The exchange rate in the U.S. is 1 dollar = 1.15 Canadian so I am wondering if it is best to exchange cash in the U.S. or when I land in Vancouver. Also, do the airports in Canada give better rates than the banks there or should I goto a Canadian bank.

Its my experience that it is always cheaper to buy the currency locally. That is exchange US dollars to Canadian in Canada, then sell Canadian dollars for US in the US. Also, banks generally give better exchange rates than exchange offices. Are you thinking to bring cash, or travellers checks? because your best bet is to use your ATM card to withdraw Canadian dollars directly. This should give you the best possible exchange rate. And it doesn't matter whether the ATM is in the airport or at a bank.

I think these things apply whether you are going to Canada, or Europe or anywhere else.

My experience is a carbon copy with the above description by Ms. China.

Most banks charge a fee to cash a traveler's check if it is in euros or US dollars or other currency. Usually the fee for cashing a US dollar check is less, but that depends on the bank.

I went to the ATM at Scotia Bank because it is an affiliate of Bank of America. My cash withdrawals were treated as "on net" transactions.

Normally by using your ATM card, you get the wholesale interbank rate plus a 1% markup. There is no cheaper way for the little guy to obtain Canadian dollars.

If I buy American Express checks, I pay about 5% for them if denominated in Canadian dollars. Then there are the hazards associated with cashing them once in Canada.

Is there a problem cashing US traveller's checks (American Express) at a restaurant or business in Canada? I'd rather not deal with finding banks on weekends or convenient ATM's.

Also, what about cashing US traveller's checks at the Casino in Niagara?

Thanks.

Even though this won't help the OP (it was from 2005) - I think it is important to point out that it DOES matter which ATM you use.

An ATM owned by a private company charges a lot more to use it than a bank affiliated one. (I almost made the mistake of using one in a Vancouver convenience store a few years ago ... thank goodness I saw that the surcharge was $5!)

The best exchange rate is the credit card rate. I was so surprised on a recent trip what a better deal my credit card purchases were.

I just take small U.S. bills to Canada for small purchases (coffee, postcards) and pay with U.S. bills. You get change in Canadian coins, but no one minds doing that. Then I use my credit card for purchases over $10.

> Is there a problem cashing US
> traveller's checks (American Express)
> at a restaurant or business in Canada?

My experience, matched by dozens of posters over the years, is that it will be ten times easier (and cheaper) to find an ATM than a business that would cash travellers checks in U.S. funds. And that's whether you're travelling in Canada, Europe, or even the U.S. I seriously doubt you will find ANY such business where there isn't an ATM right at the place or (at most) a block down the street.

If you feel you absolutely need to use travelers checks, why wouldn't you just get them in Canadian dollars? (Just like if you were going to Europe you would get them in Euros)

Lust because Canadians do accept American dollars (sometimes) doesn't mean they prefer it. - Canada may seem a lot like the US, but they are a separate country with their own currency ...

As for traveler's checks in general, they are very outdated. The majority don't use them anymore (because of the ATM) - In theory, you are supposed to be able to use your checks like cash - but the reality is that it isn't that simple. A lot of places don't accept them anymore even in their own currency.
I am sure there will be people who say they never had a problem with them ( I didn't say NO ONE accepts them anymore) ... I am just warning you that they are not what they used to be.

Since the first post in 2005, the exchange rates have dropped to 4% on the Can dollar... many banks and exchange places charge 5% fee to exchange the funds... as of today, you will lose 1% of your money by exchanging US to CAN funds... stick with credit cards as much as possible for the lower fee...