Most preferred Proof of Funds

[gtrwizrd]

Hi folks!

Which of the following is the best way to bring funds to Canada upon landing for new immigrants? Which is easier to bring without any hassles?
- Traveller's cheque
- Bank Draft
- Cash

I've another question... When I filed my application I paid the processing fee using bank draft. The beneficiary I placed is the Receiver General For Canada. Now for the bank draft I'll use for Proof of funds upon landing, who will I place in the beneficiary?

I apologize for these seemingly newbie-ish questions as I really have very little idea about these matters even after googling about them.

 

[balakri]

Hi

Please check the below link.

http://www.ci.gc.ca/english/immigrate/skilled/funds.asp

It could be any combination of these. It depends on the number of family persons you are coming.

As far as the travellers cheque are concerned it has to be in your name or family persons name who is accompanying you so that you can encash it as and when you want.

Thanks
Bala

 

[gtrwizrd]

Thanks for your reply Bala. I am really interested in how each of the various methods of bringing funds to Canada differ from each other. Anybody here would like to share their experiences?

 

[balakri]

Hi

The easiest would be cash but there are certain risk involved with it. I am planning for a family of two 14,000/- Cad dollors. I am planning for 4K in cash and the balance in travellers cheque. THese can be encashed in any bank at nominal discount or no discount.

Thanks
Bala

 

[gtrwizrd]

Have you inquired in Canadian banks regarding the fees when encashing traveler's cheques?

 

[balakri]

Hi

I have not actually inquired about it. But i would assume it would be a very small difference or no difference at all and the major plus is that it is very safe. No one else apart from the person in whose name the Trb cheque is cannot encash it.

Thanks
Bala