What does canada use for currency

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Symbol for the Canadian dollar in English In general texts In an English document, when you need to specify the type of dollar Canadian, American, Australian, etc. In the area of finance In the area of finance, especially in texts discussing currency values and exchange rates, the universal code CAD is the usual symbol used.

Canada has its own currency—the Canadian dollar CAD , also referred to as "the Loonie," in reference to the depiction of a loon on the one-dollar coin. Goods and services are for the most part purchased using Canadian dollars; however, U.

Foreign currencies are easily changed into Canadian dollars at currency exchange kiosks at border crossings , large shopping malls, and banks. If you want to have some currency in hand, then it would be best to find a bank or ATM to withdraw the local currency. ATMs are commonly found in the lobbies of banks, in stores, at malls, or in bars and restaurants. If you use your bank card to withdraw money from an ATM, you will receive Canadian currency and your bank will do the conversion.

It is a good idea to check with your bank before you leave on your trip to Canada to discuss the best card for travel. Some ATM networks offer fee-free withdrawals to visitors. Although you may have a bank fee per transaction, the exchange rate will be in the ballpark of the current exchange rate. Some banks may charge a surcharge for exchanging into a foreign currency so check ahead with your bank.

For example, some banks like Chase, Capital One, and some Citibank may not charge a foreign exchange fee. You can also get decent exchange rates at post offices and American Express offices. Hotels are also worth a try. Avoid the change bureaus you see everywhere in airports, train stations, and touristy areas.

However, upon arrival to Canada, if you do not have any Canadian currency, and you do not want to be without, then you might want to exchange a small amount at the airport or border crossing.

So, at least you will have some local money on you. Wherever you go to exchange your money, take the time to shop around. Canadian paper money , also known as bills , banknotes , or simply notes , is used for larger currency denominations.

The current designs, known as the Polymer Series , are actually not made of paper at all, but a sort of thin, flexible plastic known as polymer. Paper bills from the last series — known as the Canadian Journey Series — which began in and started being officially phased out in , are still sometimes used. Canadian banknote designs usually change every 10 years or so. On the reverse, it depicts the Canadarm , a robotic arm that was designed in Canada and used on NASA missions between and The other side features the Canadian National Vimy Memorial , which is a monument in France honouring the more than 3, Canadians who died in the Battle of Vimy Ridge , a decisive allied victory in World War I The reverse depicts the CCGS Amundsen , which is a state-of-the-art icebreaker ship that is used to help the Canadian Coast Guard do research and exploration work in the Canadian arctic.

Last and most obscurely, we have the Canadian dollar bill, featuring the face of Robert Borden , who was prime minister of Canada during World War I The back has a salute to Canadian science research, including a depiction of insulin , which was discovered by Canadian scientist Frederick Banting Most living Canadians will have memories of the three previous banknote designs. Seen below, from top to bottom, this includes the Canadian Journey series, which was in use from approximately to , the Canadian Birds series, which was in use from to , and the Scenes of Canada series, which was in use from to Since , all the bills have had the same people on them, though the pictures on the back have changed.

The colour-coding has been in place since the s. Technically, there is a sixth Canadian bill, the 1, dollar bill , though it's almost never seen today. Released as part of the banknote line, it quickly became a favourite of gangsters and drug dealers, who were the only people who had a regular need to make cash transactions that large.

It was discontinued in , but according to a CBC story, there are still more than , in circulation across Canada. In the federal government announced a plan to begin de-legalizing the missing bills so they can never be used again.

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