How to Transfer Currency From US to Canadian
The United States and Canada both use the dollar as the base currency, but they hold different values in relation to one another. You may incur fees to transfer funds from the United States to Canada or to exchange one currency to the other. It is usually best to obtain local currency after you arrive in the country you are traveling to, but you should obtain a small amount before leaving home. At the time of publication, the U.S. and Canadian dollar are almost equal, with the Canadian dollar holding a few cents' higher value.
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Instructions
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Transfer Funds
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Determine the current exchange rate. Calculate the amount of money you need in U.S. dollars to equal the amount you need in Canadian dollars.
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Go to a bank that deals with international currency exchanges. Send the money electronically or by a secure method your bank recommends. Find a reputable company that handles international currency exchanges, if you do not have access to a bank that deals with foreign currency.
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3
Pay by credit card if possible. Merchants that accept standard credit cards will not distinguish cards drawn on U.S. bank accounts from cards drawn on Canadian bank accounts. The credit card company will calculate the exchange rate and charge your card accordingly.
Bank Accounts
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Set up a U.S. dollar bank account in a Canadian bank, if you are eligible to do so. Set up a regular Canadian currency checking account with the same bank.
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Determine currency exchange rates. Calculate the amount of money you need in U.S. dollars to equal the amount you need in Canadian dollars. Make allowances for currency rate fluctuations over the time it takes to complete all your financial transactions.
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Instruct your Canadian bank to transfer funds from the U.S. dollar account to the Canadian dollar checking account, to cover the amount of payments you need to make. Write a check on the U.S. dollar account at the Canadian bank to cover purchases or expenses in Canadian dollars.
Traveling
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Exchange enough money to cover immediate expenses while in transit before you leave home.
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Go to an authorized currency exchange office or bank to exchange U.S. cash or travelers' checks when you arrive in Canada. Don't exchange quarters, dimes, nickels and pennies.
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Ask Canadian merchants whether they accept U.S. dollars. Many do but you will get the best exchange rate at a bank or currency exchange office.
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Tips & Warnings
Canada uses coins for $1 and $2 denominations. The $1 dollar coin has a picture of a loon on one side and is colloquially called the "loonie". The $2 coin is informally called the "toonie."
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