Bien répartir vos fonds entre espèces et virement électronique facilite grandement votre arrivée.
1. Don't put all your funds in one place
Arriving with the right mix of funds makes a real difference in your first weeks. Too much cash on you is a loss or theft risk; leaving everything in your account abroad leaves you without immediately available money before your Canadian account is open. The right approach spreads your funds across several complementary methods.
2. Cash: useful, but in small amounts
Keep only enough cash on you to cover your very first days — transport from the airport, a first meal, an emergency deposit — before you've even opened a Canadian bank account. The Canadian dollar is easy to obtain locally once your account is open; there's no need to arrive with a large sum in your pocket.
3. International bank wire: reliable, but slow
A wire from your home bank to your future Canadian account is secure, but has two drawbacks: you need a Canadian account already open to receive the funds, and traditional banks often apply an unfavourable exchange rate on top of fixed fees. It's a good option for transferring the bulk of your savings once your Canadian account is active, not for your very first days.
4. Third-party transfer services: often cheaper
Specialized services like Wise or Remitly have built a reputation among newcomers for international transfers that are generally cheaper than a traditional bank: clearly displayed fees, an exchange rate close to the real interbank rate, and online tracking of your transfer. Always compare the actual net amount received, not just the advertised rate — that's the number that matters.
5. Your action list
Follow these concrete steps to prepare your funds properly. Check each box as you go — your progress is saved if you're signed in.
6. Frequently asked questions
The most common questions about transferring funds: what happens if you forget to declare, can you transfer money without a Canadian account yet, and are prepaid cards a good option.
What happens if I forget to declare my cash by mistake?
Say so immediately, before an officer questions you — voluntarily correcting an omission before it's discovered is treated very differently from being caught. If undeclared funds above the threshold are found without you mentioning it, the Canada Border Services Agency can seize the full amount, refundable only after a penalty.
Can I transfer money before I even have a Canadian bank account?
Not directly — a bank wire or a service like Wise needs a destination account to deposit the funds into. What you can do is open your Canadian account remotely with some banks before you land, or simply plan to transfer as soon as it's open, using cash to cover the gap in between.
Are prepaid currency cards a good option?
A reasonable backup, not a main strategy. A prepaid card locked to a foreign currency can be useful as a spare payment method if your other funds are delayed, but it usually carries conversion fees and is far less flexible than a Canadian bank account for rent, bills, and daily life once you're settled.
7. See also
These related guides may be useful:
- Your first week in Quebec — the ordered list of steps, including opening your bank account.
- Opening a bank account in Quebec — compare newcomer packages before you arrive.
- Signing a lease in Quebec — one of the first major expenses once your funds are transferred.
8. Official sources
For official, up-to-date information, see these pages:
- Declaring currency and monetary instruments (Canada Border Services Agency)
- Prepare to cross the border to settle in Canada (Immigration, Refugees and Citizenship Canada)
You can also call the Canada Border Services Agency at 1-800-461-9999, from within Canada.
Author's Note: The border declaration isn't a trap — it's a routine formality that thousands of newcomers fill out every week without any issue. The only real mistake is thinking you can skip it.
