Is it nice to spend US$ in Canada?

Question

Hi there!

I'm going to Canada next month!
But unfortunately, $CAN is so expensive..

So I have come up with an idea that
spend US$ in Canada.
I have heard that there are many places in Canada that accepts US$, is it right?

For example,how about bookstore?
How do they calculate?
They have different prices of CAN$ and US$,
but now the exchange rates of CAN$ and US$ are not very different.

Answer 1

1 Canadian dollar = 0.972006 U.S. dollars

its pretty close now lol.. and seriously why are you gonna make it so hard just go to the airport and they will exchange u.s $ to Canadian $... and Canada is not expensive compared to you Americans, besides all your fast food stores everything else is pretty expensive

Answer 2

Well, since the time you asked this question half a day ago, the Canadian dollar climbed another 2%. It is expected to continue to climb against the US dollar. The best strategy right now would be if you know you are coming to Canada, to try to exchange some money as soon as possible to lock in at the lowest possible Canadian $ rate. You can still kep in mind some days are better than others.

Sure the exchange rates are now close to par right now, so that means soon you could be having to discount a US$ when exchanging. Especially for Canadian merchants. They are at the mercy of what the banks will pay them, and it isn't anywhere near the real exchange rate. Added is the risk of the merchants don't make their deposits right away, so they have a risk of losing value while the US money is in their hands. Given the extreme fluxtuations over the last year, I think most would have the cost of this risk built in and offer even less for exchange.

Answer 3

I worked in a bookstore, and we did (somewhat reluctantly) accept American money, but it was a set exchange rate (very high at the time!)--we rang up the bill at the marked Canadian price and then punched in that the customer gave, say $25 when they gave an American $20 bill. Now, with the exchange rate so close, I doubt if stores would give you any more than par.

Answer 4

Gas prices, books, some electronics, and a few other things are more expensive in Canada. Otherwise, I have not found a significant difference.

With the US$1.00 equal to CAD$1.02 presently, restaurants and other businesses here in Canada will probably not provide any exchange rate for you. They will take your money at face value because it would cost them time and possibly a bank fee to exchange it.

I would suggest just using your VISA or Mastercard here in Canada, as both are generally accepted in many places. Some businesses also accept Diner's Club or American Express, but not many mainly because Diner's is not widely used here, and AmEx charges the merchant a ridiculously high fee on each transaction. (Example, if VISA charges a fee of 1.5% on the transaction, AmEx might be set at 3%)

You can look at some sample prices at these Canadian retailers to compare prices:

http://www.sears.ca
http://www.futureshop.ca
http://www.iga.net/?lang=en
http://www.chapters.indigo.ca/

For gas prices, here in Montreal the gas has been jumping between $0.97 and 1.07 per litre this week. That works out to about US$3.88 to $4.28 per gallon.

Answer 5

You do realize that the Canada/US border is about 5000km (3000 miles) wide? At least? There are MANY places you could go, but, it would depend on where you are. E.g., I could recommend Montreal, but, if you are in Seattle, it's a week's drive each way. Same for Vancouver - about a week from New York City. All places in Canada are safe, so, that doesn't matter. Just head for Canada from where you are - any decent sized place will have what you are looking for. Even more so if it is a university town.

Answer 6

I was recently in California and I was really excited about doing some shopping and was very shocked to find that actually, the prices are pretty much identical - Starbucks, The Gap, everything was the same. The only difference is the prices of books - they are still charging us much more than in the U.S., so don't buy any books here. Otherwise, I don't think you'll find it any more expensive, especially now that the CAD and US dollar are pretty much at par.

Answer 7

Don't expect a huge discount .It will be going at the daily rates . Sorry their is no way of getting more than your US dollar is worth in the current market .
If you feel that way trust me you don't want to travel to Europe !
You will see how low your money is their .Look up the euro dollar or the pund ! and you'll see its more than 3 times the value
By the way you'll get a better exchange at the bank than the stores will give you .

currently your dollar compare to ours is 1.00 US -.98 cents canadian --I am not sure what the panic is for with 2 cents/

Try Mexico (PESOS) ! Their money is worth less but they will charge way more to the regular tourist .
Exceeding what you thought Canada should pay you for your dollar !!!!

Answer 8

Ha-ha!

1 Canadian dollar = 1.0003 U.S. dollars

Excellent...

Some places will exchange dollars en par. However, this varies from store to store and must be VERY close to the border.

Try a city like Vancouver, they often accept both currencies there.

Answer 9

Most places in Canada will accept the U.S. dollar, not everywhere, but most places. With the current exchange rate, they probably won't give you a discount, it might be 1-1 now.

Answer 10

You will get a better exchange rate if you convert the money before you come. Stores will convert your money, to a price agreeable with the customer (which may not be accurate).