Bringing money to Canada

[Prax]

Hi Experts,
I need an advise. I have some savings in India that I want to bring to Canada to make the down payment to purchase a house here.
In India, these funds are currently lying in a fixed deposit account. The sources of funds are monthly savings and then my provident fund withdrawal before I came to Canada.
so what is the best way to bring these funds.

Thanks in advance.

 

[steaky]

Wire

 

[canuck78]

Since you are not a PR or citizen you will have to put down at least a 50% down payment.

 

[dr feras]

Hi Experts,
I need an advise. I have some savings in India that I want to bring to Canada to make the down payment to purchase a house here.
In India, these funds are currently lying in a fixed deposit account. The sources of funds are monthly savings and then my provident fund withdrawal before I came to Canada.
so what is the best way to bring these funds.

Thanks in advance.

Open a canadian bank account online and transfer your funds

 

[dr feras]

You can also bring them in cash with you. As long as you declare anything equal to or above 10 thousand Canadian dollars and show ligitimate source if asked.

 

[Bs65]

You can also bring them in cash with you. As long as you declare anything equal to or above 10 thousand Canadian dollars and show ligitimate source if asked.

Maybe a carry on with enough cash to put a down payment on a house not such a good idea though better to do an interbank transfer.

 

[dr feras]

Maybe a carry on with enough cash to put a down payment on a house not such a good idea though better to do an interbank transfer.

Agreed, Just letting him/her know the options available

 

[Prax]

Thank you for all your inputs.
I should have elaborated a little bit.
As we know, a transaction basically involves two steps, 1. moving the funds out of the foreign account and 2. getting them into the Canadian account. I understand there wont' be lot of challenges with the second part. But I am sure the first part is very challenging. My question was about the first part.
The FEMA or whatever in India is strict when it comes to transferring money to abroad by individuals. So I just wanted to know some first hand information on the process.
The reason behind asking for the best way is... there are multiple ways to do this. Bank drafts, private transfers (western union, xoom etc), online/wire transfer etc. Every method has different transaction charges, conversion rates etc. No one gives you the "google search" conversion rates, if you are familiar with the process. So the "best" in my question was looking for the best method where you get best conversion rate and low transaction charges.

 

[Regina]

You can also bring them in cash with you. As long as you declare anything equal to or above 10 thousand Canadian dollars and show ligitimate source if asked.

 

[rostark]

Thank you for all your inputs.
I should have elaborated a little bit.
As we know, a transaction basically involves two steps, 1. moving the funds out of the foreign account and 2. getting them into the Canadian account. I understand there wont' be lot of challenges with the second part. But I am sure the first part is very challenging. My question was about the first part.
The FEMA or whatever in India is strict when it comes to transferring money to abroad by individuals. So I just wanted to know some first hand information on the process.
The reason behind asking for the best way is... there are multiple ways to do this. Bank drafts, private transfers (western union, xoom etc), online/wire transfer etc. Every method has different transaction charges, conversion rates etc. No one gives you the "google search" conversion rates, if you are familiar with the process. So the "best" in my question was looking for the best method where you get best conversion rate and low transaction charges.

So how did you finally transfer the money ? Did you find the best way ?

 

[Cate596]

FYI, I've done some research, spoken to some people in Canadian real estate, and you can get a home loan with 35% down, not 50%. Perhaps if you're a huge risk 50% but not normally.

 

[CANADIANZ]

FYI, I've done some research, spoken to some people in Canadian real estate, and you can get a home loan with 35% down, not 50%. Perhaps if you're a huge risk 50% but not normally.

When you arrive in Canada and get a job or some kind of income stream, the down payment requirement becomes less and you get better interest rates as well. I normally advise to put 20% down payment.

 

[YVR123]

FYI, I've done some research, spoken to some people in Canadian real estate, and you can get a home loan with 35% down, not 50%. Perhaps if you're a huge risk 50% but not normally.

A few banks have policy for new immigrants that they can borrow up to 1 million for mortgage without proof of monthly income (for 2 years or so history) with 50% minimum downpayment.
BTW 1 million isn't that much for buying a house in Vancouver.