Canadian Currency exchange question

[MHSweb79]

We are heading up to Niagara Falls next week from Rhode Island.

Do we need to exchange currency or are American dollars OK? If we need to exchange currency, what's the most cost-efficient way to do it? At home before we leave, at a Canadian bank, at our hotel, etc.????

 

[dgthree]

A lot of places will take US currency and can exchange on their registers, especially if you are right near the border. Not so much small mom & pop shops, but chains will do it for sure. I have handed over US cash at Tim Horton's, Shoppers & fast food places with nary a blink.

If you need to get money, and have an account with Bank of America, I believe you can use a ScotiaBank ATM to withdraw Canadian cash against your US account with no fees. TD Bank has a similar arrangement. Those are probably the easiest ways.

 

[Gigi22]

Agreed with the PP. Avoid exchanging currency at a hotel, they will charge you extra for the convenience of the service, often bundled into their (higher) posted rate of exchange. Use an ATM to exchange money.

 

[cruisers5]

You will find currency exchange booths on the Rainbow and Lewiston-Queenston Bridges.

 

[pigletto]

We live in the area and always change our money at the Casinos. Funnily enough we don't ever gamble.. we just change our money and leave

There are two in the city (one directly over the bridge) and almost always the best rates. Any business has the luxury of setting whatever exchange rate they feel like setting so you are going to lose out at least a little on any place that takes cash. The casinos are always better than the currency exchange or the banks by at least a little bit. Hope that helps.

 

[lizabu]

You can use US money in Niagara Falls but you will get ripped off on the exchange rate. The best thing to do is exchange your money at a Currency exchange. There's one at the bridge and at the tunnel as mentioned above and there are others around. You can look up the exchange rate online and see what they're giving you to see if it's a good deal or not. They take credit cards and debit cards practically everywhere too.

 

[MHSweb79]

Thanks all- I looked up the exchange rate and it's 99 cents to the dollar. So that's why I thought they might just take American dollars and call it a day.

Our hotel is across the street from one of the new casinos, so I had already thought that might be a good place to try. The currency exchange booths sound like a good idea too - is there still one at Table Rock?

We don't have an account with Bank of America, but obviously we have ATM cards.

 

[ssawka]

You can also use your credit card and just let them handle it.

 

[BellePrincessBelle]

Thanks all- I looked up the exchange rate and it's 99 cents to the dollar. So that's why I thought they might just take American dollars and call it a day.

Our hotel is across the street from one of the new casinos, so I had already thought that might be a good place to try. The currency exchange booths sound like a good idea too - is there still one at Table Rock?

We don't have an account with Bank of America, but obviously we have ATM cards.

Most places we went to gave us dollar for dollar but McDonalds of all places only gave .90 on the dollar.

 

[pigletto]

Thanks all- I looked up the exchange rate and it's 99 cents to the dollar. So that's why I thought they might just take American dollars and call it a day.

Our hotel is across the street from one of the new casinos, so I had already thought that might be a good place to try. The currency exchange booths sound like a good idea too - is there still one at Table Rock?

We don't have an account with Bank of America, but obviously we have ATM cards.

They might go for par but they don't have to. And the tourist section is notorious for price gouging so I would change some money to be safe. Just a friendly FYI. There will be a 3.5 percent "resort fee" or some other weird name for it on your hotel bill. It's voluntary, it's for investing in the area, and it's not a tax even though they try to make it appear as one. If you ask they have to take it off.

 

[it's kelly]

We just came back from Niagara Falls last weekend and everywhere does take the American dollar. Just keep in mind that $1 dollar was equal to .$0.94 (it may of been $0.96). We did change some money in the Casino. Also, make sure you have your gas tank filled up before you enter Canada. Gas was about $1.28 (Canadian) per liter! I felt bad complaining about our gas price.

 

[chevblazer02]

Definitely exchange the money at the casinos....usually one of the best rates....

 

[JB2K]

If you have a PIN-based Debit/ATM card with the "NYCE" symbol on the back of the card, your U.S. card can be used at over 450,000 point-of-sale locations throughout Canada (just about every Canadian business accepts them!).

Unlike using your U.S.-issued MC/Visa outside of the U.S., Interac's PIN debit does not charge the usual exchange fees.

 

[JB2K]

All Bank of America cards can be used fee-free (no local surcharges, no BofA fees, and no interchange fees) for Canadian currency withdrawls at all Scotiabank ABMs (ATMs) throughout Canada, though the "Global ATM Alliance" partnership shared between some of the world's big banks...

