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Is it a good way to open a USD account in Canada and transfer the money in USD?

Basically for you to obtain a bank draft you obviously determine the value of the draft say $10,000. You then pay this amount to your bank usually by writing them a check/cheque plus an additional processing fee. Your bank will then issue you a draft worth $10,000. It's just a piece of paper (amazing!), which when presented to any bank to be deposited on your specified account will be accepted. Once deposited, the funds are available to you. On the back end the issuing bank pays the amount to the bank that received the draft.
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next2015 said:
Basically for you to obtain a bank draft you obviously determine the value of the draft say $10,000. You then pay this amount to your bank usually by writing them a check/cheque plus an additional processing fee. Your bank will then issue you a draft worth $10,000. It's just a piece of paper (amazing!), which when presented to any bank to be deposited on your specified account will be accepted. Once deposited, the funds are available to you. On the back end the issuing bank pays the amount to the bank that received the draft.
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So, isn't there any loss of money after transaction?

Let's say I write 150,000 CAD on the bank draft and I tell my bank to take that 150,000 CAD + the fees from my account at their bank. Then when I give that 150,000 CAD bank draft to a Canadian Bank, am I gonna get exact 150,000 CAD?

And instead of taking 150,000 CAD from that Canadian Bank, I can tell them put that money direct in my new account at their bank. Could it work like that?
 
slowokan said:
So, isn't there any loss of money after transaction?

Let's say I write 150,000 CAD on the bank draft and I tell my bank to take that 150,000 CAD + the fees from my account at their bank. Then when I give that 150,000 CAD bank draft to a Canadian Bank, am I gonna get exact 150,000 CAD?

And instead of taking 150,000 CAD from that Canadian Bank, I can tell them put that money direct in my new account at their bank. Could it work like that?
Click to expand...

It really depends on the banks you are dealing with.
 
Yes, you will get the value of the draft in this case 150,000 in the currency you requested. Any loss of value is dependent on the prevailing exchange rate if your account currency is different from your preferred currency for the draft. The bank handles the currency conversion. Otherwise, if the account currency is similar to the draft's currency (e.g. CAD account for CAD draft), there's no need for conversion so you only pay the processing fee.
 
steaky said:
It really depends on the banks you are dealing with.
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Thank you steaky..;)


next2015 said:
Yes, you will get the value of the draft in this case 150,000 in the currency you requested. Any loss of value is dependent on the prevailing exchange rate if your account currency is different from your preferred currency for the draft. The bank handles the currency conversion. Otherwise, if the account currency is similar to the draft's currency (e.g. CAD account for CAD draft), there's no need for conversion so you only pay the processing fee.
Click to expand...

Thank you next2015..;) And is it possible to write that much on a bank draft, I mean over 100,000 CAD? Is there any limit for the amount?
 
You will have to check with your bank for info on limits. Every country has its own regulations on banks.
 
Alright..;)

Thanks for all the info, guys. Appreciated..;)
 
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