Acquainting yourself with Canadian currency

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Learning about a currency you are not familiar with in a place you are visiting is an important first step in getting acclimatized to a new country. Luckily, Canadian currency is easy to understand.

Canadian bills are made in five, ten, twenty, fifty and hundred dollar denominations for common usage. There is no one or two dollar bill.

The Canadian government realized they could save money by coining a two dollar and one dollar coin that would last much longer than the same denominations made in paper currency. The two coins are affectionately referred to as the loonie and toonie. The one dollar golden colored loonie is adorned with a picture of the Canadian loon. The toonie is a two toned silver and gold coin.

It takes a little getting used to carrying around the heavier coins, which are used in great quantity. If you carry change in a pocket or purse, be ready for a little more weight and more change.

Coins are pennies, nickels, dimes, quarters, the less commonly used fifty cent piece, and loonies and toonies.

Although many businesses and stores will accept United States currency, the exchange rates they offer may not be very good. It is better to either exchange the money before your trip or find a reliable financial institution in the city you are visiting that offers currency exchange. A caveat is to be aware of current exchange rates to ensure you get a fair rate of exchange. Also, be aware that many places may charge an additional fee to exchange currency.

Another option is to pull cash directly out of a bank debit or credit card. Many places have machines that allow you to withdraw Canadian funds from your bank or credit cards, but they are usually limited to a set amount per day.

For converting US dollar (USD) amounts to Canadian dollars(CAD), use this easy tool.