Best Way to Buy Canadian Dollars

I got CA money from a bank in Kalispell before crossing. It's been my experience that most places in Canada will take American dollars, but they treat it like Canadian loonies and don't give you any exchange rate diff. IOW, you buy a hamburger for a loonie and give them a dollar and they don't give you anything in change, even if the exchange rate is lower for the loonie.

At the time, the rate was .93 loonie to dollar. The bank gave me .97 exchange.

I thought that was a big ripoff, but not sure of any better way to do it. They were nice enough to not charge me a bank fee, even though I wasn't a member.

My bank charges a fee for using my debit card in Canada. Feels like a ripoff all around to me.

I still have about $250 in loonies and I guess I'll have to go back up there to spend it so I avoid the exchange hassle (j/K).

I found a credit union in Canada that "bought" my American currency at a favorable exchange rate. There was no conversion fee, compared to previously doing the same at a Canadian bank, and paying a service fee.

I don't know if all credit union do the same, this was just one I found randomly nearest my location while messing with my Garmin navigator.

Some banks do charge a foreign transaction fee. Check with your bank!

pugslyyy wrote:

sch911 wrote:

Fizz wrote:
Go to the first Walmart you see after crossing, buy something and get cash. This will keep you till you find an ATM.

X 2

Use your debit card and get cash back at checkout...

Does the debit card charge you a foreign transaction fee?

Walmart will not charge a fee BUT you will still be on the receiving end of a difference between the Actual Exchange Rate, the BUY Rate and the SELL Rate.

sch911 wrote:

Fizz wrote:
Go to the first Walmart you see after crossing, buy something and get cash. This will keep you till you find an ATM.

X 2

Use your debit card and get cash back at checkout...

Does the debit card charge you a foreign transaction fee?

Fizz wrote:
Go to the first Walmart you see after crossing, buy something and get cash. This will keep you till you find an ATM.

X 2

Use your debit card and get cash back at checkout...

Go to the first Walmart you see after crossing, buy something and get cash. This will keep you till you find an ATM.

Easiest way is to use an ATM, that's what we do the other way around when we are in the US. We also do about 80% of our purchases using credit cards for the convenience.

In my experience:

Best Way: Canadian Bank in person

Worst Way: US Bank.

Rate for large purchases and general guide: http://www.bankofcanada.ca/rates/exchange/

:C