ducklite Posted August 26, 2012 #26 Share Posted August 26, 2012 Part of the issue of foreign currency in the US is that many banks don't belive that is real money. Some think it is play money. Not really the case. They know what it is (just like they know Euro's), they just don't want to be bothered to exchange it. Some near the borders will, but the rate isn't favorable. Best to just withdraw what you need from an ATM. Link to comment Share on other sites More sharing options...
Kamloops50 Posted August 26, 2012 #27 Share Posted August 26, 2012 A lot of Canadian business accept USD . Currently most do it at par . When we buy/sell USD we pay or lose about 6% on the value of the USD. if we buy (Exchange Rate $1 USD = $1 CDN )we pay $1.03CDN for each USD. If we sell we get $.97 for each USD . Some exchange charges can be as high as 6%. Link to comment Share on other sites More sharing options...
operabob Posted August 26, 2012 #28 Share Posted August 26, 2012 A lot of Canadian business accept USD . Currently most do it at par .When we buy/sell USD we pay or lose about 6% on the value of the USD. if we buy (Exchange Rate $1 USD = $1 CDN )we pay $1.03CDN for each USD. If we sell we get $.97 for each USD . Some exchange charges can be as high as 6%. Kam, Consider opening an ING $US account then linking it with your regular bank $US account thus: Canadian Bank ==> ING Canadian ==> ING $US ==> Canadian Bank $US account. ING gives a better rate than Canadian banks on exchange so I cut my costs in half. I also use a BMO $US credit card. It's free if you charge at least $1,000 US a year. Then I watch which way the exchange rates are going. Many websites, for example hotel/travel sites adjust values daily based on exchange rates. If our dollar has fallen from when I bought $US through ING I'll charge to my $US credit card. Saves a bundle. PS: I write for a Canadian financial magazine. Link to comment Share on other sites More sharing options...
Rare 3rdGenCunarder Posted August 27, 2012 #29 Share Posted August 27, 2012 Just wondering if US retailers would take Canadian dollars, as I would prefer not to get US$ on trips to the United States. Reality: Some Canadian locations may take US$ because so many American tourists think the US$ should be accepted worldwide, while almost NO American retailer will even consider taking any foreign currency (including Canadian dollars). You're right. Except possibly for some businesses areas near the border, US businesses don't take Canadian money. (There is that Costco in Washington that is being plundered by Canadians! :D) I agree with ducklite. I think it's rude to assume businesses in other countries will accept US dollars, especially when our own stores and restaurants are so unwilling to accept foreign money. We were in Amsterdam on a river cruise, and overheard another passenger complaining that a shop wouldn't take her US money. Just made me cringe. Link to comment Share on other sites More sharing options...
Putterdude Posted August 27, 2012 #30 Share Posted August 27, 2012 I don't think it is at all rude to use or expect to use the $US in Canada, it is entirely up to the retailer or service provider to accept on not accept it. In the past year I have learned that the Canadian Post Office will accept $US as will our BC Government Liquor Stores and both have a program in the cash registers that accounts for the exchange...obviously in their favour and you will get you change in $CDN. In Vancouver and Victoria the $US is very widely accepted in fact the only place that I know that is not accepted is on public transit.:) Link to comment Share on other sites More sharing options...
operabob Posted August 27, 2012 #31 Share Posted August 27, 2012 Putter, Agree fully with you. I also don't think it's rude to use $US here. It's still the world's reserve currency. The Chinese economy might be taking off but I can tell you when we were there a year and half ago all the merchants preferred $US to the renminbi. Link to comment Share on other sites More sharing options...
Lulu51 Posted August 27, 2012 #32 Share Posted August 27, 2012 A cab driver might be hesitant to accept US money. As you are now aware the dollars are almost on par, so majority Tax/Tour operators take $US also the majority have portable credit/debit machines. The odd independent may not so to be on the safe side ask before you get in and if not take the next cab. As Maryann says it is polite to have some local currency when visiting another country. Link to comment Share on other sites More sharing options...
Casino Player Posted August 27, 2012 #33 Share Posted August 27, 2012 We are going to St John and Halifax, do we need to get Canadian dollars or will they accept US? HHHHHEEEEELLLLLLLLLLOOOOO lb0103: Most businesses in tourist areas will accept dollars on an even exchange rate. However, if you would like to get Canadian money there are lots of banks where you could do it at. Or you could exchange at the Hotel/Casino of Nova Scotia. In St. John, there are lots of banks that could do it. Link to comment Share on other sites More sharing options...
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