Canada’s main national banks are the Royal Bank of Canada, Bank of Montréal, TD Canada Trust, Canadian Imperial Bank of Commerce (CIBC), Scotiabank, and National Bank of Canada. These banks generally accept foreign ATM (automatic teller machine) cards, although it is wise to check with your bank first. ATMs can be found at bank branches, as well as grocery stores, shopping centers, gas stations, train and bus stations, and airports.

Banks are usually open Monday to Friday, from 9am to 5pm; some stay open later on Fridays, and a few open on Saturday mornings. All banks are closed on Sundays and on statutory holidays.

Traveler’s checks issued in Canadian dollars are probably the safest and most convenient way to carry money for your vacation. They offer security because they can be easily replaced if they are lost or stolen. They are also accepted as cash in a range of gas stations, shops, restaurants and hotels across the country. Buy checks in smaller denominations such as $20 as most retailers prefer not to give out large amounts of change. It is a good idea to find out which Canadian banks charge commission for changing traveler’s checks, as many have arrangements with certain issuers of checks and make no charge. The Royal Bank of Canada and TD Canada Trust, for example, charge no commission on American Express checks in Canadian dollars. A passport or other form of ID is needed to cash traveler’s checks at a bank or at Bureaux de Changes offices such as American Express or Travelex.

Credit cards are used extensively in Canada, and American Express, Diner’s Club, MasterCard/Access, and VISA are widely accepted. Credit cards are often asked for as a form of ID, and for placing large deposits – most car rental companies in Canada insist on a credit card or require a substantial cash deposit. Some hotels also prefer prepayment by credit card. Credit cards can also be used to secure cash advances, but you will be charged interest from the date of withdrawal.

If you run out of money or have an emergency it is possible to have cash wired from home in minutes using an electronic money service. Both American Express and Travelex provide this service, as does Western Union which has 22,000 outlets all over North America.

Canadian coins are issued in denominations of one cent (the penny), five cents (the nickel), ten cents (the dime), 25 cents (the quarter), $1 (dubbed the “loonie” because it has an illustration of the bird, the Canadian loon on one side), and the $2 coin or “toonie,” which replaced the old bank note in 1996.

Bank notes are printed in denominations of $5, $10, $20, $50, $100, $500, and $1,000. However, the larger denominations such as $50 or $100 dollar bills are sometimes viewed with suspicion as they are not used very often in small stores, or even in cafés and gas stations.