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Bringing Your Proof of Funds to Canada

Bringing Your Proof of Funds to Canada

As our flight date is nearing, we are now busy with the preparations for our departure. One of this is preparing our funds that we will be bringing to Canada. Of course, it will be a lot easier if you will be bringing in cash in CAD but due to security concerns, we looked at other ways to bring in our Funds during our landing.

Of course the fun part of this journey is doing research; this time, on how we can bring in money to Canada. As per’s site, you can bring in money in the following forms:

  • Cash
  • Securities in bearer form (for example, stocks, bonds, debentures, treasury bills)
  • Negotiable instruments in bearer form (for example, bank drafts, cheques, travellers’ cheques, money orders)
  • Transfer of funds between your bank and a Canadian bank

Cash is the easiest to carry so we are bringing in funds partly cash, and partly bank draft. Why did we opt for this option? First, we can’t be bringing a minimum of $18,617 (Which is the required proof of fund for a family of 3, and take note that any amount exceeding $10,000 should be declared)in the form of cash; this will definitely be dangerous, so we decided to bring at least $4000 cash for our immediate needs because drafts will take 2-3 weeks clearing, then the rest of the amount needed as a draft.

We also explored other options such as opening an account in Canada and eventually wire transferring our funds there before landing; however, this is only available to HSBC and Standard Chartered Bank’s priority clients. Another option is to get a statement of account (preferably at a date near your departure date) from the bank where your funds are currently stored and show it to the immigration officer in Canada, this is not a fool proof solution and it’s too risky so we didn’t proceed with this one.

Once we have decided to use bank draft and cash, we look at how we can maximize the funds that we have. Since I’m working in Singapore, most of the funds that we have are in SGD. Doing a little bit of forex (not an expert) computation, we have the following options:

  • Convert SGD to PHP then buy the draft in USD from the Philippines
  • Buy USD Draft
  • Buy SGD Draft
  • Buy CAD Draft

The best choice is to buy a CAD Draft in Singapore. We did some computations, if we are to convert SGD to PHP then buy USD draft (the only draft available for my bank in the Philippines), we will be losing at least PHP 15,000. Buying USD and SGD drafts, then depositing it to a bank in Canada will also result to lesser CAD overall so we also ditched these options.

Now that we know that what we need is a CAD draft purchased in Singapore, I need to ensure that banks like TD, RBC, Scotia Bank (some of the major banks in Canada) accepts draft coming from banks in Singapore so I messaged each bank one by one through Facebook /Twitter (yes, they answer questions through Facebook/Twitter) and fortunately they do and informed me about the fees and the clearing time it takes which is something we have expected.

I started looking for banks in Singapore that offers Canadian dollar drafts. Surprisingly, only Standard Chartered is offering this service. I went ahead and opened an account with them, then purchased the draft putting my name as the recipient. I will deposit this draft to my chosen bank once I’m in Canada.

In a few days, we will be flying back to the Philippines to spend time with our families and secure the remaining documents before flying to Canada mid-April. I’m getting nervous now, but excited at the same time.

God bless everyone. Until the next post.



  • Avatar Reply Francis |

    Hi Kulas!

    Were the funds you brought in cash in PHP denomination? The reason I asked is because I am thinking of bringing with me pesos and then just covert them to CAD when I get in Canada.

    If they were in CAD, where did you have them exchanged? In the Philippines?

    • Kulas Reply Kulas |

      Hi Joel,

      We brought our cash in CAD. During that time, exchange rate for PHP to CAD is better if we convert our PHP in the Philippines than in Canada.

      Try checking how much will your peso be in CAD if you exchange it in the Philippines and in Canada and you decide from there.

      Most banks in the Philippines sell CAD but you have to make a reservation a week or two ahead especially if you’ll be buying a lot of CADs. Check the rates per bank as it varies,but it’s easier to buy if you have an account with the bank. If you have friends working in any financial institution, check with them if they can give you better rates.

      Remember that the rule here is to get the most CAD with your PHP.

      Hope this helps. God bless and welcome in advance to Canada. 🙂


  • Avatar Reply Mike |

    Hello Kulas. Thank you for sharing your experiences. All of the articles are very informative and very helpful.

    I am curious about the money declaration when you landed. Did you declare on the declarations form that you are bringing more than 10k CAD worth of cash and bank draft? If you did, what happened? Was it okay with the CBSA officer because you are landing as new immigrants?

    • Kulas Reply Kulas |

      Hey Mike,

      You’re welcome.

      Yes we declared the total amount of the bank draft and cash. It should be ok as long as you declare it. They did not check it though. They do random checking that’s why.


      • Avatar Reply Mike |

        Thank you for the response, Kulas. I will keep this in mind while planning for my landing day.

        Have a great day!

  • Avatar Reply allen tan |

    hi kulas!

    im toying between draft and cash to bring. did you pass BOC desk at the airport to declare excess of 10k?

    I really enjoy and get inspired with your posts!

    • Kulas Reply Kulas |

      Hi Allen,

      Thanks! I had the declaration ready but since they are doing random checking and we were nor randomly checked, we weren’t able to use it. Prepare the declaration nonetheless, better be safe than sorry. Good luck and welcome to Canada in advance.


  • Avatar Reply svaid |

    Dear Kulas,
    I am coming in Jan 2017 to make my first entry. I want to carry least possible cash and some amount for my three weeks stay in my prepaid card (from a travel agent website, its a card acceptable everywhere for shopping and making payments etc). I wish to declare most of my money via bank draft or other such means. Could you let me know of the alternatives available to let the Immigration officers know that i am bringing that much amount of money to Canada? Also, is it possible to make a bank account in Canada while being here in India? are there any of the Banks which facilitate so? is it a wise thing to do?

    • Kulas Reply Kulas |

      Hi Svaid,

      One of my friends who recenty came here said he was able to open an account woth Scotia Bank before landing so check that out. Cash is also good, not sure about the prepaid card. Take note that there’s a form that you need to furnish when you are bringing more than 10k in Canada.

      Welcome to Canada in advance.


      • Avatar Reply svaid |

        Thanks for your reply Kulas. I will see how things go with Scotia Bank. Your replies are always so helpful. Thanks for your selfless efforts. Best wishes to you!

  • Avatar Reply svaid |

    thanks for the informative blog. i refer to the following info on your blog:
    Another option is to get a statement of account (preferably at a date near your departure date) from the bank where your funds are currently stored and show it to the immigration officer in Canada, this is not a fool proof solution and it’s too risky so we didn’t proceed with this one.

    i have been thinking on this is as an option, why do you think it wont work?

    Also, has anyone here used this method at the time of making first entry?

    • Kulas Reply Kulas |

      Hi Svaid,

      Actually, immigration officers didn’t check our proof of funds when we landed but they do random checks from time to time. If you are not planning on staying for long then try getting that statement of account because it doesn’t make sense to bring it all unless you’re ok with your money being deposited in a canadian bank.


Let me know about your thoughts.