I'm going to vacation in Canada next month. How do I avoid currency conversion fees?

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knight girl

I am an american who is visiting in Ontario at the moment. I am using my debit/atm card for everything and am not being charged a comversion fee this way by my bank. If your US debit card has a visa or mastercard logo you must run it as credit. It will not be excepted as debit in Canada and can not be used at places that except only debnit. For this reason get some cash out of the ATM.
At the moment the exchage rate is nearly even anyway.

Explorer

ATM machines do not charge for conversion, however, you should check with your bank to see if they have a charge.
Also, Canadian bank machines charge a fee of $1 to $1.50 for withdrawl if you are a user of another bank other than their own.
Some currency exchange outlets in the border towns will do it for 1.5%

exj132

There is no way around the exchange fees. Regardless of how you pay, you will be charged. It would likely be best to pay your hotel bill with a credit card, and then bring enough cash or travellers cheques for the rest of your spending.

gpatrick900

You will still get the fee. I would use it at merchants like a credit card and sign for your transaction. Atm used to be the best bet. Paying with the card at merchant may be better. You get more fees with atm withdraws. Also, notify your bank that you will be using your card in Canada, so it will have a less chance of being blocked. Fees may not be billed until your statement is printed out. This varies from bank to bank. Use a Credit card for the hotel room.

Here are some other tips

Marie

Get travellers cheques, there will be a fee and yes you will be paying in canadian $ here with your bank card. There is no way around it.

sambot

If you can get fee-free travellers cheques, get them in US dollars or Canadian dollars. Exchange them at a bank or credit union. Then you pay the exchange only. Financial institutions generally do not charge for travellers cheques. If you have US dollars and exchange them at the hotel, you will take a hit. If you have Canadian dollars, you only pay the exchange when you get them. All ATMs I have used out of the country charge a fee, and as does your home bank. Consider using a debit card or purchase a pre-loaded cash card.

kingstonsean

Compare the cost of traveller's checks to using credit cards. Not only do credit cards charge a 3% fee, you have to also compare the exchange rate itself. The hotel will charge you in Canadian dollars, regardless of how you pay. If you use travellers checks and pay for a $50 purchase with a $100 traveller's check you will get the change in Canadian dollars. You can then use that Canadian currency for other smaller, purchases. Many Canadian restaurants and retailers will accept US Dollars, but most of them won't give you a very favourable rate.

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