currency exchange
 

When traveling to Canada, what is the best way to exchange US currency for Canadian? Is it best to make the exchange here in the US first or to wait until I arrive in Canada? OR should I charge everything to my credit card and let the exchange be made there. Is this any problem that anyone knows about?
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Use credit card for purchase. Use ATM card for cash withdraw. Best rates and least fees.

Adding some questions to this thread ... do most stores take American $$? If so, do you receive change in Canadian $$? (That's what I found in Mexico, except it was Mexican money, of course.) Sorry for the dumb question, but, if you use an ATM in Canada, do you enter the withdrawal amount in American, and receive in Canadian?

Stores that cater to tourists or in cities that have lots of tourists will likely accept US$, but give C$ in change, at a poor exchange rate. For example, if you bought a $3 latte down the street at the local Starbucks, they would take your US20 bill, convert it to C$25, and give you C$22 in change.

Canadian ATMs deal in Canadian currency. They don't have the facility to accept entries in A$ or euros or £ or Yen. Or US$. Except for the rare machine that will actually give out US$.

If you are flying in go to the first AStm you see and take out about $50 for each of the first few days you'll be in Canada. If not flying you'll find banks with ATM's at almost every busy corner as well as in many Gas Station convenience stores. Avoid the independant ATM's, (as opposed to Bank ones), as they generally charge a $2-5 fee. When you are leaving Canada use the balance of your cash against the final Hotel bill and/or Duty free purchases.

Starbucks and Chapters book stores both have variable eexchange rates that are programmed into their computers each day.

Someone gave me a $20 US bill yesterday, so I asked this question earlier today, trying to decided if I was better off using the $20US to buy a newspaper from Chapters, andthen the coffee from Starbucks, or the otehr way around.

But because we did not actually do the transaction, I don't know the numbers.

I will know later today, when I go out for a second coffe.

(I found a newspaper in Chapters and read that free one, and had coins to buy the coffee, so I still have the $20)

Some restaurants offer over-value exchange rates, partly because they have not bothered to keep current, and partly because it's a sales advantage. Look for $1.40 signs in windows, and you'll save a nickel or so.

Don't expect good rates from cab drivers. Stores tend to round off, but perhaps by only a nickel.

Stores don't like Canadian or American $50 or $100 bills, and may not accept them.

BAK

Also, you may want to contact your bank to see if they are affiliated with any Canadian ones. I bank with Bank Of America and I can use Scotiabank machines free of charge.

And going home make sure you've used all your coins - you can't exchange them back to US currency, only paper money. When I was going to Canada first time my co-worker brought me a bag full of coins - she did not know she should've used them in Canada.

There is no real difference between Canadian and American dollars; they are just colored differently. We show presidents and old Benjie; the Canadians show nice scenes like Moraine Lake.

Otherwise a dollar is a dollar. So it makes no difference. I suggest you keep it simple and pay parity ( 1 US for 1 Canddian) when you buy something. That way there is no keeping up with exchange rates.
After you have acquired a few Canadian dollars that way, you will not need to use any US dollars, or you can pay off in a mixture should you run short at the end of the trip.

We do the same for the Canadians when they come down here. And many Canadian merchants use dollars exclusively during the summer season because it is much easier to make change for Americans. I know in Banff, most places use our dollars and make the swap for you. The rate is primed into the cash register and you get your change automatically.

Some people like to be purists and keep all Canadian transactions in Canadian dollars, but that is mostly a waste of time and money. By the time you fuss with the differences and keeping up with the credit slips, I find it just as easy to pay cash.

Now I have found that some banks in Canada add on a $3.50 fee per traveler's check regardless of denomination.

Now there is a difference when buying gasoline. Canadian liters are smaller than US gallons, so many people find it difficult to know how much gas they bought. The cost really does not matter because you are not going to NOT go somewhere just because you have to buy gas by the liter.
Just drive up to the pump, put in the old credit card like you do at home, and fill her up.

Great advice, brookwood! Next time I'm travelling in the US, I'll simply use Canadian Dollars at par with the US. I know I'll save a heap of money, and I'm sure there will be no hassle.

I'm trying to figure out if brookwood is talking tongue in cheek or not. In any event 99.9% of Canadian merchants show their prices in Canadian $ & much prefer payment in Can$ simply because banking US$ is extra work and with fluctuating exchange rates one can never be entirely sure how much its worth.

The only place I know of where this is not true is Niagara Falls where almost all tourist oriented merchants keep two tills - one for Canadian and one for US. this may also be true in Windsor, Ont. but I have never seen it anywhere in Banff or Western Canada for that matter.

I've actually been a place in the US where they take Canadian dollars at face value. It's at the restaurant of an older casino in Reno. It was a few years ago, and I can't remember which.

Brookwood is either trying to kid you, or she stayed a very short time in Canada, or lost good money by using US currency for her purchases. If you are going to only be spending a couple of days in Canada, and intend to only buy small inexpensive items, you may want to forgo the currency exchange (though I wouldn't). But otherwise, it's rather foolish to forgo the currency exchange which is still favorable for converting US $s into Canadian $s. ATMs are the best bet on the exchange rate, but avoid the ATMs in most small stores (as well as many of the major hotels) as they charge a too-steep transaction fee and peg their rate somewhat below the official rate. Large banks are the best. And as for spending Canadian currency in the US, forget it! Unless you are on the border/tourist areas, US businesses will not accept Canadian currency in payment, or at least it will prove a trying time trying to do so.

Brookwood, you are hilarious! I can only imagine an unsuspecting tourist who'd follow your advice. Hope I did not blow your cover :$