Money

Toronto is the most expensive city in Canada, but to visitors from places such as New York, London, and Tokyo, it will seem surprisingly affordable. However, the cost of taxis will raise New Yorkers' eyebrows, in part because the rates are higher and in part because Toronto is a sprawling city. Museum admission prices are another high-priced item; Londoners who are familiar with the free-admission policy at the British Museum may be shocked that it costs C$20 (£ 10) to get into the Royal Ontario Museum.

Currency

Canadians use dollars and cents: Paper currency comes in C$5, C$10, C$20, C$50, and C$100 denominations. Coins come in 1-, 5-, 10-, and 25-cent, and 1- and 2-dollar denominations. The gold-colored C$1 coin is a "loonie" -- it sports a loon on its "tails" side -- and the large gold-and-silver-colored C$2 coin is a "toonie." If you find these names somewhat . . . ah, colorful, just remember that there's no swifter way to reveal that you're a tourist than to say "one-dollar coin."

Ideally, you should exchange enough petty cash to cover airport incidentals, tipping, and transportation to your hotel before you leave home; however, it's very easy to withdraw money upon arrival at an ATM at Pearson airport. Check with your local American Express or Thomas Cook office or with your bank. American Express cardholders can order foreign currency over the phone at tel. 800/807-6233.

It's best to exchange currency or traveler's checks at a bank, not a currency exchange, hotel, or shop. Get up-to-the-minute exchange rates online before you go at www.xe.com/ucc.

The Canadian Dollar & U.S. Dollar/U.K. Pound

In 2008, for the first time in over 30 years, the Canadian dollar and the U.S. dollar traded at parity. For that reason, we've eliminated listing the U.S. equivalents of Canadian prices in this guide. The prices cited are given in Canadian dollars (C$) and U.K. pounds sterling (£ or p for pence), with all amounts over C$10 rounded to the nearest dollar. In this guide, C$1 is equal to US$1/50p. The actual exchange rate will fluctuate by a few pennies.

ATMs

The easiest and best way to get cash away from home is from an ATM (automated teller machine), sometimes referred to as a "cash machine," or a "cashpoint." The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe. Go to your bank card's website to find ATM locations at your destination. Be sure you know your daily withdrawal limit before you depart. Note: Many banks impose a fee every time you use a card at another bank's ATM, and that fee can be higher for international transactions than for domestic ones. In addition, the bank from which you withdraw cash may charge its own fee. For international withdrawal fees, ask your bank.

Note: Banks that are members of the Global ATM Alliance charge no transaction fees for cash withdrawals at other Alliance member ATMs; these include Bank of America, Scotiabank (Canada, Caribbean, and Mexico), Barclays (U.K. and parts of Africa), Deutsche Bank (Germany, Poland, Spain, and Italy), and BNP Paribas (France).

Credit Cards

MasterCard and Visa are almost universally accepted in Toronto; American Express has become more common, but many independent boutiques and small restaurants still don't accept it. Overall, credit cards are a smart way to "carry" money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs, but high fees make credit card cash advances a pricey way to get cash. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).

Traveler's Checks

Traveler's checks are something of an anachronism in Toronto, since ATMs have made getting cash accessible at any time. However, traveler's checks are still widely accepted -- and unlike cash, can be replaced if lost or stolen.

You can buy traveler's checks at most banks. They are offered in denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.

The most popular traveler's checks are offered by American Express (tel. 800/807-6233 or tel. 800/221-7282 for card holders -- this number accepts collect calls, offers service in several foreign languages, and exempts Amex gold and platinum cardholders from the 1% fee.); Visa (tel. 800/732-1322); and MasterCard (tel. 800/223-9920).

Be sure to keep a record of the traveler's checks serial numbers separate from your checks, in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.

American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, useful if you're traveling to one country or to the euro zone; they're accepted at locations where dollar checks may not be.

Another option is the new prepaid traveler's check cards, reloadable cards that work much like debit cards but aren't linked to your checking account. The American Express Travelers Cheque Card, for example, requires a minimum deposit, sets a maximum balance, and has a one-time issuance fee of $15. You can withdraw money from an ATM (for a fee of $2.50 per transaction, not including bank fees), and the funds can be purchased in dollars, euros, or pounds. If you lose the card, your available funds will be refunded within 24 hours.