Best way to get CAD: here or there?

Submitted by quartadecima t3_10a5qwn in vermont

Let’s say you have a TD Bank account: does it make sense to withdraw CAD on one side of the border versus the other? Bring cash to exchange? Withdraw CAD here?

Any thoughts on how to get a good exchange rate?

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Jerry_Williams69 t1_j42fh83 wrote

Oh I thought this was an engineering design discussion. Bummer.

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whaletacochamp t1_j4313om wrote

Just use your card and enjoy the sweet exchange rate.

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dmccullum t1_j428hqu wrote

  • Let your bank know you are traveling (number on the back of your debit card)
  • Bring your debit card with you
  • Withdraw from an ATM on the Canadian side of the border (will be exchanged at the current rate)

You'll pay a ~1-3% fee on the transaction, but this is by far the easiest and probably the cheapest way to get currency in pretty much any foreign country (at least in the developed world).

You could also ask your teller at the local bank to do an exchange for you, as they sometimes have Canadian cash available (at least, they did when I was growing up—haven't used this method in decades).

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quartadecima OP t1_j429d2x wrote

Is there any reason it would be cheaper to get it from a teller than an ATM? No fee, for example? A better rate on one side of the border versus the other?

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EveryDayIsAGif t1_j42ie9q wrote

I think there is nuance to the situation which makes it tough to say one path is definitely better than another.

Different banks and even different account types within the same bank will charge you differently for the same exchange. When I have been in your position in the past I read through my bank/debit/credit card terms and made the decision from there.

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dmccullum t1_j42q78t wrote

Possibly but it varies so much that the atm option is honestly the simplest—so I use that if I need cash. I guess if you’re taking out a significant amount it might be worth shopping around, but ymmv.

Even easier? Skip cash and use a credit card with no foreign transaction fee.

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sound_of_apocalypto t1_j48at07 wrote

All I know is that I got raked over the coals financially when I came back to VT and tried to exchange the CAD to USD. Better to just stash the cash and use it the next time you go to Canada.

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BudsKind802 t1_j42c8nc wrote

I usually just use Canadian ATMs to take out cash if needed (taking the hit for the ATM fees, but the exchange rate is fair), but these days there are a number of credit cards that don't charge foreign transaction fees and have similar rates. Just know that you'll be "The American" when you whip out your card for the mobile terminal and they need to swipe it and print out a receipt because the US is chip and signature while most of the rest of the world is chip and PIN.

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[deleted] t1_j42d25y wrote

Why do you need to have cash? Just use a credit card which is safer, more secure, and cheaper.

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Intelligent-Hunt7557 t1_j42ypos wrote

Yeah Canadian retailers shouldn’t have any problems accepting it and your bank exchanges it automatically. At least my CBNA does, at 1%

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somedudevt t1_j46u96y wrote

Worked in a bank for years. Don’t get it from the bank they are going to upcharge for the service. Honestly just use your card while traveling. It’s more convenient, you don’t come home with money that no one will exchange here, and you get the real exchange rate (plus 1% with some card companies) most of the time there is no use for cash, Canada is an advanced society not Neanderthals like us.

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Cyber_Punk_87 t1_j477o9z wrote

I just use my capital one card when I'm in Canada. No foreign transaction fees, everything is done with the current exchange rate, safer in case my card is stolen (if your debit card is stolen it's a HUGE pain to try to get the funds back, while with a credit card it's usually one 10-minute phone call), and depending on which card I use I can get points for purchases.

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mcnut14 t1_j4318ob wrote

Just withdraw cash from an ATM after you cross the border.

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devkim33 t1_j4376po wrote

I have exchanged US for CAD from TD in Vermont and usually make out pretty good with the exchange rate.

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devkim33 t1_j437khj wrote

You don’t even need an account. I think they do charge a small convenience fee but you will still make out better then using a ATM in CA.

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MarkVII88 t1_j43b343 wrote

You always get the best exchange rate through your bank. Use your ATM card when you're in Canada to take out cash, if you need it. Otherwise, pay for stuff using your debit card.

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Revolutionary_Ant784 t1_j463pyd wrote

TD charges a fee to withdraw CAD. I think it’s like 8 bucks or something. If you have TD, you can use a Canadian trust ATM free of charge. I usually just use my credit cards and there’s a negligible fee associated with each transaction

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Ej1992 t1_j4b1g8w wrote

Unless you need chash I would just use a credit card with no foreign exchange fees

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