There are very few bank branches in Nunavut. Debit card facilities
in many stores allow visitors to withdraw funds from their own
accounts, provided the stores have enough cash on hand. The
cash shortages in the smaller communities often takes visitors
by surprise. When a community is isolated by weather, for example,
cash flow can quickly become a problem. You should always ensure
that you have adequate cash on hand to cover any immediate needs.
Plan to complete your banking transactions in Nunavut's largest
communities - Iqaluit, Rankin Inlet or Cambridge Bay before
traveling to the smaller communities. Travellers from outside
Canada should plan to exchange currency before arrival in Nunavut.
In Iqaluit, the Royal Bank of Canada and the Bank of Montreal
have branches conveniently located across the street from each
other. These are the only banks on Baffin Island. Iqaluit also
has three automated teller machines: one in the Bank of Montreal,
one in the Royal Bank, plus a Royal Bank machine in the Brown
building/high-rise complex. In Rankin Inlet, you'll find branches
of the Canadian Imperial Bank of Commerce (CIBC) and the Royal
Bank. Cambridge Bay has a branch of the Royal Bank. The Royal
Bank also has automated teller machines in Rankin Inlet and
Cambridge Bay. Whale Cove has an automated teller machine in
its Co-op store.
In other communities, the Co-op store usually cashes recognized
traveler's cheques in Canadian funds. Cash shortages often occur
in the communities. It is a good idea to carry Canadian money.
The currency used here is the Canadian dollar. Money consists
of notes - $5, $10, $20, $50, $100 - and coins - 1¢, 5¢, 10¢,
25¢, $1, $2.
Credit and Debit Cards
Many retailers and hotels in Iqaluit, Cambridge Bay and Rankin
Inlet accept credit cards, as do most hotels in smaller communities.
Not all stores in small communities accept credit cards. Outfitters
generally only accept cash or occasionally traveller's cheques.
Interac, the Canadian debit card system, is in place at all
Co-op stores. Funds can be withdrawn from your own account if
cash flow permits. Some places accept personal cheques if you
have proper identification. Smaller communities usually do not
accept them, so travellers should not count on using them. Traveller's
cheques are more widely accepted.
Sunday shopping is permitted in the Northwest Territories, bu
this differs from community to community. In Nunavut's smaller
communities, stores will sometimes close during the lunch hour.
Bank of Montreal
Tel.: (867) 979-2901. Fax: (867) 979-2906
Canadian Imperial Bank of Commerce
Tel.: (867) 645-2863. Fax: (867) 645-2573
Royal Bank of Canada
Tel.: (867) 983-2007. Fax: (867) 983-2754
Tel.: (867) 979-5344. Fax: (867) 979-4845
Tel.: (867) 645-3260. Fax: (867) 645-3261
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