How Do I Transfer Money to Canada & Ship Goods When Moving?

Planning to immigrate? Learn how to transfer money to Canada safely and efficiently, from opening a Canadian bank account to choosing the best method. This guide also covers shipping furniture and valuables, what to declare at customs, and key tips for a smooth move.

What are the common ways to transfer money to Canada?

1. Wire transfer

A wire transfer is one of the easiest ways to transfer your money to Canada. However, you can only do this if you have opened a bank account in Canada. Upon arrival, you can easily access your funds from your Canadian bank account.

Opening a bank account with one of Canada’s “big five” banks is a good idea. They have many branches across Canada to simplify your banking needs. Canada’s “big five” banks are:

• Bank of Nova Scotia (ScotiaBank)
• Toronto-Dominion Bank (TD)
• Canadian Imperial Bank of Commerce (CIBC)
• Royal Bank of Canada (RBC)
• Bank of Montreal (BMO).

2. International money order

Another way to transfer your money to Canada is with an international money order. This is a good option if you decide to open a Canadian bank account after you move to Canada. You will need to get an international money order from your bank in your country of origin before moving.  

Upon arrival, you’ll need to open a bank account and deposit the money order into your Canadian bank. Most international money orders have a maximum limit of $1,000 per order. This means that you must buy multiple orders to deposit all your money into a Canadian bank.

A money order is a relatively safe way to travel with money, compared to carrying large amounts of cash. Money orders can also be tracked, providing greater security if lost or stolen.

However, some banks may place a hold on funds for a period before they are available to you. The wait time will vary depending on the bank, so ask your bank when you can access your money.

3. Cash

Cash is another option, though it may not be the safest way to transfer money to Canada. It may be hard to travel with all of your life savings. While you can legally bring cash, you must meet customs requirements. Also, travelling with a large amount carries the risk of loss and theft.

Bringing and declaring cash

You must declare the amount of money you carry to the Canadian Border Services Agency (CBSA), and any amount greater than $10,000 in Canadian dollars (CAD). This could be Canadian or foreign currency. This step ensures that you do not transfer illegal money into Canada. 

If you carry more than CAD 10,000 and do not declare it, the CBSA can seize your money. You may have to pay a penalty ranging from CAD 250 to $5,000.

Bringing a large sum of cash is not the best way to transfer your money to Canada. It’s difficult to manage a large amount of cash, and there is a risk of theft or loss.

Should I open a bank account in Canada before I move?

Opening a Canadian bank account before you move to Canada will make it easier to:

• Transfer money before you move
• Show proof of funds when you arrive in Canada
• Travel without carrying large amounts of cash.

Showing “proof of funds” is particularly important if you are immigrating through Canada’s Express Entry program, or if you are an international student.

Research Canadian banks to understand your banking options and how to choose a bank account.

Some people prefer to open a Canadian bank account upon arrival and speak to someone in person. If this sounds like you, then you can wait until after you arrive to open your bank account. But, it’s possible to open a Canadian bank account before you move, and most newcomers do it.

Transferring your money before you move to Canada

Finding a safe way to transfer your money is vital. Opening a Canadian bank account lets you transfer money securely before you leave your home country. You also won’t have to carry large sums of money when travelling, which increases your safety.

Bringing jewellery and valuables to Canada

When you move to Canada, most of the jewellery and valuables you bring are duty-free. This means you will not have to pay any taxes on those items. You may have to pay duty on new items or those that still have price tags.

Generally, you do not have to pay duty on any goods you bring when you move to Canada. However, once you have moved to Canada and are bringing back any valuables from abroad, those goods may be subject to duty. You will also need jewelry appraisal reports from a recognized Canadian jeweller. 

Bringing goods to Canada

You can bring almost all your goods and items duty-free. Things such as silverware, pots, pans, and other household items are duty-free. However, any new items with price tags are subject to duty, so keep that in mind. Alcohol and tobacco are also subject to duty if you bring them in large amounts.

Some goods are restricted. These goods include weapons and firearms, fireworks, ammunition, and explosives. You are not allowed to bring any of these goods into Canada. Find out more about restricted and prohibited goods when entering Canada.

Deciding what to bring to Canada

Shipping costs are expensive and based on volume, so avoid bringing more than you need. You may decide that it’s more affordable to buy what you need upon arrival in Canada.

You can always check online to see how much furniture and other items cost and compare them to the cost of shipping. If replacement costs are higher, then shipping is a good idea. You’ll also avoid the stress of shopping upon arrival. Another benefit of shipping your goods is having your familiar belongings from home.

Shipping goods to Canada

If you have more goods than you can carry with you while travelling, you can ship your belongings before you move to Canada.

Shipping by sea

You can ship goods to Canada by sea and air. Shipping by sea is less expensive than air, but it’s less convenient and slower. You have to ship all your goods well in advance to access them upon arrival. You may not want to do that if you need those goods until you move. Once your goods arrive in Canada, you pick them up from a warehouse. The goods will not be delivered to your house.

Shipping by air

Shipping by air is more expensive, but it’s fast. You will have the comfort of waiting until your move and then shipping the goods to Canada. But just like shipping your goods by sea, you have to pick up your goods at a warehouse or further pay a moving company to deliver the goods to your home in Canada.

Shipping by sea is a good choice if you want to save money or ship a large amount of belongings. However, you’ll have to wait longer for your goods to arrive. Shipping by air might be a better option if you’re shipping a few items to Canada. Carry any essential items with you when you travel so you can access them immediately upon arrival. Ensure you do not exceed the airline’s weight and size restrictions.

10 questions to ask your moving company

Storing your goods

You may have to store your goods in a warehouse for pickup. If you have friends or family in the city you’re moving to, consider asking if you can ship your belongings to their home. You can pick up your goods from their home and save storage fees. This may work if you’re shipping a small amount.

Insuring your belongings

When shipping your belongings to Canada, you want them to arrive safely; unfortunately, contents can be damaged during shipping. Consider insurance as part of the shipping costs. Without insurance, you cannot claim damages. If you’re paying to ship items to Canada, they are likely of high value. Insurance will protect their value and give you peace of mind.

To determine a budget for insurance, list what you want to ship and the cost to replace it in Canada.

Summary

Moving to Canada is an exciting new chapter! Preparing financially and logistically will make your move much smoother. Whether you choose to transfer money to Canada through a wire transfer, international money order, or by carrying cash, it’s important to plan and know the rules.

The same goes for shipping your goods. Know what you can bring, decide what to bring, and protect your belongings. With sound planning, you can begin your new life in Canada with confidence and peace of mind.