Hi Gail,

Most places will accept it however you will not get an at par exchange they will most always charge you and they will not give you a great rate. Your best bet is to exchange your $ at a bank or exchange bureau and use CAD$ as you make your purchases....or a credit card, as their rates aren't too bad.

Layla

Is it better to exchange money at a bank/exchange bureau than to use an ATM? For trips to Europe, everyone advises using ATM's for the best rate. Is that not true in Canada?

Thanks - we will be in Vancouver for 2 days after a cruise and in Toronto in September. Although we use credit cards, we always like to have a little local currency on arrival. Fortunately, the local bank will exchange for us at current rate without fee for customers - so one more thing to add to my list.

Even if your US dollars are accepted, your change back will be in Canadian currency.

I've always used my ATM to get cash and pay for hotel rooms, etc. I'll check ScotiaBank online for the branch nearest to my first hotel of the trip and make sure I get enough cash to last several days. Then I can relax and get more later when it's convenient.

What are the fees when using an ATM in Canada ?
And credit cards - do fees vary by credit card company?
Thanks!

There are two types of fees--those charged by the owner of the ATM you are using (either a Canadian bank or a private operator) and those charged by your home bank. The "private operators" generally operate ATMS in convenience stores and other similar locations and charge more than the banks. You should avoid these machines.

This website will show you the fees charged in Canada, but you will have to contact your own bank to find out what they will charge for the transaction. Some have arrangements with Canadian banks (e.g. Bank of America and Scotiabank) and you can withdraw funds without charge.

http://www.fcac-acfc.gc.ca/eng/consumers/BankInsurance/ABMFees/ABMFeesInfo_1_e.asp

As for credit cards, that's up to your own credit card company, but you will also be charged the "convenience fee" when using a Canadian ATM, unless your issuer has an arrangement such as the Bank of America and Scotiabank alliance.

Laverendrye--thanks so much for the tip about Bank of America and Scotiabank. I just ordered ATM cards for our account. I would never had known that we could avoid fees had it not been for your post.

Sometimes it's just cheaper to pay a merchant in US dollars, even if it is not a great rate. Many banks will charge a $5 service fee to exchange US dollars at the counter if you are not a customer there. Currency exchange offices sometimes charge an additional fee, sometimes just bury their fee in the exchange rate.

With the proliferation of ATM machines everywhere, I would not pay a mercahnt in US$, but rather just withdraw an amount in $CDN from ATM and use for small purchases, perhaps use credit card for larger ones.

I see no need to exchange currencies at a bank or currency exchange bureau. The best rate you will get will be via ATM.