Do Canadian casinos accept American Money

If you are from US and you wish to play at one of the Canadian casinos you always have this question in mind crossing the border for fun that will the casino accept your US dollars or not. Well the answer is no you cannot play in US dollars and even the winnings will be paid in Canadian dollars but with the option to get it converted into your own home currency that is US Dollars.

Now that it is clear that the Canadian Casinos do not accept currency from the United States (or any other Country) at the tables or in the slot machines and it will be necessary for you exchange your currency into Canadian money if you want to play in the casino, you don’t have to worry about exchanging your money before you visit as the casinos because you can exchange currency in the casino before you play.

What does Canadian Casinos say in their policy or terms and conditions?

Canadian Casino Policy

When studying the terms and conditions of the Canadian Casinos they have mentioned specifically:

  • For any charge or cash advance outside the United States or in a foreign currency, you will pay a transaction fee equal to 3% of the U.S. dollar amount of the transaction.  If a charge or cash advance is converted into U.S. dollars the casinos network providers (Visa, MasterCard, and Discover) will select either (1) a rate from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate the network provider itself receives, or (2) a government-mandated rate in effect for the applicable central processing date.
  • The currency conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or the posting date sa said above.
  • The currency conversion rate used may be the same as, greater than, or less than the amount that would be calculated by conversion through a financial institution in the country in which the purchase or cash advance occurred.

U.S. Currency can be exchanged with any cage cashier or currency exchange machine on the gaming floor, or at the Foreign Exchange outlet in the Casino. In addition, there are several banks and financial services outlets in the surrounding area of most of the Canadian Casinos.

Exchanging your currency

Here below find where to exchange your US dollars to Canadian dollars to enjoy at the Canadian Casino and things to consider before playing.

Converting to Canadian Currency

Remember that the Bank of Canada rate you often see quoted on websites, in newspapers and on television is not the rate you will receive when exchanging your Canadian dollars for U.S. dollars (or vice-versa upon your return to Canada). When you exchange currency, it can cost you 2 – 3% of the amount you are exchanging, plus additional fees in some cases. This means that if the Canadian dollar and the U.S. dollar are at par, you will only receive about $.97 U.S. for every Canadian dollar you exchange. Here are the few ways to do it.

U.S. Dollar Credit Cards

In the past, some cross border shoppers opted for a U.S. dollar credit card to avoid costly foreign transaction fees associated with Canadian credit cards. While most Canadian banks still offer these U.S. credit cards, they have, for the most part, been rendered obsolete by the introduction of Canadian dollar credit cards with no foreign transaction fees that offer all of the benefits and none of the drawbacks associated with U.S. credit cards for Canadians.

Banks

Banks generally charge high fees for exchanging currency, usually in the range of 3% of the amount you are exchanging. On the plus side, banks are fast and easily accessible venues for exchanging currency. If you don’t have time to waste and you are exchanging a relatively small amount of money on a one time basis, banks can be a good option.

Currency Exchange Kiosks

There are a number of boutique businesses that specialize in currency exchange located in and around most cities. These businesses often run out of small storefronts or kiosks, and can have slightly better rates than the banks. However, if you are pressed for time, you may not be able find one that is conveniently located.

Online Currency Exchange Services

Online currency exchange services are becoming increasingly popular. They often offer better exchange rates than both the banks and currency exchange kiosks. If you are exchanging currency online, make sure you are using a reputable website and understand how and when your currency will be delivered. If you exchange currency on a regular basis or are exchanging a significant amount of money, and don’t require your funds immediately, exchanging your money online may be a good option.

Cashier at Casino

ATM Machines

If you’re already in the United States and need to access U.S. dollars quickly, ATM machines are always an option. However, it’s important to keep in mind that ATM machines charge relatively high fees for exchanging currency, in addition to flat fees of $2 to $4 per transaction. ATM machines should be viewed as a last resort for accessing U.S. cash.

U.S. Dollar Bank Accounts

If you cross border to play at the casinos on a regular basis or are making a large purchase in U.S. dollars, you may want to consider opening a U.S. bank account to have U.S. cash at your disposal whenever you need it. Some Canadian banks allow you to open U.S. dollar accounts with no monthly fee and no minimum balance requirements. When the exchange rate is favourable, simply transfer money from your Canadian dollar account to your U.S. dollar account. Keep in mind that you will still have to pay relatively high bank currency exchange fees.

If you are going to sit down for a gambling session you should decide ahead of time how much you want to risk for the session and only convert that much money. If you run out you will be forced to walk away from the table or machine in order to get more money.

Do Not Deposit Money in The Casino Cage

Some players like to deposit money in the casino cage when they visit the casino instead of applying for credit. This lets then keep this money secure but also allows them to write a maker at the table against their own money. If you plan on doing this at a Canadian casino you should check their policy first. If you never wrote a maker against the money during your visit and you went to retrieve your money at the end of the stay you will be charged a conversion rate. It will cost you to keep your money in the cage even if you never used it. Therefore it is advisable  you to check the casino policy BEFORE you deposit money in the cage at the Canadian casinos or ask from their staff about their terms and conditions.

Also it is always recommended to use your credit card for other type of purchases rather than at the casinos. This includes paying for your hotel, food or any other purchases you make in Canada. The credit card companies are able to negotiate the best rate of exchange. This means that if you charge you purchases you will usually find that it is less than the quoted exchange rate. Since you will be charging your purchases there is no need to convert a lot of excess money that you would need to convert back at the end of your stay. You will save the three percent you would have to pay to convert your money back.

Also many casinos these days have gone from coin slots to cards where you purchase a set amount and any use is deducted from the card, winnings are added to it. At the end of your gaming sessions you return your card and receive any cash still on it. Take important note that in Canada all casino wins are tax free and not to worry as you get every penny that you win at Canadian Casinos.