Interest Rate Canada 2023

Canada Interest Rate

Canada’s economy has been relatively stable over the past ten years, with moderate growth and low unemployment. The country has a diverse economy with a strong focus on natural resources, such as oil, gas, and timber. The service sector, including finance, real estate, and retail, also makes up a significant portion of the economy.

In the early 2010s, Canada’s economy was affected by the global financial crisis and the resulting recession. However, the country was able to bounce back relatively quickly, and by the middle of the decade, the economy had returned to growth.

In recent years, Canada’s economy has been affected by a number of factors, including the fall in oil prices, the trade disputes with the United States, and the COVID-19 pandemic. The fall in oil prices in 2014 and 2015 had a particularly significant impact on the Canadian economy, as the country is a major producer of oil and gas. Despite these challenges, the country was able to maintain relatively low unemployment and steady growth.

In terms of inflation, the Bank of Canada has a target inflation rate of 2% and has used monetary policy tools such as setting interest rates to achieve this target. Inflation has generally been in line with this target over the past ten years, with some fluctuations due to external factors such as the oil price changes and the COVID-19 pandemic.

Overall, Canada’s economy has been relatively stable and resilient over the past ten years, despite some challenges and fluctuations. The country’s strong focus on natural resources, service sector, and strong institutions have helped it weather the economic challenges it has faced.

In Canada, benchmark interest rate is set by the Bank of Canada’s (BoC) Governing Council. The official interest rate is the Overnight Rate. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Previously, from March 1980 until February 1996 the Bank Rate was set at 25 basis points above the weekly average tender rate for 3-month Treasury bills.

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Canadian Dollar

The interest rate in Canada has fluctuated over the past twenty years, with the Bank of Canada (BoC) adjusting the rate to manage inflation and support economic growth. The BoC has a target rate of inflation at 2%, and it uses the interest rate as a tool to achieve this target.

In the early 2000s, the interest rate was low, averaging around 2%, as the BoC aimed to stimulate economic growth following the dot-com bubble and 9/11 terrorist attacks. The interest rate then began to increase in the mid-2000s, peaking at 4.5% in 2007, as the BoC aimed to combat inflationary pressures from high commodity prices and strong economic growth.

The global financial crisis of 2008-2009 led to a sharp decline in the interest rate, as the BoC lowered it to support the economy during the recession. The rate reached a low of 0.25% in 2009 and remained low for several years to support the economic recovery.

In the past few years, the interest rate has gradually increased, as the BoC has aimed to return it to a more normal level and manage inflationary pressures from a strong economic recovery. As of 2021, the interest rate is around 1.75%.

The Canadian dollar, also known as the loonie, has fluctuated in value against other currencies over the past twenty years. The value of the Canadian dollar is influenced by factors such as the interest rate, commodity prices, and global economic conditions. The Canadian dollar was relatively strong in the early 2000s, as high commodity prices and a strong economy supported its value. However, the value of the Canadian dollar declined during the global financial crisis of 2008-2009, as the recession led to a decline in commodity prices and weakened the Canadian economy. The Canadian dollar has fluctuated in value since then, and as of 2021, the Canadian dollar is relatively strong against the US dollar.

Canada Economy

Canada has a developed and diversified economy that is heavily reliant on its natural resources. The country is one of the world’s largest producers of oil, natural gas, and timber, and it is also a significant producer of minerals such as gold, nickel and copper. The country is also a large exporter of agricultural products such as wheat, beef and pork.

The service sector is also a major contributor to the Canadian economy, with a large financial services industry and a growing technology sector. The country also has a strong manufacturing base, particularly in the automotive and aerospace industries.

The Canadian economy is closely linked to that of the United States, which is its largest trading partner. The two countries have a free trade agreement, which helps to facilitate trade and investment between them. Canada is also a member of the G7, G20, and the Organization for Economic Cooperation and Development (OECD) which provides a forum for international economic cooperation.

The Bank of Canada, the country’s central bank, sets monetary policy and manages the country’s money supply. The country’s government also plays an important role in the economy by implementing fiscal policy, which includes setting budget and tax policies.

Overall, Canada’s economy is strong, stable, and diversified, which allows it to weather economic downturns. The country’s natural resources, service sector, and strong trade relationships provide a solid foundation for economic growth, while its institutions and policies help to maintain stability and prosperity.

