Cash for Canada

Before I retired I managed several retail outlets. Our policy was accept US funds but at par, dollar for dollar. If you weren't happy with that use a card or obtain COIN OF THE REALM at a bank. People forget that as a business we are charged service fees for the bank to process out of country currency. The taking of US currency was done strictly as a courtesy.
When we travel we use the currency of the country we are in or their coin of the realm. I never cross into the US without some US money in my pocket and then use money I have placed in an American account we have set up with our bank and used an American debit/visa card. Solves all problems for us.

We can never figure out why anybody would go to a foreign country and expect to be able to use a currency that's not from that country.

Of course you often can, but you won't get good value for your money. We just can't figure why anybody would. Especially when ATM's exist all over the world and we've never experienced a poor exchange rate by using them.

www.travelwithkevinandruth.com

We always make a withdrawal from an ATM shortly after crossing. Fast, easy, and our bank doesn't charge much.

One thing to keep in mind: If you have primary and secondary accounts (multiple cecking/savings accounts) we've fond that the Canadian banks will generally only allow access to the primary account Checking and Savings accounts.

In any foreign country count yourself lucky if merchants accept your home currency. Most Canadian retailers will accept US funds but it's beyond any reasonable expectation for them to carry a separate float just in case a tourist wants to pay in US currency. In PEI many of the tourists will be Japanese (Anne of Green Gables fans). Should they keep a supply of yen as well?

I have heard of tourists complaining that when they put their American bank cards at ATM's that US funds didn't pop out. (my bank has a few ATM'S that will dispense US currency but these are few and far between)

We will be camping in Maine in a couple weeks. For most purchases we will use credit cards but we will bring US currency for smaller purchases and places that don't take debit / credit cards.

Having said all that I don't think you'll find a more welcoming and safe destination then Canada. Bring your US dollars and enjoy the slightly favourable exchange rate.

VE3ESN wrote:
US laws must have changed recently. We were in Lewiston, NY (a border town) recently, just about ready to return to Canada, and needed some US money to make a purchase in a place that didn't accept credit cards. So I went to two banks. The conversations were similar in both.

Me: "I'd like to exchange some Canadian money for some US money"
Teller: "Do you have an account here?"
Me: "No"
Teller: "Sorry, I can't do it unless you have an account"
Me: "I'm Canadian. Why would I have an account here?"
Teller: "Sorry. These are the rules."

I should have expanded my comments to say that Americans will be easily able to convert their US cash into Canadian at any Canadian chartered bank, if that's the route they choose. Pity that the reverse isn't true, based on our recent experience at two banks in a New York State border town.

Canadian Pennies are only in private collections.

Stores will not accept them. They began this in 2012 and lowered the boom in Feb, 2013 http://www.mint.ca/store/mint/learn/phasing-out-the-penny-6900002#.UcwpWJymW2o Our 34 million people were paying $11 mil/year to produce pennies.

C'est tout

Gone, gone, gone where being too costly to produce items all go. & we've been told US pennies should go the same way. Betcha you could find how many tax $ you're (yes, each and every you on here) spend a year for US pennies.

:)

When we lived in the Detroit area we would see Canadian change every day. Now that we have moved clear across the state of Mich. (200 miles) the stores don't even know what it is. Where do you find Canadian pennies today?

Wrong Lane wrote:
I would like to point out that when I shop in the states and pay with $CDN I am always given $USD for the change.

What happens when you do this in Canada or in the US is the exchange rate the retailer is using is applied to the value of the bill you are using to pay with, not just the transaction. For example if you use a twenty to pay for a three dollar purchase you are charged the exchange on the twenty, then the transaction is calculated, then you get your change.

GEEEEEEEEEEEEEEEEEEE, that can't be right it is just too simple and logical!!!!!!!!!!!!!!!!!!!!!!!:S

Re. ATMs, if you use the ATM for your bank what many of you say is true.

But if the ATM is for any other organization, you get charged a user fee.

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Re. Maritimes, NB, PEI, NS, NOT with Newfoundland & Labrador.

Newfoundlanders and Labradorians want you and every one to say Atlantic Canada

;)

I would like to point out that when I shop in the states and pay with $CDN I am always given $USD for the change.

What happens when you do this in Canada or in the US is the exchange rate the retailer is using is applied to the value of the bill you are using to pay with, not just the transaction. For example if you use a twenty to pay for a three dollar purchase you are charged the exchange on the twenty, then the transaction is calculated, then you get your change.