entering Canada with over $10,000

Is your money already in $CAN? If not it is going to cost you far more in the tourist rate spread (5% typically) than it will in fees to do a bank transfer at the proper exchange rate.

Hi aubo23
What exactly is a 'tourist rate spread' of about 5%?
The money would be in traveller's cheques in American funds (American Express if I remember right)

Hi CheersTerry
I am not really up on banking and stuff. Would I need an acount in Canada to do this transfer?

Hi Monique
I will only trust you if you cross your fingers when you promise me to meet me on the other side.
Out of curiosity, how far will a lot of sarcasm get me?

Thanks everyone

#11 If you use TCs (even commission free) there is a charge of about 5%, hidden in the exchange rate, if they are in a different currency to the one you have or want. You get the tourist exchange rate, not the interbank one.

If you do a bank transfer there will be NO charge of 5%, but there will be a fee for the transfer. On $10000 it's going to be a lot less than $500 which is effectively what you will be paying using TCs to exchange money. You would need a bank account in Canada to receive it.

At my bank here in Japan, Citibank, they seemed to exchange money at 1 yen less than the 'official' rate they show on screen showing the Bloomberg channel. Is it possible that it is different?
Thanks