Using Money in Canada
Canada’s official currency is the Canadian dollar
($). One dollar equals 100 cents (¢). Many merchants,
especially in larger city centres, also accept U.S.
dollars, although you’ll pay an exchange rate
premium.
When you arrive, you’ll notice that prices can
be shown in different ways. For example:
- $1.33 = one dollar and 33 cents
- $0.33 = 33 cents
- 33¢ = 33 cents
You’ll be using both coins and paper money (also
known as “bills”):
Coins come in six denominations. Each
is a distinct size, shape and colour for easy identification.
Coins also feature an image of significance to Canadians
on one side. For example, most $1 coins have the image
of a loon and most one-cent coins have two maple leaves.
These are the six denominations currently in circulation:
- penny = 1¢
- nickel = 5¢
- dime = 10¢
- quarter = 25¢
- dollar = $1.00 (known as the “loonie”)
- two dollar = $2.00 (knows as the “toonie”)
All paper money is the same size,
but each bill is a different colour. The paper bills
you’re most likely to use are:
- $5 — blue
- $10 — purple
- $20 — green
- $50 — red
- $100 — brown
Paper bills have special security features designed
to make them difficult to counterfeit.
Canada has strong historical ties with the United Kingdom
and is a member of the Commonwealth of Nations. Since
1908, an image of the monarchy has been depicted on
Canadian currency. Today, the image is of Her Majesty
Queen Elizabeth II.
Changing Your Home-Country Money for Canadian Currency
It’s a good idea to exchange some of your money
into Canadian currency before you leave, so that you
have cash on hand for small purchases as soon as you
arrive. Once you’re here, there are several ways
to exchange your money for Canadian currency.
- Financial institutions —
Canadian financial institutions such as RBC Royal
Bank offer competitive exchange rates. By visiting
a branch, you can exchange money from just about anywhere
in the world. Use the RBC
Currency Converter to find out more about currency
exchange rates.
- Foreign exchange outlets —
At selected locations across Canada, including airports
and tourist attractions, you’ll find foreign
exchange outlets.
- Hotels — Some hotels have
currency exchange counters, for the convenience of
tourists staying there who need to exchange relatively
small amounts.
We can also help you if you want to exchange a large
sum of money (usually a bank draft or cheque) and deposit
it into your RBC
Royal Bank account.
Non-Cash Options
In addition to cash, most merchants and retailers accept
debit cards or credit cards as payment. Some purchases
— especially large ones — can be completed
more easily and safely with these non-cash methods.
Debit
cards (such as your RBC Client Card) allow you to
pay for goods and services directly from your bank account.
You can also use your debit card to withdraw cash from
your account at an Automated Teller Machine (ATM) that
features an INTERAC® logo.
Credit cards
are also used and accepted widely. With so many credit
card options available, be sure to choose one that offers
you the best value and convenience.
Before You Leave
Speak to your bank about transferring your money to
a Canadian financial institution before you leave your
home country. RBC Royal Bank is respected around the
world as a leader in providing banking services for
newcomers.
The content of this website is provided
for the general guidance and benefit of our clients.
This website is for informational purposes only and is
not intended to provide specific advice. See
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