Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Currency Exchange
Old 03-27-2017, 09:47 AM   #1
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 347
Currency Exchange

When traveling to Canada, do you exchange US currency for the Canadian dollar, use regular US money, or just use credit card. I'll be travelling just on the other side of the boarder soon.

Thanks
__________________

PERSonalTime is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-27-2017, 09:50 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 15,302
We bought very little when we were there...

We exchanged money so we could buy a soda or other snack... for larger purchases such as groceries and gifts we used CC....

Nobody took US dollars even though we were in a tourist area near the US border...
__________________

Texas Proud is offline   Reply With Quote
Old 03-27-2017, 10:08 AM   #3
Thinks s/he gets paid by the post
Hyperborea's Avatar
 
Join Date: Sep 2002
Location: Silicon Valley
Posts: 1,008
For cash when I travel I use an ATM card for my Capital One account. They don't charge a foreign transaction fee and the exchange rate is very good. I have used this for well over a decade when traveling to get cash in many countries.

However, they don't reimburse ATM fees. Schwab does so I will probably move the account in the future.
Hyperborea is offline   Reply With Quote
Old 03-27-2017, 10:22 AM   #4
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
I'll probably just use my credit card for everything.
Fedup is offline   Reply With Quote
Old 03-27-2017, 10:36 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
Quote:
Originally Posted by PERSonalTime View Post
When traveling to Canada, do you exchange US currency for the Canadian dollar, use regular US money, or just use credit card. I'll be travelling just on the other side of the boarder soon.

Thanks
US money is not legal tender here in Canada, so you can cross that off your list.
Meadbh is offline   Reply With Quote
Old 03-27-2017, 10:36 AM   #6
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee ba gum
Posts: 24,933
We use our CC for just about everything when we are in Canada, and use our DC to get cash at an ATM once we get into Canada for incidentals.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 03-27-2017, 10:39 AM   #7
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
I might exchange a few bucks at the airport. But I don't remember having problem in the past.
Fedup is offline   Reply With Quote
Old 03-27-2017, 01:10 PM   #8
Dryer sheet wannabe
up_north's Avatar
 
Join Date: Oct 2016
Posts: 12
I go to Canada several times a year. I get some cash at an ATM via my Schwab debit card so I get a good exchange rate and don't pay any ATM fees. I use a credit card that does not charge foreign transaction fees. Canada, like Europe, is mostly chip-and-PIN but I have never had a problem with chip-and-signature. I have not exchanged currency in decades. I would only use US currency at a place that offers a better exchange rate than the bank, but whereas many US businesses offer Canadians that deal, I see few Canadian businesses that offer it to US visitors.
up_north is offline   Reply With Quote
Old 03-27-2017, 01:32 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Nemo2's Avatar
 
Join Date: May 2011
Location: Belleville, ONT
Posts: 6,268
Quote:
Originally Posted by up_north View Post
I would only use US currency at a place that offers a better exchange rate than the bank, but whereas many US businesses offer Canadians that deal, I see few Canadian businesses that offer it to US visitors.
For a short time only, I'm prepared to offer Canadian dollars at par in exchange for your US dollars.
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is online now   Reply With Quote
Old 03-27-2017, 01:34 PM   #10
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,757
Use a CC that does not have an additional currency exchange fee (some do). If you need cash, get it at a Canadian bank.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 03-27-2017, 01:40 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 3,745
WHen traveling to other countries, I charge as much as possible on my Venture Visa card.

My Wells Fargo ATM charges $5 plus 5% discount on the currency conversion--a rip off. I load a credit union ATM card before leaving home, and don't have any charges for processing withdrawals. I do try to minimize the use of currency anywhere we travel too.
Bamaman is offline   Reply With Quote
Old 03-27-2017, 02:33 PM   #12
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,619
We travel extensively and NEVER exchange currency. Travelex has a lovely business because of people who do.

Every airport that we have visited, including a half-dozen destinations in Africa, has ATMs. I use my Schwab debit card, which has no foreign transaction fees and which rebates all ATM fees including non-US ATMs. We get close to the wholesale currency rate and life is good.

