Bringing money to Canada

Before you transfer money to Canada, check with your bank or
financial institution in your home country to know the laws or
regulations on how much money you can take out of the country.
While there’s no limit on the money you can bring into Canada,
some countries will limit the amount you can carry in cash or other
specific monetary instruments such as travel cards or traveller’s
cheques.

For permanent residents, it is relatively easy to wire transfer your
money to Canada. Large banks such as RBC can facilitate this for
you. If you decide to open an account in pre-arrival and transfer
your funds, be sure to gather appropriate documentation that
shows you have access to the amount in Canada — this will count
as proof of funds.

These bank letters and financial documents can also be
supplemented with cash, stocks, bonds, debentures, treasury bills,
banker’s drafts, cheques, international money orders, travel cards,
or travellers’ cheques, all of which are considered proof of funds.
You can also check with your bank in your home country if they
have an existing banking relationship with any of the Canadian
banks. If they do, you will have a few more options to transfer your
money to Canada.

Tip: It’s good to have some cash handy for expenses in your
first few weeks in Canada. Wire transfers are almost instant
and the quickest way to bring money to Canada. However, it is
also one of the most expensive options. Liquidating monetary
instruments (such as banker’s drafts, cheques, or money
orders) may take longer – if you plan on going this route, be
sure to check with your bank for the timeline. Shop around
and evaluate your choices before sending money to Canada.

To make your transition to finding your home in Canada easier,
IRCC recommends bringing as much money as you can. However,
if you’re bringing in $10,000 CAD or more in cash, you must
declare it to the border officer through the Declaration Card.