Get your finances in order

Check the amount you need to bring as settlement funds. The minimum amount depends on your immigration pathway and the size of your family. To be safe, know your country’s rules about the amount of money you can bring out and other currency rules.

Upon landing, you are required to declare if you have brought in more than CAD$10,000. Use the cross-border currency or monetary instruments report form to do so. Note that you are allowed to bring more than CAD$10,000, you just need to declare it. The Canadian Border Service Agency (CSBA) has the right to seize money over CAD$10,000 that is not declared. You may also need to pay a fine or face other penalties for failing to report.


There are various ways to bring your settlement funds to Canada. You can:


  • Bring cash. It is recommended to have your funds converted to Canadian dollars before arriving.
  • Bring other instruments. You can have travellers cheques, bank drafts, or money orders. You can also bring stocks, bonds, debentures, treasury bills and others.
  • Deposit at a Canadian bank. It may be easier to transfer your funds if your bank in your home country is a Canadian bank affiliate or partner. Check this list of Canadian Banks or inquire about transferring funds to Canada from your current bank.
  • Open a Canadian bank account. It may be possible to open a Canadian bank account while you are still in your home country. Examples of this is Scotiabank’s International Account or ICICI Bank’s Hello Account for Newcomers*. Check their eligibility and identification requirements.


Learn more about banking in Canada from this link: Banking for newcomers to Canada (Canadian Bankers Association). You’ll be happy to know that some banks have products that are designed especially for newcomers to Canada. They can have perks like no service fees for a year, no-fee remittances, credit card access, and others.