Do you need to convert US dollars into Canadian if you go to Canada?

Question

Do you need to convert US dollars into Canadian if you go to Canada?

Answer 1

As a Canadian merchant living 2 - 3 hours from the nearest US border, I find it the height of arrogance that US tourists don't bother to exchange their currency before venturing this far into Canada and expect us to offer a "fair" exchange rate.  Unless we merchants have active US currency bank accounts, accepting US currency costs us time and money to convert it.  As much as we welcome, US tourists, we would expect that they would treat the country they are visiting with respect.  Do all US merchants accept Canadian currency?  

Same goes, I'm afraid.  We're all in this together.

Answer 2

If you convert your money at a bank, or, if you make your purchases with US money you'll pay a 'handling fee' regardless of the exchange rate.  eg.  today's exchange rate is about 98.5 canadian to one US dollar.  If you were to buy an item costing one Canadian dollar with a US dollar you'd probably get no change.  Conversely if you go to the bank and exchange that US dollar into Canadian you wouldn't get $1.01 for it either, you'd probably get 99c for it because of the 'fees' charged by the banks.  I'm a Canadian and have found that when in the States as much as possible I use my credit card.  My gain/loss on exchange is based on the rate for the day without any handling fees.  Presumably US credit cards would work the same way so your best bet is to use your credit card to avoid extra fees.

Answer 3

Most restaurants, taxis, and souvenir shops will take American money, but don't expect a good exchange rate.

If I were you, I would pay my restaurant, hotel, and car rental using a credit card (VISA and Mastercard are widely accepted, AmEx and Diners Club only at certain places)

For smaller bills like lunch at a fast food place or public transit, look at going to the local bank ATM and withdraw Canadian funds using your bank card. If your bank is part of the Plus or Cirrus network, you should be able to do so and will be charged the bank's daily exchange rate on your money.

Keep in mind that banks often charge inter-bank transfer fees of anywhere from $1.00 to $3.50 so it makes more sense to take out $100 once than $20 five times!

Answer 4

We don't like your money with dead presidents around these parts....

Answer 5

Better buy your Canadian dollar at a Bank rather the exchanging it here locally

Answer 6

You don't have to convert them.  The exchange rate now is about at par, so you may actually lose money by exchanging your money for Canadian money.  US dollars are accepted pretty much everywhere.  When the exchange rate was significantly different it did make sense to exchange your US dollars for Canadian dollars, but now it is not such a concern.

Answer 7

It certainly helps. We'd prefer handling our currency, although you often find American quarters, pennies, nickles and dimes scattered in Canadian change. Using Canadian currency guarentees that you won't be hassled by places that don't accept US money. In fact, I've never seen anyone buy stuff with US money here, but that could just be me.

Answer 8

No, the merchants prefer to s***w you in person just as American merchants s***w with Canadians when they go south.

Answer 9

everywhere here takes it at par. Maybe you can eek out a few nickles but once you factor in exchange fees you won't save much

Answer 10

No need to convert, but depending on the exchange rate at the time, it might be in your best interest to do so.