. Markups at airport kiosks can range from 5% to 10% above the mid-market rate, and additional flat fees per transaction are common.

The comparison is stark. Exchanging $3,000 CAD at an airport kiosk with a 7% markup costs you $210 in hidden fees. The same exchange through a specialist currency service at a 1–2% rate costs $30–$60. That’s a $150–$180 difference on a single transaction — enough to cover a nice dinner in Paris, or several train tickets between cities.

Credit and Debit Cards Abroad

Many Canadian travelers opt to simply use their credit or debit card in Europe rather than carrying euro cash. This is convenient, but not always cost-effective. Most Canadian credit cards apply a foreign transaction fee of 2.5% on every purchase made in a foreign currency. Debit card withdrawals from European ATMs often incur both a foreign transaction fee from your Canadian bank and a local ATM operator fee.

There are travel credit cards in Canada that waive foreign transaction fees, which makes them an excellent option for card-based spending in Europe. However, for situations where cash is needed — markets, small restaurants, transportation in rural areas, tipping — having euros on hand is essential, and that’s where pre-trip exchange matters most.

Currency Exchange Specialists

Dedicated currency exchange services offer rates that are significantly more competitive than banks or airport kiosks because foreign exchange is their core business. Lower overhead, higher volume, and no branch network costs allow specialists to pass better rates directly to customers. Our CAD to EUR rates beat the major banks by up to 3%, with no transaction fees charged on your exchange. For Canadian travelers, this is the most cost-effective way to secure euros before departure.

How Much EUR Should Canadians Bring to Europe?

Daily Budget Estimates by Travel Style

How much cash you need in euros depends heavily on your travel style, destination, and how often you plan to use cards versus cash. The table below offers a general daily estimate to help you plan your exchange amount:

*CAD equivalents are approximate and will vary based on the exchange rate at time of conversion.

Note that these figures represent total spending — not all of it needs to be in cash. Plan for roughly 30–40% of your budget in euro cash for markets, transit, smaller restaurants, and tips. The rest can go on card where accepted.

Which European Countries Use the Euro?

Before you exchange, confirm your destination uses the euro. While the EU has 27 member countries, not all use the euro as their currency. Countries where euros are the official currency and Canadians commonly travel to include:

• France (including Paris, the Riviera, Alsace)
• Italy (Rome, Florence, Venice, the Amalfi Coast)
• Spain (Madrid, Barcelona, Seville, the Balearic Islands)
• Germany (Berlin, Munich, the Rhine Valley)
• Greece (Athens, Santorini, Mykonos, Crete)
• Portugal (Lisbon, Porto, the Algarve)
• The Netherlands (Amsterdam, Rotterdam)
• Austria (Vienna, Salzburg, Innsbruck)
• Ireland (Dublin, Galway, the Ring of Kerry)
• Croatia (joined the eurozone in January 2023)

If your itinerary includes countries like the UK (British pound), Switzerland (Swiss franc), or the Czech Republic (Czech koruna), you’ll need separate currencies for those portions of your trip.

When to Exchange CAD for EUR Before Your Trip

The Best Timing Strategy for Travelers

Trying to time the currency market perfectly is not a realistic strategy for most travelers. Rates move daily based on factors that are difficult to predict even for professional analysts. That said, there are some practical timing principles that help Canadians get a better rate without becoming amateur currency traders:

• Exchange 4–6 weeks before departure: This gives you flexibility to watch for favorable rate movements without the pressure of last-minute conversion at an airport.
• Avoid exchanging the week before you leave: Urgency typically leads to accepting a worse rate at a less competitive provider.
• Never exchange at the airport: Airport kiosks consistently offer the worst rates available. Pre-trip exchange through a specialist service will always be more cost-effective.
• Watch for CAD strength: If the Canadian dollar strengthens against the euro due to rising oil prices or positive economic data, that’s a good window to lock in your rate.
• Don’t wait for the “perfect” rate: Opportunity cost matters. A good rate secured today is worth more than a slightly better rate that may or may not materialize in two weeks.

Locking In Your Rate

One advantage of using a specialist currency exchange service over a bank is the ability to lock in your rate when conditions are favorable. Rather than accepting whatever rate your bank posts on the day you happen to walk in, you can secure a rate you’re comfortable with and complete the exchange on your schedule. This is particularly valuable for larger exchange amounts where even small rate differences translate to significant savings.

How to Exchange CAD for EUR with CanAm Currency Exchange

Our Simple Three-Step Process

Getting competitive euros through us is straightforward. There’s no complicated paperwork, no branch visit required, and no waiting in line at an airport counter with a flight departure looming. Here’s how it works:

• Step 1 — Create your free account: Register online in under five minutes. Account creation is completely free with no obligation to make any trades.
• Step 2 — Lock your rate: Call us at 1-844-915-5151 for a no-obligation live quote. When you’re ready, lock in the rate and receive trade confirmation from us immediately.
• Step 3 — Receive your funds: Send us your source funds and we convert them at your locked rate. Converted funds are delivered directly to your Canadian bank account, often the same business day.

We exchange over 100 currencies including euros, and our rates consistently beat the major Canadian banks by up to 3%. We’re FINTRAC regulated (MSB registration M15487609), and client funds are held in segregated accounts at a major Canadian financial institution — fully separate from our operating accounts for your complete peace of mind. Use our CAD to EUR currency converter to see today’s rate before you call.

Using Euros Smartly While Traveling in Europe

Cash vs. Card: What to Know Before You Go

Europe is more card-friendly than it used to be, but cash remains essential in many situations. Here’s a practical breakdown of when you’ll likely need euro cash versus when a card will serve you better:

Should You Get More Euros at ATMs in Europe?

European ATMs are widely available and can be a reasonable backup for getting additional euros if you run short. However, costs can add up quickly if you’re not careful. Things to watch out for include:

• Your Canadian bank’s international ATM withdrawal fee (typically $5–$7 per transaction)
• The local ATM operator’s fee, which varies by machine and country
• Your bank’s foreign transaction fee (typically 2.5%) on top of the withdrawal amount
• “Dynamic Currency Conversion” — when the ATM offers to charge you in CAD instead of EUR. Always decline and choose to pay in the local currency (EUR) — the ATM’s conversion rate is always worse than your bank’s rate.

For larger amounts, pre-trip exchange through a specialist service will almost always be cheaper than relying on European ATMs. Use ATMs as a top-up option, not your primary euro source.

Get More Euros for Your Canadian Dollars

A European trip is one of the most rewarding travel experiences a Canadian can have — and it doesn’t have to be undermined by poor currency exchange decisions. The euro is one of the world’s most traded currencies, which means competitive rates are available if you know where to look. Banks and airports are simply not where you’ll find them.

We make it easy for Canadian travelers to get competitive CAD to EUR rates before they leave home — no branch visits, no hidden fees, and no airport kiosk markups eating into your travel budget. Check our CAD to EUR currency converter to see today’s rate, or contact our team at 1-844-915-5151 to lock in your euros before your next European adventure. You can also explore our full range of currency exchange services for all your travel and financial needs.