Canadian vs US dollars

[oaktreerb]

The last time we visited Canada the currency exchange rate was close to equal. This is no longer the case. Many of you seem to understand the foreign currency issues so here is my question.

 

We will be on Yukon Cruisetour doing to Dawson City and Whitehorse. Should we use the Canadian $ left over from the last trip paid for equal $ for $? Should we purchase Canadian at the new rate? Should we just use our credit card which does have a small foreign exchange rate?

 

I really don't understand this currency exchange business. Thanks

[kazu]

The last time we visited Canada the currency exchange rate was close to equal. This is no longer the case. Many of you seem to understand the foreign currency issues so here is my question.

 

We will be on Yukon Cruisetour doing to Dawson City and Whitehorse. Should we use the Canadian $ left over from the last trip paid for equal $ for $? Should we purchase Canadian at the new rate? Should we just use our credit card which does have a small foreign exchange rate?

 

I really don't understand this currency exchange business. Thanks

 

You are going to get a more favourable rate by buying new Canadian dollars as the U.S. $ is much stronger right now and the Canadian dollar is down. If you use your credit card, most charge a small fee for foreign exchange so the rate won't be as good, but the difference is not that large.

 

Now, as to the money you bought. If you are planning a trip again, you can save it. If you don't need the money, save it in the hopes the Canadian dollar goes back up and you recoup what you spent.

 

On the other hand, it is money you spent, so if you have no trips planned after this to Canada, you might want to use it as you have already spent your money.

 

Whatever you do, please DO take your coin that you have. It's not accepted or exchangeable in the U.S. so you want to use it. Try not to end up with any coin in Canada when you are done.

 

Oh, and the penny doesn't exist anymore in Canada and will not be accepted.

 

hope this helps.

[SilvertoGold]

Hi, Kazu!

 

Good! Excellent! Hits all the points beautifully!

[HamOp]

You are going to get a more favourable rate by buying new Canadian dollars as the U.S. $ is much stronger right now and the Canadian dollar is down. If you use your credit card, most charge a small fee for foreign exchange so the rate won't be as good, but the difference is not that large.

 

Now, as to the money you bought. If you are planning a trip again, you can save it. If you don't need the money, save it in the hopes the Canadian dollar goes back up and you recoup what you spent.

 

On the other hand, it is money you spent, so if you have no trips planned after this to Canada, you might want to use it as you have already spent your money.

 

Whatever you do, please DO take your coin that you have. It's not accepted or exchangeable in the U.S. so you want to use it. Try not to end up with any coin in Canada when you are done.

 

Oh, and the penny doesn't exist anymore in Canada and will not be accepted.

 

hope this helps.

 

Someone sure is accepting it in the U.S. I get coins from Canada all the time in change.

[CowPrincess]

Someone sure is accepting it in the U.S. I get coins from Canada all the time in change.

 

Last time I checked, there is no way to take a roll of Canadian coins to a bank in the US and exchange those coins for US money. I have actually had US merchants toss back a Canadian coin that I had accidentally tried to use to pay for something. If you are getting Canadian coins in your change, it is probably because the merchant just wants to pass along the "joy" of having accidentally accepted one.

 

In the San Diego airport one time I was the unofficial coin exchange as the pay phones would not take Canadian coins and I had a big stash of US coins that I'd been saving for our trip. (We cannot take US coins to a Canadian bank and exchange them for US bills....)

[oaktreerb]

Thank you so much for the clear explanation. We will be going to Canada again, and again so I think we'll get more Canadian $ now. We will be sailing Canada/New England in September. I feel like I need to have some Canadian dollars for small purchases. Thanks again!

[sapper1]

Someone sure is accepting it in the U.S. I get coins from Canada all the time in change.

 

Conversely, U.S. Coins are in regular use in day to day life here. The banks will just not accept them to be replaced with US dollar bills. It costs too much to process foreign coins.

We save out our U.S. Coins and use them on trips to the U.S. But could just as easily use them at the corner store.

