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Money exchange


Qwltngcruiser
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You will never get a good rate in a "captive" environment like on a cruise ship.

 

Canadian stores and restaurants won't accept USD.  If they do they will accept them on a 1 to 1 basis with CAD, meaning you will lose big time on the exchange rate.

 

Most folks recommend using credit and debit cards for international transactions. You will get the bank's exchange rate which is usually as good as you can do.  If your CC has No international fees you will do even better.

 

If you know you truly will need CAD paper money, either use an ATM when you get to Canada (not in the airport) or exchange at a bank before you leave home or upon arrival in Canada.  The difference in rate will be much smaller than doing so on the ship

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On the Canada NE itinerary now and for the small amount we'll need for our two port visits we'll just exchange a bit onboard.

 

Usually we'll order local currency from our BofA when needing more for longer International trips.

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14 hours ago, Ashland said:

On the Canada NE itinerary now and for the small amount we'll need for our two port visits we'll just exchange a bit onboard.

Just go and use an ATM at an actual bank at your first port-- you'll get a MUCH better deal overall than you will exchanging anything onboard. 

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On 10/5/2023 at 11:13 AM, Nitemare said:

Canadian stores and restaurants won't accept USD.  If they do they will accept them on a 1 to 1 basis with CAD, meaning you will lose big time on the exchange rate.

On the few occasions where I have used American dollars in Canada, those dollars nearly always have been accepted at better than par. I think the first time was in Vancouver, at a Burger King, where I paid using an American $20 note: received my meal order plus a Canadian $20 note as change. Many times a rate not all that favo(u)rable--though sometimes certain Canadian businesses courting Americans will do so--but any responsible business will establish a rate other than 1:1 if it wants any discretionary business from Americans (and assuming that American dollars will be accepted at all).

 

The only times I can recall American dollars being accepted at par have been (1) the pedestrian toll between the two sides of Niagara Falls had used turnstiles that accepted quarters from either country, and (2) the Transit Windsor buses between Detroit and Windsor accept money from either country at par. But these are small transactions for non-competitive services, and there may be other similar situations. On the other hand I have routinely received advertisements from the Mont-Tremblant ski resort touting how Americans can receive much more from their dollars by crossing to the border to do their skiing at this resort in Québec.

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1 hour ago, shipgeeks said:

The convenience of exchanging onboard, and the fact that I can learn which is a loonie and which is a toonie, before I go ashore, makes it well worth it to me.

Convenient, yes. But always best, if not already familiar with the money in other countries, to go to Wikipedia and educate oneself in advance. Fairly straight forward to learn that a loonie depicts a loon, and that a toonie says "2 Dollars" (no loon, but a polar bear) . . . but beware that these names apply only in English, not French.

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1 hour ago, shipgeeks said:

The convenience of exchanging onboard, and the fact that I can learn which is a loonie and which is a toonie, before I go ashore, makes it well worth it to me.

To each their own-- they are making a fair buck off of you that way. Canadian currency isn't rocket science. 

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