Find how to transfer money instantly and securely from and within Canada by using the fastest and cheapest method.
If you are a new arrival in Canada, it’s crucial to make sure you have access to the money you’ve brought with you from home. So, you can pay for basics necessities like food, a taxi to your accommodation from the airport, and other things you might need right away.
Considering your options can be challenging when you consider that you must be aware of your home country’s banking laws and take advantage of currency conversion rates. With the help of this blog, you’ll be better informed and ready to go out on your Canadian adventure with assurance!
The best ways for newcomers to bring money to Canada
Some of the steps you can take before arriving to make a comfortable money transfer to Canada were briefly discussed in our most recent blog post, “7 methods to manage your money and land in Canada prepared.”
Let’s now consider the procedures needed to securely transfer your funds from your native nation to Canada.
Step 1: To find out how much money you need to bring with you when you enter Canada, visit the immigration website.
When newcomers come to Canada as permanent residents, IRCC has established the minimum amount of settlement funds they should have access to (PR). Depending on how many members of your family will be moving with you, this sum fluctuates.
Step 2: Check with your bank in your home country to see if there are any limitations on money transfers while emigrating.
To find out the rules or limitations regarding the amount of money you can export, consult your bank or other financial institution.
Although there is no restriction on the amount of money you can bring into Canada, some nations do have cash or other specific monetary instrument limits, such as a traveler’s check or a travel card.
Step 3: Obtain the necessary documentation before entering Canada to serve as “proof of funding.”
Everyone moving to Canada for the first time as a Canadian permanent resident is expected to present specific documentation proving they have access to the required amount of settlement fund specified by IRCC.
This amount may be in your possession in person, in a Canadian bank to examine documentation, such as bank letters or financial records, that attest to your ability to access the amounts specified in your application.
You may present monies from a joint or your spouse’s account if you are traveling with them as long as you always have access to them.
The following document, in accordance with the IRCC, serves as evidence of funds:
A statement from a financial institution or bank detailing the specifics of the funds you have in your grasp. On the letterhead of the bank or other financial institution, the following information should be included in the letter:
- your contact number (email address, mobile number, residential address,)
- your name.
- You still owe money on Credit Cards or loans.
- Current account and financial accounts, account numbers, dates when each account was opened, balances in each account as of right now, as well as an approximate amount for the past six months.
Step 4: To deposit your money and find out more about Canadian banking, schedule a bank appointment.
Last but not least, it’s a good idea to create a bank account as soon as possible after arrival by going to a branch or making an online appointment. On their websites, some banks allow customers to make appointments, or they can phone to do so. Pre-booking or post-booking of appointments is possible.
It’s an excellent opportunity to ask questions and clear up any doubts you may have because banking experts are quite knowledgeable about how monetary and financial products work in Canada!
Information about how to transfer money inside Canada
For carrying out the transaction and paying for goods or services in Canada, cashless platforms or digital wallets are frequently the preferred choices.
This is true whether you’re purchasing expensive goods like furniture or electronics, coffee at your local coffee shop, or paying a friend for a shared Uber journey.
When sending peer-to-peer payments, there are two alternatives for sending and receiving money online: Interac and Paypal (imagine sending money to a friend, relative, acquaintance, or relatives in Canada).
While Paypal is a third-party, non-bank service, Interac is a bank-based tool. Interac e-transfers stand out among them as the most well-liked and frequently utilized peer-to-peer payment method in Canada.
Which method of money transfer across Canadian bank accounts is best?
Interac e-Transfer is a quick and convenient substitute to cheques and cash for transferring money from and to any Canadian bank account, and it just takes a few minutes. On the Interac website, you can access a full list of the over 250 financial institutions in Canada that accept Interac e-Transfer.
The precise procedures for sending an e-Transfer have been described by Interac:
Step 1: To use Interac e-Transfer Send Money, sign in to the online or mobile banking of your bank.
Step 2: Choose whether you want money moved from a cheque or a savings account.
Step 3: Fill out the recipient’s name, email address, or mobile phone number after adding or choosing a contact.
Step 4: Enter the amount you are sending in the required field. The option to send a personalized message is also available.
Step 5: The system will instruct you to submit a security question and supply a response if the receiver doesn’t have the Auto deposit function enabled.
Step 6: The recipient will then need to know the response before they can take the payment.
Step 7: A notification (email or text message) informing the receiver of the transfer of funds is sent. The receiver could be required to click the link in the message, log into mobile or online banking, and enter the security password in order to receive the deposited funds into their account. depending on whether the Auto deposit option is switched on or off. A notification informing the sender of the successful e-Transfer is sent once the receiver has accepted the amount.
How to get money in Canada with an internet transfer?
When using Interac e-Transfer, receiving money is simple. There are two methods for receiving an e-Transfer, as was briefly discussed in Step 7 above:
- With Auto deposit turned on: The recipient doesn’t need to do anything; the funds are automatically placed into your account and you are notified (by email and/or text message) of the transfer’s details.
- With Auto deposit turned off: The sender’s shared security answer must be consulted by the receiver. Keep an eye out for an email or text message telling you that money is awaiting acceptance. Then provide a remark, click the notice’s link, and select the account you want the money delivered to (chequing or saving). This completes the e-Transfer and sends the sender an email confirmation.
Ways to transfer money abroad from Canada
It’s difficult to relocate and establish oneself in a new country thousands of miles away from friends, family, and relatives. New immigrants to Canada occasionally might need to send money home. There are many options for sending money overseas; some are better suited for smaller transfers while others are advised for larger ones.
How to arrange an international money transfer, also referred to as a remittance?
Step 1: Pick the best network according to the amount you’re transferring. l.
Through online or mobile banking, phone, email, in-person, or other means, you can transfer funds abroad. Through online banking, banks like RBC Royal Bank offer a straightforward, reasonable, and practical procedure for sending money abroad.
Popular remittance methods include:
- Financial services providers such as MoneyGram, Western Union, WorldRemit, etc.
- Currency exchange businesses
- Banks
- Service providers of peer-to-peer transfers services agents, including CurrencyFair, Transferwise, Paypal, etc.
- Credit unions
The federal government of Canada uses FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, to monitor significant payments (above $10,000) sent abroad in order to stop money laundering, terrorism financing, and associated offenses.
Step 2: Take into account all associated charges before making the remittance.
It’s not necessary for the funds you want to send abroad to be in your account. Payment options include credit card and cash. Don’t forget to account for extra expenses, such as any charges that the bank, financial institution, or third-party service money transfer provider may impose. The majority of banks and money transfer companies will disclose these costs upfront. Keep in mind that this cost excludes any potential fees that might be imposed by the recipient’s nation.
Step 3: Verify that the money has arrived and get a verification of your payment.
The time it takes for an international money transfer to reach its recipient can range from a minute to a few days. The following factors may affect how long it takes the receiver to get the money:
- No matter if the beneficiary at home has a bank account.
- Your destination country for your money transfer.
- How much are you sending.
- Th organization/company/service you employ to transmit money.
Always get a receipt for your remittance, whether you complete the transaction on the phone, in person, or online. In the event that there is a problem or you need to track the transaction, it will be helpful.
Conclusion (How to transfer money from, and Within Canada)
The distinct culture, financial and banking systems, and ways of life in Canada may at first seem foreign to you, but with the correct resources, tools, and information, you may adapt more quickly and settle in more easily.