[Christine Frances]

Also the smallest bill we have is $5 (all our notes are plastic), we have $1 coins (Loonies - there is a Loon on one side) and a $2 coin (Toonie) = 2 Loonies lol and, as been mentioned, no pennies. I love this system as everything is more compact. Enjoy Canada:)

[sail7seas]

I like the Canadian idea to not use pennies but the loonies and toonies can get awfully heavy in a pocket or pocketbook. :eek: If you have a bunch of them, it can weigh you down. :D

[kazu]

I like the Canadian idea to not use pennies but the loonies and toonies can get awfully heavy in a pocket or pocketbook. :eek: If you have a bunch of them, it can weigh you down. :D

 

 

best solution is to use them and spend them :)

[Christine Frances]

I like the Canadian idea to not use pennies but the loonies and toonies can get awfully heavy in a pocket or pocketbook. :eek: If you have a bunch of them, it can weigh you down. :D

 

They don't last long lol We are very fast in using the coins. The "big" bills stay in the wallet:} Easier to do than messing around with a bunch of paper bills that you can't tell apart. All of ours are a different colours so it makes it easier, even for me that is visually impaired.

Edited May 12, 2015 by Christine Frances

[sprockie]

Also the smallest bill we have is $5 (all our notes are plastic), we have $1 coins (Loonies - there is a Loon on one side) and a $2 coin (Toonie) = 2 Loonies lol and, as been mentioned, no pennies. I love this system as everything is more compact. Enjoy Canada:)

 

I'll second that wholeheartedly!!!

[sprockie]

I like the Canadian idea to not use pennies but the loonies and toonies can get awfully heavy in a pocket or pocketbook. :eek: If you have a bunch of them, it can weigh you down. :D

 

You put them in the console of your car and use them at Timmy's!

[PatsyAnne]

No matter what you paid for them, a Canadian dollar is worth a Canadian dollar today, so you might as well use the cash you have if it's handy. We take our cash from the last trip and use it as appropriate. It's really nice to have for things like coffee, snacks, or taxis, and sometimes it takes a while to find an ATM you want to use. Then, for the ATM, we have an account and card that don't charge extra for foreign currencies and refund ATM fees. You can also use your credit cards in Canada, and some of them won't charge extra for foreign currency purchases.

[CowPrincess]

For the non-Canadians, this might help when dealing with loonies and toonies/twonies. Loonies are $1 and are one colo(u)r -- gold tone. Twonies are $2 and are two colo(u)rs -- gold tone and silver tone.

[igraf]

Here is a link to detailed description of the costs of using a credit card for a foreign transaction versus converting cash between the US and Canada. The actual exchange rate has varied since the article was written, but the cost analysis remain the same as costs are independent of the exchange rate:

 

http://canada.creditcards.com/credit-card-news/comparing-currency-conversion-costs-1264.php

 

Quote: Bottom line: a credit card that doesn't charge forex fees is your best bet. If you can't find one of those, you may be better off exchanging a safe amount of currency - but only if you do so at a bank.

 

They also mention the additional costs of having converted too much cash, something that never happens with a credit card purchase.

 

 

To answer your second question: use the leftover cash you have on hand. That old cash is not worth what you paid for it; it is worth the going rate today. Buying new cash and saving the old cash accomplishes nothing. It is an algebraic equivalent.

 

igraf

 

 

 

 

The last time we visited Canada the currency exchange rate was close to equal. This is no longer the case. Many of you seem to understand the foreign currency issues so here is my question.

 

We will be on Yukon Cruisetour doing to Dawson City and Whitehorse. Should we use the Canadian $ left over from the last trip paid for equal $ for $? Should we purchase Canadian at the new rate? Should we just use our credit card which does have a small foreign exchange rate?

 

I really don't understand this currency exchange business. Thanks

[POA1]

Last time I checked, there is no way to take a roll of Canadian coins to a bank in the US and exchange those coins for US money. I have actually had US merchants toss back a Canadian coin that I had accidentally tried to use to pay for something. If you are getting Canadian coins in your change, it is probably because the merchant just wants to pass along the "joy" of having accidentally accepted one.

 

In the San Diego airport one time I was the unofficial coin exchange as the pay phones would not take Canadian coins and I had a big stash of US coins that I'd been saving for our trip. (We cannot take US coins to a Canadian bank and exchange them for US bills....)

That might depend on where you're at. In Maine, it's pretty easy to exchange Canadian coins for US coins.

[xlxo]

[YOUTUBE]ykqQjiv7X9g[/YOUTUBE]

 

• When I have excess foreign coins travelling.... before I leave the country I visit a pop machine and unload them.
  
• if you have pennies... I would save them up and unload them at various fountains and wishing wells. Please don't toss them into oceans and rivers where fish and wildlife can be affected.
  
