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Canada Travel Money - Best Options for Kiwis 2024

Our guide outlines everything you need to know about spending money in Canada, specifically cash vs debit and credit cards vs travel money cards.
Updated 21 August 2024
Summary:
  • Canada is popular place to visit for New Zealanders either en route to Europe or as a stand-alone country. The popularity of the ski resorts continues to increase, and the cost of visiting can be high given the price of hotels, ski passes, transport, dining and shopping.
  • Most Canadians, like New Zealanders, pay by card, and businesses big and small accept cards - using cash is less and less common.
  • The official currency of Canada is the Canadian Dollar, often represented as CAD or with the "$" symbol locally. Over the past year, the exchange rate for NZD to CAD has seen some fluctuations, but on average, 1 NZD hovers between 0.78 and 0.88 CAD. As the NZD weakens, a stop or visit in Canada gets more expensive, and vice versa.
  • Most New Zealanders will pre-book and/or prepay hotels, but on-the-ground costs can be a lot more than prepaid costs. For this reason, having the most economical and convenient payment method for Canada makes every dollar go further.
  • We are confident in suggesting that Canada is increasingly cashless (based on June 2024 research), and that cards are widely preferred as the method of payment. Any card-accepting business will take Mastercard and Visa, and in many cases, AMEX too. 

Our guide explains everything you need to know to make travelling in Canada a cost-effective experience. We cover:
Advertising disclosure: We may receive a payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.

Related guide: The Best Travel Money Cards

Video Overview: In the video below, MoneyHub Founder outlines our guide to best explain must-know facts and how to avoid the traps of forex when you're in Canada:

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including CAD.
  2. Spend abroad without hidden fees, and track all your spending through their app. 
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store CAD in a wallet, meaning you can buy CAD in advance and lock in the rate.
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app.

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.

Option 1 - Using Cash in Canada

If you want physical CAD notes before leaving New Zealand for Canada, you have a couple of options:

Getting CAD Cash from an NZ Bank: Most NZ banks have stopped offering FX cash services; Westpac is currently the only provider, but you'll need to be an existing Westpac customer to swap NZD for CAD notes.

Getting CAD Cash from a Beaurau de Change/Forex Booth:
The primary operators are travel money booths like Travelex and No1 Currency. However, the FX rates are well below mid-market rates per our video research summary below, meaning you'll get less CAD for your NZD than you otherwise would if you used Westpac's services or withdrew CAD from an ATM once you're in Canada.

Getting CAD Cash When You Arrive in Canada:
If you want to have physical Canadian Dollars on hand for your arrival, there are ATMs in the arrivals areas and arrival concourses of Vancouver Airport (where most New Zealanders arrive). The ATM fee you'll pay to withdraw money depends on your bank; for example, Kiwibank will charge NZ$6 while ANZ is free.  Any ATM fee will be deducted from your bank account when you withdraw. 

Our View: We've found that the FX rates at Forex booths aren't as favourable as those offered by Westpac (for CAD and other currencies). Furthermore, Westpac's CAD rates aren't as good as those from Wise. In practical terms, if you use Wise to withdraw money from an ATM in Canada, you'll get an extra Canada 1 to Canada 3 for every NZ$100 you take out (compared to changing it with the FX booths), thanks to Wise's superior rates and lower fees.

Bonus: The Wise Debit Card offers withdrawals of up to NZ$350 per month without charging a transaction fee, meaning you can withdraw up to around Canada 280 in cash without paying FX transaction fees (after NZ$350, it's a flat 1.75% fee).

Know This: If you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using CAD Cash - Pros and Cons

Pros:
  • Universal Acceptance: While cash is always king, Canada is moving to become cashless. Debit and credit cards, alongside Apple Pay and Google Pay, are most commonly used.
  • Immediate Transactions: There's no risk of card machine issues, declined transactions or fraud on your card.

Cons:
  • Safety Concerns: Carrying large amounts poses a risk, especially in crowded areas. However, you can always leave a portion of CAD in a hotel room safe or keep it somewhere secure on you.
  • Airport Exchange Woes: While convenient, exchanging NZD to CAD at the airport can be costly if you use a high-fee debit card at an ATM or get a bad rate at the Forex kiosk in New Zealand or Canada. This is because rates are often marked up, and there might be hidden commission fees, reducing the amount of CAD you receive for every NZD you change.

If I have spare Canadian Dollars on the last day I'm in Canada, what should I do with them?

  1. Spare notes and coins have a habit of gathering dust back in New Zealand, and it may be some time before you visit Canada again. The best way to avoid having leftover currency is to spend the notes and coins on your last day; many people make a part payment alongside their card to settle a final bill, for example a lunch or dinner, before they fly out. Or you can put the cash towards the hotel bill if you're settling the bill at the end of your stay.
  2. You can convert them back to NZD at Vancouver Airport or when you return to New Zealand. The CAD/NZD rate isn't likely to be market-leading at an FX kiosk. However, having NZD you can spend is more useful than CAD notes that sit there, so it's a cost worth incurring.
  3. Lastly, if you know someone visiting Canada in the future, giving them CAD notes and coins makes for a nice present they'll appreciate.

