Currency exchange? (credit card, how much, to buy) - Canada - City-Data Forum

Bohdi1 · 05-31-2009, 08:56 PM

We will be in Detroit this summer and plan on taking a quick run into Canada to look around. We will do some shopping and will obviously want to eat. Do I need to or is it recommended that I exchange USD to CAD before going or are US dollars accepted?

dougie86 · 05-31-2009, 09:18 PM

You can change your US$ here in Canada at the money exchangers and banks for better rate than in US.
Some shops and restaurants might accept US$, but would you be willing to accept a less favorable rate?
Not sure how much the rate is now - perhaps C$1 - US0.91 ?!?

Acajack · 06-01-2009, 12:33 PM

Don't forget your passports either. As of today, they are pretty much mandatory for travelling between the U.S. and Canada.

You probably should check this out if you are really keen on crossing the border when you're in Detroit.

Cornerguy1 · 06-01-2009, 03:22 PM

If you're just doing a limited amount of spending, why not just use your US-based MasterCard or Visa?

Robynator · 06-01-2009, 06:51 PM

When you pay with US dollars in Canada, your change is always given to you in Canadian dollars. Stores make up their own exchange rates so while I'm sure the majority of stores do take American dollars as a courtesy to American visitors, it's not necessarily the best method of paying as you're never going to get the best exchange rate doing it that way. In addition, any machines that take coins (parking meters, vending machines, bus coin boxes, etc.) will only accept Canadian coins. A note about US coins - they're taken at par (as if they're Canadian coins).

My suggestion is to either use your credit cards exclusively, or if you need Canadian cash, withdraw some with your debit card at a bank machine - your funds will withdraw into Canadian dollars at whatever your bank's exchange rate is that day.

Bohdi1 · 06-02-2009, 03:05 AM

Thanks to you all on the feedback/suggestions. Very helpful. The only other time I had been to Canada was to buy minos(?) while on a fishing trip and I was busy following a fox down the shore line and was not the one who payed. Thanks again.

AlfredB1979 · 06-05-2009, 09:45 PM

The exchange rate is about 1.02 USD/1.00 CAN now.

Yes, it has tumbled that much since last week.

Future Trooper · 06-05-2009, 09:48 PM

Wow so for now the Canadian Dollar is worth more than the US dollar?? That has got to be one of the rare moments in history where that has happened.

dougie86 · 06-05-2009, 11:15 PM

Quote:

Originally Posted by gdude

Wow so for now the Canadian Dollar is worth more than the US dollar?? That has got to be one of the rare moments in history where that has happened.

Not yet. Current rate is C$1 = 0.893535 US cents
[Live rates at 2009.06.06 05:10:38 UTC]

However on 11 July 1864, C$1 = US$ 2.78

kotis · 06-07-2009, 06:43 PM

I'm in Vancouver, and around here you would be given an awful exchange rate! It's doesn't really matter what the actual exchange is, restaurants especially will quite often charge you at par.
And unless you want to end up with a pocketful of Canadian change, you're better off to just use a credit card.
A Canadian bank will give a very good exchange though.