Buying CAD with USD [duplicate]
We'll be driving from the US via Vermont into Quebec, headed to Trois-Rivieres, Quebec. What's our best strategy for buying Canadian dollars?
Best Answer
Pretty much any ATM will give you a fair rate. There are two dominant networks, Maestro and Cirrus, so you will be able to withdraw from most Canadian ATMs. There is usually a foreign exchange fee plus a foreign network fee. The exact amount charged depends on the agreement between you bank and the ones in Canada but usually withdrawing larger amount is advantageous since the foreign network fee becomes a relatively smaller percentage. You can stop at currency exchange places but converting to CAD from USD, you are unlikely to get a better rate than at the ATM.
Pictures about "Buying CAD with USD [duplicate]"
Is there a fee for converting USD to CAD?
There are no fees of any kind involved with USD to CAD conversion.Is it cheaper to pay in USD or CAD?
When you travel to Canada, it is best to pay in local currency (CAD) instead of USD.Why use Norberts gambit?
The main benefit of Norbert's Gambit is to be able to exchange between CAD and USD in an investment account without incurring the currency spread that brokerages would charge. The advantages quickly scale up the more money you need to exchange.Buying and Selling USD/CAD - What Your Bank and Broker Don't Want You To Know!
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Pew Nguyen, energepic.com, Artem Beliaikin, Karolina Grabowska