Can someone explain to me exchange rates ?

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$10 U.S. is not $10 Canadian.  If you are sending $10 to someone in Canada, the bank will need to convert the $10 U.S. to what it's worth in Canada.  It's currently worth $12.62 Canadian, so the bank will convert it and give you $12.62 Canadian.  However, there are charges for converting money, and a bank will not give you your best rate....Show more