Money Transfer

Transferring Settlement Funds to Canada

The most efficient method is to open a bank account in Canada and transfer the settlement funds through Telegraphic Transfer (TT) in one transaction, minimizing banking fees and conversion charges. This account, known as a deposit account, can only be opened after receiving the Confirmation of Permanent Residence (CoPR). It allows for depositing funds but does not permit withdrawals before landing in Canada. Upon visiting the preferred bank's branch, the deposit account can be converted into any desired type of bank account.

A. Carrying All Finances to Canada during Landing:

1. All Cash:

   • Declaration required.

2. Cash + Forex Card:

   • If cash exceeds $10,000 CAD, provide declaration and forex card statement.

3. Cash + Traveler's Cheque/DD:

   • If cash exceeds $10,000 CAD, provide declaration along with traveler's cheque.

4. Transferred all to Canadian Bank via Wire:

   • Show account statement from the Canadian bank.

B. Carrying Some Funds to Canada:

1. All Cash:

   • If cash exceeds $10,000 CAD, provide declaration plus bank certificate for the remaining amount in the original bank and account statements (preferably 6 months' statements).

2. Cash + Forex Card:

   • Same requirements as above, plus bank certificate and account statements for the remaining amount in the original bank.

3. Cash + Traveler's Cheque/DD:

   • Same requirements as above, plus bank certificate and account statements for the remaining amount in the original bank.

4. Wire Transfer:

   • Same requirements as above, plus bank certificate and account statements for the remaining amount in the original bank.

C. Carrying No Funds:

• International Debit Card/Card with Ties to Canadian Banks:

  • Bank certificate and account statements for all amounts present in the original bank (preferably 6 months' statements).