Money Transfer to, and From Canada

Money Transfer to, from, and within Canada

Money is the most vital resource when you land in any foreign destination. As soon as you land in Canada, you will need easy access to the local currency to pay the cab driver, purchase provisions, and accommodation. You will also have to transfer money to your home country or receive money from your parents as a student.

Thankfully, there are easy and affordable options to process international money transfers. Hiring a professional immigration counselor will help you deal with these problems with no hassles.

You will need to know how to access your money as you get ready to begin your life in Canada. There are several regulations to know regarding banking and money exchange. Know the following steps to understand how to ensure access to your funds after arriving in Canada.

Accessing your funds

As a newcomer to Canada, you need to comply with the rules of Immigration, Refugees, and Citizenship Canada concerning proof of funds, as most immigration programs make it mandatory to have sufficient funds while immigrating to Canada. You should make sure that this money is available to you as soon as you enter Canada.

Get a confirmation from a bank from your home country or Canada about the funds you are holding. This letter must be on the letterhead of the banks giving the following information:

  • Contact details of the back officials
  • Your personal information
  • Details of your bank account, including deposits, loans, and the last six months average balance

Check with your home bank if they have a banking relationship with any bank in Canada. It will facilitate ease of transferring funds. There are ways to open a savings account in a Canadian bank before your arrival. It will further help you relieve the financial stress as soon as you land in Canada.

The best option is to carry a cash amount. However, there are limitations to the amount of cash you can bring to Canada. Check with your immigration consultant or a visa officer to find out the details.

Alternatively, book an appointment at any leading Canadian bank to open an account. Canada has a reliable and efficient banking system. Meeting a banking advisor will help you know answers to multiple doubts about banking in Canada. Opening a bank account is a crucial step to begin your financial journey.

Transferring money within Canada

Use your digital wallet to make payments for routine expenses like shopping, dining, or paying for a cab ride. However, using the option of Interac e-Transfer or Paypal is suitable to transfer money to any Canadian acquaintance or a relative.

Interac e-Transfer is a popular and reliable choice to send or receive money from one bank account to another with no hassles. Make sure that you have a Canadian bank account and access to mobile banking in addition to the mobile number or email address of the recipient. Some banks offer free transfers with no upper limits.

Receiving money via online transfer in Canada

Interac also enables you to receive money by turning on the Autodeposit option. However, you will receive a notification and a link if the Auto Deposit is turned off. Just follow the simple steps to receive money.

Sending money back home

There are several options to use international money transfers. There are different options to choose from depending upon the amount. Mobile banking is a suitable way to send money overseas. Sending money to your family or friend back home is a breeze if you know their banking information. Please check the following options for remittances:

  • Credit unions
  • Banks
  • Peer-to-peer operators like PayPal and CurrencyFair
  • Currency exchange businesses
  • Money transfer providers like MoneyGram and Western Union

Unique culture, financial regulations, and banking systems may appear a bit overwhelming to you as a newcomer to Canada. However, you will soon adjust to the ecosystem by choosing the right resources. Reputable immigration consultants offer a wealth of knowledge to facilitate your entry into Canada.Dev Immigration Services Inc assures a broad spectrum of immigration resources. Call us now and let us know how we can help you.

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