MBA Canada

Transferring Money



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Here are some other ideas on how to bring or transfer money into Canada:

  • Check if your current bank possesses a "correspondence" or a connection with a Canadian Bank and set up an account to transfer your money among banks. Your bank in your own country might have a branch office in Canada, which can help to transfer or access funds once you are here. Check if your bank has offices in Canada.


  • Organize a savings transfer to Canada with your bank once you have come here. It is probable that you might have to maintain your current bank account in your country of origin for a short time and then transfer the funds to your new account in Canada.

    Note: One alternative is to obtain a Bankers Draft from your current bank. A Bankers Draft is a cheque drawn on the bank itself against a cash deposit Confirm with your local bank as to what their requisites are for such transactions prior to your departure. You could then have enough money with you to get started (in the form of cash or traveller's cheques). Once you are in Canada, you might open a Canadian account and have the rest of your money transferred from your country into your new account. You should communicate your current bank about your plans now, and see what all the necessary procedures are. You can also bring the money in securities in bearer forms (as: stocks, bonds, debentures, treasury bills).


  • It is probable that a Canadian bank might have a branch office in your own country. Check if you can locate one; look for Royal Bank of Canada, Toronto Dominion Bank, Bank of Nova Scotia or Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC). Once located, they will want to help you set up a Canadian account and transfer your money.


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Money & Finance in Canada
MBA Canada