What to do with US cash?

[scottish/canadian]

Hi All,

I have being buying up US cash to use on an upcoming trip...problem now is that I have a large sum of cash. I'm not a huge fan of taking all this cash with us - usually use travellers cheques or whatever. I can't buy travellers cheques here with my US cash.

Anyone have any suggestions on what I can do with this cash? I was thinking about a prepaid debit card or something that I could get on the way down (driving) or once we arrived. Not even sure where to begin to look for something like that.

Thanks!
Shannon

 

[bdoyledimou]

Does your bank offer a US Savings account with Debit card access?

Put it in there.

 

[Gigi22]

Are you a CAA member? CAA members in some provinces (not Ontario) can purchase Amex traveller's cheques using US cash. CAA does not charge a fee if you are purchasing the basic one signature traveller's cheques. DH and I recently made a special trip to Quebec just to purchase traveller's cheques from CAA.

Whatever you do, don't convert US money back to Canadian. You just get dinged twice.

 

[ABCanada]

We keep a US$ bank account and credit card.
We bring very little cash. Primarily for tips.

Charge everything to the room at WDW and to the card elsewhere.
Pay off the room with the US credit card.

Pay off the card with the cash in the US account. If necessary we convert more Can$ to US but we have a month to do so so can watch the rates.

This avoids:
-over converting and having to pay the exchange fees both ways
-the high conversion fees on the Can $ credit cards

There is a section on US bank accounts and credit cards above. I believe some have fees but some do not.

 

[Northstar]

I'd investigate more about buying US$ travellers cheques with your cash.
RBC and Scotiabank both sell AmEx travellers cheques, and I don't see why they wouldn't let you pay in US$. I'd try a different branch, or maybe ask to speak to a supervisor, if you were told they can't do this.

I think the US$ credit card would work pretty well, too, if your bank offers one. Use the card in the US, then when you get back, walk into the bank and pay the balance with your US cash!

 

[dancin Disney style]

Does your bank offer a US Savings account with Debit card access?

Put it in there.

You can't do it this way.....the machines in the US can not tell that your account is in US dollars. They just recognize it as a Canadian/foreign bank.


The best option is to get a US dollar credit card from your bank and then pay the account after your trip using your US cash.

 

[scottish/canadian]

Thanks for all the replies.

Unfortunately, I'm in Ontario and not a CAA member anyways.

I bank with BMO and already have US credit card. We just hate to use it because it can easily get out of control and we are trying to pay off all our cards as we speak. I went into our branch today and they told me that the Travellers Cheques have no fee, but have to be sold with CDN dollars. I buy my US from a currency exchange and get a rate that is almost 2% better, so not a chance.

Think I may be stuck with the cash!

 

[Stitch'sCousin]

I would check again with BMO, maybe at another branch. We bank there too in S. Ont. and were able to buy $US travellers cheques this summer using our $US bank account that we have with BMO. We did not have to use Canadian $ to buy the travellers cheques. It may be that you will have to open a $US account, deposit the US money in there and then purchase the travellers cheques from the account. Just curious, which currency exchange do you use that gives the better rate?

 

[disneyfreak89]

I would check again with BMO, maybe at another branch. We bank there too in S. Ont. and were able to buy $US travellers cheques this summer using our $US bank account that we have with BMO. We did not have to use Canadian $ to buy the travellers cheques. It may be that you will have to open a $US account, deposit the US money in there and then purchase the travellers cheques from the account. Just curious, which currency exchange do you use that gives the better rate?

We do the same thing through BMO.....I'd ask again.

 

[2busy4life]

Are you a CAA member? CAA members in some provinces (not Ontario) can purchase Amex traveller's cheques using US cash. CAA does not charge a fee if you are purchasing the basic one signature traveller's cheques. DH and I recently made a special trip to Quebec just to purchase traveller's cheques from CAA.

Whatever you do, don't convert US money back to Canadian. You just get dinged twice.

I am confused I am a CAA and member and called my office in Brampton, Ontario the other day and they will sell me US$ travellers cheques

 

[KINGBOBOFTHENORTH]

Could you stop at a bank in the Buffalo area and purchase $US traveler cheques with U.S. cash?

Another option would be to send me all your money. I promise to put it to good use!

BobK/Orlando

 

[Gigi22]

2busy4life--CAA North and Eastern Ontario will not sell US traveller's cheques, period. They did tell us to try CAA Quebec. We did, and got US traveller's cheques that we paid for using US cash.
We were also told by our Credit Union and by a local branch of a currency exchange that they are 'not allowed' to sell US traveller's cheques for US currency.
I have no idea whose rule this might be. We were able to get around it, and we did.

 

[Sue M]

I have a US checking acct. I bring cash- and keep it in the room safe, only taking out what I'll need for the day. I guess once you get to the US you can buy travellers checks there if you want, or go into a US bank and get the pre paid debit card.

 

[Disney-Chick]

My family drives to Florida and we carry cash with us. We put it in an envelope and place with our passports. We always have a binder for our travels that has maps and hotel info in case we have to stop earlier or later we know about all hotels. We place all our passports in there and take with us into the hotels. Once we get to Disney we place the money into the safe. We only use for tips etc and don't take any money to the parks but that also pays off any outstanding balances for purchases we made.

We do have a US credit card but only use that should we feel were getting low on money. I think last year, and I could be wrong as DF deals with finances we brought $2500 in cash. We haven't had any issues with this process and this Dec will be our 5th year down.

 

[iluveeyore]

We always use cash, since our credit can get out of hand too. We divide it up between the two of us - if we drive, we lock most of it in the glove box until we get there, then transfer it to the room safe. We carry what we need between us for each day. Never had a problem, and I always know how much we have left to spend! If we need extra, I am able to use my TD debit card in the lobby to withdraw US money from my CDN account.

 

[chimo2u]

I will be carrying a large amount of cash too.....don't really want to use traveller's cheques as some places don't accept them. I am stuck with a large amt. of cash until I get to the resort, I suppose. Once at the resort, I will put it on my room key as a "credit balance" I then use my key like a debit card for my purchases and pay it off on check out with my balance. I will keep some cash in my room safe too....(although I just read a thread recently that stated room safes where not very safe??...that is concerning me a little, and perhaps I will keep my cash locked in my suitcase in my room.) I haven't completely decided one way or another on that yet! I just hope I get to Disney with my cash intact and don't forget my carryon bag/purse ANYWHERE!!! YIKES, that would be DEVASTATING!!

 

[Gigi22]

If you want to store your US cash and are worried about the security of the in-room safe, please take the cash to the front desk of the hotel and arrange to store it in the hotel safe. It is really the only absolutely secure location for cash at a hotel. Do not lock the cash in your suitcase.

 

[Gigi22]

OOOPS--double post.

 

[sandynd]

What about finding a Disney Store on the way down and buying Disney Gift Cards? You can keep them on you, and I think if you write down serial numbers and such they are replaceable if you lose them. And you can pretty much use them for anything there.

 

[2busy4life]

2busy4life--CAA North and Eastern Ontario will not sell US traveller's cheques, period. They did tell us to try CAA Quebec. We did, and got US traveller's cheques that we paid for using US cash.
We were also told by our Credit Union and by a local branch of a currency exchange that they are 'not allowed' to sell US traveller's cheques for US currency.
I have no idea whose rule this might be. We were able to get around it, and we did.

FYI - I called again to check on CAA selling US$ travellers cheques and they will sell them to you (at least in Brampton). They have a $$ limit per day that you can purchase which is $2400.00 CDN.