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Planning to move to Canada or considering it as a destination for your next thrilling vacation? It’s going to be worth it either way – after all, Canada is one of the most peaceful and scenic countries in the world!
But travelling isn’t always fun and games; there’s a lot of things you have to do behind the scenes for a successful trip or move. A prime one of these includes taking your money along in the best way possible – exactly the purpose of this blog.
So, let’s talk about different ways to carry your travel money, and finish up by discussing the best one out of them all!
You can carry your money simply in the form of cash. This can either be in Canadian dollars or in the currency of the area you’re coming from.
The amount of money that can be carried has no limit, though you’ll need to declare the cash if it exceeds 10,000 CAD (per family or as a single traveller).
You can transfer your money directly from your bank account in your current country to your Canadian bank account before you leave.
This, however, has the prerequisite of owning a bank account in Canada beforehand. If you don’t already own one, you will need to open a new Canadian bank account. This is not a really simple process and may take you a few days.
Another method to take money to Canada involves travel cards. These can be prepaid travel cards, credit cards, and debit cards. You can choose any of these based on whether or not you want to accumulate debt.
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Finally, you can take money to Canada is in the form of monetary instruments. These include stocks, cheques, bonds, monetary instruments, and bank drafts, amongst others.
These, again, need to be declared if their values exceed 10,000 CAD.
The Best Way Of Them All
Carrying cards to Canada, including travel credit and debit cards plus major international credit cards, is arguably the best way to take money. Pre-paid cards may not be widely accepted, so you may want to avoid those.
Carrying large amounts of cash can be pricey due to high exchange rates. However, you might want to check the situation of exchange rates with your particular country beforehand.
On the other hand, getting your funds transferred directly through banks requires some reasonable effort beforehand, may create hassle, and might also be costly owing to high transfer fees.
Just make sure to check with your financial institution before leaving to confirm the acceptance of your cards in Canada, and you’ll be good to go. Safe travels with your money!