Buying Canadian Dollar

[MarceloS]

I will need about C$ 16,250.00 to enter the Canada with a family of three. Should I stock up with Canadian dollars as much as I can in order to save? I am saving money in US dollar and I was just wondering if it is a good time to buy Canadian dollar.

Thank you.

 

[eduardoF]

Dear Marcelo,

You do not need to enter the country carrying that amount of money in cash. In fact, that would be a considerable risk.

Best way to do it: get a bank draft payable to yourself from your local bank and bring it with you. Once you get to canada, you open a bank account and deposit the check.

 

[ghiaskhan]

Disclosure of funds
If you arrive in Canada with more than C$10,000, you must disclose this information to the CBSA officer. If you do not disclose this information, you could be fined or put in prison. These funds could be in the form of:

cash
securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
negotiable instruments in bearer form, such as bankers’ drafts, cheques, travellers’ cheques or money orders.
What you can bring into Canada
You can find customs and border information on the website of the CBSA.


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Related Links
Canada Border Services Agency (CBSA)
What you can bring into Canada (CBSA)
Proof of funds
Arriving in Canada with $10,000 or more?