The Canadian dollar (CAD) is not the same as the U.S. dollar or USD. This form of currency is only used in Canada and it has a lower value than the standard American buck. The American dollar has more value. USD money is commonly used in both countries. When American or Canadian people travel back and forth across the border, they will need to exchange their money to purchase goods or services in each country. There are places inside of Canada where visitors can exchange American dollars for Canadian currencies. Keep reading to find out where these places are located.
You can Exchange Money at the Canadian/U.S. Border
Travelers who go to Canada by driving a vehicle can exchange their U.S. dollars for some Canadian cash. A border service officer will usually carry out this transaction. According to the Canadian government, you can bring any amount of money into the country. This is also true for people entering into the U.S. However, if you bring $10,000 (Canadian or U.S. currency) or more into or out of the country; this amount must be reported.
This report is called a declaration. A border service officer will walk you through the process of completing a declaration form. This rule also applies to couriers and to individuals who are transporting cash for another party. A CSBA Declaration card is used to complete this process. This rule doesn’t just apply to cash it also applies to various monetary instruments such as bank drafts, checks, stocks, traveler’s checks or bonds.
Air travelers will also have to do the same thing. However, most airports that receive foreign travelers typically has a CSBA office that handles currency transactions. Ultimately, if you don’t report that you have $10,000 (or more) in currency and border service agents somehow figure out that you have this money; they can take it from you and even detain you. They will have to investigate if you are involved in a crime or supporting some type of illegal terrorist activity. The Canadian Border Service Agency website will provide more detailed information about this process. The U.S. Customs and Border Protection agency also provides this information as well.
Exchange Currency at Banks
Banks are designed for money and exchanging your currency at this financial institution makes good sense. You can exchange your currency at your local bank before you leave, or you can wait until you arrive at your destination to find a bank to perform this transaction. The Bank of Nova Scotia (Scotiabank), Canadian Imperia Bank of Commerce and Toronto Dominion Bank are among popular banking institutions in the nation. Remember that banks can set their own currency exchange rates. Travelers should shop around to find the best rates for their money. Exchange rates will also vary within the U.S. Popular American banks include Bank of America, Wells Fargo and Citi.
Shopping Malls
Shopping malls in Canada typically have locations for patrons to exchange money. These locations are usually open during normal business hours. The information desks located within each mall can direct travelers to exchange locations.
American Express Offices in Canada
There are some American Express offices located in Canada. This company provides financial and business services for clients. They provide currency exchange services as well.
Canadian and American Post Offices
You can exchange money at U.S. and Canadian post offices. These government organizations provide this service to consumers who frequently travel or send money to other countries.
Train Stations
Many train stations within Canada and America allow customers to exchange money.
Tourist Areas Inside of Both Countries
You can also transfer one type of cash for another type within various tourist areas. They typically have this type of service set in place so that foreigners can spend their cash for their services and products.
KnightsbridgeFX
KnightsbridgeFX is an online currency service headquartered in Toronto, Canada. They provide lower rates and high-quality service for currency exchange. They have physical locations in various Canadian cities (Keswick, Burnaby, Saskatoon, etc.) and they also have an online portal for exchanging currency.
The Best Places to Exchange your Money
The best places for you to exchange your money are banks, post offices, border crossings and American Express locations. The worst places that you can exchange your money are airports, train stations and tourist areas. Exchange rates will vary so always call around or search online to find the best rates.
Stores throughout Canada Provide Currency Exchange Services
Stores in Canada also offer their own exchange rates. However, they are usually designed to be favorable toward the Canadian dollar. Foreign travelers are not advised to use local stores to exchange their money unless they absolutely must use this service. Remember exchange rates are constantly fluctuating and consumers will have to carefully monitor these rates to get the best deal.
