KATHY

Hi, <BR>I live in the US and will be in Toronto in July. In the Business section of our newspaper it lists foreigh currency exchange rates. In the paper today it has the Canadian dollar listed at $1.5050. I assume this is a good rate. I am wondering if I should buy my Canadian money now or if I should wait until I am ready to come there, and buy it at that time. Are rates expected to fall or are they always about $1.50? Also just because the rate in the newspaper is $1.5050 is that what I would get at a bank? Also any other information on exchanging currency would be greatly apprceiated. <BR> <BR>Thanks, <BR>Kathy <BR>

Susan

Unfortunately the rate is always about the same, right now it's a little lower than usual, so a better deal for you. Rather than buying your money in advance, you might want to wait and just use ATM's when you get here. That's what I usually do when I go to the States.

Donna

Agree. The exchange rate US/Canadian has not fluctuated much in many, many years and it's not worth obsessing over. If you're a AAA member, you can get travelers checks in Canadian dollars for about 99% of the "published" rates. But, you won't do as well at a bank here (call and ask). Best bet (for the best rates) is to use your ATM card for acquiring cash once you arrive. Pay for purchases with a debit card (if you have one). If you use credit cards, call the providers first and ask if they assess "currency conversion" fees for foreign transactions. This is a new 2% or so charge some of them invented last year, in addition to the flat 1% fee already assessed by MC/Visa. I would recommend not bothering with "exchanging" currency. You'd want to shop, and it can be confusing. Posted rates may or may not include service charges, commissions, etc., making this a mind-boggling venture. Worst place to "exchange" is the front desk of your hotel. Whenever we've visited Canada, the rate I get with the ATM card is pretty close to the rate in the papers. If you have any Canadian money left over when you're about to leave, use it toward your hotel bill so as not to have to change it back.

Money

The exchange rate at the banks in Canada is usually far better than what you will get in the US. If you use your credit card or ATM, make sure that any advantage in rates is not lost due to additional fees and charges.

KATHY

Hi, <BR>Thank you all for the information. If anyone has anything to add please do so. <BR> <BR>So what is the courrent rate at Canadian banks? <BR> <BR>Thanks, <BR>Kathy <BR>

Barrie

I'd like to comment on my experience with changing money this past weekend in Toronto. Living in Michigan, I have been to Toronto many times over the years. We have always changed our money at one of the many banks in town upon our arrival. This time we went into four different banks before we found one that would change our money. The first three banks said "sorry, we cannot change your money unless you have an account with us." I believe it was the Bank of Canada or Canada Bank that finally changed our money. I am sorry to see that this has become the standard practice at Toronto banks. I'm sure the banks are tired of getting bombarded with tourists filling up their lines when they need to serve their own customers, but I think this new policy can only drive some tourists away from the city.

KATHY

Hi, <BR>Thanks for the information. Now I am totally confused. All the previous posts said I should not buy canadian money here in the U.S. becuase I will get a better rate at Canadian banks. Now they won't sell to tourists. What do you suggest I do? <BR> <BR>Thanks, <BR>Kathy <BR>

Susan

Use your ATM card and make a withdrawal. I know that there may be additional fees, but I don't find them outrageous and the convenience is worth it. I don't like walking around with a large sum of money so I find it's better to withdraw what I think I'll use. Use your credit card as much as possible as well. I have heard about banks only dealing with their customers - I've never seen anything official on that, but I know that my mother-in-law said that happened to her years ago when she visited us in Canada from Australia.

Money

Banks only dealing with their account holders must be either a regional thing or pretty new. <BR> <BR>I have traveled extensively throughout British Columbia and never ran into a bank that would not exchange my US currency for Canadian. That was just a couple of years ago and I did all of my exchanging in relatively small towns.