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Money and Banking

We advise that you do not carry large amounts of cash on your way to Canada. Contact your credit card to inform them of your move to Toronto to ensure your card can be used.

How to open a bank account before arriving in Canada:

Some banks can help you open a bank account before you arrive in Canada for wiring funds. All banks have different procedures:

  • Fax the bank of your choice a copy of your passport and your estimate of when you will arrive
  • Include a signed letter with your request for a student bank account. An account will then be opened in your name, with a “Deposit only” restriction on it.
  • The bank will fax information about your account number and the bank’s information for wire transfer. You will then be able to wire transfer money into your new account.
  • Upon your arrival in Canada, bring your passport into a branch of your bank. You will be asked to sign signature cards. Be sure to ask about the availability of free unlimited transaction accounts for students.

How to transfer funds to Canada:

  • Wire funds from a local bank to a Canadian bank. This method ensures that your money is available immediately once transferred to Canada. You will first have to open a Canadian bank account by fax.
  • Obtain a bank draft for the amount you wish to transfer and bring it with you to Canada. It can take anywhere from 10 to 20 days for a bank draft to be processed.
  • Use an electronic bankcard from your home bank to withdraw money at bank machines (ATMs) in Canada. You will have to pay service charges for using a bankcard outside your country and exchange rates change daily.

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