How to bring your money to Canada 

Before you can complete any bank transfers, you’ll need to open a Canadian bank account. After you’ve done this, you can contact the bank in your home country to transfer your money into your new Canadian account.  

However, your bank may charge you for using this service. Before you commit to a wire transfer, make sure you understand the transfer fees involved to determine if this is the best way to bring your money to Canada. 

There are many ways to 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 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. 

Bringing cash in Canadian currency is another option. With some bank offers like the CIBC Smart Account^TM for Newcomers offer, you can even store your valuables in a free safety deposit box. Since there’s no limit to how much money you can bring, you can always carry cash with you. However, it’s important to note that you must tell the border officer if you are bringing more than $10,000 CA Opens in a new window. into Canada. By not telling them, you put yourself at risk of being fined and having your money seized. 

And of course, once you arrive, you’ll want somewhere safe to deposit your cash right away Opens in a new window., which is where that Canadian bank account will prove extremely valuable.