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The monetary
system in Canada is based on dollars and cents, as in the United
States. Due to monetary exchange rates, there is a fluctuating difference
in value between the Canadian dollar and the American dollar. Although
US Dollars are generally accepted in Canada at the current rate
of exchange, it is always best to change your money at a recognized
financial institution, bank, or a foreign currency exchange outlet,
where you will receive the prevailing exchange rate. A nominal handling
fee will be charged for this service. Stores, hotels and restaurants
will also exchange currency, but the rate will not be as favourable
as that at a financial institution.
Visa, MasterCard,
American Express and Travellers Cheques are widely accepted in Canada.
You can use any bank card for the Interac system with just about
every automatic banking machine in Canada. Banking machines are
conveniently located at banks and other locations throughout most
cities and airports. Banking hours are generally 10:00am to 4:00pm,
Monday to Friday. Some banks are open on Saturday.
It is recommended
that visitors carry travellers' cheques as well as a small amount
of Canadian cash. While not impossible to cash personal cheques
drawn on foreign accounts, it can be an expensive and time-consuming
process to clear the cheque.
Most U.S. credit
cards are honoured in Canada. Any charge to a credit card will reflect
the applicable exchange rate.
To check current
exchange rates online, go to www.xe.com
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