Where to get Canadian dollars from USD

[bizlady]

We are planning a trip to Canada in June and want to get some Canadian dollars prior to leaving. The local bank charges $20 to order some, but I did not think to ask what their exchange rate was.

Besides the airport, which I suspect is expensive, where is the best place to do this?

 

[RockyMtn]

An ATM in Canada?

 

[bizlady]

An ATM in Canada?

Possible... do I get the real exchange rate- I am sure there is a fee, any insight from someone who has done this would be helpful

 

[omni550]

If you can get yourself to Canada without needing Canadian funds, use a local ATM when you arrive.

And many stores, etc. in Canadian border towns (like Windsor which is across the river from Detroit) are used to dealing with U.S. dollars. And the Detroit-Windsor bridge and tunnel accept both currencies in payment of the toll.

Exchange rate at the moment is US$1.00 = CDN$1.31, but don't expect to get that when converting funds.

Using a credit card for purchases in Canada that doesn't charge a premium for foreign transactions (call and ask your card issuer beforehand) actually gets you a decent rate on the conversion.

omni

 

[Corporateburnout]

We normally use our Fidelity Visa Rewards credit card at ATMs and for all transactions in Canada. It has one of the lowest foreign transaction fees @1% and we get 2% cash back. Currency exchange rates are very favorable also.

 

[OldShooter]

In-country bank ATMs IMO give you the best exchange rate you're going to get. Take a debit card, like my Schwab Bank debit card, that rebates all ATM fees. Credit cards typicaly rape you with foreign transaction fees, cash advance fees & interest, etc. when used at an ATM. Not all of them, but caveat emptor. We have used the Schwab card many places around the world without problems.

If you need to buy something before you hit an ATM don't worry. Particularly near the border most merchants will happily take USD. The exchange rate will not be great but for small purchases like a fast-food lunch, who cares?

When charging to a credit card, always insist that the charge be made in local currency. Allowing yourself to be charged in dollars is another good way to get raped on exchange rates.

 

[copyright1997reloaded]

1. Use a credit card with no foreign transaction fee. (For example, the Marriott Rewards Visa).
2. Get cash from an ATM, as long as the ATM fee isn't too large.
3. Most large Canadian cities have money exchanges - For example I was able to exchange money in a street shop in Toronto at a much better rate than using AAA services.

 

[Sittinginthesun]

Its Canada, not Canda.

 

[JustCurious]

When I saw the thread title, my first reaction was "Where is Canda?"

 

[Meadbh]

If you can’t spell it, you can’t come, sorry!

 

[DrRoy]

1. Use a credit card with no foreign transaction fee. (For example, the Marriott Rewards Visa).
2. Get cash from an ATM, as long as the ATM fee isn't too large.
3. Most large Canadian cities have money exchanges - For example I was able to exchange money in a street shop in Toronto at a much better rate than using AAA services.

+1

 

[candrew]

In-country bank ATMs IMO give you the best exchange rate you're going to get. Take a debit card, like my Schwab Bank debit card, that rebates all ATM fees. Credit cards typicaly rape you with foreign transaction fees, cash advance fees & interest, etc. when used at an ATM. Not all of them, but caveat emptor. We have used the Schwab card many places around the world without problems.

+1

We use the Schwab debit card, as well. Vanguard also offers a debit card that reimburses ATM fees worldwide.

 

[OldShooter]

Be careful using credit cards in ATMs. I haven't checked lately, but it used to be that our cards treated an ATM transaction as a cash advance, charging interest from day 1. Your card provider should be able to tell you. FTFs aren't really the issue they used to be; enough cards have zero FTFs now that it should not be hard to find one.

 

[Sunset]

OP - do you have a credit card that does not charge Foreign transaction fees ?
Bank of America Travel card (no annual fee) ,
Barclay Arrival plus (annual fee)

You will be able to use a Credit Card just about everywhere in Canada.

For cash like others have said an ATM in Canada will work best, especially if you have one that refunds ATM fees and charges zero foreign transaction fee:
Schwab credit card.

 

[Sunset]

If you can’t spell it, you can’t come, sorry!

Oh, I'll bet OP can't even speak Canadian, and will hope to find lots of bilingual Canadians who can speak both American and Canadian.