• Watch this link closer to your cruise to see how much of a premium your US dollar is worth....
  https://ca.finance.yahoo.com/q/bc?s=USDCAD=X&t=5d
  
• It's amazing the change in the last 5 years...
  https://ca.finance.yahoo.com/q/bc?s=USDCAD=X&t=5y&l=on&z=l&q=l&c=
  

[LAFFNVEGAS]

I will be in Vancouver a week from tonight :D And this is something I have been contemplating so I called my bank where I might purchase the money and it is the same bank of my credit card I plan to use. They advised me i would be much better just using my card for all my transactions since they only charge me the 1% Foreign Transaction fee and will not impose a fee so with the dollar being stronger I am coming out ahead and not paying the fee to purchase money. There are some card out there that do not charge a fee at all, My particular bank waives their fee based on your deposits and account status.

[oaktreerb]

I will be in Vancouver a week from tonight :D And this is something I have been contemplating so I called my bank where I might purchase the money and it is the same bank of my credit card I plan to use. They advised me i would be much better just using my card for all my transactions since they only charge me the 1% Foreign Transaction fee and will not impose a fee so with the dollar being stronger I am coming out ahead and not paying the fee to purchase money. There are some card out there that do not charge a fee at all, My particular bank waives their fee based on your deposits and account status.

 

I need to check my credit cards. This has never been an issue in my previous trips as the exchange has been close enough to not be an issue. As I recall my bank did not charge a fee for purchasing Canadian $ last year and the teller did tell me that I could exchange what I didn't use back to US$ when I returned. I do remember the loonies and twonies. I wouldn't want to carry many of those around.....too heavy!

[Lizzie68]

I need to check my credit cards. This has never been an issue in my previous trips as the exchange has been close enough to not be an issue. As I recall my bank did not charge a fee for purchasing Canadian $ last year and the teller did tell me that I could exchange what I didn't use back to US$ when I returned. I do remember the loonies and twonies. I wouldn't want to carry many of those around.....too heavy!

 

I have several different credit cards for their different features, and one I use only for travelling is the Sears mastercard - no foreign transaction fees at all. As to loonies and twonies, you never have those long enough to weigh you down.:rolleyes: At least, I don't.

[iancal]

That Sears MasterCard is issued by Chase Bank Canada. We have a Marriott version of that card.

 

You can also avoid the pesky additional (on top of the prevailing exchange rate) 2.5-3 percent hidden exchange fee that your bank charges on foreign ATM withdrawals. Simply load up your Sears card with cash and then do cash advances. You will find that you get more money. You do have to load up the card, otherwise you will pay daily interest on the cash advance. You pay 1 percent fee to a max of $5. on each ATM withdrawal. We typically withdraw $700. Works out to a saving of about $20. on each ATM withdrawal over what we would pay on our Royal Bank or CIBC foreign ATM withdrawals.

 

We recently returned from three months of travel. We saved just under $600. in bank charges by using this card. Just one of the ways that we have severely reduced our bank fees since retirement.

Edited May 14, 2015 by iancal

[kraft111]

Before I went to Ireland last fall I did a ton of research on various ways to get money and this is what I came up with. Worked perfectly, and I'll do the same in Canada/Alaska:

 

My existing CapitalOne card doesn't charge any exchange fee or transaction fee, so I used it whenever possible. We did also get a chip and pin card with no fees since those are more standard in Europe, but I probably won't bother with it for Canada.

 

You can open a Charles Schwab checking account and use their ATM card at any ATM with no fees from Schwab. In addition, if any other ATM charges you a fee, Schwab will reimburse it at the end of the month.

 

We transferred enough money to cover cash expenditures into the Schwab account and pulled out money from an ATM whenever we needed it. If credit cards were accepted, we used that instead. Total cost in exchange fees and transaction fees for both cash and credit was $0 and I converted NO money to Euros before I left. It can be a pain to open up a bunch of accounts just for stuff like this, but if you plan to travel internationally much, it's totally worth it. We never had more than about 100 Euro at any time, and when the trip was winding down, we paid cash whenever we could. Anything left over was spent at the airport. On my cruise next year I'll be spending a couple of days in Vancouver, so I'll just take money out when I need it, exactly the way I would in the States. Another bonus is that the Schwab account is used ONLY for travel, so if it were to get lost or stolen, the only money at risk is the amount I transferred, not all of the money in my checking account.

 

Sorry, I know that was long, but it's the kind of thing I obsessed over last year and maybe it can help someone now.

[holacanada]

1,00 $ us = 83,18 $ cnd

[sail7seas]

1,00 $ us = 83,18 $ cnd

 

Is that close of business today?