Canada Major Industries

Canada has a diversified economy with a number of major industries that drive economic growth and development. Some of the most significant industries in Canada include:

  1. Natural Resources: Canada is one of the world’s largest producers of natural resources such as oil, natural gas, and timber. The country is also a significant producer of minerals such as gold, nickel, and copper. These resources are a major driver of the Canadian economy and are exported to countries around the world.

  2. Agriculture: Canada is a large exporter of agricultural products such as wheat, beef, and pork. Agriculture is an important industry in Canada, particularly in the western provinces.

  3. Services: The service sector is a significant contributor to the Canadian economy, with a large financial services industry, as well as growing technology and creative sectors.

  4. Manufacturing: Canada has a strong manufacturing base, particularly in the automotive and aerospace industries. The country is a major producer of vehicles and parts, as well as aircraft and their components.

  5. Tourism: Canada is known for its natural beauty and attracts millions of visitors each year. The tourism industry is a major contributor to the economy, particularly in cities like Toronto, Vancouver, and Montreal.

  6. Technology: The technology industry in Canada is a rapidly growing sector, with many successful companies in areas such as artificial intelligence, biotechnology, and information technology.

  7. Energy: Canada is a major producer of hydroelectricity and has a growing renewable energy sector. The country is also a significant producer of oil and natural gas.

  8. Healthcare: The healthcare industry in Canada is an important sector that provides essential services to citizens and employs many people.

Overall, Canada’s economy is diversified, with many major industries that drive growth and development. The country’s natural resources, services, manufacturing, and technology sectors are particularly strong, providing a solid foundation for economic prosperity.

The diversity of Canada’s economy helps to reduce the impact of economic downturns in any one sector, and the country’s natural resources, services, manufacturing, and technology sectors are all significant contributors to the economy. The country’s abundant natural resources provide a strong foundation for economic growth and development, while the services sector, including the financial services and technology sectors, are rapidly growing and becoming increasingly important drivers of the economy. The manufacturing sector, particularly in automotive and aerospace, and the technology sector are also significant employers and generate significant revenues. Canada’s economy is stable and has a solid foundation for long-term economic prosperity.

Canada Natural Resources Sector

The natural resources sector is a major contributor to the Canadian economy. Canada is one of the world’s largest producers of natural resources such as oil, natural gas, and timber. The country is also a significant producer of minerals such as gold, nickel, and copper. These resources are a major driver of the Canadian economy and are exported to countries around the world.

The oil and gas industry is particularly important to Canada, with the majority of production coming from the western province of Alberta. The Canadian oil sands are among the world’s largest deposits of oil, and the country is also a significant producer of natural gas. The natural resources sector provides many jobs and generates billions of dollars in revenue for the country, making it a significant contributor to the economy.

The natural resources sector is also affected by global market conditions such as supply and demand for resources, exchange rates, and trade agreements. The sector is also affected by government policies, such as regulations and environmental policies, which can affect the cost of production and the competitiveness of the sector.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The natural resources sector is affected by many factors, such as global market conditions such as supply and demand for resources, exchange rates, and trade agreements. The sector is also affected by government policies, such as regulations and environmental policies, which can affect the cost of production and the competitiveness of the sector. The natural resources sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the natural resources sector.

It’s worth noting that the Canadian natural resources sector, particularly the oil and gas industry, has been facing some challenges in recent years, such as low oil prices and difficulty in getting new pipelines built. The Canadian government is continuously working to support the natural resources sector and adapt to the changing market conditions, through policies and initiatives that promote innovation and addressing the challenges faced by the sector.

The natural resources sector, particularly the oil and gas industry, has been facing challenges such as low oil prices and difficulty in getting new pipelines built. The Canadian government has been working to support the natural resources sector and address these challenges through various policies and initiatives. These include efforts to diversify the economy, promote innovation and technology adoption in the sector, and support the development of new infrastructure. The government has also been working to address environmental concerns and work with indigenous communities to ensure that their rights are respected in resource development projects. Despite these challenges, the natural resources sector continues to be a significant contributor to the Canadian economy and is expected to continue to be an important source of jobs and revenue for the country in the future.

Canada Agriculture Sector

he agriculture sector is an important part of the Canadian economy, providing jobs and revenue through the production of a wide range of agricultural products such as wheat, cattle, and fruits. The Canadian government provides support to the agriculture sector through programs such as the Canadian Agricultural Partnership (CAP), which helps farmers with funding and resources to improve their competitiveness and sustainability.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The agriculture sector is affected by many factors, such as weather conditions, global market conditions, and government policies. Weather conditions can greatly affect crop yields and prices, and government policies such as subsidies and tariffs can affect the competitiveness of the sector. The global market conditions such as supply and demand for agricultural products, exchange rates, and trade agreements can also affect the sector. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the agriculture sector.

