# Best Current Exchange Rate US Dollars For Canadian Dollars? **URL:** \ **Category:** Factual Questions\ **Created:** [August 22, 2013, 7:18pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901 "2013-08-22T19:18:25Z")\ **Posts on this page:** 12\ **Page:** 1
**Author:** ![pauly1](https://avatars.discourse-cdn.com/v4/letter/p/a8b319/32.png) [@pauly1](https://boards.straightdope.com/u/pauly1)\ **Post date:** [August 22, 2013, 7:18pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/1 "2013-08-22T19:18:25Z")
I will be flying into montreal from new york city. I will be bringing my stuff in my luggage, and my debit/credit card and also some american cash though i won’t need much of it. Does anyone know the best rate to exchange us dollars for canadian dollars? I would be opening a bank account in montreal so i will have a debit card there but i would want some cash with me as well such as when i get there have to pay for cab, or get food etc for first few days. I read online you can order it from your bank but you have to do it 1 week in advance at the minimum? I use bank of america, ingdirect and capital360 bank here in new york. Does anyone know where is the best place i can exchange us dollar for canadian dollars? I probably going to exchange max $500 for canadian dollars since i plan to open a bank account in montreal when im there the first couple of days but want a few hundred canadian dollars with me just in case. Should i exchange it here first before i get to montreal? Or should i just exchange it when i get there? I actually read online that the casino is actually the best place to exchange? Is this true? ---
**Author:** ![Telemark](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/telemark/32/372_2.png) [@Telemark](https://boards.straightdope.com/u/Telemark)\ **Post date:** [August 22, 2013, 7:51pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/2 "2013-08-22T19:51:37Z")
A major bank branch in a major city is likely to Canadian currency on hand. My local branch usually has Canadian Dollars, British Pounds, and Euros on hand. For a few hundred dollars I’d just use a Canadian ATM, which will only cost you a few bucks over the lease expensive way, unless your bank charges exorbitant fees. ---
**Author:** ![sylmar](https://avatars.discourse-cdn.com/v4/letter/s/b782af/32.png) [@sylmar](https://boards.straightdope.com/u/sylmar)\ **Post date:** [August 22, 2013, 8:00pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/3 "2013-08-22T20:00:23Z")
> [@pauly1](#): > > Should i exchange it here first before i get to montreal? Or should i just exchange it when i get there? I actually read online that the casino is actually the best place to exchange? Is this true? Casino’s had the best exchange rates there if you go to the main cages (Not the currency exchange kiosks on the floor). Just don’t exchange a lot more than you plan on using as you get dinged again when converting it back. ---
**Author:** ![jtur88](https://avatars.discourse-cdn.com/v4/letter/j/e9c0ed/32.png) [@jtur88](https://boards.straightdope.com/u/jtur88)\ **Post date:** [August 23, 2013, 3:50am UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/4 "2013-08-23T03:50:21Z")
American banks are brutal on foreign exchange. Make the transaction in Canada. You can go to an ATM machine, in Canada, withdraw the $500 in Canadian cash, and it will be debited from your US account at as a good a rate as you can get anywhere. Today the Canadian dollar is very weak, almost down to 95 cents US. For the past month or two, it has been drifting from .96 to .975. ---
**Author:** ![Northern\_Piper](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/northern_piper/32/5304_2.png) [@Northern\_Piper](https://boards.straightdope.com/u/Northern_Piper)\ **Post date:** [August 23, 2013, 6:52am UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/5 "2013-08-23T06:52:09Z")
The ATM approach is what I was going to recommend. I don’t bother getting any US dollars in advance when I go to the States - just withdraw from my Canadian account via the ATM once I’m in the States. ---
**Author:** ![RealityChuck](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/realitychuck/32/195_2.png) [@RealityChuck](https://boards.straightdope.com/u/RealityChuck)\ **Post date:** [August 23, 2013, 12:46pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/6 "2013-08-23T12:46:16Z")
Definitely use the ATM. ---
