Money

Money Arrangements

Currencies

Although both the USA and Canada have Dollars and cents and the same denominations of coins, the designs of both banknotes and coins are different in the two different countries - banknotes are very different, coins only slightly different.

American banknotes all have the same basic design, so you need to check the denomination very carefully when handling them. Canadian banknotes have very different designs for different denominations.

The Canadian 1c (penny) coin has numerous straight edges, whereas the American 1c (penny) coin is round.

Notes and Coins

Coins:

50c - Half Dollar; rare, may no longer be in circulation

25c - Quarter (milled edge)

10c - Dime

5c - Nickel (smooth edge)

1c - Penny

A "buck" is a Dollar; two bucks is two Dollars, etc.

The expression "two bits" has two meanings - either 25c or virtually worthless.

50c - rare, I think

1c - Penny (same size as the US Penny, but with straight sides)

Traveller's Cheques

In both the USA and Canada travellers' cheques in the appropriate currency for each country are treated as cash in most retail outlets such as shops, restaurants, petrol stations, motels, etc., with reasonable amounts of change being given without any problems. No commission charge is ever made. Most motels are also quite happy to cash traveller's cheques for you, both when paying and also separately to payment for your accommodation. Occasionally some form of identification is required when cashing a traveller's cheque, for which your passport or driving licence is ideal. Some fast food restaurants will take traveller's cheques, some won't. Non-fast-food restaurants normally will take them.

There would be a commission charge for changing a traveller's cheque in a bank, so that option is best ignored.

It is difficult to give any specific advice as to the cheapest sources of travellers' cheques and US cash in this document since the market is very changeable. The best bet is to shop round the travel agents, banks and building societies, not forgetting (at least in Britain) the Post Office. Consider both the rate of exchange and the commission charge.

Credit and Debit Cards

It's a good idea to take a debit or credit card and know your PIN number so that you can use an ATM (automatic teller machine - i.e. a cash dispenser) in an emergency, although the commission charges for obtaining cash from ATM's are high. Using a debit card to obtain cash from an ATM is considerably cheaper than a credit card. If you intend to use a card to obtain cash, check which network your card can be used on, for example the Plus system. ATM's are widely available in the USA, slightly less so in Canada.

Credit Unions

How Much Money To Take