Best/ convenient way to carry funds ?

[msingh]

Hi PMM/ Leon/ Respected others,

My husband and I will be landing on 5th of March to Canada.

Please advise the best and the most convenient way to carry the funds.

We are coming from India, and are suppose to carry around 16k CAD.

Should this be in the form of:

• Demand Draft

• Travelers Cheque – (What is TC card ? is that a sage/ good option)

• How much cash should we carry (in CAD) ?

Please share your experience/ expertise/ suggestions.

Appreciate your efforts !

Rgds,

Msingh

 

[PMM]

Hi

Hi PMM/ Leon/ Respected others,

My husband and I will be landing on 5th of March to Canada.

Please advise the best and the most convenient way to carry the funds.

We are coming from India, and are suppose to carry around 16k CAD.

Should this be in the form of:

• Demand Draft

• Travelers Cheque – (What is TC card ? is that a sage/ good option)

• How much cash should we carry (in CAD) ?

Please share your experience/ expertise/ suggestions.

Appreciate your efforts !

Rgds,

Msingh

1. A demand draft will take at least 30 days to clear in any Canadian Bank.
2. Traveller's cheques and some cash is a good way to go. Credit cards is better.
3. You may want to think about opening a Canadian Bank account before going and depositing funds there. I believe that RBC and HSBC allow you to do this, which will allow you to access the funds in Canada.

PMM

 

[jalams2000]

Hello Leon,

I am from Bangladesh. I intend to land in Canada by the end of March, 2010. I have already checked with all the banks but the rules of the land do not permit them to issue Demand Draft for such an amount. Also, checked with HSBC counter but they are not giving this (Premere account opening) facility from Bangladesh. In this situation what can I do? I can bear upto CAD6,000.00 against 2 adult passports but what can I do for balance amount of CAD10,000.00?

Msingh, sorry to interpret.

regards.

 

[wilson]

Find out if your current bank has a "correspondence" or relationship with a Canadian Bank and set up an account to transfer your money between banks. Other than HSBC some other banks : CD Trust,Royal Bank of Canada, Toronto Dominion Bank (TD Bank), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia or Bank of Montreal. They might be able to help you set up a Canadian account and transfer your money. Once you are here after getting your SIN, open a bank account and have the rest of your money transferred from your country into your new account. You should tell your bank about your plans and find out what all the necessary procedures are. They can send it by wire transfer which may reach within couple of days to your account in Canada. The Canadian bank may charge CAD 10/- for a transaction.

 

[jalams2000]

Thanks wilson for your reply. My current bank is HSBC & I prefer the bank to others. Anyway,I shall check with the other local banks here. But I am in a confusion if it will be acceptable to the Canadian border/customs officials.What's about the travellers cheque? Although I am not sure about it but I think I could manage it here.

Regards.

 

[msingh]

Hi PMM & others,

Appreciate the valuable information.

People,

Please keep the thread oon …………..and share your expertise/ experience.


Regards,
Manu Singh

 

[msingh]

I agree to Jalams 2000,


Even I ahve an account with Scotia, which is going to get actived only once I reach Canada, Would the Statement from them be valid at the airport border, as Jalam said.............

Pls share your thoughts ! As I do not want to take a change !

Rgds,
M Singh

 

[qorax]

[quote author=msingh.msg209801#msg209801 date=1264615376]
I agree to Jalams 2000,

Even I ahve an account with Scotia, which is going to get actived only once I reach Canada, Would the Statement from them be valid at the airport border, as Jalam said.............

Pls share your thoughts ! As I do not want to take a change !

Rgds,
M Singh[/quote]

That 'Start Right' program of Scotiabank is perfect. U must have got their banker's statement... it'll suffice for u while landing.

 

[msingh]

Thanks qorax !

please keep this thread on !

Regards,
Msingh

 

[Bea5]

I plan to keep my checking account and not to bring much cash with me (a couple of hundred at most).
I want to take my credit card and want to transfer money later. But less then 10,000CAD for now. How do I do this best? I am not bringing much cash, but will send money, and over the months it might be more than 10,000CAD.. what's the best way? I don't want to get into trouble. Does the limit on the credit card count, too? I am confused.

Help, please!


thank you.
Bea