Opening Bank Account before landing

[Ysiraj32]

Can you get details of exchange house and ask them if they can do transfer after you are here.

Unfortunately, no. I need to be physically visit the exchange house with cash and wire it accordingly. Also, since the amount is big i will need to provide sufficient source to supplement the transfer, something which i can do sittinf in a foreign land with my work permit cancelled upon exiting the country.

My point is i cant leave such big amount with my work permit cancelled.Incase of anything, i need to be able to come back if needed worst scenario OR before i leave i transfer everything clean and leave with ease of mind..

 

[Doom__V]

Unfortunately, no. I need to be physically visit the exchange house with cash and wire it accordingly. Also, since the amount is big i will need to provide sufficient source to supplement the transfer, something which i can do sittinf in a foreign land with my work permit cancelled upon exiting the country.

My point is i cant leave such big amount with my work permit cancelled.Incase of anything, i need to be able to come back if needed worst scenario OR before i leave i transfer everything clean and leave with ease of mind..

I understand now. Maybe as someone mentioned try Scotiabank. They are otherwise ok. You can switch account once you are here. If you have big amount they would anyways need your business

 

[Ysiraj32]

I understand now. Maybe as someone mentioned try Scotiabank. They are otherwise ok. You can switch account once you are here. If you have big amount they would anyways need your business

Thanks for your reply.Noted.

 

[aleersurahio]

Hi Guys, so could you finally share you experiences of transferring funds to Canada? Thank You.

 

[vincyluthra]

Cash is best.. 10k per person..
Second option bank draft
Third option wire transfer .. Scotia bank

I used Axis Bank Forex its good..
Works everywhere..

Problem is that for cash withdrawal transaction fee is $3.50 for every $1200 which is daily limit

 

[vincyluthra]

Axis Bank Forex Card*
Got good rate so withdrawal fee os not pinching much..

 

[aleersurahio]

Axis Bank Forex Card*
Got good rate so withdrawal fee os not pinching much..

IS that an Indian institution, I’ve never heard before?

 

[Doom__V]

IS that an Indian institution, I’ve never heard before?

Yes

 

[subodhp]

IS that an Indian institution, I’ve never heard before?

It is a prepaid card issued by Bank. Good thing is you can get one in advance and lock down your rate. This is true especially if you anticipate a downward shift in forex rate or want to avoid any uncertainty

 

[aleersurahio]

It is a prepaid card issued by Bank. Good thing is you can get one in advance and lock down your rate. This is true especially if you anticipate a downward shift in forex rate or want to avoid any uncertainty

But that’s probably not in Pakistan.

 

[subodhp]

But that’s probably not in Pakistan.

Not the exact Bank ofcourse but there would likely be a different bank/agency providing similar product. It is called forex prepaid card or travel prepaid card. Some of them allow loading money online after initial authentication is done, others provide an online interface to check balance, etc

 

[adnan.mohammed]

3.50$ per 1,200 is slightly expensive. Did you put your entire amount into the forex card? I will be moving permanently to Canada in a few months, already have a bank account in RBC, but not sure about the bank to bank transfer from Indian bank to a Canadian bank

 

[Doom__V]

3.50$ per 1,200 is slightly expensive. Did you put your entire amount into the forex card? I will be moving permanently to Canada in a few months, already have a bank account in RBC, but not sure about the bank to bank transfer from Indian bank to a Canadian bank

You can easily transfer from your Indian back to Canadian... There would be an option of send funds abroad.. there are certain limits till which you can send with self declaration beyond which you need a certificate from your CA to do it upto 250,000$ per year.
You will need to get the Swift details for your RBC account

 

[jule1989]

Hi guys,

Read a couple of posts above but was not able to get a definite answer to my query that i am seeking.So here it is :-

- I will be doing landing in November and exiting my home country in the GCC where i work on work permit.Once i wrap up and leave in November, there is no chance for me to return back. Therefore, leaving all my savings which is impossible to be carried in hand is not an option.

Could someone please advise their experience in opening accounts internationally with Scotia as mentioned ? Any other banks giving good benefits as of date ?

Also, i guess they allow only one international transfer whereas what if i wish to do that in batches ?

Incase I need to make a transfer, i will need to withdraw the money in batches and do transfer through exchange houses as thats where we get good rates and not through banks.

Any and all advise will be helpful...

Thanks in advance.

Hi! I am in the same situation as you. What did you end up doing? Opened a bank account before moving, or took cash with you?

 

[steaky]

Hi! I am in the same situation as you. What did you end up doing? Opened a bank account before moving, or took cash with you?

You can contact HSBC in Japan before you come to Canada.