Bringing Funds and Banking in Canada

“All my bags are packed I’m ready to go…”

Now that you have prepared the stuff that you are bringing with you on your big move, preparing to bring along your funds with you should also be on top of your priorities.

In your MPNP application, you are required to demonstrate that you have enough money to settle in Canada, often referred as settlement funds or proof of funds. As explained in www.immigratemanitoba.com website, the applicant’s settlement funds is not a program fee; settlement funds are the recommended amount of money for the applicant to have in order to support himself and his family when they arrive in Manitoba.

The total amount of settlement funds will depend on the family size. All applicants should have C$10,000 plus C$2,000 for spouse and each accompanying dependent. (Always check the official Immigrate Manitoba website for the most updated information.)

The truth is there are no limits to the amount of money that a person can bring to Canada. However, any amount in excess of C$10,000 must be reported to customs at the Canadian border by completing a Cross-Border Currency or Monetary Instruments Report – Individual Form E677. If a person failed to report that he is bringing money totaling to C$10,000 or more, he may be fined or penalized and worst, this may even result in seizure of his money.

There are many ways for you to bring your money to Canada. It can be in the form of cash, securities in bearer form (stocks, bonds, debentures, treasury bills) or negotiable instruments in bearer form (bankers’ drafts, cheques, travellers’ cheques, money orders) or you may transfer funds between your bank and a Canadian bank (wire transfer).

CanadianMoney
Credit to the owner of this photo

Whichever way you decide to bring your funds, I recommend that you make sure that you have some Canadian money with you when you arrive to Canada. You will surely need it as soon as you land to the airport of your port of entry. If you got hungry while waiting for you connecting flight or you need to make a call, pay the airport porter who brought your luggage or pay the cab that will bring you to the place that you are going to – you need to pay them in Canadian dollar (though some may accept Us dollars).

A few days after arriving to Canada and after passing the Canada Border Services, one of the first things you’ll want to do is to set up a bank account to deposit the money you brought with you.

There are a lot of Canadian banks that you can go to and open an account and among the five largest banks that dominate the banking industry in Canada are Royal Bank of Canada (RBC), Toronto Dominion Bank (TD Bank), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC).

These banks have different types of accounts and options but the two basic types of bank accounts is (1) banking or transaction accounts and (2) savings account. When we arrived in Canada, I believe only Bank of Nova Scotia has a package especially designed for new comers, which is their Start Right Program (which my husband and I had). But lately, most of these 5 banks now offer packages for newcomers to Canada.

In opening your bank account, it is best that you personally visit the bank branch. Don’t just come in to the bank, call the bank and book for an appointment with one of their financial advisor prior to coming to the bank. It is important to get a financial advisor from your bank of choice so they can advise you on the right account and strategies to help you build your credit history in Canada.

Make sure that you have your Immigration Landing Document (IMM 5292 or IMM 5688) or Permanent Resident Card and a Valid photo ID (foreign passport or driver’s licence issued in Canada) when you come to the bank.

About Momsiecle 110 Articles
I am Cristina, I came from an Asian family turned Canadian. Momsie's Blog is all about coming and living in Canada (and everything else).

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