Scotiabank Funds Transfer [ICICI Money2World]

[RookieMistake]

Greetings!

Apologies if this is not the correct forum/subforum for this question. Kindly redirect me to the correct one if that's the case.

Have opened a bank account with Scotiabank under the StartRight program. Need to wire transfer to the account.

I have an ICICI account which allows online outwards remittance via "Money2World"

Wanted to know the following:
1) Has any one used this service from ICICI? I know I can walk into a bank branch and work it out. Just asking if there's anyone who's tried it online.

2) the email recvd from scotiabank says that the remitter's and beneficiary's name should match. My ICICI account and Scotiabank account have the same name but was just wondering what remmitter name will be sent when sending money through "Money2World". Is it something generic like ICICI Money2World etc. Or specifically my name (account holders name).

P.S. Their customer care were just as useless as most other customer care in the worldly answering basic questions.

 

[alok4best]

Do you have a ICICI NRE account. Only NRE accounts can send outward remittance. Name does not matter much. You either need SWIFT or IBAN details. Since IBAN is not used in North America, you need SWIFT details like transit number and such. Also SWIFT takes 5-7 days to settle.

 

[RookieMistake]

Do you have a ICICI NRE account. Only NRE accounts can send outward remittance.

This is NOT true. Please refrain from spreading misinformation. No offence meant.

For anyone visiting this thread, read up about Money2World:

https://www.icicibank.com/Personal-Banking/faq/account-and-deposit/outward-remittance-faqs.page

 

[sg02]

Hi RookieMistake,

We are planning to land by end of October. Earlier we were confused between RBC and Scotiabank, but now planning to go with Scotiabank.

Is it easy to open Scotiabank account online? Or do we need to know go through details in the beginning itself like type of Savings accounts, checking accounts, debit cards, credit cards etc. etc.

Given the lack of time, we are trying to avoid going in depth right now and rather plan to just open a account quickly with Scotiabank and transfer the funds from Indian bank (possibly SBI or HDFC). I believe account statement from Scotiabank should work for POF purpose too.

Although not sure that what all we need to declare during immigration from below because there are separate lines for >10K and <10K. We will have:
1) About $1000 Cash
2) About $2000 Forex Card
3) About $20,000 in Scotiabank (will transfer from Indian account before leaving)

Thanks,
SG

 

[vishalg]

Even I have opened Scotia account.
My case is similar to rookiemistake. However, I feel charges of ICICI are higher. I am looking at Bookmyforex to transfer the funds and I guess would need to open an account with Axis most probably.
Rookiemistake, let me know your experience and the exchange rate given by ICICI to you.

 

[sg02]

Even I have opened Scotia account.
My case is similar to rookiemistake. However, I feel charges of ICICI are higher. I am looking at Bookmyforex to transfer the funds and I guess would need to open an account with Axis most probably.
Rookiemistake, let me know your experience and the exchange rate given by ICICI to you.

Hi Vishal,

Is it easy to open Scotiabank account online? Or do we need to know go through Scotiabank details in the beginning itself like their type of Savings accounts, checking accounts, debit cards, credit cards etc. etc.

Thanks,
SG

 

[RookieMistake]

Hi RookieMistake,

We are planning to land by end of October. Earlier we were confused between RBC and Scotiabank, but now planning to go with Scotiabank.

Is it easy to open Scotiabank account online? Or do we need to know go through details in the beginning itself like type of Savings accounts, checking accounts, debit cards, credit cards etc. etc.

Given the lack of time, we are trying to avoid going in depth right now and rather plan to just open a account quickly with Scotiabank and transfer the funds from Indian bank (possibly SBI or HDFC). I believe account statement from Scotiabank should work for POF purpose too.

SG

For opening the Scotiabank account under the StartRight program (all details found on the webpage)
[If you're in Delhi or Mumbai or Bengaluru they have a branch but AFAIK they follow the same process, you can call em up and enquire] -
http://www.scotiabank.com/ca/en/0,,6194,00.html

1) You would need to enter your personal, passport, visa and COPR details IFIRC.
2) You should see a revert within 24 hours (I got my account opening email within 12 hours). They will contact you via their secure email messaging system. All details will be sent to your email which you provide during signup.
3) This email will contain details regarding your new account and wire transfer details. You're allowed to Wire Transfer upto CAD 50,000 one time. After which they will send you a confirmation (within a week or so) with a pdf containing the amount details you deposited to your account. You can show this as POF at POE AFAIK.
3) Your account will only be "activated" once you land and visit the nearest Scotia branch after booking an appointment.
NOTE: You will not have any access to "online" banking or statements before you land and activate the account.

