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US Dollars to Canadian Dollars

2Xtreme21

2Xtreme21

Diamond Member
I'm going up to Canada for a 7 day vacation here in 2 weeks and was wondering if it would be worth my while to exchange a few US dollars for Canadian ones before I go up (for small purchases and stuff that I'd rather not debit (alcohol, etc.) ). Plus using an American credit card in Can. incurs service fees that would normally not exist, right? Could I just go to my local bank and hope they have Canadian currency and will give me the market exchange rate?
 
You'll get the best exchange rate if you just use your credit card for purchases, rather than converting cash. There won't be any fees unless you use an ATM.
 
Beware though, American Express cards aren't popular in Canada... Not like in the states where it's accepted pretty much everywhere
 
Originally posted by: DeviousTrap
You'll get the best exchange rate if you just use your credit card for purchases, rather than converting cash. There won't be any fees unless you use an ATM.
Click to expand...

exactly
 
If I"m not mistaken, the casino's IN Canada will actually give you the best exchange rate, while banks on either side of the border will you give you the worst exchange rate.
 
Originally posted by: DeviousTrap
You'll get the best exchange rate if you just use your credit card for purchases, rather than converting cash. There won't be any fees unless you use an ATM.
Click to expand...
I second the motion. Depends where you are going to be, but here in Victoria most merchant will take American Express.

The merchant here gives slightly poor exchange rate because it takes them a little extra effort to check the exchange rate everyday. The US dollar is not the legal tender in Canada therefore merchant have the reserve rights to refuse US money.

It is best to have some cash in monopoly colour Canadian dollar, and use your credit/ATM card when ever possible (most/all merchant takes plastic/ATM/CAD/USD) because it gives you the best possible exchange rate.

 
Be careful about credit cards in canada, they'll hit you with a fee (i just saw a $20 one on my statement for it). I used a citibank MC and from some limited googling it seems they have a 3% fee for international usage.
 
Yeah, my bank charges 3% per purchase for international purchases for using my debit card. It's kind of a given that I'm gonna lose money SOMEWHERE converting between USD and CAD, but what I'm trying to figure out is how can I best minimize those fees?
 
Originally posted by: 2Xtreme21
Yeah, my bank charges 3% per purchase for international purchases for using my debit card. It's kind of a given that I'm gonna lose money SOMEWHERE converting between USD and CAD, but what I'm trying to figure out is how can I best minimize those fees?
Click to expand...
What a few bux for transaction fees if you are going to spend a few thousands?
 
Originally posted by: 2Xtreme21
I'm going up to Canada for a 7 day vacation here in 2 weeks and was wondering if it would be worth my while to exchange a few US dollars for Canadian ones before I go up (for small purchases and stuff that I'd rather not debit (alcohol, etc.) ). Plus using an American credit card in Can. incurs service fees that would normally not exist, right? Could I just go to my local bank and hope they have Canadian currency and will give me the market exchange rate?
Click to expand...

Check with your bank / credit card company. It is most feasible to use a credit / debit card for your purchases. You usually will not incur any additional fees for this. But check just to be sure - for example, my bank charges a 1% 'Currency Conversion Fee' on all transactions, so I never use that particular card on foreign travels. ATM fees will of course apply, but that is no different than here.

Where are you visiting in Canada? In some areas US Currency is accepted and used just like it is here. I doubt you would need to do any currency conversions.
 
Originally posted by: 2Xtreme21
I'm going up to Canada for a 7 day vacation here in 2 weeks and was wondering if it would be worth my while to exchange a few US dollars for Canadian ones before I go up (for small purchases and stuff that I'd rather not debit (alcohol, etc.) ). Plus using an American credit card in Can. incurs service fees that would normally not exist, right? Could I just go to my local bank and hope they have Canadian currency and will give me the market exchange rate?
Click to expand...
so where are you headed for?

😀

 
Originally posted by: Pabster
Originally posted by: 2Xtreme21
I'm going up to Canada for a 7 day vacation here in 2 weeks and was wondering if it would be worth my while to exchange a few US dollars for Canadian ones before I go up (for small purchases and stuff that I'd rather not debit (alcohol, etc.) ). Plus using an American credit card in Can. incurs service fees that would normally not exist, right? Could I just go to my local bank and hope they have Canadian currency and will give me the market exchange rate?
Click to expand...

Check with your bank / credit card company. It is most feasible to use a credit / debit card for your purchases. You usually will not incur any additional fees for this. But check just to be sure - for example, my bank charges a 1% 'Currency Conversion Fee' on all transactions, so I never use that particular card on foreign travels. ATM fees will of course apply, but that is no different than here.

Where are you visiting in Canada? In some areas US Currency is accepted and used just like it is here. I doubt you would need to do any currency conversions.
Click to expand...

Where? You can use $US in many places, but the exchange is probably best done at a Bank.
 
Originally posted by: DeviousTrap
You'll get the best exchange rate if you just use your credit card for purchases, rather than converting cash. There won't be any fees unless you use an ATM.
Click to expand...

Bad idea. CC's charge 0%-3% transaction fees for foreign purchases.

3%
Bank of America, Cambridge Bank and Trust, Citibank, Citizens Bank, Commerce Bank, First National Bank of Omaha, JP Morgan Chase, MBNA, Metropolitan National, National City Bank, Ranier Pacific Bank, US Bank and Wells Fargo

2%
American Express, BB&T Bank, Helena National Bank, Juniper Bank, Pulaski Bank

1%
Charles Schwab (MBNA), Household, HSBC, Providian (some cards), Merrill + (MBNA), Fidelity MBNA (YMMV - some accounts are being charged 3%), PenFed, USAA

No Fees
Amalgamated Bank, BMW Bank, Discover and Tompkins Trust Company
Click to expand...

HSBC gives a decent rate. if you bank with them, you can just get CAD cash from the ATM with no fee.

You are better off paying a few bucks transaction fee to get a load of cash from an ATM than using your credit card in Canada, unless you have a no fee cc.
 
Originally posted by: UncleWai
No matter what, US to Can exchange rate sucks ass right now.
Click to expand...

Second. I just went to toronto today. It used to be around 1.4 when I first time went there. Now, it is 1.1ish. :|
 
Any idea if using a Visa ATM (my debit card is certified by Visa) would be any cheaper than any generic bank's ATM?
 
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