currency
 

Could someone tell me please if it is better to change US dollars to Canadian Dollars in the US side or until I get to Canada?

It will depend a lot on where you do the exchange. Probably the best place to exchange is at a bank on either side of but close to the border. I think banks will have a better exchange rate and lower fees than money changers or commercial establishments. However, the further away from the border you get, the more expensive it is likely to be.

A good alternative is not to exchange at all. Instead, use your home bank debit card in an ATM (assuming your bank is a member of Cirrus or Plus networks and the ATM serves that network)in Canada to get cash. I have found that to be the cheapest way to obtain Canadian funds, even with the service charge my bank charges for using a foreign ATM. That is not true if you use a credit card for a cash advance. then, it is much less expensive to exchange currency.

Exchange? Why do you need to exchange?
Since the advent of ATMs I never exchange.

No reason to. I have a Bank of America ATM card and use it at Scotia Bank branches when I can.

Forking over US $xxx for Canadian $xxx involves fee. When converting traveler's checks there is often a flat fee per check plus a less favorable exchange rate which disguises further bank charges for the service.

I was amused by a sign posted in the Bank of Montreal in Banff that listed the per check traveler's checks fee schedule. So much for Canadian checks, so much for American checks, and so much for foreign checks. Interesting categorization. I guess US checks are in some kind of purgatory between Canadian and foreign.

Every once in a while, you will see a sign offering a favorable US to Canadian exchange rate. These are often disguised sales in places that attract many tourists.

Usually, if you pay in US dollars while in Canada , the rate is not good for your side of the payment.

You use an ATM for cash at home don't you? Do the same in Canada. Most of the time the fee you pay is the bank wholesale rate plus 1%.

I learned a few years ago that Bank of America and Scotia Bank have an agreement. ATM withdrawals with my BOA card from branches of Scotia Bank were treated as an on-net transaction.

Several other banks have similar agreements.

The catch of course is in finding out which ones. The first time I asked a BOA associate which bank was BOA's Canadian correspondent bank, she reacted as if I was asking for something illegal. I had to find out from a Canadian that Scotia bank was the one for me to use.

Right now the exchange rate difference between US dollars and Canadian dollars
is small. When I last looked, the wholesale exchange rate was about 88.4¢ for $1.00 Canadian.

I can remember when it was more like 75¢ per $1.00 C. Or even 70¢.

Thanks a lot for your responses. They really helped. I will be using my ATM card in my visit to Canada.

My husband & I just came back from Canada. We took an ATM card but never used it. We charged most everything & if we needed cash we exchanged our US dollars at the nearest Scotia Bank & they did not charge any fee.

"charging most things" now adds a 2% fee for AMEX and 3% fee for VISA and Mastercard for international purchases

A/D

Check your credit card's website and find the number for "international" and call - most websites I've accessed hide the fees. You'll find most banks charge anywhere from 2-3% on to each transaction EXCEPT Capital One. They charge no fee and they don't make it up on the currency exchange either. Also, check your bank's site (or call) to see if they are affiliated with a bank in the country you are visiting, e.g. Scotia Bank is affiliated with Bank of America, so I paid no additional fee for ATM withdrawals.
Also, let your bank and credit card company know what dates you will be gone so they won't freeze your card for what looks like suspicious activity (only happened to me once, but that was enough- highly inconvenient!)

That is a good point about the 3% fee levied by many banks, including bank of America. I used my AAA card, issued through MBNA. But Bank of America bought MBNA so I don't know how long the AAA card will be surcharge free.

As for the no fee exchange, I fear that it is an illusion. Unless you know the bank wholesale rate on the day you exchanged, you have no idea whether you paid extra or not.

Today for example, the exchange rate today is 88.37¢ US for $1.00 Camadian, or for $1.00 US you should receive $1.1315 in exchange. If you receive less than that, the bank is not exchanging for nothing. My guess is that you would get about $1.08 C for each $1.00 US.

Perhaps an adjusted exchange rate is not a fee. If not a fee, what do you call it?

This is just an example of how gullible so many members of society are.

Don't they ever become curious as to how they are the only people not paying any "fees" for financial transactions?

Boggles the mind.