Best way to bring money to Canada

[yasirhusain]

Hi Yasir, can you share your experience here. I am also relocating from Pakistan and need to know the process.

Thanks

Hey,

On my part I brought around 10k cash CAD as carrying loads of money is risky in Pakistan and and the rest of the money I brought it in DD which is safer but little costly. No need to bring USD unless you plan to move or visit US in near future.

For DD, I would recommend Dollareast.

 

[Johnny Ghaddar]

Hey,

On my part I brought around 10k cash CAD as carrying loads of money is risky in Pakistan and and the rest of the money I brought it in DD which is safer but little costly. No need to bring USD unless you plan to move or visit US in near future.

For DD, I would recommend Dollareast.

Thanks for the response.

I echo your concern about carrying loads of cash. In fact, I avoid cash transactions as money exchanges are the prime areas for snatching. Anyways, I inquired Pak Currency Exchange and HBL Currency Exchange they both declined to make a CAD DD. NBP agreed but asked me to come back on 1st of June. I will ask other exchanges and main branches of these exchanges. I won't be bringing any USD's just some CAD's in cash and the rest through DD or wire transfer whichever is feasible.

I will visit Dollar East to check if they are still offering the service of DD in CADs. May I ask which partner bank did they used while issuing CAD DD to you ?

 

[dsinghd]

Another option if you were in the USA and have not completed landing yet:

We opened a TD Canada Trust Cross Border Account which included 2 Canadian accounts:
- Daily Checking Accout C$
- US$ Checking Account

When we returned to USA from short landing, we opened TD checking account ( yea TD is across USA as well as Canada )

Before heading out closed all non TD Usa accounts with cashiers check addressed to self and deposited to TD Usa account

Finally Wire transfer between TD usa and TD Canada trust US$ checking account for free. The money is available as US$ and can be converted to C$ at a later point in time for better rates. It has a daily max wire limit of 100$k

Close the TD Usa account when done transfering all money

Let me know what do you think

Hi

After opening TD US$ and CAD$ account in Canada, can I skip 'opening a TD account in US' step and directly take cashiers check from BofA to Canada and deposit it in TD US$ Canada account ?

And have you any experience using services like Xoom.com and/or Transferwise etc. for transfers from US to Canada.

 

[yasirhusain]

Thanks for the response.

I echo your concern about carrying loads of cash. In fact, I avoid cash transactions as money exchanges are the prime areas for snatching. Anyways, I inquired Pak Currency Exchange and HBL Currency Exchange they both declined to make a CAD DD. NBP agreed but asked me to come back on 1st of June. I will ask other exchanges and main branches of these exchanges. I won't be bringing any USD's just some CAD's in cash and the rest through DD or wire transfer whichever is feasible.

I will visit Dollar East to check if they are still offering the service of DD in CADs. May I ask which partner bank did they used while issuing CAD DD to you ?

The cheques are issue by UBL bank and are cleared by BMO Canada. DD clearing takes around a month plus there is an additional clearing charge of CAD 100 per DD applied by bank.

If you live in Karachi, you can visit DollarEast on Shahrah Faisal branch opposite Lal Kothi. They have supportive staff and will guide you the best option.

 

[Johnny Ghaddar]

The cheques are issue by UBL bank and are cleared by BMO Canada. DD clearing takes around a month plus there is an additional clearing charge of CAD 100 per DD applied by bank.

If you live in Karachi, you can visit DollarEast on Shahrah Faisal branch opposite Lal Kothi. They have supportive staff and will guide you the best option.

Thanks. I'll pay them a visit to get further information. It's better to make one draft of large amount if you have to incurr a charge in clearing. What sort of charges are imparted during Wire T/f (in addition to the $25 by the issuing bank) ?

 

[Johnny Ghaddar]

The cheques are issue by UBL bank and are cleared by BMO Canada. DD clearing takes around a month plus there is an additional clearing charge of CAD 100 per DD applied by bank.

If you live in Karachi, you can visit DollarEast on Shahrah Faisal branch opposite Lal Kothi. They have supportive staff and will guide you the best option.

I called DolarEast today and they told me that they are not making FCY DD anymore due to some issues with UBL and only dealing in cash. So the only options left for me is to go for NBP (wait till 1st June as per their instructions) or to have my bank issue me a DD or Wire T/f.

