Travellers to Canada will be happy to hear that the monetary system basically works the same way as it does in the UK.
Travel cards let you spend Canadian dollars in Canada. This avoids the fee for currency conversion. A travel card lets you hold multiple foreign currencies at a time, which may be helpful if you’re visiting the neighbouring United States.
If you’ve transferred your funds to Canadian dollars using a travel money card, you can avoid currency conversion fees when spending in Canada. Travel cards also come with a supplementary card, which can come in handy if your primary card is lost, damaged or stolen.
While you can avoid currency conversion fees, there are some other costs you’ll need to look out for. For example, look for international ATM fee waivers to save on cash withdrawal costs.
Generally speaking, yes, but if you are travelling with a debit card, you should look for no charges for currency conversion, no international ATM fee and no monthly or account-keeping fees. If you just want to take your everyday debit card with you, you may have to pay for international ATM withdrawals (plus the ATM operator fee) and a 3% currency conversion fee.
A credit card can give you interest-free days on your purchases, complimentary travel, purchase insurance, worldwide acceptance and additional financial security. If you have a credit card and you plan on using the complimentary international travel insurance feature, double-check your planned activities are covered by the policy. For example, some winter sports like snowboarding require additional cover.
Credit cards are a good way to make purchases, but you should supplement your credit card use with a debit card when you want to make ATM withdrawals. Cash advance fees and interest can compound and give you a nasty surprise when you arrive back in the UK. Some of these charges can be avoided, but it’s better just to keep your credit card for purchases and emergencies.
Traveller’s cheques have been made redundant by other forms of travel money compared on this page for the following reasons:
While card payments are common, there are always going to be times when you need to pay with cash, especially if you’re buying something small – some merchants won’t accept a card for a small payment due to surcharge fees. If you’re wondering the best way to exchange British pounds for Canadian dollars, you have these options:
Being a modernised, western country, Canada is similarly priced to the UK. Like all places around the world, prices jump up significantly in ski resorts such as Whistler. So, you’re going to need more cash if you head to the slopes.
| Whistler | Budget | Mid-range | Expensive |
|---|---|---|---|
 | Motel £40–£60 per night Hostel £20–£30 per night | 3-star hotel £90–£150 per night | 5-star hotel £150–£300 per night |
 | Burgers or fast food £5–£10 per person | Casual restaurant £10–£20 per dish | Steak dinner and a glass of wine £30–£50 per person |
 | Snowshoe walking tour, Whistler £45 per person Manitoba Museum, Winnipeg £9 per person | 10 days skiing in Whistler £440 | Sea to Sky exotic driving, Whistler £465 White water rafting, Winnipeg £70 |
*Prices are approximate and subject to change.
Don’t stress about using your card to make purchases and to withdraw cash – card acceptance and ATM availability are similar to the UK. Canadian merchants accept Visa and Mastercard, while American Express credit cards are accepted in more places than in the UK. Canada uses a debit card system similar to our own called Interac Direct Payment (IDP), which is available all across the nation. You can use this system to get cash out over the counter if you’re paying with your debit or travel card. Travel cards, debit cards and credit cards are all worth comparing before you leave the UK.
| Travel money options | Pros | Considerations |
|---|---|---|
| Travel prepaid cards |
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| Debit cards (transaction accounts) |
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| Credit cards |
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| Traveller’s cheques |
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| Cash |
|
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This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.
Michael did a season skiing Canada’s famous peaks: Whistler and Blackcomb. The season lasts for approximately 6 months starting in November and ending around May.
Any tips on how to go about getting a Canadian bank account?
He says that in order to get a Canadian bank account, you have to get a Social Insurance Number (SIN), which is the equivalent to our National Insurance (NI) number. Once you have that, you can apply for a bank account/keycard. You can get these forms from any Canadian bank, it’s a matter of going through the process and filling out the forms. Michael says it’s something he definitely recommends for someone who is going to be doing a season in Whistler.
Were there any places where you had trouble using any of your cards?
He says more or less, “no”. Michael told us of one instance where his bank flagged a possible fraudulent purchase because of the location, apart from that everything was fine. He says to make sure you tell your bank about your travel plans to avoid this situation.
Michael’s tips for managing travel money in Canada
Michael has some good advice about making international payments to Canada. He says he had savings in his home bank account, and he needed to transfer this money to his new Canadian account. He made a lump sum transfer every month or two. He recommends the services of a foreign exchange and international payments company.
If you’re planning on hitting the slopes while you’re in Canada, you will need to make sure that you have additional winter sports insurance. So, if you are heading to Canada, make sure your trip is protected.
Back to topCanadian dollars are a common currency and can be purchased from any number of foreign exchange companies, including your bank. You can bring as many Canadian dollars into the country as you like. You must make a customs declaration if you’re carrying more than C$10,000.
There have been reports of Canadian ATMs not accepting foreign cards. Look for the Visa or Visa PLUS logo on the front of the machine to see whether you can use your card to get cash. The same with Mastercard. A local ATM operator fee applies each time you withdraw cash.
| Year | Average annual exchange British pound (GBP) to Canadian dollar (CAD) |
|---|---|
| 2020 | 1.720 |
| 2021 | 1.724 |
| 2022 | 1.608 |
| 2023 | 1.679 |
| 2024 | 1.711 |
*2024 price is an average until 16 April 2024.
Whether it’s a credit card, a debit card or a travel card, you’ll need to use a combination of options. While you can get away with making card payments a lot of the time, there are still instances when you’ll need cash.
What happens if you lose your debit card and you have to wait half a week for a replacement? Take a combination of the travel money products we’ve listed on this page and use the right card for the right situation so you can save on international transaction charges.
The Northern Lights, some of the best skiing in the world and a people warm in heart and spirit, it’s no surprise that every month tens of thousands of British people travel to Canada.
Do your research before you leave and you can enjoy your trip to Canada with peace of mind that you’re spending your money your way and not giving your hard-earned cash to your bank. If you have any questions about using travel money in Canada, ask us a question using the form at the bottom of the page.
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