Key takeaways
- Online transfer services often give a better exchange rate than banks, but may have limits on large amounts
- Bank wires suit very large amounts and banks that will not use other services
- Bank drafts can be held by your Canadian bank for weeks before you can use the money
- Carry only a small amount of cash; it can be lost or stolen and is not insured
- Always compare how many Canadian dollars arrive, not the fee alone
Quick answer: which option should I use?
| Your situation | Usually best |
|---|---|
| You have a Canadian account and a normal amount to move | Online transfer service, after comparing with your bank |
| Very large amount (for example, a house sale) | Bank wire or a transfer service that handles large amounts, in planned steps |
| Your home bank or country only allows bank channels | Bank wire |
| You do not have a Canadian account yet | Open one first; bring a small amount of cash and a card for the first days |
| You need money in the first week | A card from home and a small amount of cash |
A simple plan for most newcomers:
- Open a Canadian bank account before you travel.
- Bring a small amount of Canadian cash and a card from home for the first week.
- Send a small test transfer to your new account.
- Compare a transfer service and a bank wire for the main amount, using live quotes.
- Send the main amount, in steps if it is very large.
Not sure? The bring-money wizard asks a few questions and suggests a route.
Side-by-side comparison
| Bank wire | Transfer service | Bank draft | Cash | Card from home | |
|---|---|---|---|---|---|
| Main cost | Rate markup plus sending fee; sometimes fees from banks in the middle | Rate markup and fee, often lower in total | Draft fee; rate set by issuing bank | Exchange counter markup | Foreign transaction fee and rate markup |
| Speed | Often a few business days | Same day to a few days | Days to weeks while your bank clears it | Instant | Instant |
| Large amounts | Yes | Depends on the service’s limits | Yes | Risky | No, card limits |
| Declare at border? | No | No | Yes, at CAD 10,000 or more with your cash | Yes, at CAD 10,000 or more | No |
| Main risk | Wrong details delay the money | Extra checks may pause the transfer | Loss, theft, long holds | Loss, theft, seizure if not declared | Card blocked abroad |
Fees and rates change daily, so this page does not list prices. Get live quotes on the same day and compare the amount that arrives.
Bank wire: reliable for big amounts, often expensive
A bank wire (also called a SWIFT transfer) moves money from your bank at home to your Canadian account. It is well known to banks on both sides, which helps with very large amounts and with countries that only allow bank channels.
The downside is cost. Banks usually add a markup to the exchange rate, charge a sending fee, and sometimes a bank in the middle (a correspondent bank) takes a fee too. Your Canadian bank may also charge to receive the wire. Ask both banks for the full cost before you send.
Wires of CAD 10,000 or more are reported by your bank to FINTRAC and the Canada Revenue Agency. This is routine.
Online transfer service: often the best rate
Online transfer services (sometimes called fintechs or money services businesses) convert your money and pay it into your Canadian account. Many show the rate and fee before you pay, so they are easy to compare.
- They are often cheaper than a bank, but not always. Check each time.
- Large transfers may need extra identity and source-of-funds checks. Have your documents ready.
- Check that the service is allowed to operate in your home country, and that a business sending money in Canada is registered with FINTRAC as a money services business.
See what different rates mean for you with the transfer comparison tool.
Bank draft: safe to carry, slow to use
A bank draft is a cheque issued by your bank, so it will not bounce like a personal cheque. Some newcomers carry one to show they have funds when they arrive.
- Your Canadian bank may not let you use the money right away. A draft from a foreign bank can be sent for collection, which can take weeks.
- If it is lost or stolen, getting a replacement from your home bank can take a long time.
- It counts toward the CAD 10,000 border reporting limit. See how to declare money at the border.
Ask your Canadian bank how long it holds foreign drafts before you choose this option.
Cash: keep it small
Some cash helps for the first days: a taxi or transit, food and a phone SIM. Beyond that, cash is risky. It can be lost or stolen and no one will replace it. Exchange counters at airports often give poor rates. Large cash deposits at a Canadian bank (CAD 10,000 or more) are reported to FINTRAC, and the bank will ask where the cash came from.
If your cash and instruments together reach CAD 10,000, you must report them at the border. Check your total with the cash declaration helper.
Cards from home: useful for the first weeks only
A debit or credit card from home is handy until your Canadian card arrives. Tell your bank you are travelling so it does not block the card. Expect a foreign transaction fee on many cards, plus the card network’s exchange rate. Cards are not a good way to move savings because of daily limits and fees.
Plan your first months of spending with the first 90 days budget.
What paperwork each option needs
Whatever you choose, have these ready before you start:
- Bank wire: your Canadian account number, transit number, institution number, the bank’s SWIFT code and address. Your home bank may also ask for the purpose of the transfer and your visa or permanent residence papers.
- Transfer service: photo ID, proof of address, and for large amounts, proof of where the money came from (statements, sale agreement, gift letter).
- Bank draft: the draft itself, plus your home bank statements in case your Canadian bank or a border officer asks.
- Cash: proof of where it came from, and the CBSA form if your total is CAD 10,000 or more.
A Canadian bank can delay a large deposit until it is satisfied about the source. Sending documents early, before the money arrives, saves days.