Money in New York

You can bring money to New York but it is just as easy to take out cash in New York. US$1 is approximately CA$1.40. Banknotes of $1, $5, $10, $20, $50 are common. Notes of $100 are not eagerly accepted. The notes look so similar that tourists often confuse them. Common coins are quarter (25 cents), dime (10 cents) nickel (5 cents) and penny (1 cent). Remember to always bring your credit card when travelling to New York as it makes things so much easier. You can use it anywhere, in taxis and even to pay for your coffee!

Eric's Index

1 Credit cards and debit cards
- 1.1 Paying with card
- 1.2 Using a virtual credit card
2 Bringing money to New York
3 Withdrawing money in New York
4 How do I tip in New York?
5 FAQ

Credit cards and debit cards

Credit cards are accepted everywhere. In New York (and in the rest of the US) people that use credit cards are more common than those that use cash. In many ways, it is comparable to using a debit card. Debit cards will work at ATMs and you can pay more and more with them in restaurants and stores in New York as well. Do check with your bank.

For most credit cards you do not pay a fee every time you use the credit card. So you can order a cup of coffee without a problem. I do not advise travelling to New York without a credit card. Note that you might have to authorise your cards before you travel. Canadian cards might not be authorised for use in the United States. Check with your bank if you are unsure.

Paying with card

When using a credit card in New York, you might get the option to either pay in US dollars or in your own currency. To save money, always choose to pay in US dollars, as the conversion made by your own bank is better.

Using a virtual credit card

Apart from physical credit cards, there’s also the option of paying with a digital credit card in New York, like a Revolut card. It is a very convenient way to pay, becoming increasingly popular and more widely accepted.

If you don’t have a credit card or you’d like to pay in dollars, you can request the free Revolut Debit Card here. It’s very easy and you can use the card immediately with Apple or Google Pay. You will also get a physical card shipped to you (for a fee).

Bringing money to New York

Firstly, consider how much cash you will need for your first few hours in New York. When you arrive, you may want to take a taxi to the city. This can cost approximately $100. It is unnecessary, and often costly, to exchange Canadian dollars for US dollars at your bank in Canada.

Exchange about CA$170 if you don’t need more right away. It’s always handy to have some cash on you. If you bring US$10.000 or more to the US you’ll have to declare this when entering the country.

Withdrawing money in New York

Upon your arrival in New York, you can withdraw money at an ATM (cash) machine. Keep in mind that you’ll pay a transaction fee to your bank in Canada.

You also pay a fee to the bank in New York, normally between US$3 and $6. You are always asked first if you agree with this fee. When you withdraw US$100 and the fee is $3 this will show on your bank account as ‘Withdrawal $103’. You better get a larger amount in one go, so you don’t have to take out cash often.

Eric’s Tip: “When withdrawing dollars in New York, you often get the option of withdrawing with or without conversion. Without conversion, you pay for the dollars in your own currency. If you select the conversion option, the ATM owner will do the conversion. In this way, you end up paying more. Therefore always choose the option to withdraw your money without conversion, to save money.”

How do I tip in New York?

The salaries of waitresses and porters in New York are very low. Sometimes not more than CAD $ 6 per hour. Tipping in New York is, therefore, customary. Most people tip at least 15% and 20% is common.

If you order a drink at the bar, US$1 per drink is enough. In the taxi, you tip 10-15% with a minimum of US$1. Some restaurants include a tip (gratuity) on the receipt. You do not need to give extra tip. This often happens in restaurants around Times Square and for groups of six or more people seated at one table.

FAQ

You can use debit cards more and more in the US, but a credit card is the most common form of payment. So I do recommend bringing a credit card to New York.

It's always helpful to have some cash on you, for example, to pay for your taxi ride upon arrival in New York. But exchanging Canadian dollars to US dollars in Canada is very expensive, so I advise withdrawing most of your cash at an ATM after arriving in New York.

When you pay with your credit card and get to choose to pay in US dollars or Canadian dollars, always choose US dollars as your bank’s exchange rate is better. When it comes to cash, withdrawing money at an ATM in New York gives you a better exchange rate than exchanging in Canada.

Generally, all major credit cards are accepted, like MasterCard, Visa and American Express. You can also use virtual cards, like the Revolut card.

Yes, you can generally pay with a Revolut card in New York, whether virtual or physical. However, some establishments, like hotels, may specifically require a physical card, and others might not accept prepaid cards, so it's worth having a backup payment method available.