Cash in Canada

[bizlady]

We are traveling to Canada in June for 2 weeks. What is the best way to get the best exchange rate? Should we get it from an ATM once in Canada, or get it from a Bank in Canada when we are there? We know the airport is a no-no because of cost.

We have notified our bank of the travel plans.

Anything else we need to be aware of doing this?

 

[Gumby]

First, I would suggest paying for everything with a credit card that does not have foreign transaction fees. You generally get a better exchange rate that way. If you do need cash, I would suggest using the ATM. That's what we do when we go to Europe. I think the two main global ATM networks are Cirrus (if your bank card is a Mastercard) and Plus (if your bank card is a Visa). Both are in Canada. They each have websites to help you locate the nearest ATM.

 

[6miths]

As Gumby says. Spot rate credit card is best choice if you have one. Withdrawing from an ATM is second choice. Third is in bank. Fourth is in individual businesses. Fifth is at airport.

 

[gauss]

I would have a couple of credit/debit cards ready to go if you won't be carrying much cash.

Very easy for the bank to decline you even if you put them on notice of your travel plans. Been there.

-gauss

 

[Bamaman]

If you are going by automobile from from the U.S., take anything you may need with you that is.permissible by law.

We went to Nova Scotia and suffered from the currency conversion, 15% sales taxes and the cheapest beer was $12.99 a 6 pack.

 

[MichaelB]

Excellent advice so far. Backup cards came in handy for us, even though I notified all the carriers I still had issues. When you do use your card, if the merchant presents the bill in $ or offers to do so, you should decline and ask for loonies. The exchange rate you get with your card will be better.

 

[97guns]

They took dollars in Victoria and Vancouver when I was there last month, I didn’t exchange anything because we were just there for a couple of days, if we were there longer I would have converted some. All the merchants will figure out the rate, I paid them in dollars and got change in Canadian but I couldn’t find a merchant who would take a $100 bill.

 

[Koogie]

You'll be fine here for 98% of purchases with a low/no FX credit card and/or debit card.

We are a much more cashless society than the US. I often go months without handling any cash. We have also heavily embraced contactless (which is good and bad) So, if you have one of those type of cards spending is real quick and easy....

 

[OldShooter]

Currency exchange, even in third world countries, has become a non-issue in the past 5-10 years. A credit card that does not charge a foreign transaction fee and a debit card that rebates ATM fees does it.

Once in a great while a card gets rejected. To insure against this, DW and I each carry a credit card and a debit card. Hers are with different institutions than mine.

Canada will be friction free. Your biggest currency exchange expense will be when you come back to the US with Canadian money to sell your bank. The fees will be high and they will not take any coins. So avoid bringing money back. Stop at a convenience store on the way back and burn it off on snacks.

 

[bingybear]

I typically use an Schwab ATM card and use the ATM provided the fee is fixed, that is not dependent on the amount converted. This way Schwab reimburses the ATM fee and we get a favorable conversion rate. I've done this in a few countries with good success.

 

[DrRoy]

Spot rate credit card is best choice if you have one. Withdrawing from an ATM is second choice. Third is in bank. Fourth is in individual businesses. Fifth is at airport.

+1. Make sure to use a card that does not charge an extra conversion fee.

 

[LOL!]

At the ATM I used in Canada, the daily limit was CDN$300.

I used a bank ATM in the airport and at a hotel. No problems. My US bank reimburses non-US ATM fees.

We needed to pay an outfitter cash, so several of us had to use ATMs. A couple had their ATM cards refused since they had not told their bank that they were traveling to Canada.

Otherwise, credit cards for everything.

 

[97guns]

I was surprised to see such a big TDAmeritrade presence there, seems like they were everywhere

 

[Gumby]

Since the TD in TDAmeritrade stands for Toronto Dominion Bank, I am not surprised.

 

[Nemo2]

Since the TD in TDAmeritrade stands for Toronto Dominion Bank, I am not surprised.

 

[97guns]

Sorry my banking knowledge is very limited, I despise the system

 

[Ian S]

If you have a Bank of America ATM card, you can save on at least some fees if you use Scotiabank ATMs for cash withdrawals in Canada. See https://pointsmilesandmartinis.boar...internationally-with-the-global-atm-alliance/

 

[OldShooter]

Be careful using a credit card in an ATM. Often that is considered to be a cash advance on the card and interest begins accruing IMMEDIATELY. That is why I only use debit cards in ATMs. Mine is a Schwab; they refund all ATM fees and do not charge an FTF.