Quebec City

๐Ÿ’ณ

Currency and Banking

Essential information on handling finances, including currency, banking options, and tips for new immigrants and visitors.

Sections

1. Local Currency

  • Currency Name: The official currency in Quebec City, as in the rest of Canada, is the Canadian Dollar (CAD).
  • Symbol: $ (often written as CAD$ to distinguish it from other dollar currencies).
  • Denominations:
    • Coins: 5 cents (nickel), 10 cents (dime), 25 cents (quarter), $1 (loonie), $2 (toonie).
    • Banknotes: $5, $10, $20, $50, $100.
  • Exchange Rate: The exchange rate fluctuates daily. As of late 2023, 1 USD is approximately 1.35 CAD, but itโ€™s best to check current rates through a reliable source like a bank or currency exchange service.

2. Currency Exchange

  • Where to Exchange Currency:
    • Banks: Major banks in Quebec City (e.g., RBC, TD, Scotiabank, CIBC, National Bank of Canada) offer currency exchange services. Rates are competitive, but service fees may apply.
    • Currency Exchange Offices: Specialized exchange offices (e.g., ICE Currency Exchange) are available in tourist areas and shopping centers. They may offer better rates than banks but watch for hidden fees.
    • ATMs: Many ATMs allow you to withdraw Canadian dollars directly using a foreign debit or credit card. The exchange rate is usually competitive, but your home bank may charge international transaction fees.
    • Airports: Currency exchange counters are available at airports, but they often have less favorable rates and higher fees.
  • Tips:
    • Avoid exchanging money at hotels or tourist hotspots, as they tend to have poor rates.
    • Always compare rates and fees before exchanging large amounts.

3. Typical Costs in Quebec City

Understanding typical costs will help you budget effectively:

  • Meals:
    • Fast food: $10โ€“$15 CAD.
    • Mid-range restaurant: $20โ€“$40 CAD per person.
    • Fine dining: $50+ CAD per person.
  • Transportation:
    • Public transit (bus): $3.75 CAD per ride or $90 CAD for a monthly pass.
    • Taxi: Base fare $3.50 CAD + $1.75 CAD per kilometer.
  • Groceries:
    • Milk (1 liter): $2.50 CAD.
    • Bread (loaf): $3.50 CAD.
    • Eggs (dozen): $4.50 CAD.
  • Accommodation:
    • Budget hotel: $100โ€“$150 CAD per night.
    • Mid-range hotel: $150โ€“$250 CAD per night.
    • Rent (1-bedroom apartment): $900โ€“$1,500 CAD per month.

4. Payment Methods

  • Cash: Widely accepted, but less commonly used for large transactions. Always carry some cash for small purchases or in case of emergencies.
  • Credit Cards: Accepted almost everywhere, including restaurants, shops, and taxis. Visa and Mastercard are the most widely used, followed by American Express.
  • Debit Cards: Interac is the primary debit card network in Canada. Most businesses accept debit cards.
  • Contactless Payments: Tap-to-pay is very common. You can use contactless credit/debit cards or mobile payment apps like Apple Pay, Google Pay, or Samsung Pay.
  • Tipping Culture:
    • Tipping is customary in Quebec City. For restaurants, leave 15โ€“20% of the total bill. For taxis, round up or tip 10โ€“15%. For hotel staff, $2โ€“$5 CAD per service is standard.

5. Banking Options

  • Major Banks in Quebec City:
    • National Bank of Canada (Banque Nationale): Headquartered in Quebec, itโ€™s a popular choice for locals.
    • Royal Bank of Canada (RBC).
    • Toronto-Dominion Bank (TD).
    • Scotiabank.
    • Canadian Imperial Bank of Commerce (CIBC).
    • Desjardins: A Quebec-based credit union with extensive services and a strong local presence.
  • Banking Hours: Typically, banks are open Monday to Friday from 9:30 AM to 5:00 PM. Some branches may open on Saturdays.

6. Opening a Bank Account

If youโ€™re an immigrant or planning a long-term stay, opening a local bank account is essential. Hereโ€™s how:

  • Eligibility: You donโ€™t need to be a permanent resident to open a bank account. Temporary residents, international students, and workers can also open accounts.
  • Documents Required:
    • Passport or government-issued photo ID.
    • Proof of address (e.g., utility bill, rental agreement).
    • Immigration documents (e.g., study permit, work permit, or visa).
    • Social Insurance Number (SIN): Not mandatory for all accounts but required for accounts that earn interest.
  • Steps:
    1. Visit a bank branch or apply online (some banks allow online account setup for newcomers).
    2. Choose the type of account (chequing for daily transactions, savings for long-term deposits).
    3. Provide the required documents and complete the application.
    4. Deposit an initial amount (if required).
  • Newcomer Packages: Many banks offer special packages for newcomers, including fee waivers, free international transfers, and credit card options.

7. ATMs (Automated Teller Machines)

  • Availability: ATMs are widely available in Quebec City, including at banks, shopping centers, convenience stores, and tourist areas.
  • Fees:
    • Using your home bankโ€™s ATM card may incur international withdrawal fees (typically $3โ€“$5 CAD per transaction).
    • Non-bank ATMs (e.g., in convenience stores) may charge additional fees.
  • Tips:
    • Use ATMs affiliated with major banks to avoid excessive fees.
    • Withdraw larger amounts at once to minimize transaction fees.

8. Practical and Cultural Considerations

  • Language: French is the primary language in Quebec City. Most banking staff are bilingual (French and English), but itโ€™s helpful to know basic French phrases.
  • Taxes: Prices in stores and restaurants do not include taxes. Expect to pay an additional 14.975% (5% federal GST + 9.975% Quebec PST) at checkout.
  • Counterfeit Awareness: Canadian banknotes have advanced security features (e.g., holograms, raised ink). Familiarize yourself with these to avoid counterfeit bills.
  • Bank Holidays: Banks are closed on federal and provincial holidays. Plan your banking needs accordingly.
  • Credit History: If youโ€™re an immigrant, building a Canadian credit history is crucial for renting apartments, getting loans, or applying for credit cards. Start by applying for a secured credit card if youโ€™re new to the country.

9. Emergency Financial Assistance

  • Lost or Stolen Cards: Contact your bank immediately to block the card. Most banks have 24/7 helplines.
  • Currency Issues: If you run out of cash, Western Union and MoneyGram services are available for quick money transfers.

By understanding the currency and banking system in Quebec City, youโ€™ll be well-prepared to handle financial transactions smoothly and adapt to local practices. Whether youโ€™re visiting for a short time or settling in as an immigrant, this guide should help you navigate the cityโ€™s financial landscape with confidence.