In case you’re a foreigner, you will be dealing with a foreign currency in Banff. Where can you get Canadian dollars in the park, and do shops, restaurants, and hotels accept other currencies? In this post, you’ll read everything you need to know regarding money in Banff.
It’s always a bit of a problem, foreign currencies. You keep converting the price to your own currency, the currency you know and ‘feel’. So when you go to an ATM to withdraw cash, you might wonder whether the amount of money the bank charges you for the transaction is a lot. And what about hotel and restaurant prices? Are they expensive or is it not so bad?
In this post, I try to help you deal with exchanging your money to ‘loonies’ (the nickname of the Canadian dollar) and give you some handy tips to make your experience with the Canadian dollar the best it can be.
The Canadian Dollar: What Coins and Banknotes?
If you’ve never been to Canada it might be handy to learn what coins and banknotes are available in the Canadian currency. Canada’s paper money is arguably one of the most beautiful in the world and is said to be one of the hardest currencies to falsify. The coins’ and bank notes’ denominations and names are as follows:
Coins
1 cent (penny)
5 cents (nickel)
10 cents (dime)
25 cents (quarter)
1 dollar (loonie)
2 dollars (toonie)
Banknotes
5 dollar bill
10 dollar bill
20 dollar bill
50 dollar bill
100 dollar bill
Where Can You Exchange Money in the Park?
You can exchange money at limited places in the park. You have three in Banff and one in Lake Louise. In Banff, you can get Canadian dollars in Cascade Plaza and Freya’s Jewellery in the Clocktower Mall. In Lake Louise, you can go to the Depot in the Samson Mall.
Banff
- Cascade Plaza, 317 Banff Avenue (down in the basement)
- Clocktower Mall, 108 Banff Avenue
Lake Louise
- The Depot, Samson Mall, Lake Louise Drive
Of course you can also go to banks, there are several. They could have better rates than the designated currency exchange services. Just check the prices at the currency exchanges and compare them to a bank’s rates. In Banff there are five banks; in Lake Louise there are two. I’ve listed them below.
Banff
- ATB Financial, 317 Banff Avenue
- Bank of Montreal, 107 Banff Avenue
- Bow Valley Credit Union
- CIBC, 98 Banff Avenue
Lake Louise
- ATB Financial, 101 Lake Louise Drive
- Peace Hills Trust Co, 105 Lake Louise Drive
What Is the Best (Cheapest) Way to Get Canadian Dollars?
The answer to this question is twofold. You can either go to one of the abovementioned currency exchange services or take cash from an automated teller machine (ATM). Withdrawing cash from an ATM could be cheaper, depending on your bank. Do this with your debit card, though, because when you withdraw money with your credit card, you start to pay interest immediately. ATMS work on either Plus or Cirrus.
Where to Find ATMs in the Park?
Well, as you might be better off withdrawing cash from your own bank, you might want to know if it’s at all present in Banff. Probably it’s not unless you’re an American citizen (maybe). Still, I listed all the ATMs you can find in the park for your convenience. You’ll also find privately operated ATMs that you can find in gas stations and the like.
Banff
- ATB Financial, 317 Banff Avenue
- Bitcoin Well ATM, 210 Buffalo Street
- Bow Valley Credit Union, 216 Banff Avenue
- BMO Bank Of Montreal, 107 Banff Avenue
- RBC Royal Bank, 117 Banff Avenue
- CIBC, 98 Banff Avenue
- Circle K, 202 Wolf Street
- Petro Canada, 302 Lynx Street
- Shell, 230 Lynx Street
- TD Canada Trust, 210 Buffalo Street
Lake Louise
- ATB Financial, 101 Lake Louise Drive
- Petro Canada, 100 Village Road
Is it Wise to Get Canadian Dollars before You Travel to Banff?
You can. It can be handy when you arrive in Canada and already have some ‘loonies’ at hand. But if you fly into Canada, you’ll find ATMs at the airport. So getting cash upon arrival is easy, which makes exchanging your money for Canadian dollars in your home country not necessary.
If you opt for getting your Canadian cash at the airport you arrive at, make sure you get it from an ATM. In most cases it’s your best option. Picking up money at an airport currency exchange is a big no-no. Unless you don’t mind paying a hefty fee for their service.
How Much Commission Do You Pay at an ATM?
The answer to this question is: it depends. Though you need to know that, depending on your bank, you may be charged with three different fees. These are the regular account fee, network access, and convenience fees.
If you can get money at your own financial institution, you pay anywhere between CAD 0 and CAD 8.90. If the latter rate is the case, you might very well be better off at a currency exchange.
Do Shops, Restaurants and Hotels Accept Other Currencies?
Yes, many shops and restaurants in Banff allow you to pay in foreign currencies. American dollars are excepted almost anywhere and some places might accept euros as well.
However, there’s a downside to paying in a foreign (your own?) currency. Shops and restaurants apply their own exchange rates, which basically means you’re going to pay (much) more than when you pay in loonies or by credit or debit card. By the way, shops and restaurants typically don’t display anywhere that they accept (some) foreign currency. Still, if you ask, you could find it’s possible.
What Credit Cards Are Accepted in Banff?
You can pretty much buy anything by credit card in Banff. Like its neighbor to the south, the USA, Canadians rely heavily on buying stuff with their credit card(s). So in Banff, all major credit cards are accepted: Visa, American Express and Mastercard. If you have a Diner Card with a Master Card logo, you should be fine too.
A special note of caution for American visitors to the park: If you have a non-chip credit card, you won’t be able to pay with it at gas pump machines. You would have to go into the gas station and pre-pay.
What about Debit Cards?
In case you want to use your debit card there are some ifs and buts. Canada’s banking system is not very modern regarding debit cards (To put it mildly. Just to give you an idea: Canadians still use cheques!). This has to do with their heavy reliance on credit cards.
Sure, Canadians can pay with their debit cards and these transactions are exclusively handled by Canada’s own Interac system. The downside is that non-Canadian debit cards will not be accepted by pay terminals in the park. And even if you would be able to use your foreign debit card in Banff, some restaurants and shops only accept credit cards.
Are you from the US and wonder how to get to Banff? If so, I’d recommend reading the post How to Travel from the US to Banff.