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Are you moving to Canada? This is what you need to know about bringing your money with you!

One of the most important things you need to check off your list before you arrive in Canada is how to bring your money with you. In fact, the Canadian government even has a rule requiring you to provide proof of having enough money to support yourself for the first 6-12 months of your stay. With that in mind, it’s vital to have a plan in place to bring your money over with you.

No matter how you plan to move your money, it is imperative that you work with a trusted Canadian bank before you get here. Not only will their experts help you understand the relevant financial regulations and laws, but having a Canadian bank account is required for all of the money transfer methods we suggest.

With all of that in mind, here are four of the most popular ways to transfer your money to Canada so that it is available when you arrive.

1. Wire Transfer

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.

2. Bearer Form

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 use negotiable instruments in bearer form such as promissory notes, cheques, travelers’ cheques, bank drafts, and money orders.

Remember to ensure that your Canadian bank will be able to work with you to cash out whatever type of bearer form you bring.

3. Cash

Bringing cash in Canadian currency is another option. And, with some bank offers you can even store your valuables in a free safety deposit box– like the CIBC Smart Account^TM for Newcomers offer. Since there is no limit to 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.

And of course, once you arrive, you will want somewhere safe to deposit all of that cash right away, which is where that Canadian bank account would prove extremely valuable.

In Summary

It is important that you do your own research to determine how much money you need to bring to Canada and the best way to bring it. As long as you work with your new bank and follow the regulations, you should be fine.

You will be happy to hear that once you are settled in, you will find it is much easier to receive money from overseas. Best of luck as you bring your money to Canada

Brought to you by CIBC. General information not about CIBC Financial products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. CIBC does not guarantee the currency, accuracy, applicability or completeness of this content.

Brought to you by CIBC. General information not about CIBC Financial products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. CIBC does not guarantee the currency, accuracy, applicability or completeness of this content.

The CIBC logo and the CIBC Smart Account^TM are trademarks of CIBC.