Key takeaways
- Open a Canadian bank account first, then send money to it by wire or transfer service
- Compare the exchange rate, not only the fee: the rate is usually the bigger cost
- Declare cash, bank drafts, cheques and similar items worth CAD 10,000 or more when you cross the border
- Banks report international transfers of CAD 10,000 or more to FINTRAC and the CRA. This is routine and needs nothing from you
- Keep proof of where your money came from: Canadian banks will ask
- Savings you bring are not income in Canada, but what they earn after you arrive is
What are the ways to move money to Canada?
You have five main options. Most people use one or two of them.
| Option | Good for | Watch out for |
|---|---|---|
| Bank wire (SWIFT transfer) | Large amounts, money held in a bank at home | Exchange rate markup, sending fee, fees taken by banks in the middle |
| Online transfer service | Most amounts; often a better rate than a bank | Daily or yearly limits; extra checks on large amounts |
| Bank draft | When your home bank cannot wire, or to show funds on arrival | Your Canadian bank may hold it for weeks; loss or theft; must be declared |
| Cash | A small amount for your first days | Theft, loss, poor exchange rates, must be declared at CAD 10,000 or more |
| Debit or credit card from home | Small payments in the first weeks | Foreign transaction fees and card limits |
For a side-by-side look at cost, speed and risk, read bank wire vs transfer service vs draft vs cash. If you want a quick recommendation, try the bring-money wizard.
Step 1: open a Canadian bank account first
A transfer needs somewhere to land. Several big banks let you start an account before you arrive and fully open it with ID when you land. See how to open a Canadian bank account before you arrive and the best bank accounts for newcomers.
Before you send a large amount, ask your new bank three things:
- What are the exact details for an incoming international wire (account number, transit number, institution number, SWIFT code)?
- Does it charge a fee to receive a wire?
- What documents does it want to see for a large deposit?
Send a small test amount first. When it arrives safely, send the rest. Write down the reference number of every transfer.
Step 2: compare the real cost of a transfer
Every transfer has two costs: the fee you see, and the exchange rate markup you often do not. The markup is the gap between the rate you get and the mid-market rate (the rate banks use with each other, which you can see on Google, XE or the Bank of Canada daily rates).
On a large transfer, a small markup adds up fast. A 2% markup on CAD 50,000 costs CAD 1,000, far more than a typical sending fee. So compare quotes by one number: how many Canadian dollars arrive for the same amount sent.
- Get quotes from your home bank, at least one transfer service and, if possible, your Canadian bank, all at the same time of day.
- Ask if fees are taken by banks in the middle of a wire. These can reduce what arrives.
- For very large amounts, you can split the transfer over a few weeks to spread the exchange rate risk.
Our transfer comparison tool shows how much the rate changes what you receive.
Carrying cash or drafts: the CAD 10,000 border rule
If you carry currency or monetary instruments worth CAD 10,000 or more in total when you enter or leave Canada, you must report it to the Canada Border Services Agency (CBSA). Monetary instruments include bank drafts, cheques, travellers’ cheques, money orders, stocks and bonds. Foreign money counts at its value in Canadian dollars, using the Bank of Canada rate on the day you cross.
Carrying the money is legal. Not reporting it is the problem: CBSA can seize it, and you pay a penalty of 5% to 50% of the amount to get it back. Read the full rules in how to declare money at the Canadian border, or check your own amounts with the cash declaration helper.
Will my transfer be reported to the government?
Yes, and that is normal. Canadian banks and money services businesses must report to FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada):
- international electronic funds transfers of CAD 10,000 or more, including two or more smaller transfers that add up to CAD 10,000 or more within 24 hours;
- cash deposits of CAD 10,000 or more (the same 24-hour rule applies);
- any transaction that looks suspicious, whatever the amount.
Since 2015, banks also send reports of international transfers of CAD 10,000 or more to the Canada Revenue Agency (CRA). You do not file anything yourself. These reports do not mean you did something wrong.
Do not split a transfer into smaller pieces to avoid the CAD 10,000 report. It does not work because of the 24-hour rule, and it can look suspicious.
Proof of where your money came from
Canadian banks must know the source of large deposits. Without proof, your bank may hold the money or ask more questions. Keep copies (paper and digital) of:
- bank statements from home, ideally for the last 6 to 12 months;
- sale agreements if you sold a home, land, a car or a business;
- pay slips, employer letters or tax returns that show your savings came from work;
- a gift letter and the giver’s bank statement if family gave you money;
- inheritance documents such as a will or probate papers.
If you need proof of funds for immigration, the rules are different and stricter. Express Entry applicants must show settlement funds that are their own, not borrowed. As of October 2026, IRCC’s table asks for CAD 15,263 for one person. See proof of funds for Express Entry or study permit proof of funds.
Check your home country’s limits
Some countries limit how much money can leave each year. Check before you plan your move.
- India: while you are still a resident, the Liberalised Remittance Scheme (LRS) lets you send up to USD 250,000 per financial year, and tax collected at source (TCS) can apply. After you become a non-resident, repatriation from an NRO account is capped per financial year, while NRE balances can be moved freely. See how to bring money from India to Canada.
- China: individuals face a yearly quota for buying foreign currency, commonly USD 50,000. Ask your bank about documents for larger amounts.
- Nigeria: access to foreign currency can be limited, so plan conversions early and use licensed channels only.
Rules change. Ask your home bank before you move. Our country pages for India, China and Nigeria have more detail.
Do I pay tax on money I bring to Canada?
No. Moving savings you already had is not income in Canada. What changes is the income those savings earn after you become a Canadian tax resident. Interest, dividends, rent and gains on assets abroad must go on your Canadian tax return from then on. A tax residency checker can help you find your start date.
If the total cost of your property outside Canada is more than CAD 100,000 at any time in a year, you may need to file form T1135. You do not file it for the year you first become a resident. Check with the T1135 checker.
Common questions
Is there a limit on how much money I can bring to Canada?
Should I bring cash or send a transfer?
Will the government tax money I transfer from my bank at home?
Why did my bank ask about my transfer?
Can I send money before I have a Canadian address?
Sources
- CBSA: Crossing the border with CAN$10,000 or more
- CBSA Memorandum D19-14-1: Cross-border currency and monetary instruments reporting
- FINTRAC: Financial transactions reported to FINTRAC
- CRA: Electronic funds transfer reporting
- IRCC: Proof of funds, Express Entry
- Bank of Canada: Daily exchange rates
- Reserve Bank of India: Liberalised Remittance Scheme FAQ