Immigrants to Canada have a wide range of banks they can choose from. The most well known banks in Canada are the following:

Scotia Bank

TD Canada Trust

Bank of Montreal

CIBC

Royal Bank

Immigrants are advised to work very careful with the money they bring to Canada. The *minimum amount of Canadian Dollars a family of four (Federal Skilled Worker) must have when they come to Canada is $17286. In certain situations a Federal Skilled Worker can come to Canada even when the skilled worker with 3 dependents do not have this amount – please ask Matrixvisa Inc about this. Whatever the amount of money is, that you bring with you to Canada, might feel like a large amount but you have to buy/pay many things in a short time after landing in Canada (also depends on your currency) - please view our “Shopping” section. Once you have a car; a deposit for renting a house is needed; special winter clothes and furniture is next in line and soon, not much is left.  Immigrants are advised to be very conservative with their funds right from the start.

If a person intend to come to Canada in the next few months, the Bank of Canada Currency Converter can be used to determine how many Canadian Dollars  (CAD)  will be bought with foreign currency.

Immigrants are required by law to declare if they have more than CAD 10 000 in their possession when they enter Canada.  

The banking system in Canada is very advanced and services such as internet banking, automatic teller machines, telephone banking is widely used. 

*Minimum amount of CAD needed?

Number of People in Family / Funds (CAD) needed

1 / $9,186
2 / $11,482
3 / $14,280
4 / $17,286
5 / $19,323
6 / $21,360
7 or more people / $23,397