MONEY, EXCHANGE AND CURRENCY IN VANCOUVER

1. Currency:

  • Canadian Dollar (CAD): The official currency is the Canadian Dollar, often abbreviated as CAD or represented by the symbol $.

2. Banking Services:

  • Banks and ATMs: Major banks like RBC, TD Canada Trust, Scotiabank, and others have branches and ATMs throughout the city.
  • ATM Accessibility: ATMs are widely available and accept international debit and credit cards. Look for the Interac, Cirrus, or PLUS logos.

3. Currency Exchange:

  • Currency Exchange Offices: Numerous currency exchange offices are found in downtown Vancouver and tourist areas.
  • Banks for Exchange: Banks provide currency exchange services, but their rates may differ.

4. Credit Cards:

  • Widely Accepted: Credit cards (Visa, MasterCard, American Express) are widely accepted in most establishments.
  • Contactless Payments: Contactless payment methods, such as Apple Pay and Google Pay, are common.

5. Traveler’s Cheques:

  • Limited Use: Traveler’s cheques are less commonly used, and not all establishments accept them. It’s advisable to have alternative payment methods.

6. Tipping:

  • Tipping Culture: Tipping is customary in Vancouver. In restaurants, it’s customary to tip around 15-20% of the total bill.

7. Goods and Services Tax (GST):

  • Tax Rate: The Goods and Services Tax (GST) is 5%. In British Columbia, there is also a Provincial Sales Tax (PST), which is 7%.

8. Tax Refunds for Visitors:

  • Tourist Refund Program: Visitors may be eligible for a refund of the GST on certain purchases made in Canada. Look for participating retailers and inquire about the process.

9. Financial Institutions:

  • Hours: Bank hours are typically from Monday to Friday, 9:30 AM to 4:00 PM. Some banks have extended hours and are open on weekends.

10. Online Banking:

  • Internet Banking: Most banks offer online banking services, allowing you to manage your finances conveniently.

11. Mobile Banking:

  • Mobile Apps: Banks provide mobile apps for banking transactions, including checking balances and transferring funds.

12. Currency Conversion Tips:

  • Rates Vary: Exchange rates may vary between providers. Compare rates to get the best deal.
  • Airport Caution: Currency exchange services at the airport may offer less favorable rates compared to those in the city.

13. Safety Tips:

  • Secure Transactions: Ensure the security of your financial transactions, and avoid sharing sensitive information.
  • ATM Safety: Use ATMs located in well-lit, secure areas.

14. Cash Usage:

  • Small Bills: Keep smaller bills for convenience, especially for tips and small purchases.

15. Currency Symbols and Notation:

  • Dollar Symbol: $ or CAD is used to denote Canadian Dollars.