Transferring funds from outside Canada

To bring money into Canada, here are some of the financial instruments you can use:

1. Cash – When bringing cash with you, be sure to comply with Canada Border Agency requirements which you must follow.
2. Wire transfers – Wire transfers allow you to transfer money from the bank in your home country to your new bank account in Canada. Every bank has a unique wire transfer code that must be used together with your bank account number to facilitate these transfers. To transfer money by wire transfer to your new bank account in Canada, you will need to provide the bank in your home country with both your Canadian bank account information and your Canadian bank’s unique wire transfer code which can be provided by your Canadian bank representative. 
3. International Bank Draft – in the simplest terms, a bank draft is an instrument that is made out by a bank and once signed by the bank is a guarantee that the funds are available to be deposited to the person named in the draft. To use a bank draft, you have to visit your bank in your home country and have them make out the international bank draft to you in your name, so you can take it with you to Canada and present it for deposit to your Canadian bank account. In general, it takes approximately 30 business days for international bank drafts to become available for use by you in your Canadian bank account. Learn more about bank drafts in the TD Explains series How do bank drafts work?
4. Money Transfer via Western Union or Money Gram – If these services are  available in your home country, this form of money transfer is also an option.
5. International Prepaid Card – An international prepaid card is preloaded with a specific maximum amount of funds for use and is available from your bank in your home country. Make sure you understand if there are any use limitations and/or maximum daily limits that may be imposed by the bank in your home country and therefore might impact your ability to use the card. You will need to connect with your local bank in your home country to understand this resource before deciding whether to choose this option.

Understanding the types of financial instruments available to you to transfer your money from your home country to Canada before you immigrate, can help make your transition easier and help avoid complications when you arrive. Be sure to explore all your options and get complete information from your bank in your home country in advance of your move.