Fund Transfer - Preferred Options

[Ashutosh Sharma]

Hi
What is the best way to transfer funds from your home country to Canada at the time of landing.
Is it preferable to carry that much cash and declare at the customs upon landing.
Do we need to provide some kind of currency conversion receipt or documentation to the Canadian bank while depositing the money.
Please help.

Thanks in Advance

 

[DiNaV]

I was kind of struggling with the same question some few days back. And have come to know:-
1) You cannot carry more than 3000 CAD in cash. And of course you should have a receipt of your foreign exchange to prove this money is legal
2) Rest you can take in form of travelers cheque or card, some people have also said that they just showed bank statements of their own country to prove that you have liquid cash that can be withdraw or transferred easily, or open a bank account in Canada from your home country and transfer the amount in that account. Now many have done this successfully and some may be reluctant like me. So I guess, what I will do is go for 3000 CAD and rest in travller's cheque and then deposit in the Canadian bank when I open the account there.

P.S. I have also heard from couple of banks that Traveller's cheque are no longer given. Its just travel card that is the option.

 

[Maverick28]

Hi
What is the best way to transfer funds from your home country to Canada at the time of landing.
Is it preferable to carry that much cash and declare at the customs upon landing.
Do we need to provide some kind of currency conversion receipt or documentation to the Canadian bank while depositing the money.
Please help.

Thanks in Advance

A few Canadian banks let you open an account with your COPR and allow a one time transfer too. So I think that will be the best option. You can carry some cash for your initial travel expenses.

Other option would be to take a forex card and some cash with you and POF letter at the time of landing. Once you are in Canada, open an account and transfer the money using wire-transfer. This will be the safest way I guess and you won't have to pay extra charges for getting a traveler's check or other such documents. Also, no worries of losing these checks.

 

[chikoo1985]

I am in the US.
I have opened premium account in TD bank which also has many branches in Canada. Wire transfer and using TD ATM in both countries has no fees. I think that would work for me. I haven't given much thought to it though.

There are few other banks too.

 

[alzs-]

You don't need to carry your proof of funds with you physically. There are many reports of people who just show the bank statement (same presented as POF) along with some initial money and that's enough.

From CIC's website: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

How much money you should bring
Research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. Canadian customs regulations require you to declare if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized.