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Step 7. Budget

Approximate expenses for one exchange term

Accommodation$ 3,000*
Food / Meals (5 months)$ 2,000
Local transportation$ 225
Personal expenses$ 1,000
Health insurance (compulsory)$ 371 (for a one-term exchange)
$ 536 (for a two-terms exchange)
$ 0 (If your home country is Belgium, Denmark, France, Finland, Greece, Luxembourg, Norway, Portugal, Sweden)
Immigration procedures (if required)CAQ : $ 107
Study permit : $ 125
Temporary resident visa (one entry) : $ 75
Temporary resident visa (multiple entries) : $ 150
TOTAL (per term) $ 6,000 to $ 8,000
 *Flat sharing with roommates (or renting a room all included at 600$ for 5 months)

How Can I Transfer Funds to Canada?

In order to cover your costs and expenses, you will need to get your funds to Canada. Fluctuations in the exchange rates between the Canadian dollar and your home currency can affect your budget from month to month. Refer to the Bank of Canada’s online conversion page for current and historical exchange rates. 

Canada does not have any system of exchange rate controls. However, your country may have such controls. 

One way you can receive funds in Canada is to have your bank transfer funds to a bank in Montreal, specifically to an account that you would open in your name when you arrive here. You can also send funds to a Canadian bank before you leave and have them deposited into your account once you’ve opened one in Montréal. You can carry out these transactions at most major foreign banks that have Canadian branches. 

For information on how to transfer funds, consult the following page

You can also bring money with you, or have someone send you a bank drafts by mail, which can be cashed at a Canadian bank. However, keep in mind that when you open an account, some banks take up to 30 business days before they give you access to the funds deposited in the form of bank drafts or personal cheques. We strongly discourage you to send funds using an international postal money order, as the process is long, complicated and the fees are very high. 

Instead, we suggest that you arrive in Montreal with enough cash and traveller’s cheques to cover your expenses for the first month, and that you obtain a VISA or MasterCard credit card. Because acceptance of other credit cards tends not to be as widespread here, some students are known to have run into difficulties when using other ones. And finally, we suggest that you obtain bills of $50 or smaller, as $100 bills tend not to be accepted everywhere.

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