|
|
03-27-2017, 08:47 AM
|
#1
|
Recycles dryer sheets
Join Date: Jan 2014
Posts: 456
|
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
|
|
|
|
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!
|
03-27-2017, 08:50 AM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,194
|
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...
|
|
|
03-27-2017, 09:08 AM
|
#3
|
Thinks s/he gets paid by the post
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.
|
|
|
03-27-2017, 09:22 AM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
|
I'll probably just use my credit card for everything.
|
|
|
03-27-2017, 09:36 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
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.
|
|
|
03-27-2017, 09:36 AM
|
#6
|
Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,021
|
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
|
|
|
03-27-2017, 09:39 AM
|
#7
|
Thinks s/he gets paid by the post
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.
|
|
|
03-27-2017, 12:10 PM
|
#8
|
Dryer sheet wannabe
Join Date: Oct 2016
Posts: 13
|
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.
|
|
|
03-27-2017, 12:32 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
|
Quote:
Originally Posted by up_north
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
|
|
|
03-27-2017, 12:34 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,939
|
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
|
|
|
03-27-2017, 12:40 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
|
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.
|
|
|
03-27-2017, 01:33 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
|
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.
|
|
|
03-27-2017, 01:40 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
|
I think my Costco Citicard has no foreign transaction fee.
|
|
|
03-27-2017, 01:40 PM
|
#14
|
Dryer sheet wannabe
Join Date: Oct 2016
Posts: 13
|
Awesome. Would I be able to use them to buy a bridge you have for sale?
|
|
|
03-27-2017, 01:43 PM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Jul 2011
Posts: 1,277
|
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.
|
|
|
03-27-2017, 02:32 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
|
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
|
|
|
03-27-2017, 03:42 PM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
|
Quote:
Originally Posted by PERSonalTime
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.
|
|
|
03-27-2017, 11:41 PM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
|
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.
|
|
|
03-28-2017, 12:09 AM
|
#19
|
Recycles dryer sheets
Join Date: Jan 2014
Posts: 456
|
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. [emoji106][emoji3][emoji108]
|
|
|
03-28-2017, 12:23 AM
|
#20
|
Full time employment: Posting here.
Join Date: Dec 2015
Location: Vancouver
Posts: 915
|
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.
__________________
Good Riddance. April 2022
"Yes, there's some shady stuff going down but it's fuelled by stupidity."
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|