Landing. How to transfer money.

[Armenak]

Hello.
We plan to land soon.
In accordance with rules me and my wife must have minimum $14,853 CD.
I plan to bring a bit more. About 18,000 - 20,000 CD.
Do we only have to bring cash or any alternative is available? I am a bit worried about transferring this amount in our hands.
Meanwhile I also want ask if during landing I need to declare this amount or not?
Lets suppose we have 20k (or less), so if I have 10k (or less) and my wife has 10k (or less) means no declaration is requested? Or the process of confirmation of minimum funds is itself a kind of declaration?
Thanks for your advises.

 

[rajkamalmohanram]

Hello.
We plan to land soon.
In accordance with rules me and my wife must have minimum $14,853 CD.
I plan to bring a bit more. About 18,000 - 20,000 CD.
Do we only have to bring cash or any alternative is available? I am a bit worried about transferring this amount in our hands.
Meanwhile I also want ask if during landing I need to declare this amount or not?
Lets suppose we have 20k (or less), so if I have 10k (or less) and my wife has 10k (or less) means no declaration is requested? Or the process of confirmation of minimum funds is itself a kind of declaration?
Thanks for your advises.

Well, whatever you bring, if you are unsure if you have to declare or not, just declare it. Do not take the risk - Not worth it. Whatever you bring into Canada when you are landing is NOT taxable, so bring as much as you can.

Do not carry so much cash. Split the funds in the form of Cash, traveler's checks, travel cards. The rest of the money can stay in your bank account. Be sure to get a fresh bank letter and an updated statement from the bank to prove POF at the POE.

Having said that, you might consider opening a Canadian bank account from your country. Google "ScotiaBank StartRight Program". This program is specially tailored for immigrants who are yet to land in Canada. Please note that this facility is not available in all countries.

This will allow you to open a Canadian Bank account from your country. The funds can be deposited as CAD. You will get a bank letter and a statement that shows the current balance and this can be shown as POF at the POE, if requested.

You can activate this account by walking into one of the ScotiaBank branches in Canada and showing your passport and COPR.

Good luck and all the very best .

 

[Armenak]

Thanx. Did you see anywhere in official sources mentioned that traveler's checks, travel cards, and a bank account (with a reference) will be accepted by officials at the POE? Just want to be sure that they will not send me back saying "no money no entry" )))

 

[rajkamalmohanram]

Thanx. Did you see anywhere in official sources mentioned that traveler's checks, travel cards, and a bank account (with a reference) will be accepted by officials at the POE? Just want to be sure that they will not send me back saying "no money no entry" )))

Well, official sources will not mention what all you can carry. The point is, whatever you carry must be liquid OR should be easily liquidated. You can return unused traveler's checks and get back the money. When you close your surrender your travel card, you will be reimbursed with the unused amount. Bank account, very obvious. You can withdraw the money anytime.

Well, it is kinda wise to open a Canadian bank account because it will save you a LOT of worry. A bank certificate issued by a Canadian bank would be deemed more reliable and conclusive rather than a bank certificate issued by a foreign bank.

Good luck!