How to carry money to Canada?

[canadiandaco]

Hey guys,

I'd love to know the best to carry money to Canada.

I've seen people sending money to WISE and THEN opening a bank account such as Scotia/TD, but I've also seen users that have opened an online account in a bank Scotia/TD and sent money directly and activated the account in Canada. Which one is the better option? Thanks

 

[iSaidGoodDay]

Hey guys,

I'd love to know the best to carry money to Canada.

I've seen people sending money to WISE and THEN opening a bank account such as Scotia/TD, but I've also seen users that have opened an online account in a bank Scotia/TD and sent money directly and activated the account in Canada. Which one is the better option? Thanks

Wise will be expensive to send out money. You need to check with your bank on the programs that have to send out large transfers.

I opened 4 different accounts when I was in India across Socita, RBC, ICICI Canada, etc. Opening a bank account from your home country is definitely better way to do it(compared to something like Wise). You can also take some cash, open an account and wire the money to yourself as well(if the amount is small ~$10k-15k).

 

[Ponga]

Wise will be expensive to send out money. You need to check with your bank on the programs that have to send out large transfers.

I opened 4 different accounts when I was in India across Socita, RBC, ICICI Canada, etc. Opening a bank account from your home country is definitely better way to do it(compared to something like Wise). You can also take some cash, open an account and wire the money to yourself as well(if the amount is small ~$10k-15k).

There is no limit, as long as the full amount is declared to the CBSA officer. Definitely the cheapest option.

 

[steaky]

Hey guys,

I'd love to know the best to carry money to Canada.

I've seen people sending money to WISE and THEN opening a bank account such as Scotia/TD, but I've also seen users that have opened an online account in a bank Scotia/TD and sent money directly and activated the account in Canada. Which one is the better option? Thanks

HSBC Globalview is the best. You can pay the bills from the Canadian account instantly once it's transferred from another country.

 

[canadiandaco]

Wise will be expensive to send out money. You need to check with your bank on the programs that have to send out large transfers.

I opened 4 different accounts when I was in India across Socita, RBC, ICICI Canada, etc. Opening a bank account from your home country is definitely better way to do it(compared to something like Wise). You can also take some cash, open an account and wire the money to yourself as well(if the amount is small ~$10k-15k).

Thanks, Do you remember what documents were necessary for you to open the account abroad?

 

[iSaidGoodDay]

Thanks, Do you remember what documents were necessary for you to open the account abroad?

They didn't ask much, most usually asked for passport and CoPR.

 

[canadiandaco]

They didn't ask much, most usually asked for passport and CoPR.

Do you remember if the bank gave you a Credit Score? Or have you started a new one? I'm asking because all rentals are asking for a Credit Score

 

[iSaidGoodDay]

Do you remember if the bank gave you a Credit Score? Or have you started a new one? I'm asking because all rentals are asking for a Credit Score

You always start from a low credit score in Canada. Most(if not everyone) will start from 600. Which is considered poor here.

I know many people who got rentals in the nicest downtown buildings while having a poor credit score, but they had the following:
1. a job
2. a paystub
3. employer references

If you are a newcomer with no credit history, having a job and a few paystubs will help a lot. If you can manage to get a job from home country, you can spend a month or more in an Airbnb while collecting 1-2 paystubs and build some credit history.

 

[canadiandaco]

You always start from a low credit score in Canada. Most(if not everyone) will start from 600. Which is considered poor here.

I know many people who got rentals in the nicest downtown buildings while having a poor credit score, but they had the following:
1. a job
2. a paystub
3. employer references

If you are a newcomer with no credit history, having a job and a few paystubs will help a lot. If you can manage to get a job from home country, you can spend a month or more in an Airbnb while collecting 1-2 paystubs and build some credit history.

Thank you!