BS: Canadian vs. US $

Subject: Canadian vs. US $
From: GUEST
Date: 17 Jun 03 - 12:20 PM

I'll be travelling to Nova Scotia in the next few weeks and never can understand the "economic" stuff so here's my question: Should I exchange my US money for Canadian before I go? Will the Canadians welcome my US $'s? Should I use a credit card for purchases?
Any help will be appreciated!

Subject: RE: BS: Canadian vs. US $
From: Amos
Date: 17 Jun 03 - 01:13 PM

I've never had a problem using US$ in Canada. And any bank will sell you Canadian $ when you're there.

A

Subject: RE: BS: Canadian vs. US $
From: Wesley S
Date: 17 Jun 03 - 01:22 PM

When we were in Victoria I used a credit card for most purchases. Then the credit card company took care of the conversion when they billed us. It was pretty easy that way.

Subject: RE: BS: Canadian vs. US $
From: GUEST,JohnB
Date: 17 Jun 03 - 04:11 PM

Most tourist area stores in Canada will take your US$ and give you Can$ as change. Some post a sign with the rate they are using. Canadian Banks will also change currency. At some border crossings there is a "Money Changing" Business located quite close to the road, they probably don't offer the best rate in town though. There are cash machines in many places and Mastercard/Visa will do the exchange thing as well as someone said above.
Money talks, have a good trip, JohnB

Subject: RE: BS: Canadian vs. US $
From: GUEST
Date: 17 Jun 03 - 04:27 PM

Here's what I've done while traveling in Britain. (I'm from the US.) I assume the same procedure would work equally well in Canada, assuming you have a cash card.

Don't bother exchanging any money. Once you arrive at the airport in Canada, go straight to a cash machine (ATM) and withdraw the amount of money you'll need, or the amount you feel comfortable carrying. The ATM will issue Canadian dollars, and the amount will be deducted from your bank account in US dollars, and you will get a very favorable exchange rate, better than what you'd get if you took US dollars to a bank to have them converted. Just don't take out a lot more than you need, because whatever Canadian cash you have left over at the end of your trip will have to be converted back at a less favorable rate—but the less you have, the less it will cost.

I found that my Visa cash card could be used as easily in Britain as it was in the US, both to charge things like restaurant meals, and to withdraw cash.

If you have an unusual kind of card, you might want to ask your banker before you leave.

One word of advice: have a backup plan in case you lose your card. Remember that, if you lose your card, and have to cancel it, any other cards that are connected to the same account will be invalidated, too.

Subject: RE: BS: Canadian vs. US $
From: GUEST,Jim Dixon
Date: 17 Jun 03 - 04:28 PM

That was me. Sorry, I forgot I was working from a public computer sans cookie.

Subject: RE: BS: Canadian vs. US $
From: GUEST,Stilly River Sage
Date: 17 Jun 03 - 04:33 PM

I agree--use your VISA card and you'll get a much more favorable exchange rate.

Additionally, when I was last in Alberta and staying with family, my aunt had some kind of purchasing card that when presented along with a purchase, she got points toward airline travel, etc. I made my purchases (Hudson's Bay blankets for my kids) and she got points. If you're staying with someone who can benefit with this kind of program, you might be doing them a nice favor.

SRS

Subject: RE: BS: Canadian vs. US $
From: Bev and Jerry
Date: 17 Jun 03 - 05:32 PM

Jim Dixon has it exactly correct. Use a credit card for big purchases and a cash (ATM) card for cash. Both give excellent exchange rate and are very convenient. Always have a backup plan such as travellers cheques in case your card gets lost or eaten by a machine or the system is down or any one of a dozen other things that could (but won't) go wrong.

Bev and Jerry

Subject: RE: BS: Canadian vs. US $
From: Little Hawk
Date: 17 Jun 03 - 06:25 PM

One more thing to keep in mind...the US dollar has been declining in value against the Canadian dollar at a rate not seen in decades. Only three months ago I could get Cdn $1.58 for a US dollar. Now I get Cdn $1.34 approximately. This has cut into my profits considerably, since I make money be exporting from Canada to the USA. Figure it out. My US customer payments are now worth 18% less than they were three months ago.

Bush is smart. He has given the USA financial relief and improved its international balance of trade by driving down the value of the American dollar. It only remains now to see just how low it will go.

Not too much lower, I hope! If I were to raise my prices to fully compensate, I would simply lose all my American customers, so I have to grin and bear it.