 

[aliceindisneyland]

Don't use your credit card if possible! We just got back from Victoria BC. Thought it would be easier to just use cc to handle the exchange rate and our card from Chase (Disney) and our debit card (ING) both added exchange rate charges on each transaction -- looks like about 3% on each transaction.
EVERYWHERE we went took US cash no problem, plus gave change in US dollars unless you requested Canadian $.
Big oops -- nearly $75 in charges for "convenience".

 

[lisaross]

glad i read this thread as we are going in a couple of weeks.

So, if i use my Bank ATM as Debit not Credit i won't be charged teh 3% fee?

 

[rewok]

No matter how you work, you will pay fees, hidden in the conversion rate. Banks & businesses have make money somehow... You should just try to minimize this. Currently, on the middle market rates, US$ is worth slightly less than the CA$ (1USD=0.99CAD), so a good exchange rate would be around 2% higher 1USD= 0.97CAD, meaning it would cost you 103$US to buy 100$CA. That’s what I get (the other way around) when I exchange money at my favourite place here. It also looks like people are able to get that at casinos in Niagara as well.

Credit cards & bank fees are very variable, so you’d need to check with yours. I know some American credit cards will charge an extra 3% fee on top of their exchange rate for “foreign transactions”, but not all of them do (mine doesn’t, I just pay around 2.5% over the middle rate, still quite good). If I take money out of an ATM, the exchange rate is similar, but I will also get hit with a service fee. I have no idea how it work if you use your Credit Card in “Debit mode”, as this is very unpopular here (was not even available until last year, we have another debit system).

As I travel frequently out of country, I found the best strategy to be:

- get paper money at the exchange office (as much as I think we’ll need + some insurance, or as much as I feel comfortable carrying!)
- pay mostly with my credit card for large transactions, and use cash where needed
- get paper money at the ATM if I run out!

Since you are doing a short trip, I’d just exchange paper money where you can get the above mentioned rate or close to it (and remember, when you’re talking small amounts, if you pay an extra 1-2%, it’s only a few dollars, don’t stress it!), and pay with a credit card if your provider does not add an extra foreign fee.

 

[MHSweb79]

There will be a 3.5 percent "resort fee" or some other weird name for it on your hotel bill.

That is an excellent tip- I'll watch for it on our bill.

So in my searching, here and at TripAdvisor, etc. I've been told the best place to exchange money is at the exchange booths at the bridge. Another site says do NOT use those exchange booths. One says to use a credit card everywhere, someone else says do NOT use credit cards!

I think I'll exchange a little cash at the casino and use that where US dollars might be expensive to use. We can always get more. I'm also going to call the credit card company and ask what their fees are.

 

[MHSweb79]

We're back from Canada and I wanted to post a quick update.

1. The Casino was a great place to exchange currency, with a small fee.

2. You could easily get by using all US dollars, with, as others have said, varying exchange rates. The incline railway was $2.50 in USD or Canadian, no difference. One of the restaurants at the casino gave us our check which listed the price in both US and Canadian, $55 and change Canadian, or $56 and change for US dollars. So almost no difference. HOWEVER, my DD saw a sign at a gas station that said 15% exchange fee, and the store at Margaritaville charged her a couple of extra dollars on her $20 hat. So it varies widely.

3. We stayed at the Fallsview Hilton, right across the street from the casino. Parking was $20 per night at the hotel, and $5 at the casino. We kept our car at the hotel because we kept going back to it and it was a lot more convenient. We saw a family with very young children schlepping their luggage & kids from the casino, and to me, that kind of hassle didn't seem worth the modest savings. But that's just me.

4. The optional "resort fee" was around $7 per night, so we let it go.

5. To really save money, eat outside the immediate falls area. Go down to Lundy's Lane if you have a car. Otherwise, you may pay $14 for a waffle at IHOP.

Thanks everyone for the tips- they really came in handy. And thanks, Canada, for giving us picture-perfect weather (mid to upper 70's, sunny skies, dry air) and a wonderful trip.

 

[Zuzu03]

When we travel abroad or back to Canada we only use our ATM cards - BUT check with your bank to see what their foreign exchange fee is. Our credit union doesn't charge one, but the credit card companies all do! We have a completely separate account set up for just the ATM card, not linked to our household accounts - just in case.

Oh, just read your "we're back post" hahaha! Sorry for more info that you no longer need!