Same is the case with Wall Street they aren't making DD anymore.

 

[Urooj Waseem]

Hi Johnny,

I am in the same jeopardy, I have to make a DD for Canadian dollar, and I came to know through various banks that they don't make DD of CAD dollar.
So i reached to conclusion that i can make DD for USD, but it is lengthy process. it would be best if i can make DD of CAD Dollar.

Also, for USD I have to have a foreign currency account, which unfortunately I don't have. so what you are planning to do?

Thanks in advance.

 

[Urooj Waseem]

and yes, i also called DollarEast, they gave me the same answer, they dont make DD's anymore.

 

[Immigration_guru]

Hi Johnny,

I am in the same jeopardy, I have to make a DD for Canadian dollar, and I came to know through various banks that they don't make DD of CAD dollar.
So i reached to conclusion that i can make DD for USD, but it is lengthy process. it would be best if i can make DD of CAD Dollar.

Also, for USD I have to have a foreign currency account, which unfortunately I don't have. so what you are planning to do?

Thanks in advance.

If your country has Thomas cook, go to them, they can make DD. Many other travelling organizations also give this facility.

 

[Johnny Ghaddar]

If your country has Thomas cook, go to them, they can make DD. Many other travelling organizations also give this facility.

Unfortunately we don't have it in Pakistan

 

[Johnny Ghaddar]

Hi Johnny,

I am in the same jeopardy, I have to make a DD for Canadian dollar, and I came to know through various banks that they don't make DD of CAD dollar.
So i reached to conclusion that i can make DD for USD, but it is lengthy process. it would be best if i can make DD of CAD Dollar.

Also, for USD I have to have a foreign currency account, which unfortunately I don't have. so what you are planning to do?

Thanks in advance.

Well after careful consideration of all other options I will proceed with the CAD DD option offered by NBP. I will have to wait till next month to get this done and probably expose myself further to the exchange rates hike, but this is the only viable option which would be straight forward and would involve the least losses in terms of forex conversions.

 

[Urooj Waseem]

alright, Thanks!

 

[ankusaxe9]

Another option if you were in the USA and have not completed landing yet:

We opened a TD Canada Trust Cross Border Account which included 2 Canadian accounts:
- Daily Checking Accout C$
- US$ Checking Account

When we returned to USA from short landing, we opened TD checking account ( yea TD is across USA as well as Canada )

Before heading out closed all non TD Usa accounts with cashiers check addressed to self and deposited to TD Usa account

Finally Wire transfer between TD usa and TD Canada trust US$ checking account for free. The money is available as US$ and can be converted to C$ at a later point in time for better rates. It has a daily max wire limit of 100$k

Close the TD Usa account when done transfering all money

Let me know what do you think

Hi Raja,

Quick question - Is there a restriction, how much we can transfer from USA to Canada through this. I am planning to buy house here in Canada and thinking if I can arrange down payment via this?

 

[Alex54321]

Hi Raja,

Quick question - Is there a restriction, how much we can transfer from USA to Canada through this. I am planning to buy house here in Canada and thinking if I can arrange down payment via this?

I do not think there is limit of how much you can transfer from USA to Canada overall.

Last year I did a wire transfer of USD $95K from my USA Chase bank checking account to my USA TD Bank checking account ( I think for wire is USD100k is limit daily - for one transfer). The Chase charged, like a $35 for a wire.

After that called ( can do only by calling for a transfer from US to Canada) my USA TD Bank and ordered a wire transfer of US funds from my USA TD Bank to my US checking account with TD Bank in Canada. This is free wire transfer (cross border transfer).

OK, now my money in Canada. I could (using one click) convert my US funds to Canadian funds in TD Bank Canada ( from US checking to Canadian checking), but their currency exchange rate is horrible, so I was using https://www.knightsbridgefx.com/ for conversion.

 

[subodhp]

Hi Raja,

Quick question - Is there a restriction, how much we can transfer from USA to Canada through this. I am planning to buy house here in Canada and thinking if I can arrange down payment via this?

Only restriction placed will be those from your banking or funds transfer channel. For ex. Transfer wise does not allow online transfer and instead requires domestic transfer for amount exceeding 15000 USD.