Is American money the same as Canadian money?

Question

I'm going to Toronto and I'm wondering whether American money is stronger or weaker than Canadian money and whether I should transfer them before using it. Also, I'm 19, is it true I can drink there? and can I bring alcohol back from the border?

Answer 1

its different!

Answer 2

No, the two countries use different currencies, although similar in value.  One Canadian dollar equals 95 US cents.  

Yes, you can drink there. No, you cannot bring alcohol back.  

Answer 3

First, yes, the legal age for drinking in most of Canada is 19 so you will be able to do so when you come here.  However the rules regarding bringing alcohol back into the US require you to be of legal age there.  Although you could bring alcohol back there is a better than even chance of it being confiscated.  In addition, there are limits as to the amount you can bring back without paying duty on it.

As for Canadian and US money, both use the Dollar and therefore in this aspect, the currencies are similar.  The exchange rate varies with the Canadian dollar at present worth between $ .95 and $ .96 US.  Exchange rates offered on both currencies in stores on both sides of the border are not great.  It would be better for you to convert your currency to Canadian prior to leaving at your bank.  If you do bring US currency into Canada then I would recommend exchanging it for Canadian at a bank up here.  Note that there will be a fee to exchange money at any bank normally unless the type of account you have allows for this.  Some accounts allow the person to purchase travellers cheques without paying a fee.

Answer 4

no

Answer 5

American is currently stronger but most retailers will give you a bad exchange.  Exchange the money beforehand.  Drinking when you're 19 depends on each provinces age of majority.  The amount of alcohol depends on how many days you stay in Canada.  Just buy it at the duty free store when you leave.

Answer 6

oh yeah, get ready to get loaded here in canada. They may give you a hard time, because of the problem with fake id's (i have one), but as long as you bring a few peices you will be fine. Last time I checked the Canadian dollar was higher then the U.S, but it may have changed. I suppose you could try to smuggle some alcohol back, but if they catch you, you may be in some trouble. If you are driving down the 400 series highway watch out around london/kitchener. The cops are all around there watching for speeders.

have fun.

Answer 7

There is a specific amount per person that can be brought back over the border, however, being 19 you cannot possess it legally in the US so it will be taken as soon as you cross the border.

As far as the cash goes, the exchange rates vary daily.  Your best bet is to take your spending cash with you and excange it at a bank.  We visited relatives in Winnepeg (a lot farther from the border than Toronto) and the back gave me the daily rate without any problems.

Answer 8

(1) It's almost at par. If you don't want to have much CDN on you I would suggest just putting everything on your debit or credit card. Don't worry, it will show up on your bank statement in USD - but you should have some CDN$ for when you absolutely need to pay in cash.

(2) You can drink in Canada at 19 yes, and much of the alcohol sold and consumed there is better than in the States, but as someone else mentioned you wouldn't be able to bring it back across the border since then it would be in your posession in the US while you're under 21 eh?

Have fun eh

ps If making any purchases at Canadian Tire, save your "coupons" .. my friends here in TX get a kick out of them :)