Hi everyone!
Sharing again (sorry, long post)... this time about my experience with ScotiaBank's Start Right Program International accounts opening.
Since my husband and I are hoping to be as independent as possible, we decided to bring as much of our life savings we could. Unfortunately, after a friend of ours posted on social media that some of her items were nearly stolen at the airport after the security x-rays, we became very keen on transferring or transporting our savings to Canada in the safest possible way. If people are just going to pick-pocket our demand drafts in NAIA, too much time will be wasted just to get access to the funds again. We therefore looked at the option of sending money via wire-transfer to your own ScotiaBank account that can be opened online.
I asked
@Xiaociaoshaw_02 here about her experience with Bank of Nova Scotia's start right program. Her attempt at sending her funds ahead did not fall through due to some bank miscommunications. But I thank her for all the help and insight she gave me. Here's my experience:
I opened the ScotiaBank account online. You will need personal details including your passport number and your UCI. It took less than 15 minutes and they sent a reply message in less than 24 hours to my email that the account opening was successful. Communication from Scotiabank regarding your account after this point will be done via their secure email service (details of how to use it will be on the initial reply email series).
I then went to the main branch of my bank for the global funds transfer services. [Although I could have done this step at any of the nearest bank branches (since my local bank is "bank anywhere"), some poor service experiences at the branches nearest me convinced me to do the wire transfer at the main branch.] I advise you to bring print-outs of your communication with scotia bank and study the fees of your bank for wire transfers ahead of time to abbreviate the process. Try to get to your branch way ahead of the cut-off times. If your transaction is not processed before the cut-off, you may have to return the following day (which is what happened to me) because foreign exchange rates vary daily, even hourly.
After the telex/ wire-transfer was finalized last Tuesday afternoon Manila time, I got a message from ScotiaBank last night (Thursday night Manila time) that they successfully received the funds for my account. This was much quicker than the projected processing times (varied between the bank employees we spoke to: between 3-5 banking days to 4-7 banking days). I will now be able to simply bring the records of the wire transfer from my bank and the confirmation of the wire transfer from ScotiaBank as part of my proof of funds on landing. When I get to Canada, I simply show the same records and identification to gain access to my funds.
Here are the Pros:
- Safety during your travel. Pick-pocket all you want thieves, all you get are lint bits and papers in my pocket!
- Convenience. My money is waiting for me when I get there.
- Peace of mind.
- Accessibility. Once we get to Canada and "formally open" the account, we will virtually have immediate access to the money (compared to demand draft clearing times of 10 days to over 30 days).
- Online chat. I used the online chat on scotia bank's website to communicate any concerns I had with Scotia Bank customer service before I even started this process until after the funds were transferred. They are very easy to chat with and alleviated all my concerns.
Here are the Cons:
- This is a one-time transfer of up to CAD 50,000. So (1) transfer one-time in bulk and (2) plan your financial steps ahead of time because you will no longer have access to these funds until you get to the ScotiaBank branch of your choice in Canada. You cannot add to the funds as a second wire transfer if you happen to procure additional funds you want to bring so plan carefully.
- You need lead time. Depending on your local bank, telex transfers can take up to 10 banking days or more. So I recommend a lead time of at least 2-3 weeks before you fly (my lead time is 1 month). I was very lucky my wire transfer finalized in less than 48 hours.
- Fees. Transaction fees can be steep, depending on your bank. The amount you transfer also affects the fees-- the more money you send, the larger the fee. Research first if this will affect you and your finances.
- Possible transfer problems. I kept my source account open by leaving some money in there until the wire transfer went through (in case there were problems and the money just bounces back... If the funds do bounce back for whatever reason, you will still be deducted fees for the re-send of your funds. Sad, but true. ) Now that the transfer was successful, I can use the remaining funds to buy some CAD cash before flying, and effectively close that local bank account.
- According to some, Scotia Bank may not have the best deals for new immigrants. After research, we believed it was good enough for me and my husband so we went with it. Please do your research before you choose this option as it may not be the one you would prefer in the end.
I am not in any way affiliated with Scotia Bank, in case anyone is wondering
. Just sharing the positives of what I experienced. Maybe later, when time permits and our transfer of funds with our other bank (HSBC) pushes through, I'll also tell you guys about it here.
Hope this helps for those who are interested in the start right program.