I hate to sound like a stupid American, but I’m planning to travel to Niagara Falls and Toronto later this summer. I thought I’d be able to depend upon my credit cards for most transactions, but in the prior thread it seems that some places will not accept them. Is it also true that my debit card will not be accepted as well?
What is the best place to convert my currency, without losing too much value to fees, etc? Is there someplace right over the bridge in Niagara Falls?
And, if you don’t mind one more question - is there a Tim Hortons in that area?
Thanks!
Changing currency at a casino is probably your best (heh) bet. They expect you to lose your money there anyway so they’re not going to stiff you on the exchange fees. Just make sure you’re over 19 (I had to find a hole in the wall with huge fees to change my money last time I was in Niagara Falls because I wasn’t going to be 19 for two more months).
There’s a Tim Hortons a little ways up Clifton Hill (on the north side, IIRC) and a casino (Casino Niagara) just around the corner from there. Finding a place to park may be difficult unless you don’t mind a bit of a walk, though this depends on the day and the time.
Your credit card (assuming it’s one of the major ones) should be accepted virtually everywhere. The issue in that thread is specific to the swipy things at gas pumps. Any merchant who accepts Visa/Mastercard will accept your US Visa/Mastercard. Including the gas station, if you go inside to pay.
I would not expect your debit card to be accepted by merchants, unless there’s a little Interac emblem on the back. It should work in bank machines or for accessing your account using a real live teller, though. There’d likely be fees out the wazoo, though.
I think there’s no reason not to plan to rely primarily on your credit card, but it’s always good to have at least a bit of cash. Will your US bank exchange currency at a reasonable price?
A bank. All Canadian banks will exchange US currency for Canadian, at as close to the day’s rate as possible (though they won’t be bang on–they have to make some money on the transaction, after all).
I don’t know about changing your currency at a casino–as I mentioned in another thread, I was in a Canadian casino the other day, and they were accepting US currency at par. You’d lose (at yesterday’s rate) about seven cents on the dollar at that casino before you ever could buy chips or play a slot machine. I imagine Niagara Falls Casino would be similar–then, you can lose at the tables and by exchanging currency. I’m sure that with such a low exchange rate, they would happily give you the opportunity to do both.
Your American debit card won’t work, but major credit cards (VISA, MC, AMEX, but not Discover) are accepted pretty much everywhere. You may not be able to use them in automatic card readers at gas pumps and similar, but human clerks can certainly process your card payment.
It’s true, your own bank is best. I’ve had difficulty in the past convincing banks that were not mine to even do the transaction at all. YMMV. If you can’t get a bank to do it, the casinos will beat the hole in the wall stands, especially in Niagara Falls.
To the OP: Whatever you do, don’t fall into that ‘traveller’s cheque’ trap. Usable anywhere? Yeah right.
Lately the exchange rate has been 3%.
Meaning $1 US spent in Canada = $1.03 Canadian funds, however keep in mind that many retailer will just do it at par when the exchange is this low (for obvious reasons)
Now if the reasons aren’t obvious to some, let me explain:
I was driving my cab a few nights ago, and the fare was $4.88.
The passenger hands me a $5 US and asks me “what’s that worth?”
I tell him $5.
So the guy gets mad and starts yelling and screaming (I’m guessing he was from Mass)
Even after I tell him the bank exchange rate was 3% (that day) he still made a BFD about it, accusing me of ripping him off.
Anytime I accept US currency, I have to make a trip to the bank and deposit it, so that’s why I don’t pay the 3% (not because I’m trying to pull a fast one.) Not too long ago it was around 13%, and when a customer handed me a $50 US note, I gave her 10% on it just to be fair.
To answer the OP’s question, I think any Canadian bank will be the best place to exchange, you will get a better deal than those touristy style 'currency exchange kiosks" you see at tourist traps.
And if you ever get in my cab, I’ll be happy to accept your money at par “for your convenience.”
As mentioned above, the only major debit network in Canada is Interac. It is an association of Canadian banks, so they don’t have it in the U.S., although NYCE cards can be used anywhere that Interac can (and vice-versa). Otherwise, you can’t use an American debit card to pay by debit in Canada.
Canadian banks are members of both the Visa PLUS and MasterCard Cirrus networks, so bank ATMs will work with virtually any American card. Many of the apparently private ATMs in Canada are actually owned by the big banks, despite the difference in branding, so they should work too.
There are dedicated currency exchange locations, especially in big Canadian cities, that offer good rates. (A currency dealer once told me that she changes Canadian into Japanese money in Toronto’s [Spadina] Chinatown, because the rates were even better than she could get!) In general, though, the advice given above is your best bet: go to a bank, either your own or one in Canada.
On my last 2 multiday trips to Canada, around that area and up to Toronto I only once spent in cash totaling 1US dollar, well besides tipping the maids at the hotel which were also in US 's. The transaction came to IIRC 0.93 C's I just gave them the US$ and we were both fine with that. Everything else went onto the CC’s.
We just came through Niagara a few weeks ago & used our MasterCard debit card for a few transactions. We noticed a new entry on our bank statement that never happened before that may be of interest to you - something called a “cross-border fee” applied for each and every transaction. It seems that MasterCard at least wants to pick up some of the nearly non-existent exchange rate from your pocket, so now you are paying more for the transactions than if you simply used cash.
My first stop in Niagara Falls is always the Tim Horton’s on Dorchester Road. It’s away from the heavy tourist area and there’s a parking lot. If you take Lundy’s Lane away from the Falls towards the QEW, make a right on Dorchester and go about a mile or so and it’s on your right hand side in a shopping center near a grocery store…corner of Morrison. There’s probably a dozen other locations, but at this one, you can park, go in, sit down, and most of the people in there are locals, rather than being packed with tourists.
Also, watch out for places with “CURRENCY EXCHANGE” in big letters. If it’s not run by the government, they’re going to rape you. The place I always went is at the corner of Roberts & Stanley, which I’m pretty sure is a government currency exchange and has a pretty cheap fee.
I wonder if that is really something new or whether they are just making the fee visible rather than just jacking up the exchange rate. I know American Express tacks on a couple of percent (more or less) to the exchange rate when I buy anything from the states, and I thought other credit cards did the same.
FWIW - As a Canadian who has traveled a bit, I’ve been able use my bank card to withdraw funds or pay for things in The UK, Malaysia, Taiwan, The US, The Philippines, and Japan. Why wouldn’t someone from any other country be awarded the same privileges? I thought Interac and affiliates were global.
I’ve always been able to use my American debit card in Canada with no problem.
If you want to exchange money the best options is probably the government run tourist information offices. There’s one in Niagara Falls, I believe it’s on Lundy Lane. Assuming you cross the bridge at the Falls, it’s only a mile or so from the border and you should see signs for it. I believe the casino also offers good rates.
