 | Victoria Currency/Tipping Reviews | Tips 1 - 8 of 8 |  |  | |  |  | Currency/Tipping: Currency: Every day at work I... | Tip Rating:      |  |  | |  |
Currency: Every day at work I would deal with people who were confused in some way about Canadian currency. So here are all of our coins and their names: penny – 1 cent, nickel – 5 cents, dime – 10 cents, quarter – 25 cents, loonie – one dollar, twoonie – two dollars. The one-dollar coin is gold, and is called a loonie because there is a picture of a loon on one side. The two-dollar coin is gold in the middle with a silver ring around it. It is called a twoonie because it came out after the loonie had been around for a while and that’s just what people decided to call it. It might help to remember that the one-dollar coin is one colour, and the two-dollar coin is two colours. There are no one dollar or two dollar bills around anymore, although some banks in the United States still seem to be giving out Canadian two dollar bills to travelling Americans. All prices are listed in Canadian dollars. Tax is not included in the price. Some of the souvenir shops (such as the ones I worked at) will have conversion charts posted so that Americans can figure out the approximate US dollar prices. Places that do not cater exclusively to tourists will not have this kind of information available. Right now one American dollar is worth about $1.50 Canadian, so when converting prices just keep in mind that the American price is about two-thirds of the Canadian price. Also, many businesses will accept US cash but by law will have to give you Canadian change. So don’t use a US $100 bill to buy a few postcards unless you plan to stay in Canada long enough to use up all the cash you’ll get in change. If you pay with a credit card, the price will go through in Canadian dollars and be shown in Canadian dollars on your receipt. Then when you get your bill, a conversion will be shown and you will be charged in the currency of your own country. You will be given the bank rate of the day. This fluctuates every day, so the only people who know exactly what it is on any given day are those working at banks and possibly currency exchanges. Leave a Comment
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Victoria is a touristy-friendly city and is very close to the USA. Because American tourists make up the majority of the tourists in Victoria, I feel that this is a valuable point to mention. While you can pay for things initially with US dollars, you will always be given your change back in Canadian dollars/coins. Right now because the exchange rate is so close, a lot of businesses are taking US dollars at par. As a result, you lose more money by paying with US dollars than if you were to use your credit card, debit card, or Canadian cash. This is because the US dollar is a foreign currency in Canada and it is not considered legal tender. American tourists are the only people that use American dollars in Canada, for example. Businesses that accept US dollars do so as a courtesy, not because it's mandatory. It is certainly not law to accept foreign currency. Also worth knowing is that American coins are taken at par in Canada (they're the same denominations - pennies, nickels, dimes, quarters, although we also have a dollar and 2 dollar coin in Canada). So while $1.00 dollar bill US should theoretically purchase $1.06 Canadian, four US quarters will only ever be $1.00 Canadian, regardless of the exchange rate. The easiest way to obtain Canadian dollars is to simply withdraw money from a bank machine. This goes for all international visitors. Your bank does the exchange rate automatically and will then give you Canadian dollars. Bank machines generally dispense $20 bills, and sometimes $10, $50, or $100 denominations. Even if you don't intend to spend with cash, it's handy having some Canadian coins and dollars because things like parking meters, bus fare boxes, vending machines, and automated ticket machines will only accept Canadian coins/dollars in their slots. And please, refrain from calling US dollars "real dollars" or "real money" and Canadian dollars "funny money" or "monopoly money" because it's a sign of disrespect and arrogance, whether intended or not. Leave a Comment
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