The agriculture sector plays an important role in the Canadian economy, providing jobs, income and food security. The government provides support to farmers through programs such as the Canadian Agricultural Partnership, which helps farmers with funding and resources to improve competitiveness and sustainability. The sector is affected by weather conditions, global market conditions, and government policies. Additionally, interest rates and inflation can also affect the sector as they can increase the cost of borrowing and production, which can reduce investment and economic growth in the agriculture sector.

Canada Services Sector

The services sector is a major part of the Canadian economy, accounting for a large share of the country’s GDP and employment. The sector includes a wide range of businesses and industries, such as finance, healthcare, education, and hospitality. The services sector is known for its high productivity and innovation, which drive economic growth and development.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The services sector is affected by many factors, such as consumer demand, technological advancements, and competition. Consumer demand plays a key role in the services sector, as it affects the demand for services. The sector is also affected by technological advancements, such as automation and digitalization, which can improve productivity and efficiency. The services sector is also affected by competition, as companies must compete for market share and customers. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the services sector.

It’s worth noting that the Canadian services sector has been relatively resilient during the recent economic downturns caused by the COVID-19 pandemic, with some sub-sectors like e-commerce and digital services experiencing significant growth. The Canadian government has also implemented various measures to support the sector during the pandemic, such as financial aid and loan programs for businesses. The government continues to focus on supporting the sector and promoting innovation and competitiveness through various initiatives and policies. This includes investing in digital infrastructure, supporting the development of new technologies, and providing training and education programs to support the development of the workforce.

Canada Manufacturing Sector

The manufacturing sector is a major part of the Canadian economy, providing jobs and revenue through the production of a wide range of goods such as automobiles, aerospace, and chemicals. The Canadian manufacturing sector is known for its high productivity and innovation, which drive economic growth and development.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The manufacturing sector is affected by many factors, such as consumer demand, technological advancements, and competition. Consumer demand plays a key role in the manufacturing sector, as it affects the demand for goods. The sector is also affected by technological advancements, such as automation and digitalization, which can improve productivity and efficiency. The manufacturing sector is also affected by competition, as companies must compete for market share and customers. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the manufacturing sector.

It’s worth noting that the Canadian manufacturing sector has been facing some challenges in recent years, such as competition from low-cost countries and difficulty in accessing new markets. The Canadian government is continuously working to support the manufacturing sector and adapt to the changing market conditions, through policies and initiatives that promote innovation and addressing the challenges faced by the sector.

Canada Tourism Sector

The tourism sector is a major part of the Canadian economy, generating billions of dollars in revenue and providing jobs for Canadians. The sector includes a wide range of businesses and industries, such as hotels, restaurants, and tour operators. Canada is known for its natural beauty and diverse culture, which attract millions of tourists from around the world each year.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The tourism sector is affected by many factors, such as consumer demand, exchange rates, and global events. Consumer demand plays a key role in the tourism sector, as it affects the number of tourists visiting Canada. The sector is also affected by exchange rates, as a strong Canadian dollar can make Canada a less attractive destination for tourists. Global events such as natural disasters, political instability, and pandemics can also affect the tourism sector. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the tourism sector. It’s worth noting that the Canadian tourism sector has been hit hard by the COVID-19 pandemic, with travel restrictions and lockdowns reducing the number of tourists visiting Canada. The Canadian government has implemented various measures to support the sector during the pandemic, such as financial aid and loan programs for businesses. The government is also working on a recovery plan for the sector to help it bounce back once the pandemic is under control.

Canada Technology Sector

The technology sector is a major part of the Canadian economy, as it plays a vital role in driving innovation and productivity across the economy. The technology sector includes a wide range of businesses, such as software development, hardware manufacturing, and telecommunications. The technology sector is a significant employer and generates billions of dollars in revenue.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The technology sector is affected by many factors, such as innovation and advancements, global competition, and market demand. Innovation and advancements in technology play a key role in the sector, as they drive productivity, efficiency, and new business opportunities. The sector is also affected by global competition, as companies must compete for market share and customers. The technology sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the technology sector.

It’s worth noting that the Canadian technology sector has been experiencing significant growth in recent years and has been a key driver of economic growth in the country. The Canadian government has been investing in the sector through various initiatives, such as supporting start-ups, promoting innovation, and investing in research and development. The government continues to focus on supporting the sector and promoting innovation and competitiveness through various initiatives and policies.