 

[YVRRocketSurgery]

You need to know the rules around the cards you're using.
Ideally, you'll use credit card with no forex fee.
When taking money out of an ATM, if you use your credit card, there may be a cash advance fee as well as interest starting the date of withdrawal unless you preload it. If you use your bank card, there may be a convenience fee using an ATM outside your bank's ATM network and potentially a forex fee.
The local ATM may also charge you a fee but this is not really common in Canada if you use an ATM of a major financial institution.

If coming to Vancouver (downtown), you'll find very good rates for CAD/USD at some currency exchanges like Vancouver Bullion and Currency Exchange and Charlie's Currency Exchange. I've used both. They don't charge any fees on top of the exchange rate.

 

[pb4uski]

Like others, I ususally use a combination of credit cards and pick up $200 or so at an ATM when I first get there.... but you may want to inquire as to fees.... for my credit card I get that day's conversion rate and pay a small fee at the end of the month... for my ATM, just the conversion rate.

 

[mpeirce]

OP - do you have a credit card that does not charge Foreign transaction fees ?
Bank of America Travel card (no annual fee) ,
Barclay Arrival plus (annual fee)

Note that the Costco Visa (Citibank) no longer charges foreign transaction fees.


I may drop my B of A Visa since the only reason I got it was because it doesn't charge foreign transaction fees. I only really need one.

 

[audreyh1]

Possible... do I get the real exchange rate- I am sure there is a fee, any insight from someone who has done this would be helpful

That’s how I usually get foreign currency - by withdrawing cash from an ATM once I arrive in the country.

If you have a no foreign fees ATM card you’ll get the best rate.

Even with fees it’s usually better than getting foreign currency in the US.

 

[Happyras]

Note that the Costco Visa (Citibank) no longer charges foreign transaction fees.


I may drop my B of A Visa since the only reason I got it was because it doesn't charge foreign transaction fees. I only really need one.

Yup, just dropped my Alaska Visa and using the Citicard for everything! I like the kick back, and the travel insurance, but now with no foreign fees its the best. I still have my Alaska Visa for business, as there is no limit on monthly accrual of miles, which we use many times a year for travel.

As for Canada, I have traveled there for work and personal so often for so many years the cash issue seems silly. The ATM with a no fee debit card is pretty simple. Credit Union, or Fido debit rebate the ATM fees with no foreign fee. But try and spend some CAD pennys these days, good luck.

 

[audreyh1]

Note that the Costco Visa (Citibank) no longer charges foreign transaction fees.


I may drop my B of A Visa since the only reason I got it was because it doesn't charge foreign transaction fees. I only really need one.

Actually, you do need two. You need a backup when traveling. A card could get blocked or stolen. Best to have a backup kept in a separate location.

 

[Meadbh]

But try and spend some CAD pennys these days, good luck.

The Canadian penny was eliminated in 2013.

Actually, you do need two. You need a backup when traveling. A card could get blocked or stolen. Best to have a backup kept in a separate location.

I absolutely agree.

 

[mpeirce]

Actually, you do need two. You need a backup when traveling. A card could get blocked or stolen. Best to have a backup kept in a separate location.

Sure, but a backup card doesn't necessarily need to have No Foreign Transaction Fees. It's just for emergencies and for that I can eat a fee.

I try to minimize the number of cards I have. And I only used the BofA card for foreign travel.

 

[OldShooter]

Sure, but a backup card doesn't necessarily need to have No Foreign Transaction Fees. It's just for emergencies and for that I can eat a fee.

I try to minimize the number of cards I have. And I only used the BofA card for foreign travel.

DW and I carry two cards each, one debit and one credit. Four different ones total.

It hasn't happened so much lately, but we have had situations where one of the debit cards won't work at all or will only work in a certain hard-to-find bank ATM. We have also had situations where, in spite of calling them ahead of time, a card's fraud prevention software shut a card down in the middle of a trip.

For the OP, I wouldn't worry too much about this in Canada but I'd be careful pretty much anytime I was out or OECD countries.

 

[gcgang]

Your local branch of Bank of Saskatoon should be able to help.

Seriously, exchange minimal cash (or just take US currency, most places glad to take it at today's exchange rate), and find a credit card with favorable foreign transaction rules.