Option 2 - Using NZ-Issued Debit and Credit Cards in Canada

Many New Zealanders will use a debit and/or credit card when in Canada.

What Do New Zealand Banks Charge for Card Use? Most banks impose foreign transaction fees ranging from 0% to 3.5% of the total transaction amount. This fee is atop the exchange rate margin the bank adds to the daily exchange rate. Some banks might also charge a flat fee for overseas ATM withdrawals. 

For example, if you're using an ANZ Visa Debit or credit card, you'd typically incur a fee of 1.30% of the transaction amount when you make a purchase overseas per the ANZ's website while Kiwbank's debit cards will charge you 2.50%. The Co-operative Bank goes higher with a 2.60% fee. If you withdraw from an ATM, you will usually pay an additional overseas ATM fee. 

More details: Detailed bank charges are in our Debit and Credit Cards FX Fee comparison.

Using NZ Bank Cards - Pros and Cons

Pros:
  1. Convenience: Your NZ debit or credit card (and travel money card) is versatile and widely accepted in almost every Canada business. Whether shopping, paying for hotel stays, ski passes, or dining out, the card covers you.
  2. Tracking: One underrated advantage is the ability to track your expenses. With mobile banking apps, you can keep tabs on your spending, set budgets, and even receive instant transaction alerts. Canada is going to be more expensive than New Zealand and keeping track of your spending is essential.

Cons:
  1. Unpleasant Surprises: The cost of convenience can be high, and what NZ banks charge their customers to use a card overseas varies. The combined effect of foreign transaction fees and the bank's exchange rate margin can result in you paying significantly more than expected. Make sure you know the fees you'll be charged by reading your bank's website - our summary of overseas debit and credit card fees explains more.
  2. Dynamic Currency Conversion (DCC) Pitfalls: Sometimes you are offered to pay in NZD instead of CAD at card terminals in Canada​. It might seem tempting to accept the NZD amount, but this service, called DCC, will almost always result in higher costs as the provider takes a margin, and the exchange rates used are often less favourable, and there might be hidden fees as well. When you agree to pay in CAD, you'll always get the bank or travel money card's best FX rate. 
  3. Potential Card Issues: There's always a risk of your card being declined, skimmed, or even captured by ATMs. While these issues are rare and Canada is, for the most part, a safe and secure country, a backup card is a good idea. We don't believe you need CAD notes and coins as long as you have one or two backup cards.

Our View:
  • While using a New Zealand bank debit or credit card in Canada offers undeniable convenience, too many New Zealanders pay far too much in bank fees.
  • It's not unreasonable to spend around NZ$1,000 for a 2-3 days Canada (e.g. Vancouver) stopover by the time you add in hotels, eating and experiences, which makes it an expensive place to be. Paying $25+ in bank fees and getting poor-value NZD/CAD rates during the week is best avoided. Some banks are fair, but many fee-gauge and charge you a small (but still hefty) percentage on every time your card is used. We don't think paying the bank 2.50%+ on every dollar you spend is a good use of money. 
  • Please double-check the fees associated with your specific bank and consider alternative options like travel-specific or multi-currency cards that offer better rates and fewer fees.

Related guide: The Best Travel Money Cards

Option 3 - Using Travel Money Cards (Including the Wise Debit Card) in Canada

Know This First: Our review and comparison of travel money cards confirms Wise as the best option, with no card a close second. This includes options from Travelex, OneSmart and Cash Passport. For this reason, we've focused on Wise for this section to explain what you need to know.

Getting Familiar with the Wise Debit Card Usage in Canada
Wise offers a travel money card that lets you have multiple currency wallets and comes with a physical and digital debit card. This includes the CAD, meaning you can buy CAD in advance and store it in an CAD digital wallet. If you prefer to load NZD rather than lock in an CAD forex rate, you can do that too. This means when you spend in CAD, transactions are converted into NZD and deducted from your balance at the forex rate at the time of purchase. 

Our View: If you're only in Canada for a short time, en route to Europe or other parts of North America, it's popular to keep an NZD balance on Wise. This way, you avoid locking in an exchange rate and don't need to exchange unspent CAD back into NZD or any other currency.

What Does Wise Charge for Card Use? Wise prides itself on transparent fees and real exchange rates. They charge a small conversion fee (around 0.47%) when you convert your money to CAD, which is typically much lower than traditional banks, with the additional benefit of leading FX rates.
​
ATM withdrawals are free up to a certain limit (NZ$350 per month), after which a 1.75% fee is applied. However, if you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using the Wise Debit Card - Pros and Cons

Pros:
  • Acceptance: You can use a Wise card anywhere Visa or Mastercard are accepted (which is almost everywhere in Canada).
  • Competitive Rates: Wise uses the real exchange rate (the one you see on Google) and thus avoids the typical markup that banks add.
  • Multi-currency: The Wise borderless account lets you hold and manage money in multiple currencies (including CAD), which can be extremely useful when travelling to more than just Canada.
  • Transparent Fees: You always know what you're being charged, with no hidden costs. 
  • Instant Notifications: The Wise app notifies you immediately after every transaction, helping you keep track of your spending.

