Open a "Scotiabank" Account in Dubai...

[Chami]

If u r looking for savings, in a mean time while yr money are locked untill u land in Canada, in that case either savings acct-s or non-registared investments are good, if u don't want to be involved in the savings for now, just open regular chequing acct: 'Power Chequing' which is $3.95 per month, however at least $1000.00 within a month will waive the monthly fee.

 

[drca11]

Hellow Qorax
I am new in this forum and i found alot of usefull informations. I would like to thank you for your great work.

I need to clarify about certain points regarding proof of fund:

1. If i open an account in Scotiabank from Dubai, is the wire transection receipt from any mony exchange would be consider as acceptable proof of fund ?
2. How long it will take the procedure of opening an account in Scotiabank from Dubai ?

 

[qorax]

Hellow Qorax
I am new in this forum and i found alot of usefull informations. I would like to thank you for your great work.

I need to clarify about certain points regarding proof of fund:

1. If i open an account in Scotiabank from Dubai, is the wire transection receipt from any mony exchange would be consider as acceptable proof of fund ?
2. How long it will take the procedure of opening an account in Scotiabank from Dubai ?

1. No. U get a statement of a/c - that holds good.
2. It takes 6-8 weeks to process/confirm the a/c -after u have the COPR.

 

[drca11]

Thanks for your quick response,
Kindly note that i allready got the COPR, and planning to land in the mid of May.
I still need further clarification if you dont mind:

1. How can i get bank statement? you mean through HDFC bank in Dubai? as i have been told that the account will be activated only after landing. And how long it will take to get the account statement?
2. As a second option, can you please advice me how can i get DD cheque which could be cached fast and easy in CA?. And from wher i can ge it.

Thank you.

 

[qorax]

Thanks for your quick response,
Kindly note that i allready got the COPR, and planning to land in the mid of May.
I still need further clarification if you dont mind:

1. How can i get bank statement? you mean through HDFC bank in Dubai? as i have been told that the account will be activated only after landing. And how long it will take to get the account statement?
2. As a second option, can you please advice me how can i get DD cheque which could be cached fast and easy in CA?. And from wher i can ge it.

Thank you.

1. After u deposit the monies@HDFC-Dubai - it'd take 6-8 weeks to receive a statement of a/c from Scotia-Canada. The 'activation' isn't an issue.

2. Alternatively, obtain a Bank Draft from Al Fardan Exch. They'd draw it for BMO-Toronto... if u open a BMO a/c [wherever u r] - it'd be credited in 24hrs. Else, 48-72hrs usually.

 

[AeriPun]

Hello Qorax / Others

I'm planning to do Landing in Jun/Jul and then come back to dubai, for 2 yrs min. I need your advice as to the easiest/economical way to show POF. I know I can make a DD (e.g. from Al Fardan) and cancel it after coming back (Any idea of total loss in Aed?). Another option I thought was to open and maintain for an year the Scotia Banks Start Right account. But is it possible to close account & transfer funds (say $5000 max) from CA to Dubai. Is there a third/better option ? Please advice on this.
Qorax - thanks on behalf of all those who've benefitted from your posts but didn;t getthe chance to acknowledge (like me!).
God bless.
Puneet

 

[drca11]

Thank you Qorax for your valuable information.

 

[bazim99]

Hi Qorax,
1- it's 11th April today and I will land by 20th May. If this will take 6-8 weeks to get the Bank Statement so do u advice me to go ahead with opening the account from Dubai or shall i do it when I land ..

2- Have u gone through their credit card options, I want a very basic one .. shall i go with No-Fee Scotia Money back ?

thanks.

 

[edmonta]

Hello Qorax / Others

I'm planning to do Landing in Jun/Jul and then come back to dubai, for 2 yrs min. I need your advice as to the easiest/economical way to show POF. I know I can make a DD (e.g. from Al Fardan) and cancel it after coming back (Any idea of total loss in Aed?). Another option I thought was to open and maintain for an year the Scotia Banks Start Right account. But is it possible to close account & transfer funds (say $5000 max) from CA to Dubai. Is there a third/better option ? Please advice on this.
Qorax - thanks on behalf of all those who've benefitted from your posts but didn;t getthe chance to acknowledge (like me!).
God bless.
Puneet

Dear Mr Puneet,
As I can see yr VO is New Delhi and u r residing in Dubai.I've a similar case like u..I am residing in Abu Dhabi and applied in New Delhi as VO.I want to know what can be the possible consequences as other guys in the forum who reside in Dubai select London as VO.
I want to know if yr correspondence address was of India or in DUbai..
Thanks
Edmonta

 

[AspirantCanada]

Hi edmonta ,

New to the forum but have some info about Canada income tax.

Do not go for the second option of opening an account in Scotia Canada and then come back to UAE for work.. If you have any relationship left in Canada then you are suppose to pay income tax on your global income.

Live account in Canada is considered as relationship which will make you liable for tax.

hope it helps

 

[qorax]

Hi edmonta ,

New to the forum but have some info about Canada income tax.

Do not go for the second option of opening an account in Scotia Canada and then come back to UAE for work.. If you have any relationship left in Canada then you are suppose to pay income tax on your global income.

Live account in Canada is considered as relationship which will make you liable for tax.

hope it helps

There's a way with that as well... talk to any CGA around, who file's-in the IT forms [costs $25] - they'd apprise u.
There's no danger@having a bank a/c here & returning back - that a/c is not your 'primary' residential tie...

Qorax

 

[steaky]

I agree with qorax. bank accounts are secondary residential ties and not significant. You can have non-resident bank accounts.

 

[shaider]

what about someone who is in United Kingdom, which UK bank is good for "Scotiabank"?

 

[australiatocanada]

Hi Qorax & all,

I'm not good in banking and that's why wondering when reading in this forum about importance of "Credit History" & "Credit Card" in Canada.

Most of the people want to have credit card's for maintaining credit history....but why it is necessary?

I have not take any loan and credit card from bank in my life....with the grace of god have always good savings in mine accounts....so why should I need "Credit History" or "Credit Card" in Canada.

Pleaseeeeeee guide.....

Thanx

TINA

 

[Chami]

Hi Qorax & all,
I'm not good in banking and that's why wondering when reading in this forum about importance of "Credit History" & "Credit Card" in Canada.
Most of the people want to have credit card's for maintaining credit history....but why it is necessary?
I have not take any loan and credit card from bank in my life....with the grace of god have always good savings in mine accounts....so why should I need "Credit History" or "Credit Card" in Canada.
Pleaseeeeeee guide.....
Thanx
TINA

Hi Tina,
Credit history is very important when you need to apply for big credit: mortgage to buy a house or car loan (if it's more than your limit of savings). You can live without credit card if you want, but there are certain places u have to pay with credit card (online purchases, apply for Passport or Birth Certificate, when u have a baby). If you worry about interest on visas, just pay back what you have used by due date of the payment (within 21 bsns days) in that case you will avoid interest. You can always pay earlier (use-pay). You might need visa when you buy ticket to fly with your family. Instead of going to bank to take cash more than yr ATM limit and go to purcase a ticket, u'll avoid time involvig hasle and just to quicken the process you pay for ticket wih visa (over the phone or online) and transfer it back from your PC on-line from chequing account back into visa. There are lots of rewards for using credit card given by bank such as cash back, and other benefits as discounts in dining, etc.
If you have more Qs, feel free to ask.
Chami