How to exchange money in Canada?
The best places for you to exchange your money are banks, post offices, border crossings and American Express locations. The worst places that you can exchange your money are airports, train stations and tourist areas. Exchange rates will vary so always call around or search online to find the best rates.
Tourists are known to flock to Canada for a dose of exuberance and adventure. But, in order to thoroughly enjoy your vacation, there are some things that you absolutely need to get out of the way – one of them being currency exchange. This is a must-have on your to-do list before you fly out to Canada.
Exchange rates at banks are slightly better than elsewhere. You can also order currency before you leave on your trip from a number of websites that will ship it to your home within a couple of days.
| USD | CAD |
|---|---|
| 100 USD | 136.82 CAD |
| 500 USD | 684.14 CAD |
| 1,000 USD | 1,368.28 CAD |
| 5,000 USD | 6,841.42 CAD |
Use your bank's ATM
Withdrawing cash from an ATM operated by the financial institution you bank with is the easiest way to benefit from free withdrawals. Many chequing accounts include some — or unlimited — fee-free visits to the bank's own ATMs each month.
Cash transactions are the least expensive way to make payments for goods and services. You will get the best deal when you pay with cash because there are no hidden fees. Depending on where you are accessing your cash, you won't have to pay a fee to use it.
Yes, debit cards by Visa are widely recognized for various online and electronic transactions globally, wherever Visa is welcomed. Keep in mind that Visa fees will be applicable, and these charges will be visible on your statement as a 1% international transaction service fee.
If you are planning to rely on USD in Canada, you may like to reconsider. Although large retailers, tourist attractions, hotels and border crossings accept US currency, smaller and rural destinations may not. Travellers don't always consider the situations when the local currency is the only option.
Yes, you can use your credit card in Canada, but you'll have better luck with some types of cards than others. Visa and Mastercard are the most widely accepted credit card networks, and you should be able to use their cards at any merchants that take credit cards in Canada.
The best places for you to exchange your money are banks, post offices, border crossings and American Express locations. The worst places that you can exchange your money are airports, train stations and tourist areas. Exchange rates will vary so always call around or search online to find the best rates.
What is the cheapest way to convert USD to CAD?
Exchange at a bank or credit union before your trip: Visiting your local bank is likely the most cost-effective way to convert currency. Since you already have an existing relationship with them, they'll give you the best exchange rates and charge you the fewest fees.
Most airport currency exchange services accept cash and credit cards. Ordering your Canadian dollars online and picking it up at the airport can be cheaper than buying CAD on the spot when you arrive for your flight.
Buying or exchanging foreign currency needs to take place at a U.S. Bank branch. We encourage you to make an appointment with a banker to allow time for questions and processing.
Yes, in theory, you will be able to use your phone in Canada as long as it supports the same frequency bands that is used in Canada.
There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.
Exchanging currency in cash is very costly
Canada has seen years of declining crime rates and is generally considered to be very safe, but it's still never a good idea to carry large amounts of cash on your person, especially when you're a visitor in a foreign country.
31 per cent of Canadians use cash for day-to-day purchases. 49 per cent believe Canadian stores will be completely cashless in the next 10 years. 52 per cent feel concerned about the prospect of cashless stores. 26 per cent of Canadians feel the need to wash their hands after handling cash.
Before your trip, it's best to do a currency exchange at your bank or credit union, which likely offers better rates and fewer and/or lower fees. Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.
| Best Credit Card Categories | Best Credit Cards in Canada |
|---|---|
| Best Mastercard | MBNA Rewards World Elite® Mastercard® |
| Best Visa | RBC Avion Visa Infinite |
| Best American Express | American Express Cobalt® Card |
| Best Business | RBC Avion Visa Infinite Business |
The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.
Will my Visa debit card work in Canada?
In Canada, Visa Debit cards are accepted at most merchants that accept Visa and they can also be used to withdraw cash from ATMs. However, unlike in the United States, they are not typically accepted for online or phone purchases unless the merchant specifically accepts them.
Apple Pay participating banks in Canada, Latin America, and the United States. Apple Pay works with many of the major credit and debit cards from the top banks. Just add your supported cards and continue to get all the rewards, benefits, and security of your cards.
While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.
Entry into Canada: Canadian law requires that all persons entering Canada carry proof of citizenship and identity. A valid U.S. passport, passport card, or NEXUS card satisfies these requirements for U.S. citizens. Children under 16 only need proof of U.S. citizenship.
Overall, Canada is more affordable than the US, but the US has a higher median income. Comparing the cost of living in both countries is tricky because living costs vary dramatically within each city. It's important to consider the hidden costs and savings of public goods and services when comparing costs of living.
