Are you moving to Canada? This is what you need to know about bringing your money with you!
When you arrive in Canada, it is a government rule that you must provide proof that you have enough money to support yourself and your family for the first 6 to 12 months of your stay. This amount may vary depending on where you choose to settle in Canada. Therefore, move your money to Canada before arriving yourself. For more information and to better understand this rule, visit the Government of Canada website about Proof of Funds.
Also, it is important to speak with your financial institution before arriving in Canada to understand the currency regulations and laws in Canada as well as in the country that you are leaving. There is a chance that you may have to deal with restrictions.
Moreover, there are a few ways to bring your cash to Canada. This article aims to provide you with four popular methods of transferring your money to a new country, so it is available to you when you arrive.
International Money Order
How does an international money order work? This is a pretty simple process. For this option to be possible, you are required to open a Canadian bank account. Then, get an international money order from your current bank before moving to Canada. When you arrive in Canada, you can deposit the money order into your pre-existing Canadian account.
However, you will not be able to spend your money right away with this option. This can be inconvenient, especially if you do not know how long you are required to wait. It is best to ask your Canadian bank how long these finances must sit in your account before you can use your money. Then you can evaluate if this is the best option for you.
Similar to the International Money Order, you first need to open a Canadian bank account. After this, you can contact the bank in your home country to transfer your money into this new Canadian bank account.
However, your bank may charge you for using this service. So, before you commit to a wire transfer, make sure you understand their transfer fees to determine if this is the best way to bring your money to Canada.
There are a variety of ways that you can bring money to Canada in bearer form. For example, you can look into bearer investment securities such as bonds, treasury bills, stocks, debentures, and more. Additionally, you can look into negotiable instruments in bearer form such as promissory notes, cheques, travellers’ cheques, bank drafts, and money orders.
Lastly, bringing cash in Canadian currency is another option. Since there is no limit for how much money you can bring, you can always carry cash with you. However, it is important to note that you have to tell the border officer if you are bringing more than CAN$10,000 into Canada. By not telling them, you put yourself at risk of being fined and having your funds seized, which no one wants to happen to them.
Do your research to determine how much money you need to bring based on your family size and location in Canada. Use the best method for transferring money to Canada based on your financial situation and what your current bank recommends. Then follow the rules for bringing that cash into Canada, so you don’t get in trouble.
Best of luck as you bring your money to Canada!
*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.