Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Currency Exchange - Canada
Old 07-17-2012, 05:40 PM   #1
gone traveling
 
Join Date: Aug 2011
Location: Los Angeles
Posts: 39
Currency Exchange - Canada

We'll be visiting Canada for the first time in about ten days, and I was wondering the best way to exchange U.S. dollars for Canadian dollars. Should we do this before we leave, at the airport in Vancouver, or at a bank/currency exchange in Vancouver when we arrive? How much deviation from the published exchange rate should I expect?
westcoast 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 07-17-2012, 05:44 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
I usually just went to an ATM once I arrived and used credit cards for bigger purchases. Or you could get Canadian funds from your local bank before you depart.
pb4uski is offline   Reply With Quote
Old 07-17-2012, 05:44 PM   #3
Thinks s/he gets paid by the post
Onward's Avatar
 
Join Date: Jul 2009
Posts: 1,934
Usually you get the best exchange rate by using your bank card to withdraw cash from bank ATMs at your destination.
__________________
And if I claim to be a wise man, it surely means that I don't know.
Onward is offline   Reply With Quote
Old 07-17-2012, 06:05 PM   #4
gone traveling
 
Join Date: Aug 2011
Location: Los Angeles
Posts: 39
I think I've answered my own question. My bank charges $5 for an ATM withdrawal outside of the U.S. If I go to my branch here, there is no fee, and the rate seems to be about a cent or so off of the newspaper rate. I'll buy the Canadian dollars here.
westcoast is offline   Reply With Quote
Old 07-17-2012, 08:23 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
While you will need some cash, I suggest doing as many transactions as possible on your credit card. Welcome, and have a great vacation!

Helpful discussion here:

http://www.flyertalk.com/forum/canad...ee-canada.html
Meadbh is offline   Reply With Quote
Old 07-17-2012, 08:40 PM   #6
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 22,973
Quote:
Originally Posted by Meadbh View Post
While you will need some cash, I suggest doing as many transactions as possible on your credit card.
Just make sure you have a credit card that doesn't charge a service fee for foreign transactions. Here is a list of cards that don't. No Foreign Transaction Fee Credit Cards
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 07-18-2012, 07:30 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
Quote:
Originally Posted by westcoast View Post
I think I've answered my own question. My bank charges $5 for an ATM withdrawal outside of the U.S. If I go to my branch here, there is no fee, and the rate seems to be about a cent or so off of the newspaper rate. I'll buy the Canadian dollars here.
Just beware that they may do the exchange at the newspaper rate and then add a fee for their service in doing the exchange so the net effect will probably not be exchanging at the newspaper rate.
pb4uski is offline   Reply With Quote
Old 07-18-2012, 08:11 AM   #8
Full time employment: Posting here.
 
Join Date: Mar 2012
Location: seattle
Posts: 646
If you want cash in hand, exchanging at govt. facilities [eg ferries, liquor stores or whatever] usually gives the closest to published rate of exchange. But unless you plan to make large purchases, the currencies are pretty close to par anyway at the moment.
Credit cards without foreign exchange fees have been the best , IMO.
bld999 is offline   Reply With Quote
Old 07-18-2012, 10:31 AM   #9
gone traveling
 
Join Date: Aug 2011
Location: Los Angeles
Posts: 39
Quote:
Originally Posted by bld999 View Post
If you want cash in hand, exchanging at govt. facilities [eg ferries, liquor stores or whatever] usually gives the closest to published rate of exchange. But unless you plan to make large purchases, the currencies are pretty close to par anyway at the moment.
Credit cards without foreign exchange fees have been the best , IMO.
Does that mean that U.S. dollars are pretty much universally accepted in Canada?

We're leaving on the 29th and probably don't have time to obtain a Capital One credit card in advance of our trip, though we are savings customers though the about-to-Sunset Costco deal.
westcoast is offline   Reply With Quote
Old 07-18-2012, 10:42 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,173
Some American banks have understanding with certain foreign banks to wave or discount their ATM fees. IIRC, BofA has/had a deal with the BNP Paribus bank in France. You might find your bank has a deal with a Canadian bank.
__________________
Comparison is the thief of joy

The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 07-18-2012, 10:57 AM   #11
Recycles dryer sheets
 
Join Date: Jul 2005
Posts: 216
Having recently been in Canada I just used USD (which I brought with me) as the exchange rate is about equal right now. Sometimes I got Canadian change and sometimes USD change. I planned my purchases to get rid of the Canadian money before I got home. I always bought a sandwich or snack in the airport which helped.
Dancer373 is offline   Reply With Quote
Old 07-18-2012, 09:39 PM   #12
Full time employment: Posting here.
 
