Is US currency used commonly in Toronto?

[kmLover]

I will be flying to Toronto this 21st, but I am unsure if I should get some currency switched to Canadian Currency. Currently the US dollar and the Canadian dollar are about the same now. So, I am trying to figure out if it is worth my time to exchange my currency to Canadian Currency.

Do SP's take US currency?
Do cabs, hotels, restaurants, etc.... take US currency?

 

[RTRD]

In 5 years of living in Canada...

I will be flying to Toronto this 21st, but I am unsure if I should get some currency switched to Canadian Currency. Currently the US dollar and the Canadian dollar are about the same now. So, I am trying to figure out if it is worth my time to exchange my currency to Canadian Currency.

Do SP's take US currency?
Do cabs, hotels, restaurants, etc.... take US currency?

...and nearly 15 years of doing business here, I have YET to find a person or establishment that didn't take U.S. dollars.

At various times in various places you got various interpretations of the exchange rate...but as you point out, they are pretty much equal now, so this is a non issue unless you are wanting to debate pennies on the dollar...and it sounds like you are not.

Really....pretty much everyone everywhere in the world takes U.S. dollars...people might hate the U.S., but they love "our" money...

If you can live with having everyone you give money to know you are an American (and trust me, some people here WILL have a problem with that), there is no reason to exchange if you can live with losing 2 to 3 cents on each dollar.

 

[kmLover]

Thanks, that is what I needed to know. I figured it was not necessary for Canada, but when I go to Bangkok I will for sure.

Thanks again.

 

[KBear]

People don't really want the US dollar, but will likely grudgingly take them, because they are polite. You could have some problems when making smaller purchases, especially outside of the urban or tourist areas. So, If you are too lazy to exchange your money into the local currency when you travel, and/or have a self important attitude and think everyone else in the world should go out of their way to exchange your money for you when ever you want to make a purchase, then use US dollars. Just don’t be surprised when some people look down on you, and expect to get some attitude back.

 

[Dani]

I love US funds but now I get 3% exchange lol and Kbear your pics still get kudos, hey look at the slide show that is all the K..lol

 

[homonger]

When I first started travelling to Canada regularly, I cashed in traveler's checks. Then I started to exchange my US money at banks. Neither one is really all that big a deal, but here's the easiest solution of them all...

It's called an ATM. You can withdraw money from your US account and get Canadian dollars back out. And you'll get probably the best rate.

 

[james t kirk]

Use Canadian money.

Go to the Bank Machine and get Canadian dollars.

The Canadian dollar is rising in value against the US dollar. No-one wants US dollars right now. I did a job for a client who paid in cash in US dollars. In tern, I paid some of my subcontractors. All them wanted Canadian dollars as it is the currency here, and they don't want to go to the bank and potentially have to explain it.

 

[tboy]

HMmmm do you think Kbear has issues with americans and their money?

I have yet to find ANYONE that doesn't happily take american currency....and yup, that ATM advice is bang on. In fact, most places won't charge you a service fee for the currency exchange like you would if you went into the bank and exchanged cash.....

 

[RTRD]

See....

People don't really want the US dollar, but will likely grudgingly take them, because they are polite. You could have some problems when making smaller purchases, especially outside of the urban or tourist areas. So, If you are too lazy to exchange your money into the local currency when you travel, and/or have a self important attitude and think everyone else in the world should go out of their way to exchange your money for you when ever you want to make a purchase, then use US dollars. Just don’t be surprised when some people look down on you, and expect to get some attitude back.

...what I mean?

But you have to understand that obsessing about what people think of you is a Canadian pass time...even more important than making INSTANT 5% INTEREST ON THE SPOT...as is being too "polite" to just open their mouth and express a concern / issue when one exists (no, much better to curse and swear under your breath than simply...and politely...ask if the person can instead pay in Canadian currency instead, and resolve the matter right then and there)

I concur with tboy...and reiterate what I said...5 years living here, 15 years doing business here, never a problem, never a hint of a problem, and 90% of the time people were thrilled (like my personal trainer, who I usually pay in US whenever I return from a trip to the states, just to say "thanks for all you do"...his reaction is ALWAYS "kewl!! I love it when you do that...When are you going back??")

Most Canadians spend a fair amount of time in the U.S. either vacationing or shopping...and all the ones I know simply stock pile their U.S. dollars for their next trip. Hello? The banks keep US DOLLAR ACCOUNTS for this very reason.

But again...that said...it will also immediately identify you as an American, and clearly for some, that is a problem...

 

[tboy]

What I like is when you're in some southern US state (where they don't see many canucks) and you had em one of our fives or tens or a twonie for that matter.....now you want a reaction try THAT lol.

 

[RTRD]

The problem...

HMmmm do you think Kbear has issues with americans and their money?

I have yet to find ANYONE that doesn't happily take american currency....and yup, that ATM advice is bang on. In fact, most places won't charge you a service fee for the currency exchange like you would if you went into the bank and exchanged cash.....

..with the ATM advice is that not only will he get a lousy exchange rate, but unless it one of the reciprocal bank relationships (BOA & Scotia is the only one I am aware of, but their could be others) he will be charged an ATM fee on BOTH ends. Plus...many financial institutes are now charging a "foreign exchange fee"...on top of the fucked up exchange rate...of 2 to 3 percent. He could end up LOSING money by taking it out of a Canadian ATM when drawing on a US bank.

Like you said...and I said...I have yet to come across anyone who does not happily take U.S. currency...he shouldn't ask for any exchange, given the current closeness between the two (now THAT would be playing the ass), but even up...and thus giving the other person a 5% pad PLUS saving them the bother of a trip to the bank for their next mad dash to Florida or the Buffalo / Niagara outlet malls? Only the most anti-American xenophobe (it works both ways you know) or KBear would object.

