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As somebody who has experience working retail in down-town Halifax, I'd like to point out that a lot of people consider the assumption that we, in this foreign nation, will automatically accept American dollars, fairly obnoxious. That said, a lot of places in Halifax do accept American money, especially in touristy areas, but it is always polite to ask. I would never dream of just assuming that my Canadian money would be accepted anywhere in the United States, even in a border town.
Which currency has more value at the moment in Canada? I keep reading lots of different stories about the devaluing of the dollar to the point where it's going bust at an alarming rate.
Which currency has more value at the moment in Canada? I keep reading lots of different stories about the devaluing of the dollar to the point where it's going bust at an alarming rate.
the Canadian dollar is and has been higher for some time now but the situation, as cornerguy has stated, becomes murky when those retail outlets have to deposit that money into the "native' currency as we all should know by now banks and other financial institutions DO NOT exist to operate as a non-profit org. They provide a service but charge your for it.
Retail outlets should tell you simply: we have to pay a fee above and beyond the differential of exchange to deposit this money so we will "pass" that charge on to you. We also do not calculate that charge on a continuous rolling basis but simply allow for the last additional expense we were faced with when performing a similar transaction with our bank.
"They will rip you off" could perhaps be accurate in some cases but, I suspect it is more accurate to assume the restaurant or clothing store is simply not going to call their bank to determine the exact current change rate, plus transaction fee and perform this exercise while allowing you to listen-in to verify their veracity.
the Canadian dollar is and has been higher for some time now but the situation, as cornerguy has stated, becomes murky when those retail outlets have to deposit that money into the "native' currency as we all should know by now banks and other financial institutions DO NOT exist to operate as a non-profit org. They provide a service but charge your for it.
Retail outlets should tell you simply: we have to pay a fee above and beyond the differential of exchange to deposit this money so we will "pass" that charge on to you. We also do not calculate that charge on a continuous rolling basis but simply allow for the last additional expense we were faced with when performing a similar transaction with our bank.
"They will rip you off" could perhaps be accurate in some cases but, I suspect it is more accurate to assume the restaurant or clothing store is simply not going to call their bank to determine the exact current change rate, plus transaction fee and perform this exercise while allowing you to listen-in to verify their veracity.
Exactly. No matter how you look at it, no matter what country you go to (even if it's Canada) it's still a pain in the butt to have to take all of that foreign money down to the bank at the end of the day along with the local currency. If you get a bad exchange rate from a merchant in Canada, consider it a surcharge to cover a) the fee imposed on the merchant and anyone else who does a foreign currency exchange with a commercial bank and b) for inconveniencing the merchant by paying for his goods with a foreign currency.
Remember people - money (especially foreign money, and especially modern money that is not tied to any sort of metallic standard) is really only worth as much as what both buyer and seller agree that it is worth. Let's say the official exchange rate is 1.1 Canadian dollars for every 1 US dollar. There's really nothing stopping a merchant in Toronto from saying that a US dollar is only worth half a Canadian dollar. If you don't like it, either pay for his goods in Canadian dollars or take your money elsewhere. But there's no law that says he has to give you the official exchange rate. Ultimately, when dealing with foreign currencies, the money is only as good as the merchant thinks it is. He doesn't have to take your money.
Lots of merchants and shopkeepers around the world in various countries (not just Canada, but places overseas) will take US dollars for whatever reason, but don't ever expect as good of an exchange rate as what you would get at a commerical bank.
To be fair, the US dollar really isn't like any other currency on Earth - lots of currencies around the world are directly pegged to the US dollar. Hell, the Saudis won't even let you buy their crude oil in anything BUT American dollars. The US dollar is arguably the closest thing we have to a global currency. Still, for a lot of retailers and merchants in foreign countries (including Canada) there's still an extra hassle and cost when dealing with US dollars or any other foreign currency, so expect a bad exchange rate, if he will exchange the money for you at all.
in most cases yes however the canadian dollar is weaker (for now) so you will lose some money, how ever vise versa it will work out in your favor if you spend canadain dollars in america,
in most cases yes however the canadian dollar is weaker (for now) so you will lose some money, how ever vise versa it will work out in your favor if you spend canadain dollars in america,
The Canadian dollar is weaker??????
since when??? it's been above par for months .
I suspect very few places in Canada will accept American dollars anymore unless you throw in an extra nickle.
What kills me is the US won't accept Canadian dollars even though the Can buck is worth more. They should at least accept it at par then they could make a few cents off of it.
US is slow to adept to the change.
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