Join Date: Mar 2012
Location: seattle
Posts: 646
"Does that mean that U.S. dollars are pretty much universally accepted in Canada?"

Near the border, merchants cannot grouse about dollars, and welcome them. As you move into the hinterlands, they seem to savor dinging you and pocketing the difference. Just natural commercial behavior, and when the currencies are in flux, they don't know how the banks will treat them.

You can exchange at Canadian banks, and the Gov't runs exchange stations at bigger border crossings, ask the customs people where they are when you cross.

Fee-less credit cards do solve a raft of issues vs. currency.
bld999 is offline   Reply With Quote
Old 07-19-2012, 07:31 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Jul 2011
Posts: 1,282
You should consider notifying your credit card provider that you may be making purchases in Canada so they do not put your card on hold believing they are preventing fraud or protecting you from suspected card theft.
savory is offline   Reply With Quote
Old 07-19-2012, 01:32 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Jun 2002
Posts: 1,635
Quote:
Originally Posted by davef View Post
You should consider notifying your credit card provider that you may be making purchases in Canada so they do not put your card on hold believing they are preventing fraud or protecting you from suspected card theft.

This is a good idea. I don't generally do it for my short trips to Montreal (just across the border from VT) but when I do most foreign travel I notify the card companies in advance. I've never had a problem once I get to the destination.
__________________
friar1610
friar1610 is offline   Reply With Quote
Old 07-19-2012, 03:07 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
When I travel in the US I certainly don't try to use CDN dollars. Likewise, I wouldn't try to use US Dollars in Canada. They may be accepted but there is often an exchange component that will not be in your favour. Credit cards usually charge an exchange fee of about 2.5% on foreign purchases. Probably your best bet is to bring some CDN dollars with you, then withdraw any more if required from an ATM. There will be a small fee but the exchange rate will likely be better than a credit card and offset this. Have a great time in Canada.
Danmar is offline   Reply With Quote
Old 08-20-2012, 08:34 PM   #16
Thinks s/he gets paid by the post
Free To Canoe's Avatar
 
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,873
I was visiting in July and these are my currency exchange experiences:
Drummond, QC - I thought that Walmart would be a good place to start. I learned that what is a bank debit card - Visa in the US is considered a credit card in Canada. If it has Visa or MC on it, it is a credit card and therefore, no cash back with the purchase of a small item. Walmart ATM would not take my debit card. Crossed the street to a bank and used my debit card in their ATM and got Canada cash out. This turned out to be the best way to go because there was no charge for me to do this. Good exchange rate, too. Not even an ATM fee.
Credit Card Visa charged me 5% on all purchases. Even charged me 5% when I made reservations in Canada from my home in the US.
__________________
Free to canoe
Free To Canoe is offline   Reply With Quote
Old 08-20-2012, 08:38 PM   #17
Thinks s/he gets paid by the post
Free To Canoe's Avatar
 
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,873
I asked about getting Canadian currency at several local banks in the US. This turned out to be a hugh hassle and very expensive so I skipped it.
__________________
Free to canoe
Free To Canoe is offline   Reply With Quote
Old 08-22-2012, 02:28 PM   #18
Recycles dryer sheets
 
Join Date: Jul 2008
Location: Sacramento area
Posts: 467
1) ABSOLUTELY Call your card issuer.
2) Your PIN must be four digits for Europe (Dunno about America's Hat) - so CHECK
3) If you are paying $5 per for foreign - FIRE THAT BANK and check out a smaller, local bank and /or Credit Union.
4) Once you do step 3, ATM is best / cheapest.

Tho we have not been north of the border (yet), Europe - incl former Soviet Block nations & Middle East - ATM is the way to go.

Enjoy
Original Wally is offline   Reply With Quote
Old 08-22-2012, 03:50 PM   #19
Thinks s/he gets paid by the post
Koogie's Avatar
 
Join Date: Nov 2007
Location: GTA
Posts: 1,726
Quote:
Originally Posted by AWeinel
2) Your PIN must be four digits for Europe (Dunno about America's Hat) - so CHECK
Uhhhh....yeah. Don't hurry north......
__________________
Family Motto: "Every penny's a prisoner"
Koogie is offline   Reply With Quote
Old 08-22-2012, 08:33 PM   #20
Recycles dryer sheets
 
Join Date: Jul 2008
Location: Sacramento area
Posts: 467
@Koogie....

come on... thought we (Yanks and Canuks) were buds... growing up we were taught in school that we shared "the longest unfortified border in the world" - and PROUD of that special relationship. Including the Canadian Frenchies.
Original Wally is offline   Reply With Quote
Reply


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


» Quick Links

 
All times are GMT -6. The time now is 07:35 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.