plz help:: icici bank statement as a landing proof of fund or....???

[pandey.ved]

Dear All,

thanks for all of your great support and providing very good articles, news, information and knowledge about our Canada.

As a immigrant i am finally planning to Land Toronto with my wife and a 4 year of kid.

So would like to few queries and hope as always you guyz will help me this time also:

1. Is it valid to take ICICI Bank Statement and Debit/Credit Cards for landing proof of fund
2. If i go for travel card has maximum limit 10000 CND$ a currency conversion charges are very high though i can get 2 travel card wife and mine
3. Or if anyone has idea to open a Canadian bank account from INDIA
4. I would like if someone help to choose a short stay home for 3 of us (reasonable price)
5. Any other way to carry cash without or minimal conversion charges

and it will be appreciable if someone already there would like to share something that newcomers may or always face, it will be very helpful for me to have your valuable suggestions.

Thanks
Pandey

 

[explorer101]

1. Is it valid to take ICICI Bank Statement and Debit/Credit Cards for landing proof of fund
>>> ICiCI bank statement is not verifiable in Canada , so i would not recommend it. CC can not be used as a POF as it is not ones money, it is debt.

2. If i go for travel card has maximum limit 10000 CND$ a currency conversion charges are very high though i can get 2 travel card wife and mine
>>> If you are immigrating to Canada then travel card is of no use, it is meant for tourists

3. Or if anyone has idea to open a Canadian bank account from INDIA
>> it is very easy to land and then open a bank account in Canada, if you open in India the process is bit longer when you land here, you have to go to specific branch and then activate the account.

4. I would like if someone help to choose a short stay home for 3 of us (reasonable price)
>>> short stay locations are plentiful and there are few dedicated topic on this issue in this forum.

5. Any other way to carry cash without or minimal conversion charges
>> cash and TC/DD payable in CAD in Canada is the best option. For charges if you do some research by visting SBI/ OBC you would see that the forex rates are better than ICICI/HDFC.

 

[pandey.ved]

1. Is it valid to take ICICI Bank Statement and Debit/Credit Cards for landing proof of fund
>>> ICiCI bank statement is not verifiable in Canada , so i would not recommend it. CC can not be used as a POF as it is not ones money, it is debt.

2. If i go for travel card has maximum limit 10000 CND$ a currency conversion charges are very high though i can get 2 travel card wife and mine
>>> If you are immigrating to Canada then travel card is of no use, it is meant for tourists

3. Or if anyone has idea to open a Canadian bank account from INDIA
>> it is very easy to land and then open a bank account in Canada, if you open in India the process is bit longer when you land here, you have to go to specific branch and then activate the account.

4. I would like if someone help to choose a short stay home for 3 of us (reasonable price)
>>> short stay locations are plentiful and there are few dedicated topic on this issue in this forum.

5. Any other way to carry cash without or minimal conversion charges
>> cash and TC/DD payable in CAD in Canada is the best option. For charges if you do some research by visting SBI/ OBC you would see that the forex rates are better than ICICI/HDFC.

Thankyou explorer101, you are one of few members those are always there to help us without much knowledge as newcomers

So you says it is valid to carry bank ICICI Bank statement so please guide me a feasible way to carry my landing fund... yes i went to Scotia Branch New Delhi as they told me i will have to activate the account after visiting the branch and it would took around a month to open the account and next one to transfer the fund and i am already planned to land 4th week of september

so please suggest what to do for the landing fund...

a lot of thanks for you valuable inputs...
Pandey

 

[explorer101]

Get cash CAD ( 20 % of POF ) remaining in the formTC/DD in CAD payable in Canada . Once you have SIN (in 1-2 days ) , visit any bank in Canada ( with copy of CoPR and passport) and open a bank account, deposit your TC/ Drafts at the same time. It take only 15-20 minutes to open an account. It is the simplest way, than opening account in some other country.
Scotia account opened in India can only be activated in a particular branch in some cities and you may spend $100 or more traveling to that branch.
Canada have 5 major banks, who knows that the place you are going to stay have a scotia branch nearby or you may have to choose some other bank. Land, see around and then decide about the bank.
By the way I never recommended ICICI bank statement as POF. The immigration officer can not verify that POF.

 

[tushar.mistry78]

Hi explorer,

Is it ok if we open NRE account in india and will show this funds as a POF?

NRE account will be either of HDFC OR STATE BANK OF INDIA

 

[pandey.ved]

Hi explorer,

Is it ok if we open NRE account in india and will show this funds as a POF?

