Getting your money from home country to Canada is a frequently asked question here and it is very likely that lack of awareness can result in loss of precious $$ in the process of conversion to CAD.
I am from India and hence I will be making references to the banking system in India.
Q: How much money to bring?
A: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Q: Can I carry the whole amount in cash?
A: Yes provided you declare it at Canadian Customs and that will be a lot of money. So it is recommended that you carry enough to pay your accommodation, transport cost and money for surviving 3 or 4 days. (till the time your bank account is created) I carried $2,000 for myself, wife and my daughter and that was more than sufficient for a week.
Q: What is the best way to transfer or convert funds to CAD?
A: In my opinion, if you have a nationalized bank account, they will have a Forex branch that will give you an ideal rate.
It is highly recommended that you either wire transfer (single wire transfer is permitted, so don't send $10 to see if the Canadian Bank has received it and then try the remaining amount. It will not work) or get a bank draft created for the intended amount.
Q: How long will transfer of money take and how can I get proof of fund transfer?
A: If you are doing a wire transfer, it will take a maximum of 2 business days. You will need to email the bank official at the home branch. Their information will be available in the welcome email you received. This will be accepted as POF by Canadian officials.
Q: I have done wire transfer and I have received confirmation from the bank about the transferred funds. How do I get my credit and debit cards?
A: Walk in with your COPR, your passport and they will hand it over to you after fulfilling formalities
Q: I have money in my Indian account and apparently Indian laws require me to pay taxes and get an approval from Chartered Accountant for transferring money to a Canadian account. Is there any other way?
A: Transfer the money to your parents' account and ask them to initiate the transfer. (These laws keep changing, it is best that you check this with more than 2 banks to know the simplest and least expensive method)
Q: I am going to get money after 2 months in my Indian account (PF from old company etc)
A: There is/are way/s to perform this transfer while you are in Canada. Check with your bank manager for advice and guidance.
If nothing works, use an Indian credit card here and pay it off using your Indian bank money. (It is expensive and use it only in case of emergencies)
Q: Where do I get CAD from?
A: Go to the forex branch of your nationalised bank. They will give it to you at a good rate and provide you a receipt. Agreed that there will be paperwork, but it is worth the effort. Avoid going to money changers at the airport. They are expensive.
Q: Can I directly open an account with Scotia Bank?
A: Last time when I checked, the answer was no. We will need to go via Kotak Mahindra Bank. However, it is not necessary that we take their NRE/NRO account. In short, you can have a NRE/NRO account with SBI, Punjab National Bank or Federal Bank and politely decline Kotak Mahindra their offer for NRE/NRO account.
Q: Can I operate my Indian bank from Canada?
A: Yes, all you need to do is keep your Indian SIM active so that you get OTP SMSes. Activate international roaming before you arrive here and do not use any data plans or make or receive any phone calls.
Q: Which banks offer bank accounts for new comers?
A: I am not sure about all, but I could find these:
http://www.tdcanadatrust.com/planning/life-events/new-to-canada/products-and-services/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
http://www.bmo.com/newstart/en/newstart-banking-plan.html#newstart_signup
http://www.rbc.com/canada/index.html
http://www.scotiabank.com/ca/en/0,,397,00.html
The ones above are well known banks across Canada.
I am from India and hence I will be making references to the banking system in India.
Q: How much money to bring?
A: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp
Q: Can I carry the whole amount in cash?
A: Yes provided you declare it at Canadian Customs and that will be a lot of money. So it is recommended that you carry enough to pay your accommodation, transport cost and money for surviving 3 or 4 days. (till the time your bank account is created) I carried $2,000 for myself, wife and my daughter and that was more than sufficient for a week.
Q: What is the best way to transfer or convert funds to CAD?
A: In my opinion, if you have a nationalized bank account, they will have a Forex branch that will give you an ideal rate.
It is highly recommended that you either wire transfer (single wire transfer is permitted, so don't send $10 to see if the Canadian Bank has received it and then try the remaining amount. It will not work) or get a bank draft created for the intended amount.
Q: How long will transfer of money take and how can I get proof of fund transfer?
A: If you are doing a wire transfer, it will take a maximum of 2 business days. You will need to email the bank official at the home branch. Their information will be available in the welcome email you received. This will be accepted as POF by Canadian officials.
Q: I have done wire transfer and I have received confirmation from the bank about the transferred funds. How do I get my credit and debit cards?
A: Walk in with your COPR, your passport and they will hand it over to you after fulfilling formalities
Q: I have money in my Indian account and apparently Indian laws require me to pay taxes and get an approval from Chartered Accountant for transferring money to a Canadian account. Is there any other way?
A: Transfer the money to your parents' account and ask them to initiate the transfer. (These laws keep changing, it is best that you check this with more than 2 banks to know the simplest and least expensive method)
Q: I am going to get money after 2 months in my Indian account (PF from old company etc)
A: There is/are way/s to perform this transfer while you are in Canada. Check with your bank manager for advice and guidance.
If nothing works, use an Indian credit card here and pay it off using your Indian bank money. (It is expensive and use it only in case of emergencies)
Q: Where do I get CAD from?
A: Go to the forex branch of your nationalised bank. They will give it to you at a good rate and provide you a receipt. Agreed that there will be paperwork, but it is worth the effort. Avoid going to money changers at the airport. They are expensive.
Q: Can I directly open an account with Scotia Bank?
A: Last time when I checked, the answer was no. We will need to go via Kotak Mahindra Bank. However, it is not necessary that we take their NRE/NRO account. In short, you can have a NRE/NRO account with SBI, Punjab National Bank or Federal Bank and politely decline Kotak Mahindra their offer for NRE/NRO account.
Q: Can I operate my Indian bank from Canada?
A: Yes, all you need to do is keep your Indian SIM active so that you get OTP SMSes. Activate international roaming before you arrive here and do not use any data plans or make or receive any phone calls.
Q: Which banks offer bank accounts for new comers?
A: I am not sure about all, but I could find these:
http://www.tdcanadatrust.com/planning/life-events/new-to-canada/products-and-services/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
http://www.bmo.com/newstart/en/newstart-banking-plan.html#newstart_signup
http://www.rbc.com/canada/index.html
http://www.scotiabank.com/ca/en/0,,397,00.html
The ones above are well known banks across Canada.