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Novice international traveler-question about currency exchange.
Posted on 4/20/25 at 6:42 pm
Posted on 4/20/25 at 6:42 pm
Taking the family to Canada in a couple of months. My question is how much paper currency is adequate? Will be there for two days. I think I will pay for most things via credit card. Don’t want to pull out too much in Canadian dollars and be stuck at the end of the trip. Also do the banks automatically adjust exchange rates on the credit card? I know these are basic questions but I’ve never traveled internationally before. Thanks.
7
Posted on 4/20/25 at 6:58 pm to Legion of Doom
quote:
My question is how much paper currency is adequate?
Likely none
quote:
Also do the banks automatically adjust exchange rates on the credit card?
Yes, make sure your card has no exchange fees (not even sure it matters in Canada to be honest). And make sure you pay in the local currency if they ask or you’ll get a worse rate on conversion
Should be extremely simple in Canada
This post was edited on 4/20/25 at 6:59 pm
Posted on 4/20/25 at 7:10 pm to Legion of Doom
Daughter was just up there for a week and took zero paper money. She had no need for it based on staying at an airbnb.
Maybe if you are going to have valet parking, bellhops or similar you want to have $5 (can) per projected interaction. Tipping is similar there.
Maybe if you are going to have valet parking, bellhops or similar you want to have $5 (can) per projected interaction. Tipping is similar there.
Posted on 4/20/25 at 7:18 pm to Legion of Doom
Been to Canada many times, might grab $40 out of the atm at the airport if I need to have some cash to tip. Everything else is credit card and it is seemless.
Posted on 4/20/25 at 8:10 pm to Legion of Doom
Check to see if your credit card has foreign transaction fees. Most of the better cards do not, but you should check.
Posted on 4/21/25 at 9:43 am to Legion of Doom
$100 at the most, and that is if you plan to tip valets and hotel staff.
Posted on 4/23/25 at 7:24 am to Legion of Doom
For foreign trips I just go to Chase and get a several hundred of the local currency in mixed denominations. They get it to you in a day or two. When done, you can just bring it back and they’ll exchange it back for you quickly. Very easy. I usually just save the cash for “just in case” situation and use Visa otherwise. There may be a very small fee for the exchange but I can’t remember.
Posted on 4/23/25 at 7:54 am to zippyputt
quote:
very small fee for the exchange but I can’t remember.
There is a currency sell and a buy price, and they're never the same. In addition, they change daily, if not more frequently. When you take out "hundreds," the cost may be 5-10% of what you take out, even with stable currencies, for cash you usually don't need. If there is a fee on top of that, Chase is doing what they always find a way to do, which is screw you multiple ways.
I'm surprised you didn't suggest Amex traveler's checks.
Posted on 4/23/25 at 12:08 pm to LemmyLives
You don’t think other places or ATMs have fees?! I’ve never paid more than a few dollars for several hundred or more.
Posted on 4/23/25 at 4:26 pm to Mingo Was His NameO
quote:
Yes, make sure your card has no exchange fees (not even sure it matters in Canada to be honest). And make sure you pay in the local currency if they ask or you’ll get a worse rate on conversion
This, a lot of places will give you the option to pay in USD when you present your card. Their system will do the conversion and charge a few percentage points for doing so. As long as you have no foreign transaction fees always elect to pay in local currency.
Also do not use your debit card, most charge a foreign transaction fee.
quote:
My question is how much paper currency is adequate?
I like to have a little cash on hand for tipping or smaller vendors if in the city, but as has been said you'll be fine with just a credit card in Canada. Enjoy!!
Posted on 4/24/25 at 6:06 am to Legion of Doom
You don’t need any currency for Canada. The only time we take out money is getting a few 1 € coins when we go to Europe to pay for the toilets. But most of those take cards now too.
Posted on 4/24/25 at 7:31 am to zippyputt
quote:
You don’t think other places or ATMs have fees?
It's good to get a bank account that refunds foreign ATM fees. But yeah, ATM fees are much lower than what's lost in currency exchange. You need to honestly look at the spread in the exchange rates that Chase is giving you.
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