Canadian Dollar Rates in Mumbai
BookMyForex.com allows you to view live and accurate Canadian Dollar exchange rates today in Mumbai at all times of the day right here on this page. You can even book the live and transparent rates that you see right here for any CAD product including CAD purchase or sale and CAD remittances. BookMyForex provides several CAD exchange products including both sale and purchase of CAD currency notes, CAD traveler’s cheques, CAD forex cards and remittance products such as CAD demand drafts and CAD wire transfers. The Canadian Dollar exchange rate today in Mumbai is updated in real-time on this page whenever the forex markets are open. Thanks to our special banking relationships, we’re able to provide the best CAD exchange rates today in Mumbai. Moreover, our relationships allow us to offer the best CAD exchange rates today in Mumbai.
History of Canadian dollars
Canadian dollars, also abbreviated as CAD is the currency of Canada. This currency has been in use since 1858 when Canadian pounds were replaced by Canadian coins and CAD was pegged to USD at par using the gold standard system in the Canadian province. In year 1871, CAD became the national currency as it replaced the other currencies being in use in the province when the Canadian government passed the Uniform Currency Act. CAD is made up of 100 cents and is also denoted as C$. CAD is one of the benchmark currency and many central banks across the world keep Canadian dollars as a reserve currency making it 5th most held reserve currency in the world.
What affects the movement of Canadian dollars?
Due to stable political and legal system in Canada and strong sovereign position of the Canadian government, CAD is quite popular with central banks. Canada is one of the largest economies of the world and is one of the wealthiest nations in the globe. It is a member of the Organization for Economic Co-operation and Development and G7. The country is full of natural resources and it forms an important part of Canada’s economy and therefore the value of CAD is greatly influenced by the global commodity prices. CAD fluctuates with the world commodity prices.
Where to get CAD in Mumbai?
There are several stores and online sites where you can get Canadian dollars in Mumbai
. Since Mumbai is a big city where travelling from one location to another is time consuming, one should look out for a foreign exchange vendor
who delivers currency at your door step. There are few companies that provide delivery service. If you want best rate in addition to convenience, look out for a forex marketplace which shall guarantee you the best rate. BookMyForex
is India’s first marketplace for foreign exchange
that deals in all forex products such as currency notes, travel cards, traveler’s cheque, demand drafts and wire transfers and delivers your product within 4 hours of your booking. An aggregator like us offers you the best quote from several vendors – RBI authorized currency exchanger
and large private banks we are tied up with. We also buy and sell currency at live market rates. This is why if you are looking to purchase CAD in Mumbai, BookMyForex is your best bet.
Travel Card – the best forex instrument to carry your currency
Now that you know where to get your CAD in Mumbai, make sure you take most of your currency in a foreign exchange travel card. There are several reasons to it. Firstly, it is cheaper than other forex products since it is not based on demand and supply unlike cash notes. Secondly, it is safe to carry a plastic card than hard cash. Thirdly, you can get it reloaded with more currency whenever you run out of money in a foreign land. It also gives different kinds of insurance like emergency cash availability etc. depending on which card you have bought.
Additionally it hedges a customer against currency fluctuation. One can buy a travel card when the rates are lowest since the currency rate depends on the day the travel card is loaded unlike debit and credit card whose rates depend on the day you swipe it. The travel card is accepted widely across the globe.