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.
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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
- Valuable jewelry (i.e., rings, necklaces, earrings, etc.)
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.