Currency Exchange

Currency Exchange and Transferring Money from Iran to Canada

Introduction

One of the most important — and often confusing — topics for newcomers from Iran is how to manage currency exchange and transfer money after immigration.
This guide explains what you need to know about handling your finances safely and efficiently when arriving in Saskatoon.

Important Context: Iran–Canada Banking Relations

At the moment, Iran has no official banking relationship with Canada. This means:

You cannot wire money directly from an Iranian bank to a Canadian bank.
You cannot use Iranian cards in Canada.
Regular global services like PayPal, Western Union, or bank-to-bank transfers do not work directly between Iran and Canada.

Because of this, Iranians in Canada use alternative methods for currency exchange and money transfer.

Common Methods for Transferring Money

Method	How It Works	Notes
Community Exchange	Trusted individuals in the Iranian community exchange money. You pay them in Iran; they pay you in Canada (or vice versa).	This is based on trust. Always deal with known, reliable individuals or recommended sources.
Currency Exchange Offices	Specialized exchange offices that transfer money between Iran and Canada unofficially.	They often have better security, slightly higher fees, and standard procedures.

In Saskatoon, Shiva Exchange is a known Currency Exchange Office listed in the Business Directory and trusted by many community members.

How Currency Exchange Typically Works

Contact a trusted person or exchange office.
Agree on the exchange rate (which fluctuates daily).
Transfer money to the agent’s account in Iran.
Receive the equivalent amount in Canada (in cash or through e-transfer to your Canadian bank account).

Always confirm:

The full amount you will receive after any fees.
Timing (some transfers take a few hours, others may take 1–2 business days).
Exact information about the recipient account if you are getting a direct deposit.

Important Notes:

Currency exchange transfers are not considered income for tax purposes in Canada. You do not need to report them as income on your tax return.
Canada has strict anti-money laundering regulations. If you receive a transfer of $10,000 CAD or more, your bank will require you to provide documentation proving the source of the funds (for example, the sale of a car or property in Iran).

Important Cautions

Only use trusted individuals or registered exchange offices. Fraud can and does happen if you work with unknown or unverified sources.
Confirm details in writing (even if by text or Telegram or WhatsApp) to avoid misunderstandings.
Do not carry large amounts of cash when possible. If you must, remember that carrying more than $10,000 CAD per person must be declared at customs when entering Canada.
Be aware of legal limits and documentation: In rare cases, authorities may request to see proof of the origin of funds.

Some larger exchange offices provide a simple receipt for transactions if you need proof.

Tips for Managing Money After Arrival

Open a Canadian bank account as soon as possible to manage your funds securely.
Use services like Interac e-Transfer inside Canada for easy, safe digital payments.

Conclusion

Because there are no formal banking ties between Iran and Canada, community trust and reliable exchange offices play an important role in currency exchange.
Always prioritize safety, clarity, and documentation when exchanging or transferring money.
Whenever possible, plan your finances ahead to avoid last-minute pressure and to find the best available rates.

If you need recommendations for trusted Currency Exchange Offices in Saskatoon, you can always check our Business Directory or contact the Saskatoon Iranian Cultural Association for guidance.

Disclaimer

The information provided in these resources is intended for informational purposes only, and its accuracy is not guaranteed. The Saskatoon Iranian Cultural Association accepts no responsibility for the accuracy of the content or any consequences resulting from the use of the provided information.

These resources are the property of the Saskatoon Iranian Cultural Association and may be freely referenced, provided that a link to the corresponding page on the Association’s website is included.

Currency Exchange