I seen a lot of confusion about how one should carry funds while traveling and since that has been something of interest to my husband and me I looked into one of the options that someone pointed out, namely Scotia Bank. (this post might seem more relevant to Indians, but if we got this option I'm sure others do too)
It is infact true that you can open a Canadian account with them while still in India. Details of the same are in the link below. The highlights :
1) They have tied up with Kotak Bank to provide seamless service and support in opening a NRI account.
2) You can deposit upto CAD 50000 and account needs to be opened a minimum of 15 days before landing in Canada. The earliest you can open the account is in the 6 months preceding your landing.
Here's an expert from the website:
Your Life Spans Two Countries, Now Your Banking Does Too
Together, Scotiabank and Kotak Mahindra Bank are focused on providing the highest levels of service and support — whether your banking relationship commences in Canada or India. You can apply for a non-resident Indian bank account through Kotak Mahindra's MyIndia Program.
Scotiabank Startright Program
For Landed Immigrants and Foreign Workers the program includes a chequing account, a Scotiabank credit card2, and a safety deposit box3.
For International Students the program includes a Student Banking Advantage® plan, a Scotiabank credit card2, and a safety deposit box3. Students from India can also apply for a Student GIC.
Receive $100 when you open an eligible chequing account4
In my opinion this is a safer way to get your hard earned money into Canada...you would end up losing a lot of money while using travelers cheques etc. While carrying cash...you only want that much on your person.
Take a look at the link...might interest you if at all
http://www.scotiabank.com/ca/en/0,,4362,00.html
