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HOW TO TRANSFER MONEY TO CANADA FROM OVERSEAS

27 January, 2021

HOW TO TRANSFER MONEY TO CANADA FROM OVERSEAS

Are you moving to Canada and want to know how to transfer your money? In this post, we will let you know the best ways to do it.

 

Cash:  When you move to Canada, you can bring cash with you. There is no limit to how much cash you can bring. However, if you bring more than $10,000 CAD, you will have to declare it when you enter the country.

 

Wire transfer: International wire transfer between two bank accounts. There are a number of options within the category, depending on the volume of money to be transferred and the urgency to receive it. The fees for this type of transfer can be higher when compared to other options. Both the sending and receiving accounts have to pay transaction fees.

 

International money order: A money order is a paper document, similar to a personal check. An international money order operates in exactly the same way as a domestic money order, allowing you to prepay an amount that will be used as a secure form of payment. It is important to know that you will not be able to use your money right away. Ask your Canadian bank how long you will have to wait before you can use your money.

 

Transferwise: Transferwise is one of several money transfer companies and is a great option because the whole service is online. You pay only a small commission for the transfer. Its differential is that instead of an international transfer, the system uses two local operations - one in the country of origin and another in the country of destination, which makes transfers faster and cheaper.

 

Western Union: Western Union is also a money transfer company. You can send the money online, by phone (using a credit or debit card), or in person, just go to one of the many locations that work with the system and send the money.

The difference in the transaction, however, is in the receipt: to receive the funds, you must go personally. This is the most popular option for smaller amounts of money below $ 1000.00

 

Prepaid debit card (Travel prepaid card): You can get a prepaid international credit card from a bank in your home country.

Before you go to Canada you transfer money to your prepaid card at a particular exchange rate. You can then use the card as a debit card in Canada, you can also withdraw money at an ATM.

When you use your card, that amount is “unloaded” from it. If you need to add more of that currency, you can load it up – this can be done online or via a dedicated app.

 

Here at e-Visa we provide you with financial planning that can help you with all the matters regarding your move to Canada. 

 

If you are a planner or even the kind of person that has no idea of costs and would like to know exactly how much to budget for your living expenses during your stay, our financial planning consultation is for you! 

 

If you are interested in booking a consultation get in touch with us now!