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Toronto Money and Costs

Toronto → Money and Costs

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  • Money

Most Canadians don't carry large amounts of cash for everyday use, relying on their credit cards, ATMs and direct debit cards. Unlike the USA, personal cheques are rarely accepted. Also, many places in Toronto accept US Dollars - with a rough 1:1 exchange rate.

  • ATM

Interbank ATM exchange rates usually beat traveler's checks or exchanging foreign currency. Canadian ATM fees are low ($1.50 to $2 per transaction), but your home bank may charge another fee on top of that.

  • Credit Cards

Visa, MasterCard, American Express and JCB cards are widely accepted in Canada. Credit cards can get you cash advances at bank ATMs, generally for a 3% surcharge. Beware: many US-based credit cards now convert foreign charges using highly unfavorable exchange rates and fees.

  • Changing Money

Always change your money at a recognized bank or financial institution. Some hotels, souvenir shops and tourist offices exchange money, but their rates won't put a smile on your dial.

American Express (905-474-0870, 800-869-3016; www.americanexpress.com/canada) branches in Toronto only function as travel agencies and don't handle financial transactions. Instead, tackle the banks, or try Money Mart (416-920-4146; www.moneymart.ca; Yonge Street Strip, 617 Yonge St; 24hr; Wellesley).

Affiliated with Marlin Travel (www.marlintravel.ca), Thomas Cook (www.thomascook.ca) branches include the following:

Bloor-Yorkville (416-975-9940, 800-267-8891; 1168 Bay St; 9am-5:30pm Mon-Fri; Bloor-Yonge)

Financial District (416-366-1961; 10 King St E; 9am-5pm Mon-Fri; King)

Travelex (www.travelex.com/ca) has branches:

Financial District (416-304-6130; First Canadian Place, Bank of Montréal, 100 King St W; 8am-5pm Mon-Fri)

Pearson International Airport Terminal 3 Arrivals (905-673-7042; 8:30am-midnight)

Pearson International Airport Terminal 3 Departures (905-673-7461; 3:30am-10pm)

Another organization, Calforex Currency Services (290 Queen St West) give good rates for cash, buying and selling GBP, USD, EUR; on substantial sums can be as little as 1% from interbank rates.Fremdh 15:28, 16 January 2010 (EST)

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Toronto: Money and Costs is based on work by Peter Fitzgerald, Mike, Eco84, Niels Elgaard Larsen, David Fremlin, iGuide, and others. Toronto Travel Guide & Toronto Interactive Map is available under Creative Commons Attribution-ShareAlike 1.0. See background image credits.