Moving Your Money
Whether you’re sending money back home to cover a mortgage or transferring money to your new location to pay for an apartment deposit, you will most likely have to deal with money transfers and currency exchange at some point.
How to Transfer Money
There are two ways to exchange and transfer your money; you can use a bank or a money transfer specialist. Specialists trade in foreign currency every day and are able to advise you on trends and buy/sell patterns. Ensure you shop around banks and money transfer companies to get the best rate and lowest fees, and always ensure the company you use is regulated to ensure you are covered when sending your funds internationally. Most companies calculate their fee by charging a small percentage of your money transfer. One added benefit of money transfer specialists is that if you have the time, you can leave your money to sit in an account while you wait until the exchange rate improves to your liking.
Newcomers Canada has partnered with OFX to give you a better deal on currency exchange. OFX is a leading money transfer provider offering 55+ currencies, a seamless digital experience and 24/7 human support over the phone. The company is publicly listed on the ASX and regulated by FINTRAC in Canada. Register here to access preferential rates!
It is possible to bring cash when travelling to Canada, but for the safety and protection of your funds it is recommended that when moving money to Canada, it should be done electronically. If you are bringing more than $10,000 cash with you to Canada, you must declare this to the Canada Border Services Agency upon arrival in the country.