Landing in Canada, how can I avoid the horrible UK exchange rate?

[Spielo]

Hi all,
I'm wondering about how proof of funds works when it comes to landing in Canada. Given that 52% of British people were deceived into voting in favour of committing unprecedented economic vandalism against their own country through idiotic immigrantphobia, I'm now in a situation where all of my money is worth considerably less than it was a few months ago.

Given that moving money out of the UK is now an extraordinarily terrible idea, I'm considering investing all of my pounds in paying off my mortgage, making them inaccessible. My brother lives in the US, and has offered to loan me some USD to convert into CAD instead of transferring my heavily devalued GBP.

In terms of landing in Canada (FSW-Outland) how should I do this in terms of proof of funds? Do I have to have a minimum amount of CAD on me when I arrive? Should I set up a Canadian bank account in advance, transfer money to it and print a statement? Should I take some other approach?

Thanks in advance!

 

[mgnlky]

I would suggest setting up a Canadian bank account. Several have options that allow free cross-border transactions (USA-Canada), so if your brother is putting money in for you, you'll avoid paying high wire transfer fees.

Keep in mind that the funds cannot be a loan; if he gives you money, you'll need a gift deed.

 

[sushsmart15]

I suggest you to convert GBP into USD only after a couple of weeks more. This week was the worst for GBP. Have some patience, there is a price retracement expected in the next few weeks which may go upto 1.28 USD per GBP.
After that, it will go down to as low as 1.20 USD or less.
Note that it just touched 1.20 USD level yesterday but pulled back sharply and finished the day at 1.2430

 

[Spielo]

I suggest you to convert GBP into USD only after a couple of weeks more. This week was the worst for GBP. Have some patience, there is a price retracement expected in the next few weeks which may go upto 1.28 USD per GBP.
After that, it will go down to as low as 1.20 USD or less.
Note that it just touched 1.20 USD level yesterday but pulled back sharply and finished the day at 1.2430

I'm hoping that I'll be able to move without transferring any GBP whatsoever...

 

[JALT]

I'm hoping that I'll be able to move without transferring any GBP whatsoever...

Get hold of the Canadian Embassy/Consulate (whatever) in London to confirm it, but I think you can bring proof of funds in the form of bank statements that are in just your name (or joint with spouse but they have to be coming with you). BUT, you have to show that you haven't borrowed the money. I personally would bring bank statements for about 6 months for the balance in your UK account, and then get your brother to wire you the shortfall so you can bring that as cash. They can't prove the cash isn't yours as you could have just had it under a mattress for 6 months. You have to declare if you bring over $10,000 in as cash anyway.

You just need to show you have money to pay for yourself while you look for work, it doesn't matter about the currency I don't think. You can keep it in the UK. As long as it's in a bank you can get money out of when needed. Again, just double check. Get on the expat forum, seems to be more Brits on there than on here.

The other option is ask your bank if they have a Canadian branch. I think HSBC does. Then they can set your Canada bank account up before you arrive. Again, you don't have to actually do the transfer.

I was lucky, I was sending Canadian money back to the UK at the time of Brexit... didn't make the news any better though

 

[lazybone]

I'm hoping that I'll be able to move without transferring any GBP whatsoever...

Prepaid cards may be an option for you- you can bring in all your funds into canada without exchaging it right away..

For POF, you can show statements in Pounds during landing..once you take out the statements, transfer the money into a prepaid travel visa which allows you to load money into the card..although cards have a certain limit of cash you can load into them, theres no limit on how many cards you can have..its just like a debit card..and it can be used anywhere..most of these travel cards are multicurrency as well..

This will give you the flexibility of carrying your cash with you in pounds and exchanging when you want to..see the link below:

http://www.postoffice.co.uk/travel-money/card

Most banks have this facility too...i would recommend that you check with the banks..

After you have opened a bank account in Canada, you can withdraw from the card from any atm(fee is 1.50$) and park the funds into your bank account..although withdrawals will be in CAD...you pay the exchange on the day you choose..

 

[thestunner316]

Hi all,
I'm wondering about how proof of funds works when it comes to landing in Canada. Given that 52% of British people were deceived into voting in favour of committing unprecedented economic vandalism against their own country through idiotic immigrantphobia, I'm now in a situation where all of my money is worth considerably less than it was a few months ago.

Given that moving money out of the UK is now an extraordinarily terrible idea, I'm considering investing all of my pounds in paying off my mortgage, making them inaccessible. My brother lives in the US, and has offered to loan me some USD to convert into CAD instead of transferring my heavily devalued GBP.

