Money and Banking
When you arrive in Canada, you should have access to at least enough money for your immediate needs (e.g., food and accommodation for your first week). We do not recommend carrying a large amount of cash, but having enough money for a few meals and/or a taxi ride will make your trip more comfortable.
Before you come to Canada, we recommend that you:
- Exchange your local currency for Canadian dollars so that you have access to money when you arrive even if you don't have a bank account yet.
- Learn your government’s regulations regarding currency restrictions and transfers of funds. Some governments limit the amount of money that can be taken out of the country and require special documentation before the money can be released.
- Make a budget to estimate how much money you will need to spend each month and especially in the first few months you are here. The first month when you arrive can be more expensive than anticipated as you may need to buy one-time supplies to get you settled in Canada. Review the Expenses to Expect When You Arrive list below to help you start your budget.
- Ask your home bank if you can use your bank card (debit card) to withdraw money in Canada. If a PLUS, Cirrus or Maestro symbol is on the back of your card, you may withdraw money from bank machines (ATMs) with the same symbol. ATMs provide convenience, but keep in mind that they will charge a transaction fee to your account each time you withdraw money.
Expenses to Expect When You Arrive:
- Food - buying groceries or getting takeout/pre-cooked meals until you have a kitchen
- Temporary accommodation (e.g., a hotel or AirBnB) if you arrive early or have not yet found a place to live
- Any outstanding tuition fees
- Initial purchases for your new home (towels, bedding, toiletries, etc.)
- Textbooks
- If you will be living off-campus:
- Two months of rent (first and last month)
- Set-up charges for utilities like electricity and phone, internet and TV services
Undergraduate and Graduate students often have different requirements when first arriving, and here are some references to approximate estimations of tuition fees and living expenses for undergraduate students and graduate students.
Banking Information:
Before leaving your home country, ask your bank if you can use your bank card (debit card) to withdraw money in Canada. If a PLUS, Cirrus or Maestro symbol appears on the back of your card, you may withdraw money from bank machines (ATMs or Automatic Teller Machines) with the same symbol(s). ATMs are convenient but keep in mind that you will be charged a transaction fee each time you withdraw money. It is recommended that you open a bank account once you arrive in Canada. For more information on how to open a bank account and transferring money, please visit our Banking Information page.
Bringing Your Family:
If you plan on bringing your family with you, you should budget approximately $4000 for the first family member and $3000 for each additional family member, per year.
