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Different currency notes

One of the first things you should consider when packing up to come to Canada is how to transfer finances such as your cash and your other investments.

6 options to consider to transfer valuables

 

1. Open a bank account before you land in Canada. There are many benefits to opening a Canadian bank account before you depart. For example, you can

  • use the statement as proof of funds to the immigration officer at the Canadian airport
  • avoid worrying about carrying large amounts of cash and manage your safety
  • have funds ready to use when you arrive and don’t have to wait a week before a draft clears.

 

2. Transfer some cash into Canadian funds for immediate needs after landing.

 

3. If necessary, buy travellers’ cheques for security and immediate access to your funds.

 

For more information about how to prepare for a smooth transition to Canada, join our webinar:

Get Ready To Work In Canada

 

 

4. Bring your international credit cards for immediate out-of-pocket expenses and for identification purposes, too.

 

5. You can get an international wire transfer using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. It operates a worldwide network that can transfer funds between different financial institutions. Allow a week to 10 days for international banking transfers.

 

6. Once you’re in Canada, open a bank account at a bank or credit union in your city. To do this, you’ll have to show your landed immigrant papers and identification.

Things to know about bringing jewelry and valuables

Jewellery and Valuables

Check with the Canada Border Services Agency to see what valuables you can bring to Canada and how to document your valuables. You have the right to bring valuables to Canada such as

  • Valuable jewelry (i.e., rings, necklaces, earrings, etc.)
  • Watches
  • Heirlooms
  • Artwork

You have to declare the items that you’re bringing to Canada on the Personal Effects Accounting Document, and prepare a separate list for goods that will follow at a later date. Have your valuables assessed by a professional valuers before you arrive. Make sure to insure your jewelry and valuables in case of loss or damage during shipping.

You will have to a pay a fee (known as a duty) for items that are valued over CAN $10,0000 and on any items that have not been used.