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I would like to know what would make more sense. Should I bring US dollars to Canada and exchange it in Canada or should I not bring any cash and withdraw whatever cash I need for my trip in a Canadian ATM with my chase ATM card? Not sure which comes out better financially. Thanks for ur help.
I would like to know what would make more sense. Should I bring US dollars to Canada and exchange it in Canada or should I not bring any cash and withdraw whatever cash I need for my trip in a Canadian ATM with my chase ATM card? Not sure which comes out better financially. Thanks for ur help.
I think, the best option would be bringing Canadian dollars.
Bringing US dollars and exchanging in Canada would still be a better option than withdrawing Canadian from an ATM in Canada, as this way you will pay both currency exchange fees and banking fees for using Canadian ATM.
I think, the best option would be bringing Canadian dollars.
Bringing US dollars and exchanging in Canada would still be a better option than withdrawing Canadian from an ATM in Canada, as this way you will pay both currency exchange fees and banking fees for using Canadian ATM.
How would I bring Canadian Dollars? Is there a place to exchange US money to Canadian money in NY? I thought it works out less expensive if the US money is exchanged in Canada.
How would I bring Canadian Dollars? Is there a place to exchange US money to Canadian money in NY? I thought it works out less expensive if the US money is exchanged in Canada.
You can ask in your local bank in NY. You need to order Canadian dollars some time ahead of your trip, though. Maybe a week or two before you travel. I doubt, you'll get Canadian at the same day. I tried it in a citibank branch in NYC and they told me it would take a week or two, as the bank didn't have them in the branch I went.
You'll pay foreign exchange fees anyway, be it in the US or in Canada, either you're buying Canadian in a NY bank or bringing US dollar and exchanging to Canadian in Canada. There is no way to avoid it. I doubt, foreign exchange fees would be lower in Canada than in the US, though. How much do you want to exchange? The difference in foreign exhange fees in the US and Canada on a particular amount may not be worth getting into trouble of ordering Canadian dollars in your local bank in NY. You can as well just travel with US dollars and exchange in Canada.
In any case, withdrawing Canadian at a Canadian ATM using your US banking card would be the most expensive option.
Last edited by movingwiththewind; 05-15-2013 at 09:41 AM..
-You can order Canadian money at your local bank. It takes time as they ship it in
-Depending where you cross there may be a Duty Free store at the border. They usually have a Currency Exchange within
-Some US banks have ATM alliances with Canadian Banks. For example I can withdraw money from any Canadian Scotiabank using my Bank of America card and it is treated like i'm using a BoA ATM. No fees whatsoever and the exchange rate is decent. This is my preferred method. If I use any other Canadian ATM I pay around $10 in fees for every withdrawal.
-You can walk into most Canadian banks and ask to exchange your USD to CAD. Most will do this even for non-customers
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-Some US banks have ATM alliances with Canadian Banks. For example I can withdraw money from any Canadian Scotiabank using my Bank of America card and it is treated like i'm using a BoA ATM. No fees whatsoever and the exchange rate is decent. This is my preferred method.
This is the best way. Most of my friends do that.
In case you want to have some cash in hand, don't exchange at the banks. Go for the currency exchanges as they offer better rate. Banks are expensive.
And avoid doing it at the airport at all costs. They are huge ripoffs.
Also I suggest only get a moderate amount of CAD that you know will be absolutely necessary, and use your credit card as much as you can. The thing with forex is that although you get better rate by exchanging for some CAD, most likely you won't be able to use it all and then you are stuck with $200CAD you won't need for a very long time. If you change it back to USD, you lose money again.
You get a better rate exchanging USD in Canada than you will in the states, but depending on the amount of cash it may make little difference.
Every traveller does it slightly differently depending on how they are arriving. If by air and plan to take a taxi to you hotel, your credit card should do. In Vancouver, and I'm sure elsewhere in Canada cabs take credit cards. Once in Canada the usual advice is take out cash from an ATM's for small purchases and credit card for large ones.
If by car you may want a little cash to bring along, although some places still take US dollars some don't. For instance the large Hudson's Bay department store no longer accepts US cash, as does my local corner store. So don't count on it.
The first thing though is check with Chase and see what fee's they charge for using an ATM in Canada and what foreign use fees they charge for a credit card. Credit cards are considered the cheapest way to go for most purchases. You should also ask if they have any agreements with a bank in Canada as to save you at least one of the ATM fees. You usually get hit twice, one from your bank and one from the bank in Canada. Canadian banks ATM fees are usually $1.50 to $2.00 per transaction. This is for the major banks and credit unions. DO NOT USE INDEPENDENT ATM'S, they charge more. US banks fees can be $3.00 to $5.00 per transaction.
If you do decide to exchange US cash to Canadian, the advice may depend on where in Canada you are. In Vancouver the advice to go to a currency exchange place that is not part of a bank is a bad one. They are more expensive than banks with poor exchange rates and or additional fees. With ONE exception. Vancouver Bullion is a reputable exchange with no fees and better rates than anywhere in the city.
If you find CHASE has no agreements with a bank in Canada for reduced charges and if you have time before you go, why not open an account at TD in the states? TD is a Canadian bank and you can use your TD ATM card in Canada at any TD and save on charges as well. Talk to them first of course to get the full scoop since there still will be some charge I'm sure.
A little more detail on where you are going in Canada and for how long and what you plan to use your cards for will help with a better answer.
I always exchange my money from Canadian to American at the duty free store. They seem to have as good an exchange rate as anyone. I exchange my leftover USD back to Canadian on my way home.
You should probably send it to me because I know this guy.. best rates in town.
So yeah, just send it to me.
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