money exchange?

[lilli]

We are spending two days in Vancouver before a July alaska cruise. what will be the most economical way to spend money--i.e should we just bring cash and exchange it? or should we use credit cards?

Where is the best place to exchange cash?

Thanks, Lilli

[tomko2]

I would suggest you use a credit card for the most part (don't forget to notify your credit card company where you will be so they don't block your card); withdraw a small amount of cash from an ATM in Vancouver for incidentals or go to your local back and request a certain amount of Canadian funds, e.g. $100.00 (in smaller bills).

Kathy:)

[Putterdude]

I agree with the OP but you may wish to check with your bank re credit card fees that they may charge you when using your credit card out of the US. From personal experience I can tell you that Bank of America charges $2.50 per transaction and that is over and above exchange and hidden fees. You will actually find that most merchants and services in Vancouver will accept US cash but don't expect any exchange on it. As of today the US dollar is about 1.5 cents higher than the Canadian dollar.

[lilli]

thanks for the input...is the exchange rate similar between the airport and banks? I think when I was in Toronto a couple years ago, I just exchanged at the airport to have it done. I just can't see spending $2 or 3 bucks extra to use my card if it is for small purchases.

[Putterdude]

thanks for the input...is the exchange rate similar between the airport and banks? I think when I was in Toronto a couple years ago, I just exchanged at the airport to have it done. I just can't see spending $2 or 3 bucks extra to use my card if it is for small purchases.

 

Often the currency exchanges have better rates than the banks but that can vary from exchange to exchange. I had a more definitive answer but that is the way it is. If you are flying into Vancouver, there is both a CE and a bank there.... just check who has the best rate and with the CE ask if they have a service or transaction fee.

[Ephraim]

Capital One has the best foreign currency policy on credit cards.

 

Ask your bank for their correspondent bank in Canada for ATM use. Many have agreements with a specific Canadian bank of ATM fees, so you won't have to pay any.

 

Don't bother exchanging for CAD in the US, you will get an awful rate since most banks don't stock it and will have to order it for you and charge you a fee for that.

 

Check the bank's rate for cash (and if they have fees) and a currency exchange. I haven't found a reasonable currency exchange place in an airport, yet in all my years of travel, they always have the worst rates at the airport.

[Ephraim]

Capital One has the best foreign currency policy on credit cards.

 

Ask your bank for their correspondent bank in Canada for ATM use. Many have agreements with a specific Canadian bank of ATM fees, so you won't have to pay any.

 

Don't bother exchanging for CAD in the US, you will get an awful rate since most banks don't stock it and will have to order it for you and charge you a fee for that.

 

Check the bank's rate for cash (and if they have fees) and a currency exchange. I haven't found a reasonable currency exchange place in an airport, yet in all my years of travel, they always have the worst rates at the airport.

[RCCLismyfav1]

Please tell me if I'm wrong:)

I checked yesterdays paper and Cad currency is running about the same as US money rate so if the rate stays about the same why even make the exchange? There's only a couple of cents difference, also I checked with my CC companies and both change 3% of the purchase to charge anything out of the USA.

SO If I'm thinking correctly:p why even bother and it would be cheaper to just pay with US currency right or wrong?

[Urban trekker]

There is nothing wrong with your logic - keep in mind that you will get Canadian funds in your change and not all businesses will necessarily want to accept US $$$ - ask yourself this - if the $$$ are equal would a merchant in NYC accept my Canadian $$$.

 

There is no legal requirement for anyone to accept US $$$ in Canada. So just be prepared for someone to say no.

 

Cheers

 

Dennis

[Putterdude]

I agree with Ut, most of the merchants and services in Vancouver will accept US money, however don't expect any echange. As of this morning the US dollar is worth about 1.5 cents more than the CDN dollar. You may want to consider going to a bank once in Canada and using your ATM card to get some Canadian money which would eliminate the risk in the event a merchant says no to the US cash.

[PennyAgain]

Often the merchants you say a fast 'yes' to US dollars, are charging tourist 'special' prices.

 

It's Canada! Use Canadian money!

[RCCLismyfav1]

There is nothing wrong with your logic - keep in mind that you will get Canadian funds in your change and not all businesses will necessarily want to accept US $$$ - ask yourself this - if the $$$ are equal would a merchant in NYC accept my Canadian $$$.

 

There is no legal requirement for anyone to accept US $$$ in Canada. So just be prepared for someone to say no.

 

Cheers

 

Dennis

 

Thank you and honetly I really didn't think if it that way but from what I've read on these boards everyone states that most business accept US currency and since the exchange (right now) is not much difference I was just weighing the pros and cons and the hassel of going and getting exchange.

[cruiseryyc]

Think of it this way - you use US$ because you don't want the hassle and cost of exchanging it at a bank. However the person you give it to in Canada now has to go through the hassle of exchanging it and perhaps not getting a great rate.

 

You are visiting a different country - use their currency.

[RCCLismyfav1]

Well excuse me for being maybe not so snide but I too own a business and IMO if I want to do business and CAN accept the money KNOWING what the currency is at the time which I keep up with why is it so hard for a business owner to accept American money? Yes they will have to have it exchanged but I look at it this way they have more time to exchange it living in Canada than I do only being there a couple of days:rolleyes: . So before I buy I guess I will ask in advance, I think that would be my best bet.

Here in the USA at least in my neck of the woods if you are a business owner and want the business I know we bend as far as we can to make a purchase (any Purchase) as long as they pay for it a pleasant one. :)

 

I don't think I will have any trouble with the business we intend to visit

[cruiseryyc]

Sorry if you took my comment as being snide and I hate to disagree with you RCCL but as a Canadian, I have inadvertently tried to use CDN change in the states and it was refused. Not only was it refused but the CDN penny that was in the cash I handed over to the merchant, was literally thrown back at me. It would absolutely never occur to me to try and use CDN $ in the US.

[Putterdude]

In response to the previous two posts, the only resason that a merchant or service in Vancouver may be a bit reluctant to accept US money or surcharge it a bit is because they have to take the US money to their bank and go thru the process of exchanging it which takes a bit of time and the other is they have to pay exchange fees. However 99.7 of them will accept it.

 

To CuriserYYC, I agree that as you move into the States you do find a reluctance from merchants to accept Canadian money and many of us have had the experience you related. However many of the communities along the BC/WA border have enjoyed a special relationship for as long as I can remember (over 60 years now) and businesses certainly as far south as Seattle will generally accept the Loonie. For over 20 years we owned a weekend home in WA state and many of my Canadian neighbors there never carried anything but CDN cash.

[cruiseryyc]

Unfortunately I wasn't "into the states"; it happened immediately over the border crossing in Montana. I'm very glad for you that you've never experienced this and have been able to use CDN $ on your trips into the States.