Currency and BanksThe Canadian Dollar (CAD) is the local currency in Prince Edward Island. In Canada, paper money is called "bills". Bills are printed for these amounts: $5, $10, $20, $50 and $100 dollars.
Coins come in one-cent (penny), five-cent (nickel), ten-cent (dime), 25-cent (quarter), CAD1 (loonie), and CAD2 (toonie) pieces. A 50-cent coin exists, but it is rarely seen.
Visit the Royal Canadian Mint online to learn more about Canadian currency.
US currency is widely accepted at all businesses but the exchange rate offered varies. Convert your international money to Canadian funds at banks and trust companies beforehand. Use the online currency converter to determine the value of foreign currency in Canadian funds. Keep in mind that currency rates fluctuate.
Personal cheques are rarely accepted at commercial enterprises unless you have established a credit account or a confidence with the merchant.
Visa, MasterCard, and American Express credit cards are widely accepted. If you have a credit card, you can reduce currency conversion fees by charging your purchases to a credit card instead of using cash or traveller's checks. Credit cards are usually necessary to establish your credit-worthiness when arranging for accommodations or for security deposits when renting a car, even if you're paying cash.
Debit cards, also called "bank cards", are often used instead of cash. They can be used at Automatic Teller Machines (ATMs) or you can use your bank card to buy things at most stores. In areas where ATMs are not available, retailers will often advance cash from your debit card with a purchase.
Banks and Credit Unions in PEI are ususally open 10:00 a.m. to 3:00 p.m. from Monday to Friday, although opening times can vary. ATMs at these locations are typically available 24 hours a day. ATMs are also at selected convenience stores, service stations, and shopping centres.