how to bring funds to canada?

[expatboarder]

Hi,'

I am sorry this has probably been answered numerous times. But what is the best way to bring currency from the US (bank account)when settling in Canada?

Can i bring a cashiers check or money order from my bank in USD to a canadian bank?
Is wiring the money from my USD bank account an option? or is this too costly?
What is the best way to maximize the currency exchange cost?

I dont want to bring too much cash across the border as I will be driving in 2 days.

Thanks in advance.

boarder

 

[steaky]

Anything you mentioned is possible. If wiring is costly, how about using the bank machine to withdraw your money from the states? You might want to check the cost with your bank.

 

[firhill]

If you have a US Bank of America account, withdrawals at Bank Of Nova Scotia are free, I believe.

 

[Galip]

Money order / bank draft is the most secure option however some Canadian banks hold your bank draft / money order up to 30 days and do not cash your money immediately.

Ask a letter from your local bank stating that they prepared this bank draft or money order. They should write their contact address and phone numbers on the letter. This way will help you to reduce time for cash out.

 

[expatboarder]

thanks for your responses

good luck to everyone in canada

 

[Canadian_Sponsor]

I asked this question in another topic, but now found this and it looks more appropriate for my question.

My parents landed in December 2012. They are planning to transfer some quite big amount of funds to Canada in 2013, these funds are from selling their apartments in previous country of residence. Would these funds be taxable ?

 

[pritishah1180]

Hello Everyone,

----- I want to bring @5000$ so can u suggest which will be the easy way? What will be the charges overthere when I will encash?

 

[PMM]

Hi

Hello Everyone,

----- I want to bring @ 5000$ so can u suggest which will be the easy way? What will be the charges overthere when I will encash?

You best bet for that amount would be traveler's cheques. Easiest to open a bank account, as D/D can take up to 30 days to clear.

 

[rao_manoj2004]

****Apply to someone who is moving from USA to Canada *****
I found none of above option good ...
- Using BankOfAmerica debit card in Scotia bank: Exchange rate is above average but 1% transaction charge officially.
- Money Order/Cheque of US bank deposited in canadian bank: Terrible exchange rate

Best option would be:
1) open below account for US dollars in Canada bank:
- TD bank: Borderless account for US dollars
- RBC bank: US dollar account
2) Deposit your US dollars to these accounts (either cash/money order/cheque)
3) Open below account for Canadian dollars in Canada bank:
- TD bank: a canadian account
- RBC bank: a canadian account
4) Note: Never go to bank and ask bank teller to transfer money between us dollar a/c to canadian dollar a/c because of worst exchange rate. Always login to your account online. You will see your both accounts (US dollar a/c & Canadian dollar a/c). Just transfer money between them as and when you want. It happens immediate and you would be surprised to see the best exchange rate you would dream of. I preferred TD over RBC as RBC exchange rate was below TD (I open accounts in both banks )
I still keeping my money within Canada but in US dollars but 30% dollars are already converted into Canadian dollars

Hope that helped

 

[pritishah1180]

HELLO RAO_MANOJ,

I could not understand short cut BOA? TD? pls explain me in brief, i am from India and in our city we have ICICI, Axis, HDFC, KOTAk, SBI, BOB banks so pls make me understand in details.

Thanks

 

[rao_manoj2004]

I changed my post. It applies to someone moving from US to Canada.

But for someone coming from india, I have no experience.

One of the option might be (Deutsche Bank):
http://en.wikipedia.org/wiki/Global_ATM_Alliance
But I see that even though you will get best exchange rate using Deutsche Bank ATM in scotia bank, there might be some fee involved. Better check with Deutsche Bank, India.

HELLO RAO_MANOJ,

I could not understand short cut BOA? TD? pls explain me in brief, i am from India and in our city we have ICICI, Axis, HDFC, KOTAk, SBI, BOB banks so pls make me understand in details.

Thanks

 

[steaky]

HELLO RAO_MANOJ,

I could not understand short cut BOA? TD? pls explain me in brief, i am from India and in our city we have ICICI, Axis, HDFC, KOTAk, SBI, BOB banks so pls make me understand in details.

Thanks

I saw in the forum that there is a ICICI branch in Toronto, Canada. Perhaps you can ask them for details.