Things to watch when using a credit card: Foreign exchange fees can run 3%. Get a card that doesn't charge them. Also, when the nice man asks "Would you like me to charge this is $US?" he is really asking "Would you like me to rip you off on the exhange rate?" Always insist that charges be in the local currency. Never use credit cards in ATMs as that constitutes a cash advance and begins accruing interest immediately.
OldShooter is offline   Reply With Quote
Old 03-27-2017, 02:40 PM   #13
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
I think my Costco Citicard has no foreign transaction fee.
Fedup is offline   Reply With Quote
Old 03-27-2017, 02:40 PM   #14
Dryer sheet wannabe
up_north's Avatar
 
Join Date: Oct 2016
Posts: 12
Quote:
Originally Posted by Nemo2 View Post
For a short time only, I'm prepared to offer Canadian dollars at par in exchange for your US dollars.
Awesome. Would I be able to use them to buy a bridge you have for sale?
up_north is offline   Reply With Quote
Old 03-27-2017, 02:43 PM   #15
Full time employment: Posting here.
 
Join Date: Jul 2011
Posts: 770
Schwab for ATM. They reimburse fees. And, it is free to set up an account.

Capital One for credit. They do not charge fees.

I believe Schwab wanted to know where we were travelling and we filled out the online form. Capital One did not require we tell them. First time that happened. Our trip was in February of this year.
davef is offline   Reply With Quote
Old 03-27-2017, 03:32 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Nemo2's Avatar
 
Join Date: May 2011
Location: Belleville, ONT
Posts: 6,268
Quote:
Originally Posted by up_north View Post
Awesome. Would I be able to use them to buy a bridge you have for sale?
Better hurry, this is a one time offer and there are lots of bidders for the bridge; I'm concerned that if you don't seal the deal immediately, via certified check or money order, you might miss out.
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is online now   Reply With Quote
Old 03-27-2017, 04:42 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 22,929
Quote:
Originally Posted by PERSonalTime View Post
When traveling to Canada, do you exchange US currency for the Canadian dollar, use regular US money, or just use credit card. I'll be travelling just on the other side of the boarder soon.

Thanks
I used ATM withdrawal, but mostly used credit cards.

Fidelity ATM/debit card is also no fees for ATM cash withdrawals. 1% fee is only if you use the debit card for purchases (like at a foreign merchant or ticket machine).
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 03-28-2017, 12:41 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,418
If you drink, take a 750ml bottle of booze with you, as CDN prices are 5x higher. The limit size is actually 1.14 Litre per person, but those sizes are impossible to find in USA.

I like the colorful money and coins in Canada.
Sunset is offline   Reply With Quote
Old 03-28-2017, 01:09 AM   #19
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 347
Thank you all for your very helpful and informative advice! I think I will take a small amount of Canadian dollars and use my credit card, which does not charge a foreign transaction fee, for the bulk of my purchases.
PERSonalTime is offline   Reply With Quote
Old 03-28-2017, 01:23 AM   #20
Full time employment: Posting here.
YVRRocketSurgery's Avatar
 
Join Date: Dec 2015
Location: Vancouver
Posts: 609
Generally speaking, credit cards with no forex fee (typically 2-5%) will give you the best exchange rate. However, you may run into the odd situation where you need cash. You can take money out of a bank ATM but you should check that your bank doesn't ding you for an additional fee for taking money from a foreign ATM. And you typically can't get around a forex fee.

In Vancouver, many currency exchanges such as Vancouver Bullion & Currency Exchange and Charlie's Currency Exchange actually give great rates in exchanging US cash.

Some places like hotels, McDonalds, etc will accept US cash but they usually give you horrible exchange rates.

There are a couple of other tricks like using a Costco cash card if shopping at Costco.
__________________

__________________
Target April 2022
"Life moves pretty fast. If you don't stop and look around for a while, you could miss it."
YVRRocketSurgery is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Currency Exchange PERSonalTime Travel Information 31 06-14-2016 01:20 PM
Currency Exchange - Canada westcoast Travel Information 19 08-22-2012 09:33 PM
Currency Exchange for Europe trip bank5 Other topics 11 06-25-2009 08:11 PM
Opportunities in the foreign currency exchange rate. Hobo FIRE and Money 12 10-15-2008 07:42 AM
Macroeconomists! Where does the difference "go" from currency to currency? ladelfina FIRE and Money 14 01-15-2008 10:30 AM

» Quick Links

 
All times are GMT -6. The time now is 10:01 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×