How to wire money to Canada

The simplest way (and usually the cheaperst too) to transfer money to Canada is via a SWIFT, also known as a wire transfer. All such transfers go through New York, which is why the money is always transferred in USD. The money usually deposited within 24-48 business hours. The transfer typically costs up to $100 (depending on the country from which you are transferring) and does not depend on the amount being transferred.

If you transfer in USD and want to receive the money in Canada in USD, you should open a USD savings account to receive the funds. This way, you avoid currency conversion fees (exchange fee). Otherwise, your money will be converted from your currency to USD and then from USD to CAD, resulting in double conversion fees. When receiving the money, you may find a more favorable exchange rate for converting USD to CAD than your bank offers, do not exchange it in your local bank. If you don’t open a USD account, the money will be converted, and you will receive it in CAD.

To obtain the details and information about SWIFT you need to contact your bank in Canada.

It is not possible to open a bank account in Canada remotely; you must be physically present to open such account. To open an account, you need to have two forms of identification (IDs) (e.g., a driver’s license and a passport) and proof of address in Canada (you can send yourself a letter as proof of residence at a specific address). Some banks allow account opening even if you are a tourist. Your SIN is NOT required to open an account.

Money earned before arriving in Canada is not subject to tax, so you can transfer it without fearing taxation. However, the tax authorities (CRA) may be interested in the received money and you should be prepared to provide evidence that the funds were acquired before moving to Canada.

If the country or bank is under American sanctions, you cannot transfer money via SWIFT and need to look for alternative methods.