 

[RTRD]

Yeah...well...

What I like is when you're in some southern US state (where they don't see many canucks) and you had em one of our fives or tens or a twonie for that matter.....now you want a reaction try THAT lol.

...I didn't say life was fair, I just described what it was...LOL

 

[Fabulous]

So, I am trying to figure out if it is worth my time to exchange my currency to Canadian Currency.

Do SP's take US currency?
Do cabs, hotels, restaurants, etc.... take US currency?

Your hotel will gladly exchange your currency, and it only takes a minute.

Yes SP's take US currency, but it's at par, same for cabs and restaurants, hotels give 2-3% exchange.

 

[Malibook]

The ATM is fine as long as you take out enough to make the sevice fee 1% or less.

The spread to change the currency is pretty much the same as the spread you will pay through the ATM, 1.5-3%.

I cashed a US$ check recently and I think I got around 3% more.

The beer stores take US$ at less than par.

People with US denominated cash and investments have seen a sizeable chunk of their equity vaporize in recent years.
I don't see this changing any time soon and I see no reason to sit on any significant amount of US$.

 

[homonger]

MLAM has obviously studied this subject to a much greater detail than I have. All I can say is, I must have some kind of magical bank account, because I've never been charged any kind of ATM or foreign exchange fee.

I have been charged foreign exchange fees when I use certain credit cards, however.

Here's the bottom line on this subject... Canada is a different country than the U.S. Yes, it's right nearby, but it is still a foreign country. Would you try to use US dollars if you were in France or Venezuela? Again, I imagine you could, but why would you think that was okay? If you owned a store in the US, would you accept Canadian money? Go to a freaking currency exchange, you lazy SOB.

 

[KBear]

..people might hate the U.S., but they love "our" money...

There is nothing special about the US dollar for the average person in a developed country. For most people, receiving US dollars means they will have to make a trip to the bank to exchange your money into the local currency, because you are too lazy, cheap, or self important to do it yourself. When the US dollar was $1.30 Canadian, people where willing to make the trip, but now with the dollars so close, they would rather not.

there is no reason to exchange if you can live with losing 2 to 3 cents on each dollar.

So, because you are American, you feel when traveling in a foreign country, everyone else should be willing to go out of their way to exchange your money for you, because, well, your American and you and your currency is somehow special?

Only the most anti-American xenophobe (it works both ways you know) or KBear would object.

If people don’t want US dollars they are anti-American? Omg

But you have to understand that obsessing about what people think of you is a Canadian pass time...

If people don’t want US dollars they are worried about being Canadian. Omg


If you are traveling in a foreign country the attitude that everyone should bow down in front of you because you are American, and you have US dollars, then you should expect attitude back. It has nothing to do with being anti-American.

 

[WinterHawk]

Yes, you can spend US currency in Canada, and it will mark you as just being as being very provincial. But hey, being an American, you're expected to be just that.

I remember walking into my local KFC and there was a family that must have come up from the States for a family reunion or such event, were in front of me and were trying to pay for their order in US dollars and wanted to know why they were getting change in this funny Canadian dollars, why weren't they getting their change in American? The clerk needed to explain to them that they were in a FORIGEN country and that the resturant was extending a courtesy to them in taking in their FORIGEN currency and converting it for them. Now depending on where they lived, it might have been possible for them to convert whatever Canadian currency they had left over to American or they could have stopped at one of the tourist information offices operated by the Ontario goverment on the QEW or 401 to conver the money back.

Now as to how easily you can convert US funds to Canadian at your local US bank, is anybody's guess. If you live in a boarder state it may be fairly easy as with the downturn in the US economy has seen some US business take in Canadian currency at par.

Most Canadians when travelling abroad will carry US Dollar Traveller's Cheques as most banks will deal in US dollars as will Hotels and stores in popular tourist destinations. I've used both US and Canadian Traveller's cheques with no problems internationally.

Funny thing, I remember reading an article years about about a Canadian couple going into a local bank in the southern states with some VISA Traveller's Cheques in Canadian Dollars and wanted to convert them into US dollars. They were refused because the bank didn't want to deal with FORIGEN currency even though there were obligated to do so as a VISA issuing bank and in their agreement with VISA International. The bank was told to accept the Traveller's Cheques and convert them to US funds. The bank refused to the utter embarssement of VISA International. You can imagine that this particular story got a lot of play in Canada and just showed how stupid some American's can be.

 

[Dodger]

My favorite story about this type of thing was while visiting the Cayman Islands one year, I went to a local tourist spot called Hell. There is really nothing there except a patch of ground that I guess was an old lava field or something that gave the impression of Hell.

Anyway the locals had arranged to have a post office, read a little shack, so tourists could send a post card from Hell with an official Cayman Islands postmark.

A group of American tourists had bought the postcards and applied US postage. When the agent refused the cards they got all upset because they couldn't understand why they could not us valid US postage stamps to mail a letter back to the States.

Go figure huh

 

[Never Compromised]

I will be flying to Toronto this 21st, but I am unsure if I should get some currency switched to Canadian Currency. Currently the US dollar and the Canadian dollar are about the same now. So, I am trying to figure out if it is worth my time to exchange my currency to Canadian Currency.

Do SP's take US currency?
Do cabs, hotels, restaurants, etc.... take US currency?

Would you take British pounds, the Euro or Canadian dollars where you work? The answer is probably no. Be polite, use the currency of the country you are in.

 

[KBear]

Would you take British pounds, the Euro or Canadian dollars where you work? The answer is probably no. Be polite, use the currency of the country you are in.

I think kmLover is being polite to ask.

People will be polite, and take the US dollars to help out tourists, but at some point tourists should go to the ATM machine and get some of the local currency.