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Money Transfers for Expats in Canada

Submitted: September 2013

Canada does not impose any restrictions on money transfers to and from Canada.

The easiest way is transfer money to Canada is to have a Canadian bank account opened, and then to proceed with an international bank transfer. However, opening a Canadian bank account from overseas may happen to be a difficult task. Alternatively, you can withdraw money from an ATM in Canada and use the proceeds to open a bank account.
You may also consider requesting your bank to issue a cheque, which can then be cleared in an overseas bank account (from Canada to your home country, or from your home country to Canada). This process is quite lengthy though, and it may be expensive.

In any case, it is advisable to check if your financial intermediary is reliable enough, be it in terms of service quality or value for money.

Fees

Your bank is likely to charge you for international bank transfers and banker’s drafts, although fees may vary greatly. You might wish to check the applicable charges and restrictions at your bank.

Alternatively, you can use the services of a money transfer company. To save money, you can also use a price comparison website specialised in money transfers. Typically, your charges are largely passed on to the applicable foreign exchange rate. See Foreign Exchange for Expats in Canada.

The fees charged by a company specialised in money transfers are without prejudice to the fees that your bank may charge on transfers to the money transfer company.

Cash control rules

You are free to carry as much cash as you like when you cross the Canadian border. However, you must make a declaration to the Canadian customs authority if the amount exceeds C$10,000.

Cash control rules cover hard currency and negotiable instruments or securities, but not international wire transfers.

 

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