Hi RookieMistake,
Although not sure that what all we need to declare during immigration from below because there are separate lines for >10K and <10K. We will have:
1) About $1000 Cash
2) About $2000 Forex Card
3) About $20,000 in Scotiabank (will transfer from Indian account before leaving)

Thanks,
SG

For 1) 2) 3) you donot need to "declare" anything since you're within the $10,000 ceiling. Note that this ceiling applies only to instruments such as cash, TC, drafts, forex cards etc..

 

[vishalg]

Hi Vishal,

Is it easy to open Scotiabank account online? Or do we need to know go through Scotiabank details in the beginning itself like their type of Savings accounts, checking accounts, debit cards, credit cards etc. etc.

Thanks,
SG

Account opening is very easy as Rookiemistake mentioned . Just keep your COPR handy. They don't ask for any account type credit card type questions. All of this will be settled when you visit the branch and activate your account.
I thought of wiring funds ( exchange rate + tax; intermediary bank fee USD 25 + Scotia processing fee CAD15) as it is one of the cheapest form of getting your funds readily available from day1 ( as soon as you visit bank). Only thing cheaper from here is forex card. TC may or may not be accepted. DD takes at least week.

 

[sg02]

Thanks Rookiemistake and vishalg for the valuable information.

 

[mkcan]

Account opening is very easy as Rookiemistake mentioned . Just keep your COPR handy. They don't ask for any account type credit card type questions. All of this will be settled when you visit the branch and activate your account.
I thought of wiring funds ( exchange rate + tax; intermediary bank fee USD 25 + Scotia processing fee CAD15) as it is one of the cheapest form of getting your funds readily available from day1 ( as soon as you visit bank). Only thing cheaper from here is forex card. TC may or may not be accepted. DD takes at least week.

Travelers Cheque may or may not work ? I was planning to take TC of CAD10K. Is it essential to open a bank account from India before landing there ?

 

[RookieMistake]

Travelers Cheque may or may not work ? I was planning to take TC of CAD10K. Is it essential to open a bank account from India before landing there ?

I wouldn't recommend any monetary instrument(s) which (combined) amount to greater than CAD 9999. It's not that you cannot carry but why do you want to spend time declaring & explaining sources etc at the border. First Landing in itself maybe a long and tiresome process.

You can split between travel cards and cash (rem that there is a "restriction" of 3000 usd or equivalent in cash - beyond this would again involve declaration and explaining etc).

What you can also do is carry a small amount and open an account in Canada and then wire transfer all your funds or whatever part of it you need from your home country account to the newly opened Canadian account.

You will have to carry a statement or certificate from bank if you want to show these funds (home country account) as your POF at the border control/immigration.

For the second part - no it's not essential it's just an option.

 

[vishalg]

I wouldn't recommend any monetary instrument(s) which (combined) amount to greater than CAD 9999. It's not that you cannot carry but why do you want to spend time declaring & explaining sources etc at the border. First Landing in itself maybe a long and tiresome process.

You can split between travel cards and cash (rem that there is a "restriction" of 3000 usd or equivalent in cash - beyond this would again involve declaration and explaining etc).

What you can also do is carry a small amount and open an account in Canada and then wire transfer all your funds or whatever part of it you need from your home country account to the newly opened Canadian account.

You will have to carry a statement or certificate from bank if you want to show these funds (home country account) as your POF at the border control/immigration.

For the second part - no it's not essential it's just an option.

Declaration isn't a problem ( you just have to mention this) and it doesn't make a difference in terms of taxation etc. However, amount of funds to be carried is an individual choice but I would advise one to carry the minimum required funds ( in any form/ combination). Cash limit is USD 3000 or equivalent.

 

[mkcan]

Okay, so can carry CAD 2K as cash and CAD 8K as travelers cheque..? No issues, right ?

 

[vishalg]

Okay, so can carry CAD 2K as cash and CAD 8K as travelers cheque..? No issues, right ?

Yes, you can carry more than that as well.

 

[Navrattan]

Even I have opened Scotia account.
My case is similar to rookiemistake. However, I feel charges of ICICI are higher. I am looking at Bookmyforex to transfer the funds and I guess would need to open an account with Axis most probably.
Rookiemistake, let me know your experience and the exchange rate given by ICICI to you.

Hello Brother, have you transferred money through bookmyforex by axis bank to scotia bank?? Is Bookmyforex safe?? was transaction successful? please reply as i want to go through same procedure.
Thanks