Unless otherwise stated, all prices, including dining and lodging, are given in Canadian dollars. Toronto is the country's most expensive city.
Prices here are given for adults. Substantially reduced fees are almost always available for children, students, and senior citizens.
ATMs and Banks
Your own bank will probably charge a fee for using ATMs abroad; the foreign bank you use may also charge a fee. Nevertheless, you'll usually get a better rate of exchange at an ATM than at a currency-exchange office or even when changing money in a bank. And extracting funds as you need them is a safer option than carrying around a large amount of cash.
PINs with more than four digits are not recognized at ATMs in many countries. If yours has five or more, remember to change it before you leave.
ATMs are available in most bank, trust company, and credit union branches across the country, as well as in many convenience stores, malls, and gas stations. The major banks in Toronto are Scotiabank, CIBC, HSBC, Royal Bank of Canada, the Bank of Montréal, and TD Canada Trust.
It's a good idea to inform your credit card company before you travel, especially if you're going abroad and don't travel internationally very often. Otherwise, the credit-card company might put a hold on your card owing to unusual activity—not a good thing halfway through your trip. Record all your credit-card numbers—as well as the phone numbers to call if your cards are lost or stolen—in a safe place, so you're prepared should something go wrong. Both MasterCard and Visa have general numbers you can call (collect if you're abroad) if your card is lost, but you're better off calling the number of your issuing bank as MasterCard and Visa usually just transfer you to your bank; your bank's number is usually printed on your card.
If you plan to use your credit card for cash advances, you'll need to apply for a PIN at least two weeks before your trip. Although it's usually cheaper and safer to use a credit card abroad for large purchases (so you can cancel payments or be reimbursed if there's a problem), note that some credit-card companies and the banks that issue them add substantial percentages to all foreign transactions, whether they're in a foreign currency or not. Check on these fees before leaving home so there won't be any surprises when you get the bill.
Before you charge something, ask the merchant whether or not he or she plans to do a dynamic currency conversion (DCC). In such a transaction the credit-card processor (shop, restaurant, or hotel, not Visa or MasterCard) converts the currency and charges you in dollars. In most cases you'll pay the merchant a 3% fee for this service in addition to any credit-card company and issuing-bank foreign-transaction surcharges.
Dynamic currency conversion programs are becoming increasingly widespread. Merchants who participate in them are supposed to ask whether you want to be charged in dollars or the local currency, but they don't always do so. And even if they do offer you a choice, they may well avoid mentioning the additional surcharges. The good news is that you do have a choice. And if this practice really gets your goat, you can avoid it entirely thanks to American Express; with its cards, DCC simply isn't an option.
Reporting Lost Cards
American Express (800/297–8500 in the U.S.; 336/393–1111 collect from abroad. www.americanexpress.com.)
Diners Club (800/234–6377 in the U.S.; 514/877–1577 collect from abroad. www.dinersclub.com.)
Discover (800/347–2683 in the U.S.; 801/902–3100 collect from abroad. www.discover.com.)
MasterCard (800/627–7309 in the U.S.; 636/722–7111 collect from abroad. www.mastercard.com.)
Visa (800/847–2911 in the U.S.; 303/967–1096 collect from abroad. www.visa.com.)
Currency and Exchange
U.S. dollars are sometimes accepted—more commonly in the Niagara region close to the border than in Toronto. Some hotels, restaurants, and stores are skittish about accepting Canadian currency over $20 due to counterfeiting, so be sure to get small bills when you exchange money or visit an ATM. Major U.S. credit cards and debit or check cards with a credit-card logo are accepted in most areas. Your credit-card-logo debit card will be charged as a credit card.
The units of currency in Canada are the Canadian dollar (C$) and the cent, in almost the same denominations as U.S. currency ($5, $10, $20, 1¢, 5¢, 10¢, 25¢, etc.) The $1 and $2 bill are no longer used; they have been replaced by $1 and $2 coins (known as a "loonie," because of the loon that appears on the coin, and a "toonie," respectively). At this writing the exchange rate is US96¢ to C$1.
Even if a currency-exchange booth has a sign promising no commission, rest assured that there's some kind of huge, hidden fee. (Oh…that's right. The sign didn't say no fee.) And as for rates, you're almost always better off getting foreign currency at an ATM or exchanging money at a bank.
Google does currency conversion. Just type in the amount you want to convert and an explanation of how you want it converted (e.g., "14 Swiss francs in dollars"), and voilà. Oanda.com also allows you to print out a handy table with the current day's conversion rates. XE.com is a good currency conversion website.