Getting the Currency

Traveler’s Cheques and Credit Cards

Traveler’s cheques are a recommended form of currency while traveling. The traveler’s cheques can be obtained at major banks. They are easily replaced if stolen or lost. These traveler's cheques are easily accepted at most shops, hotels, restaurants, and attractions.

The rate of exchange in effect on the day of a credit card transaction will be automatically updated on your credit card bill. Students can also apply for credit cards when they arrive in Canada. The expenses are, however, due at the end of every month with interest charged on unpaid expenses.

Also the funds carried can be in the form of:

• Cash
• Securities in bearer form (including, stocks, bonds, debentures, treasury bills) or
• Negotiable instruments in bearer form, including bankers’ drafts, cheques, traveler’s cheques or money orders.

You can also bring money in the following forms:

• You can check if your current bank has a "correspondence" or relationship with a Canadian Bank and can then set up an account to transfer your money between banks. It is also possible that your own bank has a branch office in Canada, which can help to transfer or access funds once you reach Canada. Ask your bank if they have offices in Canada.
  Industrial Credit and Investment Corp. of India (ICICI) has a "Hello Canada" account for the people moving to Canada from India, Dubai, Bahrain or the UK. With this account, you can open a Canadian bank account from overseas and transfer funds to Canada before you land.
• You can also ask your bank to arrange for the transfer of your funds to a Canadian bank, after having reached Canada. There is a possibility that you would be required to maintain your current bank account in your country of origin for a short time and then transfer the funds to your new account in Canada.
  You can also get a Bankers Draft from your current bank. This Draft is a cheque drawn on the bank itself against a cash deposit. You can also confirm with your local bank for their requirements for such transactions, before leaving for Canada. Also, we recommend you to bring enough money with you to get started (in the form of cash or traveler's cheques). After reaching Canada, you can open a Canadian account and have the rest of your money transferred from your country into your new account. You should discuss your plans with your current bank and find out about all the necessary procedures. You can also bring the money in securities in bearer forms (for example: stocks, bonds, debentures, treasury bills).
• There can be a possibility that a Canadian bank might have a branch office in your country. You can check out for Royal Bank of Canada, Toronto Dominion Bank (TD Bank), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia or Bank of Montreal. These banks would be able to help you in setting up a Canadian account and transferring your money.
  We advise you to carry official documentation (including bank statements with the date as close to your date of arrival in Canada as possible) of your banking situation and transactions as proof to an Immigration Officer that you have sufficient money in a Canadian account, or that it is being transferred.

Banks and Automated Teller Machines (ATMs)

Students can easily access the many banks and affiliated ATMs in Canada. It is relatively easy to find them in large cities. They are more convenient than credit cards and traveler's cheques. A regular bank card or a major credit card can be used at ATMs to withdraw cash. It might also be possible to open a local account which would come with an ATM card. ATM cards can also be used at many stores in Canada to pay for items such as groceries and clothing.

A variety of services are offered by the banks to their customers. These services include currency exchange, safety deposit boxes for storage of passports, and savings accounts. Personal cheques issued by banks are also as an efficient means to pay for services.