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Old 06-13-2012, 07:48 PM
 
Location: The Chatterdome in La La Land, CaliFUNia
37,710 posts, read 11,673,146 times
Reputation: 33986
Default Do Toronto merchants accept US Currency?

You guys are so helpful. I have another question: Do merchants in Toronto and Niagara Falls accept US currency? If not, what are some suggestions for converting my currency to get the best deal on exchanging fees? My credit card carrier will charge a 3.5 international transaction fee so I'm trying to figure out the best way to deal with money while I'm visiting Toronto in a few short weeks. Thank you
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Old 06-13-2012, 09:46 PM
 
Location: Ontario
318 posts, read 344,516 times
Reputation: 256
Yes, they will take U.S. pretty much wherever you go. I have used it in Toronto and surrounding areas. Sometimes you will get an annoyed look or a joke about monopoly money but they will take it, they are used to it.
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Old 06-13-2012, 10:34 PM
 
232 posts, read 282,998 times
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It would be much safer and less of a hassle if you exchanged your currency before going to TO.
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Old 06-14-2012, 07:34 AM
 
Location: WNY
831 posts, read 1,008,522 times
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You may get some poor exchange rates by doing it that way.
The airport will have a currency exchange desk or use your bank card at a bank machine. It will dispense canadian money and your bank will work out the exchange.

2 tips
Let your bank and credit card companies know you are going and when. They will put a foreign travel advisory alert on your cards. If you don't transactions might get declined. This is done to prevent fraud..

While talking to your bank see if they have an ATM alliance.. For example when i go to Canada if i use my bank of america card at any Scotiabank ATM it's just like i'm using my own atm. I don't pay any transaction fees. If i use any other bank I pay 3 fees.. One from the machine for not being their customer . one from BoA for using a non-BoA machine and a $5 BoA international fee
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Old 06-14-2012, 10:25 AM
 
Location: The Chatterdome in La La Land, CaliFUNia
37,710 posts, read 11,673,146 times
Reputation: 33986
Quote:
Originally Posted by marc3565 View Post
You may get some poor exchange rates by doing it that way.
The airport will have a currency exchange desk or use your bank card at a bank machine. It will dispense canadian money and your bank will work out the exchange.

2 tips
Let your bank and credit card companies know you are going and when. They will put a foreign travel advisory alert on your cards. If you don't transactions might get declined. This is done to prevent fraud..

While talking to your bank see if they have an ATM alliance.. For example when i go to Canada if i use my bank of america card at any Scotiabank ATM it's just like i'm using my own atm. I don't pay any transaction fees. If i use any other bank I pay 3 fees.. One from the machine for not being their customer . one from BoA for using a non-BoA machine and a $5 BoA international fee
Thanks for the advice ... Especially about the ATM alliance tip .... Hopefully, Chase has an alliance with at least one Canadian bank.
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Old 06-14-2012, 03:21 PM
 
Location: Virginia Beach, VA
65 posts, read 67,490 times
Reputation: 34
I'm from U.S and wondering about the same thing about money situations. Heading to Canada also in a few weeks, depending. However, I'll be driving past Toronto to Belleville, Ontario. Anyways, what kinds of places, stores, etc... does exchange U.S dollars to Canadian money? Curiousity, does Canada have Navy Federal banks around?
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Old 06-14-2012, 03:42 PM
 
282 posts, read 340,722 times
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When I'm in Toronto--as I am a few times each year--I always stop at a bank machine and get cash. This seems to be the best rate of exchange. Scotiabank seems to be the best option for me.

Of course, you should look at the symbols on your card and on the bank machine to make sure the two are compatible.
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Old 06-14-2012, 06:01 PM
 
Location: The Chatterdome in La La Land, CaliFUNia
37,710 posts, read 11,673,146 times
Reputation: 33986
Quote:
Originally Posted by YtownGuy View Post
When I'm in Toronto--as I am a few times each year--I always stop at a bank machine and get cash. This seems to be the best rate of exchange. Scotiabank seems to be the best option for me.

Of course, you should look at the symbols on your card and on the bank machine to make sure the two are compatible.
Yeah ... I need to research this further ... I already know that my bank does not have any alliances with any of the banks in Canada so if I were to withdraw money at a Canadian bank/ATM, I'd pay 3% plus $5 for each transaction ... I was planning on getting some currency before I leave but I may wind up having to pay this should I need additional money *sigh* Of course, my credit card has the 3% charge plus any interest that accrues from the transaction. Looks like no matter how I slice it, I will be hit with international fees. Goodness gracias!
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Old 06-14-2012, 06:52 PM
 
Location: The heart of Cascadia
1,329 posts, read 1,227,450 times
Reputation: 746
Yeah I'm glad I have a Bank of America account ... Scotiabank makes getting cash in Canada so easy!
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Old 06-14-2012, 07:25 PM
 
Location: Virginia Beach, VA
65 posts, read 67,490 times
Reputation: 34
Banks finds ways to screw us one way or another, lol
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