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1. Posted by danielle21 (Budding Member 64 posts) 7y

Hi Guys,

Im off to canada on the 24th June, very excited but concerned im a little low on spending money!

The exchange rate from the pound is pretty crappy at the moment around 1.65. Im only taking the equivilent of 200pounds cash and use my nationwide account debit card when im out there.

mY question is, is it worth waiting till the last minute to change my currency or is it unlikely it will go up from this rate? or could it drop lower!

I will be staying with a mate in toronto so accommodation is sorted, im mainly going to catch up with her and do the odd touristy trip. I think most of the time will be partying. What are the prices like for alcohol in bars over in canada? i think this is where most of my spends will go!!

Thanks in advance, i know it is impossible to say how the exchange rate will go but bit of guidance would be cool.

D

2. Posted by tway (Travel Guru 7273 posts) 7y

Alcohol is really expensive over here--think 5 pounds for a drink, and maybe 4 pounds for a beer (unless it's local stuff, or you go during happy hour). Toronto is also a pretty expensive city. How long are you going for? You'll probably be able to stretch a buck, but it'll take some planning...

3. Posted by Ham Radio (Respected Member 284 posts) 7y

Quoting danielle21

Hi Guys,

Im off to canada on the 24th June, very excited but concerned im a little low on spending money!

The exchange rate from the pound is pretty crappy at the moment around 1.65. Im only taking the equivilent of 200pounds cash and use my nationwide account debit card when im out there.

mY question is, is it worth waiting till the last minute to change my currency or is it unlikely it will go up from this rate? or could it drop lower!

D

Well, that's the million dollar question, isn't it? Fortunes have been made (and lost) in the world currency markets.
Today's rate is going your way at 1.79 and the 5-day trend is good.

You should monitor financial news services. Bloomberg and CNBC Europe television networks are very good.

I wouldn't get greedy, if it gets a little higher I'd think about locking in. The risk is a major news event close to your departure date causing a drop in the rate and spoiling your plans.

4. Posted by danielle21 (Budding Member 64 posts) 7y

Thanks Both, i will keep an eye on the financial news.

Im only going for 18 days on this occasion but hope to save and apply for a whv next year. Wow that is expensive for drinks, im hoping as my friend im visiting works in a bar she will know cheap deals in places and we can drink at her place before we head out in the clubs etc.

I travelled for 11 months last year and researched lots beofre i went, im so busy in work i have barely looked in to toronto. Any particular must see places/sites/bars,clubs you would recommend in and around the city.

Thanks everyone, appreciated.
D X

5. Posted by tleb (Full Member 117 posts) 7y

Those drink prices are crazy!

Most places around here are $5.00 or under for a beer, maybe $5.50 for a Heiny or a Corona. Theres always places that are double that, but thats why you get topped up before going to those places.

In the long run I think The pound Has been dropping compared to the Canadian dollar for a while. I wouldn't worry too much about it though, chances of a huge change are pretty slim.

Generally the casinos have the cheapest drinks, as thats not where they make their real money. So it's often a good idea to go to one for some pre-drinking. Unless your like my friend who came to the casino for $2 highballs and drank to many. Then dropped $500 on even at the roulette table and then couldn't cover his tab.

6. Posted by GenBlogs (Budding Member 6 posts) 7y

5 pound for a drink? Where are you drinking? The cost of alcohol varies by what you drink, and where you drink it. If you're in fancy places, alcohol is more expensive. Stick to local beers(Canadian, Labatts, etc) to save some cash.

Plus, if your friend lives in Toronto, and is a bartender herself, she should know where to get drink deals.

The Canadian dollar has been rising pretty quickly lately, but it shouldnt rise by too much over the next few weeks.

7. Posted by tway (Travel Guru 7273 posts) 7y

Quoting GenBlogs

5 pound for a drink? Where are you drinking? The cost of alcohol varies by what you drink, and where you drink it. If you're in fancy places, alcohol is more expensive. Stick to local beers(Canadian, Labatts, etc) to save some cash.

Plus, if your friend lives in Toronto, and is a bartender herself, she should know where to get drink deals.

The Canadian dollar has been rising pretty quickly lately, but it shouldnt rise by too much over the next few weeks.

I've never seen drink prices under $8--and I'm all the way over in Montreal. Toronto is more expensive, in general. Cocktails are a good $8 apiece, and hard stuff can do you $10. I ordered a glass of sangria last year and almost fell over when the bill was $11.
Local beers, as you say, are cheaper--but go for the imports and you'll be paying a lot more. Every Irish bar here serves pints for AT LEAST $7. More like $8.

Happy hour is your best bet.

8. Posted by Redpaddy (Inactive 1004 posts) 7y

I go with Post#6#.... Beer is a lot cheaper than that - unless you're going to drink in silly places.
A case of beer in a liquer store is mad cheap compared to most of Western Europe.

9. Posted by Utrecht (Moderator 5595 posts) 7y

Quoting Redpaddy

I go with Post#6#.... Beer is a lot cheaper than that - unless you're going to drink in silly places.
A case of beer in a liquer store is mad cheap compared to most of Western Europe.

I remember that the liquor stores in Canada were actually quite expensive compared to the Netherlands at least. You can have a good 24 bottle case for around 10-12 USD here in the supermarket. But yes, the prices in pubs etc. (toronto) weren't as high as mentioned here

10. Posted by Calcruzer (Moderator 1989 posts) 7y

The UK pound has actually been increasing in value lately relative to the American and Canadian dollars--and this is likely to continue for a least a little while.

The US is trying to increase the exchange rate for foreign currency to make its goods cheap overseas again and get sales up. Both the deficit spending and the actions of our Federal Reserve have been in alignment with this. Canada tends to be fairly closely tied to the US dollar lately--only because the two central banks seem to be acting in concert (something that didn't happen about 5 years ago).

To give you an idea of how things have changed:

In May, 2008 (the most recent time I was in Britain), you could get 2.00 US dollars and about 2.30 Canadian dollars for each British pound

On May 11, 2009, you could only get 1.54 US dollars and about 1.75 Canadian dollars

Today, June 4, 2009, you get about 1.62 US dollars and about 1.80 Canadian dollars

Enjoy