Local currency is Canadian dollar (symbol: $ or occasionally C$), commonly named a 'dollar'. One dollar ($) consists of 100 cents (¢). There are both paper money and coins in Canada. There are currently six coins in circulation - the penny (1 cent), nickel (5 cents), dime (10 cents), quarter (25 cents), loonie (1 dollar) and toonie (2 dollars). There are five bill denominations - $5, $10, $20, $50, $100. You are always welcome to use credit card instead of cash, but be careful with traveler's cheques - they are not universally accepted and once they are accepted you may have to pay extra fee. There is also a network of Automated Teller Machines around the country. Remember that the prices you see are not always the prices you pay as many prices do not include Goods and Services tax (GST) which is approximately 6% around the country but the actual figure can vary from area to area. Canadian banks are usually open Monday to Friday, daytime hours from 9 a.m. to 5 p.m. Most banks accept traveler's cheques at a small fee but you won't have to pay the fee if you go the banks suggested at the back of your cheque. Exchange services that are offered in hotels and shops almost always offer the worst rates or charge large commission fees, therefore it is better to process the currency exchange in banks.
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