Cheapest place to buy cash in Canada?

[GordonThree]

Crossing the border in a few weeks... where is the most economical place to buy some Canadian currency?

Last time I was there, I just stopped at a random bank that was easy to get into with my rig. I think it cost me $25 to buy $500 in cash. That's less expensive than buying Euros, but still seemed kind of high.

Are there credit unions or different brands of banks that charge lower fees? I found an ATM in Banff of all places that charged a flat $2 fee, and no fee from my bank... but I didn't want a billfold full of twenties, so I only withdrew a few hundred.

Is it cheaper to buy some distance from the border, rather than the first bank you see right at the crossing?

I asked about buying currency at my local bank, and they acted like I wanted a ticket to the moon or something.

[atreis]

As others have said - use a credit card. If you need cash, just withdraw it from an ATM. Be sure and call your credit card company and bank and let them know the dates of your trip so that they don't block use of your card (thinking the activity is fraudulent).

[robanddi]

My husband and I CHARGE everything we can and thus shop for the cheapest foreign transaction fee; our new BofA WITH A CHIP has zero foreign conversion fee. Will have to see how their exchange rate pans out. Note: Getting a credit card with a chip is important for both Canada and Europe; glad we could finally find one!

For carrying around cash we have used ATM for years. For the convenience (they are everywhere and open 24 hours a day), the fees are generally reasonable (but I do check what they are and have refused to get money at some). We generally make as few withdrawals as practical but don't like to carry around large amounts of cash. (LOL for us that means over $500.)

Bottom line: Do your homework on cards you already have and then check to see if there is something better out there. What works well for one person may not be comfortable for you.

Diann

[free_radical]

GordonThree wrote:
A travel habit I picked up from my father I guess... his problem solving solution was to carry a lot of cash... and the Canadian border guards always ask me if I have "enough cash"... not sure if it's a serious question, or they're being insulting, one guard made me reveal all my cash hiding spots to him so he could count the bills... what a pain in the ass, maybe he was fishing for a donation.
e!

They asked me the same thing when entering MIchigan,from Canada,,checked my pockets wallet and everything in truck,,I figured that their biggest fear is that an outsider might be short of money and would have to do some work to earn some..

[free_radical]

GordonThree wrote:

dieharder wrote:
Shop at Wal-Mart and use cash back. You'll get whatever your bank exchange rate is without some additional fee for using an ATM that isn't your bank.

But I'll have to pay the CC company its fee, which is often times more than the bank's fee.

No way to escape the fees, I'll do what I did last time, pull into the bank with the biggest parking lot 🙂

I avoid paying CC fees by simply paying it next day by transferring money from my savings account and doing it all online..
:W

[chevor]

I use Duty Free

[bsinmich]

I just make a cash withdrawal at a credit union ATM and get current rate with no extra fees.

[JohnQ]

Provincial Liquior Stores, you get that hour's exchange rate, and they do it cheerfully (my experiences) without even buying anything.

[GordonThree]

dieharder wrote:
Shop at Wal-Mart and use cash back. You'll get whatever your bank exchange rate is without some additional fee for using an ATM that isn't your bank.

But I'll have to pay the CC company its fee, which is often times more than the bank's fee.

No way to escape the fees, I'll do what I did last time, pull into the bank with the biggest parking lot 🙂

[dieharder]

Shop at Wal-Mart and use cash back. You'll get whatever your bank exchange rate is without some additional fee for using an ATM that isn't your bank.

[dcason]

We use TD bank in NY and TD Banks in Canada...smooth and no fees...works for us where we go...newfoundland. We can get $720 per hit at the atm.

[63-Coupe]

General rule of thumb at Canadian banks for buying or selling U.S. dollars is the exchange rate of the day + 2.5% service charge.

[loggenrock]

GordonThree - you a member of AAA? I know they will get Cdn $ for you. I usually stop at a Canadian bank and just do a withdrawl from the ATM. After that I get cash back whenever I buy something at a store using a credit card. ST

[GordonThree]

A travel habit I picked up from my father I guess... his problem solving solution was to carry a lot of cash... and the Canadian border guards always ask me if I have "enough cash"... not sure if it's a serious question, or they're being insulting, one guard made me reveal all my cash hiding spots to him so he could count the bills... what a pain in the ass, maybe he was fishing for a donation.

I suppose if it's a serious problem, Ben Franklin can solve it on his own without help from Robert Borden.

Thanks for the input everyone!

[obgraham]

I just use the ATM. For what, a 3 buck fee I'm gonna chase all over town looking for foreign currency? No thanks. And just keep the leftovers for the next time.

However, last trip I handed a clerk a Canadian paper $1 I'd found laying around. She thought it was fake!