NRE account will be either of HDFC OR STATE BANK OF INDIA

thanks explorer101

yes explorer101, i got your point and will carry 20-25% cash rest in DD format payble in canada...

is that also true we can show our landing proof in NRE or NRO account..??

 

[explorer101]

is that also true we can show our landing proof in NRE or NRO account..??

Here is the analysis:_
1. If you are looking to land, get PR card and then go back then you should keep money in home country, get a DD as POF and take back that DD to redeposit back.
2. If you plan to immigrate to Canada and live in Canada on long term basis then i would not recommend NRO/NRI account. You would need money in Canada for your early days.

NRI/ NRO contains currency in Rs and look at the devaluation Rs vs $ in the last 2 years. Your money in NRO/ NRI account will actually shrink. When I landed it was 1$= Rs44 and now $1 = 56 and going by the FI's investment in India and other factors the rupee is definately going to depreciate further. Indian banks pay interest of 6-9 %,and if you calculate still the assets in Rs is shrinking.

POF should be in a way that the immigration officer can verify by making a phone call, how can an immigration officer call a bank in India to verify the POF? Money in international banks can be verified but not in an Indian bank.So funds in NRI/ NRO is not a good POF while landing and one is inviting trouble only by doing so, one can be sent back from airport also.

 

[pandey.ved]

POF should be in a way that the immigration officer can verify by making a phone call, how can an immigration officer call a bank in India to verify the POF? Money in international banks can be verified but not in an Indian bank.So funds in NRI/ NRO is not a good POF while landing and one is inviting trouble only by doing so, one can be sent back from airport also.

thanks explorer101, such a valuable information i just ask it to clarify my doubt.... now as par your suggestion i am taking 5000$ cash and rest in DD payable in Canada, so my landing problem is solved now..... i have done with my tickets i booked it for 18th Sept 2012 and we will land on 19th...

One most important query is home, we are looking for a guest house type of accommodation so i could get my SIN etc and will find own appt or whatever will be in my budget i now want your help to suggest me where to stay for few days i know there are few topics on it...but as you have much experience in city/country so please suggest me a economical stay home for few weeks so i could manage my own residence

thanks a lot and may god bless you always!!
Ved

 

[explorer101]

suggest me a economical stay home for few weeks so i could manage my own residence

Where are you landing ?
How many members are there?

 

[forax]

Thankyou explorer101, you are one of few members those are always there to help us without much knowledge as newcomers

So you says it is valid to carry bank ICICI Bank statement so please guide me a feasible way to carry my landing fund... yes i went to Scotia Branch New Delhi as they told me i will have to activate the account after visiting the branch and it would took around a month to open the account and next one to transfer the fund and i am already planned to land 4th week of september

so please suggest what to do for the landing fund...

a lot of thanks for you valuable inputs...
Pandey

Yes, u can carry ICICI BANK STATEMENT AS A NO. OF PEOPLE DID SO AND THEY NEVER FACED ANY PROBLEM

 

[nirmaan]

thanks explorer101, such a valuable information i just ask it to clarify my doubt.... now as par your suggestion i am taking 5000$ cash and rest in DD payable in Canada, so my landing problem is solved now..... i have done with my tickets i booked it for 18th Sept 2012 and we will land on 19th...

One most important query is home, we are looking for a guest house type of accommodation so i could get my SIN etc and will find own appt or whatever will be in my budget i now want your help to suggest me where to stay for few days i know there are few topics on it...but as you have much experience in city/country so please suggest me a economical stay home for few weeks so i could manage my own residence

thanks a lot and may god bless you always!!

Ved

what Airline did u take? m flying on 18 sep too by British Airways

 

[pandey.ved]

Where are you landing ?
How many members are there?

i will land in Pearson Toronto, we are 3 members including my 4 yrs Kid, so i need accommodation related help, and no one can be better than you to suggest me a economical place to live for few days that i will manage for a appt or something...

thanks
Ved

 

[pandey.ved]

what Airline did u take? m flying on 18 sep too by British Airways

i am going via US airline and first will land in newark (new jersy) and 4 hours stay is there (as my brother lives there) and than i will land to Pearson Toronto, looking for short term stay home for few weeks so will manage there....

thanks
Ved

 

[tushar.mistry78]

Yes, u can carry ICICI BANK STATEMENT AS A NO. OF PEOPLE DID SO AND THEY NEVER FACED ANY PROBLEM

one more question regarding this discuasion.

is it ok if we take statement or certificates of FDs with NRE account which can be liquidate any time (confirmed with HDFC bank people ).?

Please share ytlr suggestions.