subject: Decide How to Send Money to Canada Before You Visit [print this page] Decide How to Send Money to Canada Before You Visit
Sure, you could take cash in U.S. dollars with you to exchange at locales like Vancouver International Airport upon arrival, but expect some fees for this. Additionally, trying to find a location that exchanges money can be difficult depending on where you are, and most people want to relax during their vacation. Considering other options is a good idea.
You could send a bank draft, also known as a cashier's check, from the U.S. You could then cash it at a Canadian bank or credit union like Bank of Canada, but it typically takes two to three weeks to get the money. If you have no other way of paying for items, this could be very inconvenient.
Another option is to send an international money transfer using an outside service. It usually costs about $10, and takes about two weeks to go through. If you use HSBC, it costs $30 to send money from the one in the U.S. to the one in Canada, and $45 to send it to a completely different bank in Canada. However, this method takes only three to five days, which is not bad.
If you already know where you will be staying, you could send a prepaid debit card to that location so it's ready when you arrive. You could also simply send it to your current address to take along with you. The next step would be to add the money you need either online or by phone for a small fee of $5 USD. You would have the ability to use it to shop in Canada, or withdraw money in Canadian dollars from various ATMs. Clearly, this could be a valuable tool since you would have access to your money right away with minimal fees.
The exchange rate is currently favorable to Americans, but only slightly. $1 USD is equal to 1.09 Canadian dollars, but remember that the taxes in Canada are much higher than in the U.S., which may cancel out the favorable exchange rate. Most provinces in Canada charge about 13% for sales tax, which adds up quickly. Keep this in mind when budgeting.
The methods to send money to Canada vary, and you should choose depending on when you need the money. Another thing to keep in mind is the fees you will encounter for each method. Going to Canada will likely be no fun if you spend all your money on fees right when you arrive, so plan ahead.
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