**Author:** ![Heracles](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/heracles/32/487_2.png) [@Heracles](https://boards.straightdope.com/u/Heracles)\ **Post date:** [August 23, 2013, 1:40pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/7 "2013-08-23T13:40:10Z")
> [@pauly1](#): > > I would be opening a bank account in montreal so i will have a debit card there (…) I didn’t even know you could do that, as a non-Canadian. The last time I went to open an account in a brick[s]-and-mortar Canadian bank, I needed an appointment and it was all about my (Canadian) social insurance number, some proof of employment, etc. (And the fees!) Be aware that, at some banks, the debit card is sent to you through the mail. ---
**Author:** ![Northern\_Piper](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/northern_piper/32/5304_2.png) [@Northern\_Piper](https://boards.straightdope.com/u/Northern_Piper)\ **Post date:** [August 23, 2013, 7:28pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/8 "2013-08-23T19:28:19Z")
But that’s the permanent debit card - normally when you open an account for the first time, they’ll give you a temporary card (flimsier plastic, not customised with your name) to use until the permanent one arrives. ---
**Author:** ![BrotherCadfael](https://avatars.discourse-cdn.com/v4/letter/b/977dab/32.png) [@BrotherCadfael](https://boards.straightdope.com/u/BrotherCadfael)\ **Post date:** [August 23, 2013, 10:04pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/9 "2013-08-23T22:04:26Z")
Some credit unions (in the northern tier states) offer a no-fee exchange. On the other hand, some credit unions don’t do exchange at all. ---
**Author:** ![ChockFullOfHeadyGoodness](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chockfullofheadygoodness/32/511_2.png) [@ChockFullOfHeadyGoodness](https://boards.straightdope.com/u/ChockFullOfHeadyGoodness)\ **Post date:** [August 23, 2013, 11:11pm UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/10 "2013-08-23T23:11:09Z")
You say you have an account with Bank of America. They have an agreement with Scotiabankthat lets you withdraw from your BofA account using Scotiabank ATMs without any ATM fee. The exchange rate is about as good as you’ll get. I was in Vancouver 2 weeks ago, and I was getting $1 CND = $0.96 USD (Withdrew $20 CND, got debited $19.21 US from my account) Hotel front desk exchange rates are terrible. Don’t use those. ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [August 24, 2013, 2:22am UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/11 "2013-08-24T02:22:26Z")
The rate bounces around, lately from just under 98 cents to the 95-cent range. I’ll agree with the ATM route, but double-check with your bank - some charge ridiculous overseas and foreign withdrawal fees. (TD Bank in Canada would have charged $5 for each withdrawal during my Asia trip, on top of the Buy/sell exchange rate; I forget what the USA fee was, but we eliminated them with a premium account with a higher monthly fee; guess why the banks in Canada are flush with money and no danger of going under?). ---
**Author:** ![suranyi](https://avatars.discourse-cdn.com/v4/letter/s/e36b37/32.png) [@suranyi](https://boards.straightdope.com/u/suranyi)\ **Post date:** [August 24, 2013, 4:47am UTC](https://boards.straightdope.com/t/best-current-exchange-rate-us-dollars-for-canadian-dollars/666901/12 "2013-08-24T04:47:03Z")
> [@md2000](#): > > The rate bounces around, lately from just under 98 cents to the 95-cent range. > > I’ll agree with the ATM route, but double-check with your bank - some charge ridiculous overseas and foreign withdrawal fees. (TD Bank in Canada would have charged $5 for each withdrawal during my Asia trip, on top of the Buy/sell exchange rate; I forget what the USA fee was, but we eliminated them with a premium account with a higher monthly fee; guess why the banks in Canada are flush with money and no danger of going under?). That’s why, if the OP’s bank is Bank of America he should definitely stick with ATMs from Scotiabank, as mentioned above. That way, there are no fees. Using any other ATM and there will be high fees. ETA: BofA has similar arrangements with about half a dozen banks around the world.