Getting ready

Bank transfers

There is no exchange control in Canada. However, such a control exists in many countries. As a result, students concerned by this measure must find out way in advance if it is possible to transfer funds, the length of time necessary for a transfer and the fees involved. Sending funds by international bank draft is not recommended since this payment takes a long time and is complicated. Most of large foreign banks have Canadian correspondent banks. To receive funds by transfer, you must have an account in Canada, which can only be opened once you have arrived in the country.

However, it is possible to transfer funds to a Canadian bank before you leave; once you open an account in Canada, the sum will be deposited in it and you will have access to it. Bank drafts are often faster than bank transfers. Nevertheless, when opening an account, the institution will often require a period of up to 30 workdays before allowing access to the sums deposited by bank draft or personal check.

The cost of moving and getting settled is often very high. It is recommended that you dispose of enough money to cover your livig expnses for the first two months. Using traveler's checks is advised for more security. Upon arrival, students should have around $150 CAN in their pocket (bus from the airport, taxi, restaurant, etc.).