Landing fund - best way to take

[Aquib]

Hi,
Quick question to people who already landed.

What best way to take funds.
I enquire (rates for reference, GBP £ V's CAD $ )

UK Bank Giving 1.55 $ for 1£ but charging draft fee additional.

Post Office and thomas Cook cash exchange rate are 1£ = 1.49 $

If we take cash with us then Canadian bank will give £ 1 = $ 1.56 (best ) .

Or take money in thomas Cook cash passport $ Mastercard ( 1£ = $ 1.52) but it charge $ 3.5 cash withdraw fee from Canadian atm/cash machine, all point of sale are free as money will be in CAD, cash withdraw $ 3000 every day,

My question is did anyone ever use that card? How much max we can withdraw from Canada atm/cash machine in 1 transaction.

If it's 500$ then after 3.5$fee
Then it's coming as Over 1.5$ for a £..

So beside taking bank draft I find Thomas Cook cad $ Mastercard as best option.

Please suggest.

 

[cocknbull]

Hi,
Quick question to people who already landed.

What best way to take funds.
I enquire (rates for reference, GBP £ V's CAD $ )

UK Bank Giving 1.55 $ for 1£ but charging draft fee additional.

Post Office and thomas Cook cash exchange rate are 1£ = 1.49 $

If we take cash with us then Canadian bank will give £ 1 = $ 1.56 (best ) .

Or take money in thomas Cook cash passport $ Mastercard ( 1£ = $ 1.52) but it charge $ 3.5 cash withdraw fee from Canadian atm/cash machine, all point of sale are free as money will be in CAD, cash withdraw $ 3000 every day,

My question is did anyone ever use that card? How much max we can withdraw from Canada atm/cash machine in 1 transaction.

If it's 500$ then after 3.5$fee
Then it's coming as Over 1.5$ for a £..

So beside taking bank draft I find Thomas Cook cad $ Mastercard as best option.

Please suggest.

AT POE on landing you can't show them any plastic card (master card or thomas cook card). It needs to be draft, traveller's cheque, cash or bank statement.

If I was you my first preference would be cash and 2nd preference bank draft. Thanks

 

[devilhimselff]

You can bring pounds as well. Money, Bank Draft is better. Though account statement from a UK bank should work too, but most recommend Cash+Draft to avoid any problems at point of entry.

As for plastic, I will not recommend it.

And regrading currency rate.... One way or the other you are gonna get hit with conversion etc. Choose what is the least.

Regards

 

[explorer101]

Canadian $$ in pocket and Bank Draft/Travellers cheque/ bank statement of Canadian Bank

 

[Aquib]

Canadian $$ in pocket and Bank Draft/Travellers cheque/ bank statement of Canadian Bank

Oh in that case bringing £ is best as saw bank in Canada offering better rate .

I m surprise that plastic travel money MasterCard not valid even if in canadain $

 

[devilhimselff]

Pounds are good. As for plastic, well the idea is that you are moving to Canada with everything

Not sure but someone wrote on his forum that visa officer wrote on his/her entry, not moving to Canada yet. Probably problem with receiving PR cards. All intentions at entry should be that you are moving, so that you can get over with the Residency formalities, whatever your plans (within legal and allowed framework of maintaining Residency).

Also I didn't see any ATM machines nearby where thus can I you to print a statement of account. And off course credit cards is like lending from a Bank.

Best of luck.

 

[ADUFE]

Please ensure, if you're going to use bank drafts that you have enough money in a more readily available form to take care of your immediate needs.

I brought in most of my money in form of bank drafts thinking it would take a few days to clear but was unpleasantly surprised to be told at Scotiabank & BMO that the drafts would take 10 working days & 6-8 weeks respectively to clear despite the fact that these drafts were issued in Canadian dollars and payable by the very same banks I deposited them at.

 

[devilhimselff]

Hmm strange that your draft took that long.

I made the Draft on Canadian Bank (Bank of Montreal), it was held for 5 days (Business days) and then money was available at RBC Bank.

 

[azazaz]

Please ensure, if you're going to use bank drafts that you have enough money in a more readily available form to take care of your immediate needs.

I brought in most of my money in form of bank drafts thinking it would take a few days to clear but was unpleasantly surprised to be told at Scotiabank & BMO that the drafts would take 10 working days & 6-8 weeks respectively to clear despite the fact that these drafts were issued in Canadian dollars and payable by the very same banks I deposited them at.

agreed..better take all cash. you can save money by that way and get rid of hassles of making bank drafts...

 

[ADUFE]

Hmm strange that your draft took that long.

I made the Draft on Canadian Bank (Bank of Montreal), it was held for 5 days (Business days) and then money was available at RBC Bank.

I think I made a mistake taking it to BMO; I should perhaps have taken to either RBC or TD.

 

[explorer101]

Bank drafts payable in Canada- the hold limit is 5 business days for all major banks, new immigrants have zero credit rating so this hold is not reduced / removed by banks. Bank Drafts payable outside Canada can take upto business 30 days. Even if the bank receives the money before the hold days, the same is not credited to the account( this is their way of making money and right now is under debate in Canadian Parliament).

 

[ADUFE]

Well, I can assure you that in my case, it was told that it would be held for 10 working days at Scotiabank and the ten working days will be up tomorrow thankfully. Whilst BMO insists that it would only be cleared in 6-8 weeks (they couldn't even give me a definite period of time! ). Note that both drafts were in Canadian dollars payable by these very same banks.
BTW,since you work at a bank, I'd like to ask you a burning question; can I go and get my bankdraft back at BMO despite the fact that it has been with them for 2 weeks now? Will they give it back 'cos I'd like to take it to RBC where devilhimself said it took only 5 days for his draft to clear. Pls let me know 'cos I don't think I can wait for that long to access to my money! :'(

Thanks