- LH

Subject: RE: BS: Canadian vs. US $
From: Rapparee
Date: 17 Jun 03 - 09:03 PM

This might seem like heresy, but it's stood me in good stead in Korea, Canada, the UK, Ireland, and France:

Treat a non-US currency with the respect you treat US dollars. Don't try to mentally convert $Canadian to $US, and don't whip out a calculator. Pay the price asked, just as a citizen of Canada or whereever would do. First off, the rate fluctuates hourly; secondly, it's a waste of time; thirdly, you'll probably get the wrong answer; and lastly, it seems disrespectful of the other nation.

I've heard such comments from American tourists as "What is that in REAL money?" "But honey, EVERYBODY in Dallas takes American Express!" "Pretty good! I got fifteen funny bucks for ten real ones!" and worse.

It doesn't matter what form you take your money in, but convert it at a bank to get the best exchange rate. If you're taking a lot of money (say, a couple of thousand $US), take it in traveler's checks (cheques in UK English) -- you have no problems converting them, many stores will take them (and give you a rotten exchange rate), and if you have money left when you get back to the US you don't have to try to get money exchanged.

Subject: RE: BS: Canadian vs. US $
From: Steve Latimer
Date: 17 Jun 03 - 10:42 PM

I agree with the above. I used to convert money before going to the U.S., but now I just use an ATM or Credit Card.

A tip to Americans. Don't just keep putting coins in your pocket as if they have no value. We have the $1.00 (Loonie) and the $2.00 Coin (Toonie). I have seen my American uncles empty their pockets at the end of the day and have $30.00 or $40.00 in coins.

Subject: RE: BS: Canadian vs. US $
From: MAG
Date: 18 Jun 03 - 12:20 AM

I'll start a bew thread on where is the best place to get those blankets in Toronto.

Subject: Toronto -- $$ and goodies
From: MAG
Date: 18 Jun 03 - 12:25 AM

On second thought, why proliferate threads?

Our conference planners said put as much as possible on a credit card, and to go to the closest bank once we are there and convert only the cash you will need.

And picking up a Hudson's Bay blanket strikes me as the ideal souveneir. Where IS the best place to get them?

I tried to find Fat Albert's and Twelfth Fret and other places in Toronto mentioned as cool hangouts. I don't know if I'm going to have a minute or the energy to go club crawling, but what unmissable thing is happening? Will this jazz fest pretty much fill all the venues?

Please don't bother responding after Wednesday, as I'll be gone, gone, gone ...

Subject: RE: BS: Canadian vs. US $
From: Metchosin
Date: 18 Jun 03 - 12:59 AM

Mag, at the Hudson Bay Company.

Subject: RE: BS: Canadian vs. US $
From: MAG
Date: 18 Jun 03 - 08:01 PM

|Thanks, Metchosin; I'm off. I'll have to check the paper when I'm there, or ask the storytellers I'll be hanging with, about music

Subject: RE: BS: Canadian vs. US $
From: raredance
Date: 19 Jun 03 - 12:03 AM

Credit cards save you the conversion issues, but beware some credit cards tack on a conversion fee for each transaction while others do not. You can use US $$ most anywhere, but the local merchants may round off the exchange to the nearest 5% not in your favor. It makes the math easier and covers charges they may have to pay their banks when they turn in the US $$. I always like to have some Canadian cash for small items where credit cards can't be used. I think there has been some recent movement to reverse the gains the Canadian dollar has made in the past year. A major factor is the US embargo on Canadian beef and the SARS scare may also have contributed.

rich r

Subject: RE: BS: Canadian vs. US $
From: PeteBoom
Date: 19 Jun 03 - 01:25 PM

As a frequent (weekly!) border crossing individual - I tend to be sure I've $20 (CD) in my wallet for "small stuff" - coffee at Tim Horton's, whatever.

For longer stays, depending on where you are going over, there are government/province-run tourist offices that will give you absolute stellar rates - I've seen differences of as much as 5 cents recently - other times 10 cents or more. I tend to change a fair amount of money there and use that for pocket money at festivals/games/events where I am playing - and using the card at "real" eating places and the motel/hotel/flop-house.   Note - these are NOT the currency exchanges at the duty free shops.

Those wonderful for-profit establishments tend to give right lousy rates.

Loonies and twonies are great - get a sockfull and you have a pretty decent cudgel... ;-)

btw - posted rate as of 10 minutes ago was 1 USD = 1.347 CAD - a bit better than last weekend.

Pete

Subject: RE: BS: Canadian vs. US $
From: hesperis
Date: 19 Jun 03 - 05:52 PM

Yeah, be careful of converting too much cash to CAD, as banks in the US aren't as globally minded as Canadian banks. Especially, remember to convert everything back to USD at the border on the way back. I have a friend in the US who can't find any place to convert the money back to USD now that he's returned home.