USD vs, Canadian Dollars
 

I am visiting the Tornonto area (Niagra) this weekend, other than getting our passports in order, I have treated this like any other jaunt. But I realize its my first overseas trip since 9/11 and I have found a few things I handn't considered while here on FT.

Now I am wondering about pocket cash. I usually pay with credit cards, but normally keep some pocket money, but I havent done anything to get come canadian dollars.

How easy is it to use USD in Toronto, is it widely accepted? Should I hit an ATM right away when I get to town?

Any other things I should probably think of (I am reading as much as I can here now).

Think about how easy it is to use Canadian dollars in Texas, and I would say it's pretty well the same for US dollars in Canada.

While there may be some places that take US$ in Toronto, although I can't think of any, and probably a few more in Niagara Falls, which is right on the border, you will almost surely lose out big time on the exchange.

So yes, just go to an ATM and get local currency, just like you would in any other country.

Cheers,

As Niagara Falls is a border town, there may be better rates for the USD. In Toronto, I know that they will accept USD, but you will get dinged on the conversion, 0-10% premium. I would recommend an ATM.

Thanks ya'll, I will hit the cash machine then and save on the exchange rates.

Just got back last week from Montreal, Toronto, and Niagara Falls. What everyone says is correct. Montreal, USD spotty, Toronto, spotty, and Niagara Falls, most everyone. The cities that do accept USD have a quite high conversion rate as compared to using an ATM. For the 9 day trip we used about 125 CAD, cash, and the rest was Am-Ex. Have a good trip.

A word to the wise to anyone choosing to use a US credit card in Canada (or any other country): Most US card issuers tack on a 2.7-4% "Foreign Currency Exchange" fee (or "forex") to each and every transaction made outside of the US, including charges that are based in US dollars (common in the Caribbean).

Two card issuers that don't charge forex fees are Capital One cards and the Schwab Invest First Visa.

Not a big deal for a one day trip, but if you're heading to Canada (or anywhere else for that matter) for a week or more, or if you're buying something big, its an expensive fee.

i am going gambling at niagara falls next month. the casino gives the best conversion rate. i got some canadian money already from bank of america. aaa has a better rate than my banks but you can only order 1500 per transaction. aaa office always has small amounts on hand for cabs, tips, etc...

If you have a Bank of America ATM card you can use Scotiabank (Bank of Nova Scotia) ATM's without paying the irritating useage fees either for Scotiabank or for B of A since they have a reciprocal arrangement.

Thus you can get Canadian $$ at whatever rate B of A charges you out of a Scotiabank ATM. There's lots of branches and they are also usually found at Shell gas stations.

Have some USD cash on hand as well
 

Some places in Toronto (some restaurants and shops in Yorkville, Stollery's at Bloor and Yonge) take USD at better than bank rates, so it doesn't hurt to ask. A couple of days ago they were accepting USD @ 1.25 vs. the current 1.18 before forex charges.

The comparison to the acceptance of CAD in TX is an exaggeration. You can also easily pay with CAD USD at most major chain groceries and retailers, although at a higher cost.

But expect any change to be given out in Canadian funds.

Personally, I don't understand why people would be resistant to use Canadian currency in Canada? When I go to a country, I get a bit of their currency, charge most things to my credit card, and then before I leave, I take all my leftover currency and apply it to my hotel bill before settling my account to my card. That way I have funds to spend when I'm there, and I leave with all of it spent.

Well, if it's not the preferential exchange rate, then the only reason to use USD cash in Canada is that I guess some people just can't be bothered?

Plus in TO you can really get around with little or no cash at all. The only places that don't normally take plastic are the TTC, mom&pop corner groceries/convenience stores, and many small ethnic restaurants.

It's a great idea to use leftover currency to apply to the hotel bill. I sometimes had some leftover Canada funds but did not have a need to use it before leaving the country. Thanks for the tip.

allot of places in the tourist areas will take us...but they will offer a crappy rate...

What sea are you crossing enroute from Texas?? :p

Good one :)