Travel to the US

[ok, ok,....I get it]

I was wondering on people's opinons regarding travel to the US and money. Is it better to purchase all your cash at the outset, us ATM's in the states, or purhcase traveller's cheques?

[malcolmk14]

I was just about to ask the exact same thing. I might head to Vegas next week and don't wanna walk around with $2-3k in cash.

[Pagal4321]

I'm heading to Chicago on Wednesday, and I'm taking some cash with me but will probably just use ATM if I run out and my Visa will be used at the outlets.

[Incinerator]

I always use Credit Cards, if I need cash I just use the ATMs down there, I find these two ways generally beat the rate when buying cash up here.

[Bring_Back_Shantz]

Yeah, Incinerator is right.
You'll always get the best rate by using the ATM or your credit card, because they just charge you the straight up exchange rate, they won't add fees to "Buy" the money.

[valo403]

Just use the ATM, anything else is a waste of time. A number of the ATM's in the US don't charge an additional fee to out of country cards, so you'll only be paying the fee that your bank adds on.

BTW, if you're traveling to NY or elsewhere in the Northeast it might not be a bad idea to open a TD account as they just took over Commerce Bank and now have branches all over the region.

[getbak]

It depends on where you're going, and who you bank with in Canada.

I've never had trouble using Traveler's Cheques in tourist heavy places like Vegas, L.A., or Orlando, but you might have more of a problem in smaller places, or places that don't attract as many tourists.

Using local ATMs can get expensive because you'll probably have to pay something like $5 per transaction to your Canadian bank, plus whatever fees the machine itself charges.

TD and RBC both have some US branches and if you're a Canadian customer with them, you can withdraw from their branded branches in the States the same as you can in Canada, with no additional fees (other than the exchange rate, of course). There are quite a few TD branches in Boston, for example.

Buying cash locally before you go will get you the best exchange rate, with minimal (if any) fees, but you run the risk of losing all your money. Traveler's cheques give you some security, but are a little more of a hassle to use. ATMs are convenient, but the fees will add up quickly.

[Sample00]

I have found in some cases that taking Canadian cash and exchanging it at the Casino cashiers, I have gotten a favourable exchange rate. At least that's the case at the Stratosphere, which is where I usually stay.

[Displaced Flames fan]

Originally Posted by Sample00

I have found in some cases that taking Canadian cash and exchanging it at the Casino cashiers, I have gotten a favourable exchange rate. At least that's the case at the Stratosphere, which is where I usually stay.

This is usually true at towns close to the border as well. I know stores in Kalispell often give a better rate than the banks if you spend your loonies there.

[cSpooge]

Originally Posted by getbak

It depends on where you're going, and who you bank with in Canada.

I've never had trouble using Traveler's Cheques in tourist heavy places like Vegas, L.A., or Orlando, but you might have more of a problem in smaller places, or places that don't attract as many tourists.

Using local ATMs can get expensive because you'll probably have to pay something like $5 per transaction to your Canadian bank, plus whatever fees the machine itself charges.

TD and RBC both have some US branches and if you're a Canadian customer with them, you can withdraw from their branded branches in the States the same as you can in Canada, with no additional fees (other than the exchange rate, of course). There are quite a few TD branches in Boston, for example.

Buying cash locally before you go will get you the best exchange rate, with minimal (if any) fees, but you run the risk of losing all your money. Traveler's cheques give you some security, but are a little more of a hassle to use. ATMs are convenient, but the fees will add up quickly.

this is really true if you use one of the big banks for ATMs. Most Canadian banks have partnerships with US banks so you don't have to worry about fees. CIBC for example has partnerships with banks in something like 130 countries.

[kdogg]

I find the rate RBC gives me isn't the best. On top of that, you have to pay the $5 Plus fee per transaction, and possibly ATM fees.

I stop at Calforex before I head somewhere. I almost always find their exchange rate to be the best.
________
Depakote Side Effect

[GoJetsGo]

Bump...

Heading to Las Vegas early Monday and wondering if I should go to my (Royal Bank) to pull out $500 in cash...

or just pull it out from an American ATM when I get down there.

Any advice would be appreciated.

[Zarathustra]

Credit card.

If you are worried about paying interest or anything like that, just put a bunch of credit on your card before you leave and you can spend that money while in the States, while essentially using it as a debit card without and fees.

[ken0042]

So much of this depends on what you are doing and where you are going. Think of the things here that you need cash for- things like going to a bar instead of a pub. Having dinner at McDonalds as opposed to a sit down place.

No one answer is right for everybody.

And just to add- a lot of retailers take Interac down there too. Just call it "debit card" and not interac. Here is the list of retailers that take RBC, TD, Scotia, and ATB Interac cards: http://www.nyce.net/consumers/canadi...iler/index.htm

[photon]

One thing to be aware of when using your debit card in the US is if you want to use something other than your chequing account for transactions you can have a lot of problems. When I went down last year even every single place only had the option of choosing chequing (or no option at all), and I have my buy stuff account set up as savings. Even pay at the pump things didn't take it.

Annoying and something to be aware of.

[Zarathustra]

Originally Posted by ken0042

So much of this depends on what you are doing and where you are going. Think of the things here that you need cash for- things like going to a bar instead of a pub. Having dinner at McDonalds as opposed to a sit down place.

No one answer is right for everybody.

And just to add- a lot of retailers take Interac down there too. Just call it "debit card" and not interac. Here is the list of retailers that take RBC, TD, Scotia, and ATB Interac cards: http://www.nyce.net/consumers/canadi...iler/index.htm

Every bar that I've been to takes credit card. McDonalds takes credit card.

In this day and age pretty much everywhere takes credit card. As long as you have a mastercard or visa you're set.

It's a good idea to bring some cash for extra spending, but I wouldn't bring more than $150 in my wallet.

[Jedi Ninja]

You can't look just at the service fees. The exchange rate is also different when you are buying cash dollars, doing EFT, or paying with credit card. You may pay a service fee for the ATM transaction, but you may also get a better rate on a US ATM than buying cash and taking it down with you. It really depends on your bank. For my bank, the exchange rate for cash is actually worse than for ETF/ATM.

In my case, my bank doesn't charge me anything extra for a US withdrawal, I just have to pay the american bank an extra $1.50 for using their ATM. I'd rather do that than have to waste half an hour driving and standing in line at a bank in Canada in order to get cash or travellers cheques.