Accepted Monetary instrument in Canada

[piper]

I would like to ask what is the accepted monetary instrument in Canada? I fear of transporting huge amount of money. I would like to have it in both monetary instrument and lose cash. Is demand draft issued in BPI banks accepted? What about traveller's check? Thank you very much.

 

[Leon]

If you can buy an international bank draft in Canadian $, that would work. Travellers checks too. You can also just have some money wired between accounts once you get to Canada.

 

[Ell.Bee]

Hi Leon,

But in order to wire money, one has to have an account in Canada. So at what stage do we have to show funds? I mean do they ask on landing ? Please share more information on this.

Thanks,

LB

 

[Leon]

They ask on landing but it's enough to have a bank letter or a statement for a part of the amount.

 

[piper]

Thanks much. A friend mentioned setting up an account prior to my arrival in Canada. In this case, what form do I need to fill out? I believe for monetary instruments like drafts/other checks Form E667 (individual) is need.

For cash, it does not matter whether the currency is in USD or CAD right (as long as the required amount is met)?

 

[Leon]

I think USD would be ok but I can't swear to it. If it was some other currency, it might not be ok but USD is pretty common in the world. Maybe double check with the embassy, call border control?

 

[divagirl]

You can exchange a small amt of currency at the airport, the exchange rate is very bad. I almost got 1CAD for 1 USD!!! You can take a bank stmt at the time of landing and then open an account from Canada and then wire transfer the rest of your money. You can also take Traveler's Chk.