Canada Energy Sector

The energy sector is a major part of the Canadian economy, with abundant natural resources such as oil, natural gas, and hydroelectric power. The sector plays a key role in providing jobs, revenue, and energy security to the country. The energy sector includes a wide range of businesses and industries, such as exploration, production, refining, and distribution of energy resources.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The energy sector is affected by many factors, such as global energy prices, technological advancements, and government policies. The global energy prices can greatly affect the profitability of the sector, and government policies such as subsidies and regulations can affect the competitiveness of the sector. The sector is also affected by technological advancements, such as renewable energy sources and energy efficiency, which can change the demand for traditional energy resources. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the energy sector.

Canada Healthcare Sector

The healthcare sector is a major part of the Canadian economy, as it plays a vital role in ensuring the health and well-being of the Canadian population. The healthcare sector includes a wide range of businesses and organizations, such as hospitals, pharmaceutical companies, and medical device manufacturers. The healthcare sector is a significant employer and generates billions of dollars in revenue.

Inflation in Canada has been relatively stable over the past few years, with an average rate of around 2%. The Bank of Canada, which is the central bank of Canada, has a target rate of inflation at 2% and has used monetary policy tools such as setting interest rates to achieve this target.

The interest rate is the rate at which the Bank of Canada lends money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation. The Bank of Canada sets the interest rate based on the inflation rate, economic growth, and unemployment rate.

The healthcare sector is affected by many factors, such as demographics, technological advancements, and government policies. Demographics, such as an aging population, increase the demand for healthcare services. Technological advancements, such as new treatments and medical devices, can improve the quality and accessibility of healthcare services. Government policies, such as healthcare reform and regulations, can affect the funding and delivery of healthcare services. The sector is also affected by the interest rate and inflation, as higher interest rates and inflation can increase the cost of borrowing and production, which can reduce the level of investment and economic growth in the healthcare sector.

It’s worth noting that the Canadian healthcare sector has been facing some challenges in recent years, such as the sustainability of healthcare systems, access to affordable and high-quality healthcare, and the need for healthcare innovation. The Canadian government is continuously working to support the healthcare sector and adapt to the changing market conditions, through policies and initiatives that promote innovation, sustainability, and addressing the challenges faced by the sector.

Interest Rate - World

Inflation and interest rates vary around the world, depending on the economic conditions and monetary policies of each country.

Interest rates are crucial to day traders in the forex market. That’s because the higher the rate of return, the more interest accrued on currency invested.

Generally, higher interest rates increase the value of a country’s currency. Higher interest rates tend to attract foreign investment, increasing the demand for and value of the home country’s currency. Conversely, lower interest rates tend to be unattractive for foreign investment and decrease the currency’s relative value.

Go to below pages to find out more about individual country’s current interest rate and historical interest rates.

The inflation and interest rate in 2022 will be affected by a variety of factors such as global economic growth, government monetary policies, and global events such as COVID-19 pandemic.

In general, the inflation rate is the rate at which the general level of prices for goods and services is rising and subsequently purchasing power is falling. Central banks use monetary policy to control inflation by adjusting interest rates, which can affect the economy by making borrowing more or less expensive.

Interest rate is the rate at which central banks lend money to commercial banks, which in turn affects the cost of borrowing for businesses and consumers. Central banks use interest rate to control inflation, by making borrowing more expensive, it reduces the level of spending and inflation.

It is important to note that the inflation and interest rate can vary from country to country, and it is determined by the monetary policies of the central bank of each country. It’s also important to note that the global events can have a significant impact on the inflation and interest rate.

Inflation is generally measured by the Consumer Price Index (CPI), which tracks the changes in the price of a basket of goods and services that are commonly consumed by households. The average inflation rate for advanced economies is around 2%, but it can vary from country to country. Some countries, such as Venezuela, have experienced hyperinflation in recent years, while others, such as Japan, have struggled with deflation.

Interest rates are set by the central banks of each country and are used as a monetary policy tool to control inflation and stabilize the economy. Central banks will raise interest rates to slow down inflation and lower interest rates to increase inflation. The average interest rate for advanced economies is around 2%, but it can also vary from country to country. Some countries, such as the United States, have raised interest rates to combat inflation, while others, such as Japan, have kept interest rates low to stimulate economic growth.

It’s important to note that the global events such as pandemics, trade tensions, geopolitical risks and etc, can have a significant impact on the inflation and interest rate.

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Payment services for HUBFX UK and US are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 

 

Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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