Newcomers: what to do with the money you bring to Canada

On arrival: report $10,000 or more

Anyone entering Canada with currency or monetary instruments worth C$10,000 or more, all currencies added together, must report it to the Canada Border Services Agency (CBSA). It's not a tax or a limit: it's a report. Failing to report can lead to the money being seized and penalties. Details are in our article on the CBSA rule.

Keep track of where the funds came from

Canadian financial institutions and exchange offices registered with FINTRAC must verify their customers' identity and, for some transactions, understand where the money comes from. To make life easier, keep:

• the report form from the border, if any;

• bank statements from your home country;

• proof of a property sale, salary or inheritance, if that's where the money came from.

These are routine questions asked of everyone, not a suspicion.

Exchanging your currency into Canadian dollars

We buy more than 60 currencies in banknotes, in good condition, at our three Greater Montréal branches. Check your currency's sell rate on our today's rates page: that's what you'll receive in Canadian dollars per unit. For $3,000 or more, the law requires identity verification; we ask for valid photo ID on every transaction (which ones are accepted?).

Transfer instead of carrying

Carrying a large sum in cash is risky. If the money is in an account abroad, a transfer to your new Canadian account is often safer. See bank-to-bank transfer or international wire and our international wire transfer service.

Our branches

Saint-Laurent, Laval and Brossard serve customers from all over the world. Our teams serve you in French and English. Find the nearest branch.

Frequently asked questions

Are my foreign coins accepted?

No, only banknotes.

Can I exchange a currency that isn't on your list?

Call your branch: we'll tell you whether we can take it.