Best way of carrying money to Canada......?

[gaur9786]

Hi Everyone,

I am going to vancouver for my postgraduation and i was worried about the money i am gonna carry in form of cash or any card or TC etc.

1. How much cash we can carry to canada without any declaration or declaration to checking authorities at airport or what is the limit of the cash we can carry along with us ?

2. Is there any type of card other then debit or credit card where we don't have to pay transaction charges and withdraw money from abroad as and when any amount is required ?
Note - I am looking for a way where my family just deposit the money in my Indian bank account in INR and i can withdraw there on the conversion rate applicable at the time of withdrawal ??

3. Which way of withdrawing money in Canada will give me the best conversion rate ?
for eg: any kind of card/ bank etc etc.

Please respond as i have very few days left with me.....

thx

 

[Jasmohra]

someone pls explain this traveller's cheque wala funda... how to get it n all

Is it okay if we tk some cash with us.. i cme to know otherwise is better.
pls enlighten

 

[echelon99]

You have to declare anything over 10,000 CAD.

Carrying something like 2-5K CAD would be the best way to save on costs, and have the time to check out your banking options in Canada before opening an account.

 

[just_do_it]

you can carry upto 10,000 $ in cash on you. anything more than that, you have to declare.

Make sure your total adds upto 10K canadian $, not US. someone recently got into trouble because their total was a few dollars more than 10k limit because of the exchange rate. It's a trivial mistake but you never know the kind of person you are dealing with.

Best way to carry is cash or if you want to be safe, get travellers cheques. You can get them at banks or money exchange/ money transfer places. ask around. make sure you do sign them once when you pick them up. That way, you will have to sign again when you cash them and only you can cash them (this has saved my a$$ at the delhi airport once or i would have been around 7000$ poorer today).

There are some banks that have branches here. State bank of India has a branch in vancouver. Perhaps more do too.

Or you can get a bank account here and use something like ICICI money transfer and get your money transferred into your canadian account later.

 

[dilsher]

@gaur9786 i too going to vancouver which day r u flying on???????

 

[aman singh]

Make a traveler cheque and deposited it when you open a new bank account in Canada,

You can carry money Axis Bank travel currency card.

If possible , carry a receipt of your cash money .

 

[ultra99]

Can't i carry 2k in cash with me, then when settle in Canada, open an account and wire the money from home country?

 

[aman singh]

Yes you can.

 

[ultra99]

Yes you can.

great!!

 

[aman singh]

Student bank account are free in Canada.
So it's good to open a bank account , instead of carrying so much cash.

 

[gaur9786]

Hi Everyone,

@Aman - My concern is that in travelers card too we have to deposit money after converting it in a particular curreny...for eg: if we deposit after converting it into CAD then i can withdraw only CAD.....and not any other currency depending upon which country i am ....

So i was looking for a card in which i deposit INR and take out the currency of the country i will be present. In a way it is an International debit card but i will not be charged with high rate of conversion + the high transaction charges which i will be charged in case i use my debit card for withdrawal.

this process will save my parent's hassle of filling out those long forms for any kind a transaction + then conversion charges over and above the rate of CAD or any other currency + transaction charges

@ dilsher - m going on coming 19th but my college is in kamloops....will take a bus from vancouver to kamloops....A Good Road trip...!!!


@ just do it.....which bank does have a branch in kamloops...??

Does anyone knows about the NRO or NRE account benefit ???

thx

 

[aman singh]

Sorry, But there is no card in which you can use all the currency of the world.

The Axis Bank currency card , You just need to give money in INR to bank people . And they put CAD in your card.
And whenever your parents want to send you money . Just take details of card and INR . And you will get money in 12 hours.

OR

Open a bank account as soon as you reach here. Free student account. Whenever you need money, just tell bank details to parents , and they will send money directly in your account. Easy process