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Old 03-27-2017, 08:47 AM   #1
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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
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Old 03-27-2017, 08:50 AM   #2
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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...
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Old 03-27-2017, 09:08 AM   #3
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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.
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Old 03-27-2017, 09:22 AM   #4
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I'll probably just use my credit card for everything.
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Old 03-27-2017, 09:36 AM   #5
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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.
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Old 03-27-2017, 09:36 AM   #6
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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.
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Old 03-27-2017, 09:39 AM   #7
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I might exchange a few bucks at the airport. But I don't remember having problem in the past.
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Old 03-27-2017, 12:10 PM   #8
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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.
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Old 03-27-2017, 12:32 PM   #9
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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.
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Old 03-27-2017, 12:34 PM   #10
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Use a CC that does not have an additional currency exchange fee (some do). If you need cash, get it at a Canadian bank.
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Old 03-27-2017, 12:40 PM   #11
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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.
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Old 03-27-2017, 01:33 PM   #12
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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.
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Old 03-27-2017, 01:40 PM   #13
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I think my Costco Citicard has no foreign transaction fee.
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Old 03-27-2017, 01:40 PM   #14
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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?
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Old 03-27-2017, 01:43 PM   #15
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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.
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Old 03-27-2017, 02:32 PM   #16
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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.
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Old 03-27-2017, 03:42 PM   #17
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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).
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Old 03-27-2017, 11:41 PM   #18
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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.
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Old 03-28-2017, 12:09 AM   #19
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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]
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Old 03-28-2017, 12:23 AM   #20
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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.
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