In terms of landing in Canada (FSW-Outland) how should I do this in terms of proof of funds? Do I have to have a minimum amount of CAD on me when I arrive? Should I set up a Canadian bank account in advance, transfer money to it and print a statement? Should I take some other approach?

Thanks in advance!

dont let me even get started on the brexit... it was unbelievable, seriously... feel sorry for your current predicament...

 

[andy108]

are there banks where we can open bank account prior to landing?

 

[JALT]

are there banks where we can open bank account prior to landing?

Here's one. There could be more...

http://www.rbc.com/newcomers/moving-to-canada-resident.html

 

[andy108]

Here's one. There could be more...

http://www.rbc.com/newcomers/moving-to-canada-resident.html

Thanks so much!

 

[Spielo]

Forgot to thank everyone for their replies! The pound has tumbled even further since I posted this

Still, escaping this country of braying, selfish nationalistic idiots is why I'm leaving for Canada in the first place

 

[sttaq]

Hi all,
I'm wondering about how proof of funds works when it comes to landing in Canada. Given that 52% of British people were deceived into voting in favour of committing unprecedented economic vandalism against their own country through idiotic immigrantphobia, I'm now in a situation where all of my money is worth considerably less than it was a few months ago.

Given that moving money out of the UK is now an extraordinarily terrible idea, I'm considering investing all of my pounds in paying off my mortgage, making them inaccessible. My brother lives in the US, and has offered to loan me some USD to convert into CAD instead of transferring my heavily devalued GBP.

In terms of landing in Canada (FSW-Outland) how should I do this in terms of proof of funds? Do I have to have a minimum amount of CAD on me when I arrive? Should I set up a Canadian bank account in advance, transfer money to it and print a statement? Should I take some other approach?

Thanks in advance!

I opened a currency account with HSBC in UK. Then I put my funds in it. I did lose some money because of low exchange rate and the rate provided by bank but now I have all the funds in CAD and I can show this statement when landing. Unfortunately I am yet to get ppr and almost in a situation where I might end up paying for renewing my visa in UK the cost of which is now touching sky especially after they have introduced this stupid immigrant health surcharge.

 

[Spielo]

I opened a currency account with HSBC in UK. Then I put my funds in it. I did lose some money because of low exchange rate and the rate provided by bank but now I have all the funds in CAD and I can show this statement when landing. Unfortunately I am yet to get ppr and almost in a situation where I might end up paying for renewing my visa in UK the cost of which is now touching sky especially after they have introduced this stupid immigrant health surcharge.

I'm sorry that the UK government has decided to join the tabloid newspapers and morons across the land in blaming immigrants for everything. They're a disgusting bunch.

 

[sttaq]

I'm sorry that the UK government has decided to join the tabloid newspapers and morons across the land in blaming immigrants for everything. They're a disgusting bunch.

Indeed - First they shout loud that all the problems this country is having is because of immigration and then they start clamping down on us.

They tighten the rules, increase the fee for everyone including small babies (yes the fee for my two year old child is same as mine) and introduce health surcharge which you have to pay in advance for the next three years - all of this on top of tax and NI and no benefits. This was one of the reasons I decided to apply for Canada but appears like I will end up paying this huge bill for being a non-EU person.

Secondly, when the referendum comes, all those people who were shouting loud against immigration start campaigning that hey immigration is not that bad after all and we can do better in EU, thus leaving the public more confused than ever who end up voting in the wrong direction. Perfect example of how you screw things up for the whole country. Even if there was no one campaigning for the Leave side, people would still have voted to leave because they had already elected the conservatives on the promise that they would control immigration which they were forced to believe was the cause of all problems.

Finally, they won't be able to control immigration anyway because no one wants to leave the benefits of being in the single market - so I wonder what was all this shouting/referendum about in the first place?

 

[Spielo]

Finally, they won't be able to control immigration anyway because no one wants to leave the benefits of being in the single market - so I wonder what was all this shouting/referendum about in the first place?

They're going to cut off their nose to spite their face. I think "Hard Brexit" will happen, not because anybody actually wants it, but because the EU has told the UK that it's hard Brexit or no Brexit at all to punish the UK, and this arrogant government will pursue the hard Brexit despite the disastrous consequences.

I'm sorry it's needlessly costing you, I have a friend who moved here from Australia, started a successful local business that employs 10 people and the Home Office still treats her like scum, as if the ridiculous reports about immigrants in the tabloids aren't complete nonsense. It makes me so utterly ashamed.