exchange US for Canada dollars

[sassysocks]

We arriving in Vancouver on Friday after 4:00pm. I know that currency exchange counters at airports and ATM have the worst rates. I am sure the banks will be closed when we arrive.

Any other suggestions on where to exchange US for Canada dollars?
Do the hotels exchange?
Do the taxi cab drivers accept credit cards?

 

[PrincessShmoo]

We arriving in Vancouver on Friday after 4:00pm. I know that currency exchange counters at airports and ATM have the worst rates. I am sure the banks will be closed when we arrive.

Any other suggestions on where to exchange US for Canada dollars?
Do the hotels exchange?
Do the taxi cab drivers accept credit cards?

Where did you hear that ATMs have the worst rates? We've always been told that ATMs will be the best option for a quick exchange when arriving in any foreign country. That would be bank-connected ATMs. And even a closed bank will have one outside.

Yes, hotels usually do exchanges, but their rates would not be all that great.

I've read frequently that many taxicabs do take credit cards.

 

[Saamh]

We have ordered foreign currency from our bank at a decent exchange rate prior to our trips. That way we have it in advance of arriving.

 

[sharksfinatic17]

I am going to exchange some at our bank before leaving.

 

[dotfurio]

We were able to use debit/credit everywhere, including cabs. We checked that it was ok with the taxi drivers before we got in.

 

[bumbershoot]

Vancouver is very easy to use plastic in.

We get money from a Green Machine ATM off Robson...that might not be there anymore. Even when our currency values were flipflopped it was still a decent exchange rate in our opinion. But there's very little we *have to* spend cash on, honestly.

 

[alli817]

Most banks are open late on Friday nights. TD Canada Trust is open until 8 on Fridays and 8 to 4 on Saturday and 11 to 4 on Sunday.

That being said most banks are open Saturday as well, and some on Sundays.

Taxis do take credit cards. Not sure if your hotel will you can always call and ask. You can make purchases with US dollars, but that will most likely be your worst rate.

 

[jtba]

if you end up using a credit card, 1) make sure to call your card issuer first to let them know you'll be traveling, otherwise they may place a lock on it to prevent fraud ("is this person really in canada???") and 2) ensure there is no foreign transaction fee if you use it outside of the u.s. usually it's around 3% of your purchase.

 

[mevelandry]

You'll make a little fortune! But make sure to spend all the CAN $ you get because in the end, we you switch back to US $, it hurts.

I remember a time when CAN $ and US$ were almost worth the same... Times have changed.

 

[pillow]

The best exchange rate is from an ATM. We plan to use the airport ATM and will probably withdraw the max since we'll be traveling around Canada pre-cruise. As someone mentioned above, check your credit cards for foreign transaction fees. Most charge 2%-3%. My credit union's card only charges 1%. Amex Delta Platinum does not charge a fee at all (side note: there is a very good air miles promo going on with them right now if interested). I've read that Capitol One cards don't charge foreign transaction fees either. Good luck!

Jodie

 

[linetbo]

What about Travelex?

 

[bumbershoot]

I remember a time when CAN $ and US$ were almost worth the same... Times have changed.

For our honeymoon in '03 the rates favored the US. Then it went to Canada then even and now whatever it is now. Changes around, that's for sure.

What about Travelex?

NO.

Especially NO if you're considering buying the package where they change it then change it back. DH got *taken* with that one. It was work money, but still.



https://www.ricksteves.com/travel-tips/money/cash-tips

"ATMs are the way to go."

 

[scm]

My personal experience has been that Canadian banks have more favorable rates to change US$ to Canadian$ (and back)but there is not much at risk anyway for the small amount of walking around money that you may use on a short time in Vancouver. You can even charge a package of bus tickets if you expect to use public transit.

 

[NC DCL fans]

Another idea is exchange money at your bank. We have a checking account at Wells Fargo, and for account holders they will exchange the money in the bank with no fees at all. We went to our local bank last weekend and got Canadian dollars for $0.84 USD per 1 CAD (or $1.19 CAD per 1 USD). The international exchange rate (quoted for bank to bank very-large transactions only) was running at $1.24 CAD per 1 USD, so pretty close. I think even ATM's and credit cards also use an exchange rate that is not quite as favorable as the quoted international rate, plus they charge additional "fees". Our bank said at that time they were buying back CAD at 0.77 USD per CAD, so we would loose a few percent on changing it back if we don't spend it. Maybe we'll load it onto a gift card that works both in canada and the US (I've heard maybe starbucks or wendys gift cards??). Also, call your bank for their fees and availability of foreign currency on site before you go!

 

[disprincess4ever]

I recommend looking at Wells Fargo. You can order Canadian Money online and have it express shipped to your house. Fair rate and works out nicely. You can also do this through AAA.

 

[pillow]

Another idea is exchange money at your bank. We have a checking account at Wells Fargo, and for account holders they will exchange the money in the bank with no fees at all. We went to our local bank last weekend and got Canadian dollars for $0.84 USD per 1 CAD (or $1.19 CAD per 1 USD). The international exchange rate (quoted for bank to bank very-large transactions only) was running at $1.24 CAD per 1 USD, so pretty close. I think even ATM's and credit cards also use an exchange rate that is not quite as favorable as the quoted international rate, plus they charge additional "fees". Our bank said at that time they were buying back CAD at 0.77 USD per CAD, so we would loose a few percent on changing it back if we don't spend it. Maybe we'll load it onto a gift card that works both in canada and the US (I've heard maybe starbucks or wendys gift cards??). Also, call your bank for their fees and availability of foreign currency on site before you go!

The difference between 1.24 official rate and the 1.19 is 4%, which is the bank's fee. They may not call it a fee since its built into the exchange rate, but its extra money out of your pocket. An ATM should give you the 1.24, the only fee being your ATM fee. If you're pulling a large amount out, the ATM fee is negligible (as a percentage). But for smaller amounts, perhaps it doesn't make sense.

This is the best site I know of to get a true currency conversion rate - www.xe.com. Then compare that to what a bank quotes.

The last time we traveled abroad, the ATM gave us the same rate that is quoted on the above site. I'm a cheapo - don't want to pay more than I have to!

Jodie

 

[xlxo]

I too believe in plastic.... Visa/Mastercard is preferred... some restaurants may deny American Excess for their higher merchant fees.

 

[pillow]

I too believe in plastic.... Visa/Mastercard is preferred... some restaurants may deny American Excess for their higher merchant fees.

Yeah - I was worried about that since my Amex is the one that doesn't charge a foreign exchange fee at all. My credit union Visa will charge 1%. That might have to be the backup card.

 

[MelSpees]

You'll make a little fortune! But make sure to spend all the CAN $ you get because in the end, we you switch back to US $, it hurts.

I remember a time when CAN $ and US$ were almost worth the same... Times have changed.

I remember when Canadian had an advantage. I worked in a bank in Bremerton, WA in late 70's early 80's. We got a lot of Canadian, coming and going.

 

[pillow]

I remember when Canadian had an advantage. I worked in a bank in Bremerton, WA in late 70's early 80's. We got a lot of Canadian, coming and going.

Lucky you! That area is on my travel "to do" list.