Canadian Currency

The unit of currency is the Canadian dollar, which equals 100 cents. The symbol is $, or the abbreviation CAD. Dollar bills are issued in denominations of $5, $10, $20, $50 and $100.

Coins are issued in the following denominations:

$.01 = o­ne cent (penny)

$.05 = five cents (nickel)

$.10 = ten cents (dime)

$.25 = twenty-five cents (quarter)

$.50 = fifty cents (half dollar)

$1 = o­ne dollar (loonie)

$2 = two dollars (twoonie)

Prices are written with the dollar amount followed by a decimal and then the dollar fraction amount, for example: $5.25 (five dollars and twenty-five cents).

Please note that the Canadian dollar is not equal in value to the U.S. dollar. The exchange rate is approximately .86 USD to 1.00 CAD but is subject to change, so be sure to check the current rate. 

Opening a bank account

While in Canada, you will want to open a bank account for the safe keeping of your money. You should check with several banks to determine which bank offers the best services for your needs. Some Canadian banks may have special relationships with banks in Vietnam, which might make transferring money easier. Your bank in Vietnam might be able to provide you with information about their affiliations with Canadian banks. Alternatively, an international bank with branches both in Vietnam and in Canada such as HSBC or Citibank, might be a good option for conducting transactions between the two countries.

It is advisable to open a checking and a savings account in the same bank, as money can then easily be transferred from o­ne account to the other, often by o­n-line banking. A checking account is advisable, as checks are an easy way to pay bills, especially by mail.

ATMs and bankcards

ATMs are widely available throughout Canada. You will receive an ATM card (bankcard) when you open an account. If you have a bankcard from a Vietnamese bank, it may also work in the U.S. if it is part of a network used in Canada, such as Cirrus or Plus. Your bank should be able to provide you information about whether your card will work in Canadian ATMs. You can usually use a regular bank card or a major credit card at ATMs to withdraw cash.

It is possible to pay for items with your bankcard rather than cash in Canada. The payment amount is automatically deducted from your account. If you use your bankcard instead of cash it’s important to make a note of your transactions to keep track of your bank balance.

Credit cards

Credit cards are accepted nationwide as a form of payment and are often more convenient than paying in cash. A credit card can, however, turn into an expensive payment option if you are not able to pay the balance within the specified grace period. Make sure to understand all of the terms and conditions of your credit card, particularly the interest rate scheme, before deciding upon a credit card company.

It is recommended to select o­ne of the major credit cards, such as Visa, MasterCard or American Express, which are most widely accepted and usually have the best terms and conditions.

Some companies are reluctant to issue credit cards to international students because they do not have an established credit history in Canada. If you already have a credit card from your country, bring it with you so your Canadian bank can more easily review your credit history.