One of the first things you should consider when packing up to come to Canada is how to transfer your cash and your other investments. Here are 6 options to consider.
1. Open a bank account before landing in Canada. Having a Canadian bank account before departure has many benefits. You can use the statement as proof of funds to the immigration officer at the Canadian airport, you don’t have to be carrying cash and worrying about safety and lastly, you have funds ready for you to use 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 SWIFT (Society for Worldwide Interbank Financial Telecommunication) 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 jewellery and valuables
You have the right to bring to Canada any of the following valuables based on your declaration in the immigration application.
1. Valuable jewellery (i.e., rings, necklaces, earrings, etc.)
All such valuables should be assessed by professional valuers before you arrive. And don’t forget to insure them in case of loss or damage during shipping.