Visa/MasterCard CAD — exchange of Canadian dollars from the card
Visa and MasterCard are two of the most popular international payment card systems accepted in many countries, including Canada. Transactions are processed in Canadian dollars (CAD). Let's take a look at some specifics of working with bank cards in Canadian dollars.
What to consider when using Visa/MasterCard CAD
There are several aspects to consider for successful card processing in Canada:
- When using Visa or MasterCard in Canada, fees may be charged. This also applies to cash withdrawals. You should contact your bank in advance to find out about possible fees and other conditions for using your card.
- Most shops, restaurants, hotels and other establishments in Canada accept Visa and MasterCard. However, small shops or markets may only accept cash payments.
- Canadian cards offer high security, but if a card is lost or stolen, you should contact your bank and have it blocked as soon as possible.
In Canada, exchanging money at airports and hotels is possible, but the exchange rate is not the best — check; it may be more favourable to exchange through an online exchanger to get CAD on the card and use it freely in the country.
How to get a Canadian card
Those who wish to live, work or study in Canada for a long time can open a bank account there. This is not mandatory, but it significantly increases the convenience of living, receiving a salary, etc.
To get a local bank card in Canada, as a resident or non-resident, you will need to follow a few steps:
- Research the different banks in Canada and choose the one that best suits your needs. Examples of popular banks include the Royal Bank of Canada (RBC), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Toronto-Dominion Bank.
- Visit a branch of the selected bank and provide the required documents, such as a valid passport, proof of status (e.g. work visa or permanent residency, national insurance number), and proof of Canadian address. Some banks allow you to apply online as well. But, without living in the country, you must explain why you need a Canadian account.
- Once the account is opened, request a local bank card with terms that match your needs.
Not all banks ask for a national insurance number and proof of income. Many have very loyal terms, even for foreigners.
Remember that a convenient way to change currency online, including Visa/Mastercard CAD, is through exchangers. We have collected and regularly updated a list of the best working services.