Cons:
  • ATM Withdrawal Limit: While they offer free ATM withdrawals, it's only up to a certain limit. Beyond that, there's a 1.75% fee.
  • Not a Credit Card: The Wise card is a debit card, meaning you can't spend money you don't have - we argue this is also a positive feature to avoid holiday debt.

​Our View: The Wise debit card, with its transparent fee structure and competitive exchange rates, is a value-delivering choice for many travellers in Canada. Combining the card with some cash will ensure you're prepared for all situations, and with zero FX fees on withdrawals up to NZ$350 per month (around CAD 280), the card delivers on value.

Related guide: The Best Travel Money Cards

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including CAD.
  2. Spend abroad without hidden fees, and track all your spending through their app. 
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store CAD in a wallet, meaning you can buy CAD in advance and lock in the rate.
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app.

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.

Must-Know Tips for Using Money in Canada

Guard Your Money and Financial Information

Canada is generally safe for New Zealanders visting. That being said, it's always good to be careful - we suggest avoiding keeping all your money and cards in one place. Hotel safes or other secure spots can be useful for storing backups.

Cards Are Common, But Cash Still Has Its Place (For Now)

Canada is moving to become functionally cashless but there are still places where cash is accepted. Credit and debit cards are prevalent, but for hawker stands, food courts or street food, having cash on hand can be useful (although not crucial).

Consider Mobile Payment Options

Canadaehas widely adopted mobile payment systems like Apple Pay and Google Pay. These options can be convenient, especially if linked to a card like the Wise Debit Card. 

Keep Track of Your Expenditures

It's easy to lose track of spending, and Canada is an expensive place for a budget blowout. To avoid this, we suggest an app like Wise, which gives you instant payment notifications (when you're on WIFI or data), which helps you stay aware of your spending.

Understand Return Policies

Each store in Canada has its own return policy, which can be different from New Zealand. Always keep your receipts and be aware of return windows, typically 14 to 30 days for most retailers. If in doubt, ask before you purchase. ​

NZD to CAD Conversion and Spending CAD - Frequently Asked Questions

How does the NZD usually fare against the CAD?

The NZD-CAD exchange rate can fluctuate based on economic factors. Since 2020, 1 NZD has been worth between 0.78 and 0.88; you can check the live rate here.

Can I use my travel money card, NZ debit card or credit card everywhere in Canada?

Yes - Canadian businesses widely accept card payments, alongside Apple Pay, Google Pay and cash.

Is Canada expensive for NZ tourists?

It can be, but by planning ahead you can save significantly. The NZD buys around 0.78 to 0.88 CAD at the moment, which makes it higher than it has historically been, helping to control costs. The city-state can have high demand for hotels (depending on the season and if events are scheduled) so prices can increase. Ski passes and ski lodges are very expensive, even compared to New Zealand.

What's the best way to get the most CAD for my NZD?

Services like Wise can offer better exchange rates than traditional banks or airport exchange counters. The rates are better, the fees are lower, and there's an app to track all spending so you know exactly what you paid for something.

Our Conclusion

For New Zealanders travelling to Canada, saving on FX fees and bad rates is essential. While the exchange rate does see some movement, on average, one NZ dollar generally converts to between 0.78 and 0.88 Canadian Dollars throughout the year.

In terms of accessing CAD:
  • Cash: While universally accepted, the trend in Canada is moving towards cashless transactions. Getting CAD in advance at Forex kiosks in Auckland or Christchurch, or upon arrival in Vancouver Airport might seem convenient, but the rates are typically not as favourable as those offered by banks or platforms like Wise. We see them often when passing through these airports, and the rates are arguably terrible. As an alternative, the Wise Debit Card is particularly advantageous, providing superior rates and allowing free withdrawals of up to NZ$350 monthly.
  • NZ Bank Cards: These cards provide the advantage of universal acceptance in Canada. However, using them can invite a combination of fees - from foreign transaction fees to exchange rate margins and overseas ATM charges.
  • Wise Debit Card: The Wise Debit Card presents itself as a clear, multi-currency solution with competitive exchange rates and minimal fees. Given Canada's growing cashless preference, it's a good fit. And, for anyone who wants cash, travellers can withdraw up to NZ$350 per month without incurring FX conversion fees.

​​Our View: Cards are so widespread in Canada that we don't see the need to use cash at all. To make every dollar go further, we suggest considering the Wise Debit Card as your primary spending tool, ensuring you get great rates and minimal fees. You can then use your NZ-issued debit card and/or credit card as a backup. However, if you do want to withdraw cash, Wise allows up to around CAD 280 a month free of fees.
Related Guides:
Country-Specific Travel Money Guides: