Canadian Currency
Currency Information
It's a good idea to have some Canadian currency with you upon your arrival, as there is a chance your debit/credit cards may be incompatible with the local system. The abbreviation for the Canadian dollar is CAD.
Important Note: Canada does not use pennies anymore. All cash transactions are rounded to the nearest 5 cents.
Canadian Bills
Canadian bills are colorful and made of polymer for durability:
- $5 Bill Blue
- $10 Bill Purple
- $20 Bill Green
- $50 Bill Red
- $100 Bill Brown
Canadian Coins
Current Coins in Circulation:
- 5¢ (Nickel) - Silver colored
- 10¢ (Dime) - Small, silver colored
- 25¢ (Quarter) - Silver colored, largest coin
- $1 (Loonie) - Gold colored, has a loon on it
- $2 (Toonie) - Two-toned (gold center, silver rim)
No More Pennies
Canada eliminated the penny in 2013. Cash purchases are rounded to the nearest 5 cents, but electronic payments remain exact.
Payment Methods
Widely Accepted:
- Credit Cards (Visa, Mastercard, American Express)
- Debit Cards (Interac)
- Cash
- Contactless payments (Tap)
- Mobile payments (Apple Pay, Google Pay)
Tips for New Arrivals:
- Most transactions can be done electronically
- Always carry some cash for small purchases
- Contactless payment limit is typically $250
- PIN is required for larger transactions
Exchange and Banking
You can exchange currency at:
- Banks: Best rates, but may have fees
- Airport exchange counters: Convenient but higher fees
- Currency exchange services: Competitive rates
- ATMs: Usually best rates if using international cards
Money-Saving Tip: Consider opening a Canadian bank account soon after arrival to avoid international transaction fees on daily purchases.
Quick Currency Facts
- Currency Code: CAD
- Symbol: $ or C$
- Smallest Coin: 5¢ (Nickel)
- Largest Bill: $100
- Material: Polymer bills, metal coins