What Kind of Money Do They Use in Canada?

The Canadian dollar, abbreviated as CAD, is the official currency of Canada. It is often distinguished from other dollar-denominated currencies using symbols like CA$, Can$, or C$. The Canadian dollar features unique designs.

Canadian Dollar Denominations

Canadian currency consists of both polymer banknotes and various coins. Banknotes are issued in denominations of $5, $10, $20, $50, and $100, each featuring unique colors and prominent Canadian figures.

The blue $5 note typically displays Sir Wilfrid Laurier and images related to Canadian space innovation, such as the Canadarm. The $10 note, notably purple and vertical in orientation, features Viola Desmond, a civil rights icon, and the Canadian Museum for Human Rights. The green $20 note commonly shows Queen Elizabeth II and the Canadian National Vimy Memorial. The red $50 note features William Lyon Mackenzie King and the Arctic research icebreaker CCGS Amundsen. Finally, the brown $100 note displays Sir Robert Borden and themes of medical innovation, including the discovery of insulin.

Canada’s coins also have distinct designs and popular nicknames. The 5-cent coin is known as a “nickel” and features a beaver.

The 10-cent coin, called a “dime,” depicts the Bluenose, a famous Canadian schooner. The 25-cent coin, or “quarter,” showcases a caribou. The $1 coin is widely known as the “loonie” for its common loon depiction, while the bimetallic $2 coin is nicknamed the “toonie” and features a polar bear. The 1-cent coin, or penny, has been discontinued from circulation, with cash transactions now rounded to the nearest five cents.

Obtaining Canadian Currency

Travelers to Canada have several convenient options for acquiring Canadian dollars. The most common method is to use automated teller machines (ATMs) upon arrival. ATMs are widely available throughout Canada and generally offer favorable exchange rates, though small fees may apply. It is advisable to notify your bank about your travel plans to ensure uninterrupted access to your cards.

Banks and dedicated currency exchange kiosks are also available for converting foreign currency. While these services provide a direct way to exchange money, their exchange rates might be less competitive than those offered by ATMs, and they may charge additional fees. Airport currency exchange services often have less favorable rates. While exchanging currency before travel is possible through some US banks, using an ATM in Canada often provides better value.

Common Payment Methods

In Canada, a variety of payment methods are commonly used for transactions. Credit and debit cards are widely accepted across the country, serving as the primary choices for most purchases. Major credit cards like Visa, MasterCard, and American Express are widely accepted. Debit cards are also extensively used, with Interac being the predominant domestic debit network.

Contactless payment, or “tap and go,” is prevalent and supported by most card terminals. This allows for quick and secure transactions by simply tapping a card or mobile device. Mobile payment options, including Apple Pay and Google Pay, are increasingly accepted. Many Canadian debit cards can be linked to these mobile wallets, allowing users to make payments directly from their bank accounts using their smartphones. While cash is still accepted, its use has declined, though it remains a common choice for smaller-value transactions.