Preferred method to exchange USD to CAD? [duplicate]
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I don't do much traveling outside of the US but in a few weeks I will be driving from NYC to Canada. I am not sure what the best method would be to convert USD to CAD.
Should I convert before I enter Canada? Hit up an ATM once I get there using my Chase card?
Any tips/suggestions would be greatly appreciated.
Best Answer
(disclaimer, Canadian here...)
US cash currency is usually well accepted in major cities in most "tourist" areas (with different exchange rate).
Use your credit card as you do normally. Use your ATM card as you do normally.
I tend to have a reasonable amount of local currency with me just to get started; so I hit my exchange shop (or bank) before leaving; Canadian banks usually have US currency on hand, maybe the other way around is not true for most US banks having canadian currencies.
If I cannot exchange local currency before leaving, I hit the ATM at the most convenient time at my destination.
For example, I am driving to the US in a couple of weeks, I will get 200, 300 $US cash before leaving and use my CC for most paiement and use an ATM if I need more cash.
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What is the cheapest way to exchange CAD to USD?
Your bank or credit union is almost always the best place to exchange currency.- Before your trip, exchange money at your bank or credit union.
- Once you're abroad, use your financial institution's ATMs, if possible.
- After you're home, see if your bank or credit union will buy back the foreign currency.
How do you convert US dollars to CAD without losing money?
You will need to buy an Exchange-traded fund (ETF) that is listed on both the Canadian and U.S. markets. You'll have to first purchase the ETF in the Canadian market and exchange the ETF to its U.S. market equivalent. Next, you sell it off as a USD-denominated ETF.What is the cheapest way to convert USD to CAD?
Interactive Brokers has been long trusted as one of the most low-cost ways to convert foreign currency. Most discount brokers charge about 1-2% per CAD to USD currency exchange, while most banks charge up to 4-5%.USD / CAD Currency Conversion
More answers regarding preferred method to exchange USD to CAD? [duplicate]
Answer 2
I think it's preferable to use ATM at the airport. Or just use credit cards.
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