How much cash should I bring to Canada? (2024)

How much cash should I bring to Canada?

There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.

Whether you are leaving or entering Canada, you must declare any currency (cash) or monetary instruments valued at CAD $10,000 or more that you are carrying. This amount includes Canadian or foreign currency or a combination of both.

Tourists are known to flock to Canada for a dose of exuberance and adventure. But, in order to thoroughly enjoy your vacation, there are some things that you absolutely need to get out of the way – one of them being currency exchange. This is a must-have on your to-do list before you fly out to Canada.

It's hard to advise on how much spending money you should budget for as everybody has different tastes and spending habits. A good guideline is between $250 and $300 (Canadian Dollars) per week.

Getting your finances organised for a trip to Canada is easy. Both credit cards and cash are accepted without hassle almost everywhere, and given the high number of ATMs, you won't need to bring a ton of Canadian dollars into the country.

Yes, debit cards by Visa are widely recognized for various online and electronic transactions globally, wherever Visa is welcomed. Keep in mind that Visa fees will be applicable, and these charges will be visible on your statement as a 1% international transaction service fee.

If you are planning to rely on USD in Canada, you may like to reconsider. Although large retailers, tourist attractions, hotels and border crossings accept US currency, smaller and rural destinations may not. Travellers don't always consider the situations when the local currency is the only option.

While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.

Most Canadian retailers will accept American dollars, but you'll get a terrible exchange rate. You'd be better off exchanging cash at a bank (any Canadian bank will do this) or a Foreign Exchange store.

Major credit cards are accepted at most retailers across Canada, so if you have a Visa or a Mastercard, you shouldn't have any problems. Just make sure you have a credit card without foreign transaction fees.

Is it cheaper to pay cash in Canada?

Advantages of paying with cash

you don't pay interest or fees. you may get a discount since merchants don't have to pay a fee to accept cash transactions.

“Cash has lost significant payment market share over the years as Canadians continue to turn to secure digital payment options for ease and convenience, coupled with an explosion in e-commerce, a trend that was further fueled through the pandemic,” said Jon Purther, Director of Research at Payments Canada.

Expect to pay anywhere from $12–40 for a main dish at most places, and considerably more at fancier establishments. The average cost of a dinner for two, with wine, would be roughly $60–80.

Most casual visitors to Canada should use their credit cards for purchases and make larger ATM local currency withdrawals at Canadian banks, but frequent travelers should talk to their banks about the best debit and credit cards for these purposes.

Use your bank's ATM

Withdrawing cash from an ATM operated by the financial institution you bank with is the easiest way to benefit from free withdrawals. Many chequing accounts include some — or unlimited — fee-free visits to the bank's own ATMs each month.

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.

While you'll always need some cash, using a credit card for your spending needs can significantly simplify overseas travel. You won't really have to deal with converting currency and, armed with the right credit card, you won't pay unnecessary foreign transaction fees.

Often, Canadian businesses will accept U.S. dollars in payment, making the currency value exchange, if any, at the till. It's always advisable to bring money in a variety of forms on a vacation: a mix of cash, credit cards, and traveler's checks.

Canadian merchants accept Visa, Mastercard and American Express credit cards. Canada uses Interac Direct Payment (IDP) and you can use this system to get cash out over-the-counter if you're paying with your debit or travel card.

Do you need a passport to go to Canada?

Entry into Canada: Canadian law requires that all persons entering Canada carry proof of citizenship and identity. A valid U.S. passport, passport card, or NEXUS card satisfies these requirements for U.S. citizens. Children under 16 only need proof of U.S. citizenship.

Overall, Canada is more affordable than the US, but the US has a higher median income. Comparing the cost of living in both countries is tricky because living costs vary dramatically within each city. It's important to consider the hidden costs and savings of public goods and services when comparing costs of living.

Convenience and accessibility are key considerations when deciding between exchanging currency at home or abroad. Exchanging currency before your trip offers the convenience of having local currency readily available upon arrival at your destination and you won't need to worry about exchanging currency abroad.

Before your trip, it's best to exchange money at your bank or credit union, which likely offers better rates and fewer and/or lower fees. Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.

Ordering currency from your bank before you travel is almost always better than using the airport currency exchange.