Cash in Vancouver

[westlab]

In Calgary, we had a hard time finding ATM which would take our ATM card. Finally, we went to the bank to get cash. We did not think to exchange $ in the airport. What is your advice for exchanging $ in Vancouver?

[Sprocket]

Would be helpful to know where you are from....that being said though can you not buy some Canadian or US funds from your own bank?

[westlab]

We live in California. Thanks for suggestion of getting CD at local B of A.

[katmai]

We live in California. Thanks for suggestion of getting CD at local B of A.

 

I always use the ATM machine on 1st floor of Pan Pacific Hotel at the Canada Place cruise terminal.

 

I've never had problems using my ATM cards in Canada.

I'm from California, too.

[trophy_23]

I would try the Vancouver Currency Exchange it is not far from the port.

 

You can see its position in relation to Canada Place Cruise terminal.

 

Here is a link, we use them all the time. http://www.vbce.ca/index.cfm?fuseaction=Major_Currencies

[luvcruisn']

Most stores, restaurants in Vancouver take US cash and US credit cards.

[realnurse2]

As a traveler I always buy a small amount of cash from the bank or a currency exchange in the currency of the country I will be passing through before I leave home. Don't know why you had problems at an ATM in Vancouver since they are no different than those in the US. You can get money exchanged at the airport, most restaurants and businesses with a small purchase or any bank or currency exchange.The banks give the daily currency exchange rate with no added fee.

[westlab]

We had problems with ATMs in Calgary because we tried ones at mini markets. We had no problem with ATM at banks.

Thanks for the advice on cash in Vancouver. When we were in Vancouver on 9/11, we don't remember having problems with cash.

[Appygirl]

The ATM's in mini marts, gas stations, etc are run independently of any financial institution. They usually charge you a couple of bucks for any transactions. They probably only recognize debit cards issued from Canadian financial institutions. You need to look for a bank or credit union. If you look on the back of your card you will see several types of symbols. When you go to a bank's ATM look at the symbols that are on the machine and check to see if one of them is on the back of the card and you'll be able to use the machine. In Canada the Exchange is used by credit unions and Interac is used by banks. See if one of their symbols is on the back of your card. Also almost all shops and restaurants will accept your debit card at the cashier.

[cruz chic]

The ATM's in mini marts, gas stations, etc are run independently of any financial institution. They usually charge you a couple of bucks for any transactions. They probably only recognize debit cards issued from Canadian financial institutions. You need to look for a bank or credit union. If you look on the back of your card you will see several types of symbols. When you go to a bank's ATM look at the symbols that are on the machine and check to see if one of them is on the back of the card and you'll be able to use the machine. In Canada the Exchange is used by credit unions and Interac is used by banks. See if one of their symbols is on the back of your card. Also almost all shops and restaurants will accept your debit card at the cashier.

Good advice. I live in Calgary and there are so many banks it shouldn't be a problem. I'm sure Vancouver would be the same.

[fann1sh]

Canadian businesses which "accept" U.S. cash don't do so from the goodness of their heart. They will build in a fee for exchange.

 

Knowing the real value of the C$ compared to the US$ is helpful. If you take a laptop with you, try checking http://www.xe.com/ As I type this, the two currencies are pretty much at par.

 

U.S. banks charge a lot to provide Canadian dollars. Bank of America is charging almost $1.06 = 6% for their services. Canadian banks will charge 3%, or less. They will not admit this is a fee - just say that's their official exchange rate.

 

https://www4.bankofamerica.com/foreigncurrency/index.action

 

Whether it's worth it to you to go to a Canadian bank to exchange depends on how much you're exchanging, and the value you put on convenience.

 

When you use an ATM, the rate of exchange will be that of your U.S. bank at home. So, using ATM's means you'll also get a lousy rate of exchange. This will not show up as an extra fee. Most people don't check and see whether the exchange rate was good or bad.

 

Except where cash is truly needed, I suggest you use a credit card. Even taxis take cc's. Generally, the rate of exchange on cc's is better than trying to exchange cash.

 

If you only spend $100 in Canada, these differences won't amount to a hill of beans. If you're like me, and spend $$$$ on each side of the border every month, you learn the snake pit traps because then they really do make a difference.

[whogo]

When you use an ATM, the rate of exchange will be that of your U.S. bank at home. So, using ATM's means you'll also get a lousy rate of exchange.

 

It does not mean you will get a lousy rate. The exchange rate will be the interbank rate marked up by 0% to 3% plus an ATM withdrawal fee of $0 to $5, depending on your financial institution. Many ATM card users pay no fees and no markup on their ATM withdrawals in foreign countries. For most people in most places, ATM's are the cheapest source of foreign currency. One of the exceptions is Vancouver, where trophy_23's recommended VCBE exchange bureau marks up by less than 2%, beating many withdrawals by ATM card.

 

Do not look on the low rates offered by VCBE as an endorsement of exchange bureaus. Some are outrageously expensive, especially in airports, with markups 10%, 20% or higher.

 

http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange will help you see where your financial institution fits in the rate scheme and show where lower rates are available.

[fann1sh]

It does not mean you will get a lousy rate. The exchange rate will be the interbank rate marked up by 0% to 3% plus an ATM withdrawal fee of $0 to $5, depending on your financial institution. Many ATM card users pay no fees and no markup on their ATM withdrawals in foreign countries.

 

Agreed. I was speaking only of the OP, who mentioned Bank of America. Thanks so much for the correction and clarification.

 

It's a PITA to check rates and fees, but for anyone who exchanges often it's worth the search.

 

Canadian banks vary some in their exchange rates and fees...just not as much as U.S. banks. It's worth checking to see if your U.S. bank is "partnered" to any Canadian banks. This information from another travel site which owns this one: "Canada's Scotiabank has ATMs located across the country and is a member of the Global ATM Alliance; the international ATM fee (often the equivalent of U.S.$3 - U.S.$5) will be waived for customers of other alliance members (including Bank of America, BNP Paribas, Barclays, Deutsche Bank, Westpac) when they withdraw cash using a Scotiabank ATM." Also: "U.S. customers of TD Bank and TD Banknorth won't pay a fee to use TD Canada Trust ATMs."