How to get Canadian money?
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.
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.
| USD | CAD |
|---|---|
| 100 USD | 135.54 CAD |
| 250 USD | 338.87 CAD |
| 300 USD | 406.64 CAD |
| 500 USD | 677.74 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.
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.
When you travel to Canada, it is best to pay in local currency (CAD) instead of USD. We show you the top three benefits of paying with CAD. Find out how you can save money on your overseas trip and avoid unnecessary currency exchange fees.
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.
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.
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.
| Conversion rates US Dollar / Canadian Dollar | |
|---|---|
| 1 USD | 1.35900 CAD |
| 5 USD | 6.79500 CAD |
| 10 USD | 13.59000 CAD |
| 20 USD | 27.18000 CAD |
Is it better to use cash or debit card in Canada?
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.
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.
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.
However, the easiest way to procure Canadian currency is simply to withdraw money from an ATM. Often, Canadian businesses will accept U.S. dollars in payment, making the currency value exchange, if any, at the till.
Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency. You may be able to order currency at a branch location, by phone, or online to have it delivered to you or to pick up at a branch.
Where to Get Good Rates: ATMs and Local Banks. The best place to exchange money is a local ATM or a bank. Many foreign banks are happy to exchange your dollars for local currency for a better rate than you find elsewhere, or you can go to an ATM to skip the line.
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.
Consider ordering foreign currency before you fly. Most banks allow you to order foreign currencies, which you can typically pick up at a local branch before your trip. Some banks offer to ship currencies to you, and sometimes they don't even charge extra for postage if you order a certain amount.
Debit cards and credit cards are widely accepted across Canada; however, the extent to which you can use a foreign-issued card and the fees that apply depend on the card company and the type of account you have set up with them.
Yes, credit card companies automatically convert foreign currencies to the domestic currency using their exchange rate. When you look at your card statement, the amount charged will be in the domestic currency.
Is it better to exchange money or use credit card?
Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money. Currency conversion apps can help you better understand pricing and identify hidden charges.
- Carry as little currency as possible.
- Carry cash in a money belt that sits on your waist (under your clothes) or a money pouch that hangs around your neck.
- Keep cash concealed and close to your body at all times.
The best bang for your buck is to evenly average out your exchanges over the last 5 business days of the month, with savings of $8,137.92 annually. Don't follow the same footsteps as your CAD to USD exchanges, because if you exchange all your funds on the 1st business day of the month you have chosen the worst option.
Airports and large volume road border crossings generally have currency exchange booths. If you are exchanging less than $250, their convenience may be worth it. If above that, and it is during normal business hours, you will find better exchange rates at a bank. Or, use your debit card at a bank branch ATM.
Trading currency at the hotel or even a currency kiosk in an airport or elsewhere in the country can be costly due to poor exchange rates and high fees. For that reason, travelers should look to convert their currency before embarking on a trip or know where to go to save on changing money while abroad.
