Is it better to go to a bank in Canada to exchange US money for Canadian or use our ATM card which will charge a fee per transaction? Thanks!

I think this question has been answered a few times. For me, it's a matter of convenience when I travel. I don't like to carry a lot of cash with me, so I use my ATM card. I know that there is a fee when I use another bank, but that's part of the cost of doing the trip. I don't want to stand in a line-up at a bank, which will have limited hours, to get money.

Forget banks! They generally charge about 2 1/2% vigorish on each side. e.g. if the official rate is $1.50CAD for $1US they'll give you $1.475 for a US dollar and .65US for a Canadian one. If you must take US$ go to a currency exchange. They're usually plentiful in tourist areas and almost always give better rates than the banks. But for most transactions a credit card is best and just carry around $100CAD in cash.<BR><BR>Do not spend US$ in retail outlets in Canada. Most places will take 5-10% off the official rate. Most tourist places will post their US$ rate and you can see for yourself.

We were in Canada in early July and used credit cards for most transactions (hotel, meals, larger purchases) and took out Canadian money through the ATM in our hotel lobby for times when we needed cash. We are now getting our statements in and we were charged $1.50 from our bank per transaction which is not bad considering the favorable rate we got overall by doing it this way. From what I understand most banks and currency exchange offices do not give a rate as good as using a credit card and withdrawing money through the ATM. There are so many ATMs available you should have no trouble finding one. But all things considered you should really charge as much as possible to get the better rate (also you have better leverage should you have a dispute which we did at one hotel). Good luck.

Thanks for the sdvice!

Each summer I spend a three-day weekend in Canada, and this method works for me. I don't carry much cash either, so I get a small amount of Canadian money at my local bank. I feel I get a good exchange rate. This cash is just to be used for incidentals, snacks, etc. Everything else goes on one credit card.<BR>

Check with your bank about "international rates". My bank, FLEET, charged me US$5 per transaction, I thought the charge was going to be $1.50. The convenience is nice, I must admit and the rate itself was excellent, using ATMs.

While it's true that ATMs seem to be everywhere, be aware that,at least, Plus and Honor were not to be found at Terminal 2 of Pearson in Toronto. Came as quite a shock when counting on stocking up on Canadian currency upon arrival.I should add that Plus and Honor were available most everyplace else in Toronto.

We just spent a few days at Niagara falls and were also surprised that all of the ATM's we encountered took either cirrus, Visa, MC, AMEX or some of the above, but none that we found took PLUS (which was ours). Foutunately, we had taken enough US cash out at home and exchanged it for spending money and most places took our VISA credit card anyway. We were just a bit uneasy knowing that our ATM card "security blanket" was unable to be utilized if we needed it.<BR>As for the originally posted question, if you want to exchange US cash for Canadian cash, the only place we found that matched the exact exchange rate was the Duty Free Shop. Niagara Parks gift shops were close (2 points below), the Marriott front desk was a few points below that and local retailers were 10 points or more below.

Mastercard and Cirrus is the same network. Visa and plus is the same network.

I recently got back from Canada. I used ATM's at banks exclusively for currency.<BR><BR>On July 5, I drew out $600 Canadian.<BR>It cost me $396.13, with no fee for using my ATM card -- 0.<BR>That divides out to $.66022 per Canadian dollar. The rate of exchange that date at its high point was .6569.<BR>At that rate of exchange my markup was one half of one percent.<BR>I don't think I can do much better than that. Had I gotten the pure bank wholesale rate, I figure the same amount should have cost me $394.14.<BR> <BR>I paid a $2.00 US conversion fee on the transaction.<BR>Other transactions were in a similar range.<BR><BR>I do not know what I would have paid had I (1) used a traveler's check or (2) converted currency. <BR><BR>I did encounter one minor problem. At Lake Louise and at the Crossing, the ATMs installed by a non bank concessioner were Cirrus only. I am Visa or Plus.<BR>I used my charge card in those situations. Visa charges a markup of 1% for a conversion fee. So on that basis, I should have paid cash for everything. No charges.<BR>But not using my credit card means I walk around with a huge wad of paper money.<BR>

Banks have limited hours. And, you really won't need much "cash" if you have a credit and/or debit card. Just withdraw all you think you'll need with your ATM card, and do it again if you run out. If your bank's fees seem unreasonable once you've received your statement, pay them a visit and moan like the dickens. They'll likely credit your account. Works every time for me. FLEET sucks. Find another bank.