# Currency exchange question



## riverdees05 (Jun 13, 2014)

We are going to Alberta, Canada for 10 days next month.  Where is the best place to get Canadian money.  We will be able to use a credit cards for a lot, but will need to pay cash for somethings.


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## qb_bc (Jun 13, 2014)

From any bank in Canada or from an ATM. 

The banks will exchange at current exchange rate with a 2.5% handling fee. The ATM will be similar plus an international fee from your bank of about $5.00. Make sure though it is a bank ATM to get lowest fee. 

Use a credit card that does not charge the 2.5% fee as much as possible. I believe Chase is one that does not charge the fee. 

Depending upon what you do, you will need little cash. Even living in Canada I find a couple of hundred will do me a few weeks. 

When I travel and want to get rid of any left over cash, I use it to pay down the last bill and put the balance on the credit card.


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## sue1947 (Jun 14, 2014)

qb_bc said:


> From any bank in Canada or from an ATM.
> 
> The banks will exchange at current exchange rate with a 2.5% handling fee. The ATM will be similar plus an international fee from your bank of about $5.00. Make sure though it is a bank ATM to get lowest fee.
> 
> ...



Agree on using ATM.  Not all banks will charge a $5 fee.  Check with your local bank to see which Canadian banks are in their system at a reduced fee or free.  You can usually search via the link on their websites to find maps to banks in the area you are visiting.  
My credit union charges a 1% foreign transaction fee for atm use and there might be an additional fee if I use a bank outside of it's system.  Many US credit cards charge a 3% foreign transaction fee so check to see if your credit card has that.  I have a Chase card that has none and use that for credit card purchases in Canada.  Note that Canada has the chip and pin cards but most Canadian companies will be able to swipe your US card.  However, there have been a few spots where it hasn't worked so having some extra cash on hand is useful.  

Sue


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## classiclincoln (Jun 14, 2014)

My sister has been living in Canada for over 30 years and we also travel abroad at least twice a year, so I have some knowledge on this subject.

While some credit cards may not charge a foreign transaction fee, realize that there is a cost to convert currency and no one works for free.  Either you'll pay a transaction fee OR they will hit you on the exchange rate.  Either way, you're gonna pay.  Most places in Canada take US dollars, and will give you Canadian dollars back as change.  I don't recommend this because the exchange rate is usually not as good as a bank.  If you know what the exchange rate is, you might be able to negotiate a bit, but whether you exchange at a bank or take money from an ATM, you're gonna pay.  

I do agree with calling your bank to see what they offer, and also call your credit card companies to see what they have. You don't want to take a cash advance on your credit card; you'll get hit with a double whammy, the cash advance fee and the foreign transaction fee.


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## torontobuyer (Jun 24, 2014)

It's usually best to exchange U.S. cash at a Canadian bank when you arrive. And exchange the remaining Canadian cash at a U.S. bank when you go back. Just an observation I've made over the years. But I agree with the above advice to use credit cards mostly.


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## Egret1986 (Jul 6, 2016)

*Heading to Nova Scotia next week and want to confirm advice is same as in 2014*

1. Checked my credit card for foreign transaction fee-NONE
2. Use credit card when and where I can.
3. Have some cash on hand-exchange some USD for CAD at a bank on arrival.

Two suggestions in this thread from 2014 was any leftover CAD should be used on any final purchases or exchange CAD for USD at a bank upon return.

Any other suggestions?


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## WinniWoman (Jul 7, 2016)

We were just in Canada and I was so concerned about getting money before we arrived, but it wasn't necessary as everyplace takes credit cards and and the hotel had an ATM machine and our bank charged just 97 cents to withdraw cash, which we only did once. The ATM lets you withdraw in Canadian dollars which right now means less money comes out of your bank account because of the good exchange rate.


Most of the time we used a credit card with no foreign transaction fees.

Many places also take US dollars. We ended up once or twice using a little US money for a small purchase and also for the valet tip before having the opportunity to withdraw from the ATM. Of course, we ended up paying a little more doing that, but no big deal as they were small amounts anyway.

As we did not withdraw a lot of money in the first place and used most of the cash, we came home with a minute amount of Canadian money- not worth going to a bank converting back.


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## Luanne (Jul 7, 2016)

We were in Vancouver recently. I only exchanged $40 and I had a hard time using that.  I finally paid cash for breakfast one morning and used most of the remainder on coffees in the airport when we were leaving.  I just used my credit card the rest of the time.

I exchanged money at the bank my daughter uses (RBC).  Since she has an account there she actually changed it for me so there was no fee.


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## Egret1986 (Jul 8, 2016)

*Thank you, Mary Ann and Luanne!*

Sounds great!  Thanks for the replies!


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