Showing proof of funds during landing if not entering together with dependents?

[Musikwala]

Our entry deadline is 10th Nov and I'll be landing on 5th Oct. Spouse and kid will be landing on 5th Nov. What are the safest and best possible ways to show proof of funds? Both during my initial landing and during wife's subsequent landing.

We are bouncing around various ideas in our head like... 1. Carrying a current bank statement from our South African bank account plus some CAD cash in hand OR 2. Transferring the bulk of the money to a Canadian bank beforehand, printing out their statement plus some CAD cash in hand OR 3. Carrying the bulk of the money using a bank draft or certified cheque of some sort (payable to my own name - Is that even possible?) OR 4. Carrying the whole POF amount in CAD cash. Not sure how safe that is.

What do you all think is the best possible way to do this?

Thanks,

Musikwala.

 

[Musikwala]

Option 1 is fine.

Thanks. It sounds like the easiest option but here's the thing: I will obviously have to make sure that after landing I can easily transfer the money from my South African account to my new Canadian account. We are Indians and don't have any family here, so we'll have to check if that transfer will be possible without any person here having power of attorney.

What about transferring the bulk of the money to a new Canadian account even before landing? How safe and feasible is that option?

 

[Musikwala]

Sure, you can do that too. I'm not sure if a Canadian bank lets you open an account before you are in the country, but I guess you can easily find out by looking at a few banks' websites. I don't understand your question about safety. Why would it not be safe?

And don't they have online banking in SA? Once you've arrived in Canada, it should be easy to transfer your money over if you have access to your online account.

You're right. I think it is fine. I can look at opening an RBC account or something from here itself and transfer money beforehand. And I suppose as long as both self and wife carry bank statements from both our SA account and Canada account, we should be fine.

Thanks for your help! +1

 

[lazybone]

You're right. I think it is fine. I can look at opening an RBC account or something from here itself and transfer money beforehand. And I suppose as long as both self and wife carry bank statements from both our SA account and Canada account, we should be fine.

Thanks for your help! +1

Hi Musikwala

please find a link to the acceptable id required by rbc to open a bank account below
https://www.rbcroyalbank.com/onlinebanking/bankingusertips/currentid.html

1.you will see two sections-primary id and secondary id....you need to have atleast one primary id to open a bank account...it does not matter how many pieces of secondary id you have..most of the primary id are mostly 'Canadian' ids with photo...usually takes 2 weeks to get depending on province to province, what kind of id you have applied for, etc...( for most canadian ids you have to have an address where they mail you the id)...most canadian banks will understand your situation that you are a newly landed immigrant and may allow you to have just the one chequing account till you present proper id..

2.you may open a bank account electronically...but you wont be able to transact on it till a banking officer 'verifies' your id and signatures..i know cibc has an online option where the account numbers gets generated immediately...but to open you would still need your primary id...

3.there is in most banks something called a "phone fax agreement"- wherein the bank officers can accept your request via phone/fax/email. most banks have this facility...in the case that you and your family have landed and want the SA bank to transfer your funds to your Canadian bank account later...this is an option but I personally wold not feel comfortable doing it...but if your meet your SA banks branch manager and discuss the situation he might be able to help, if you decide to take this route

4. the most viable option in my mind is this- first make your spouse 'joint' on the accounts that you have shown POF from.... when you land Oct/05, you show POF and start working toward getting a bank account for the transfer...now your spouse gets an updated POF statement 2 weeks before she leaves SA, initiates the transfer to your canadian bank account then leaves SA and shows POF during her landing Nov/05....because she is joint...no power of attorney required...

also be advised, POA can only be provided to a person incase the person whose 'best interest' that they are acting on behalf of- are unsound in mind/unable to make a decision/incapacitated...(I dont know about SA but thats how it is in Canada)

hope this helps!

 

[Musikwala]

4. the most viable option in my mind is this- first make your spouse 'joint' on the accounts that you have shown POF from.... when you land Oct/05, you show POF and start working toward getting a bank account for the transfer...now your spouse gets an updated POF statement 2 weeks before she leaves SA, initiates the transfer to your canadian bank account then leaves SA and shows POF during her landing Nov/05....because she is joint...no power of attorney required...

also be advised, POA can only be provided to a person incase the person whose 'best interest' that they are acting on behalf of- are unsound in mind/unable to make a decision/incapacitated...(I dont know about SA but thats how it is in Canada)

hope this helps!

Thanks a lot for your recommendations!

Unfortunately my wife cannot stay behind after me in SA. She's actually leaving in a week from now on Sep 4th to India where she will spend 2 months with family before leaving for Canada on Nov 4th. So basically here's what I'm thinking of doing:

Option 1: Open a Canadian bank account from SA itself within the next few weeks. Transfer the bulk of our savings to that account and print out statements of that CAD balance. Email a copy of the same statement to wife in India to carry with her during landing.

Option 2: Get a bank statement of our current SA account. Get 2 copies, one for self and one for wife. Both of us will carry these statements (during our respective landings) showing total amount in South African Rand and hope that the officer at port of entry will know how much CAD that signifies.

Plus, we will both have a few thousand CAD cash in hand of course.

We are leaning towards option 1 above... as long as we are able to open that Canadian account hassle free sitting in SA itself.

 

[Musikwala]

Just remember that when you do your landing separately, the primary applicant must land before the dependent (or together with them).

Oh yes. That I know. Thanks. My main doubt right now is I hope if we show some or all funds in South African Rand currency, they will not expect to see in CAD only.

 

[lazybone]

Thanks a lot for your recommendations!

Unfortunately my wife cannot stay behind after me in SA. She's actually leaving in a week from now on Sep 4th to India where she will spend 2 months with family before leaving for Canada on Nov 4th. So basically here's what I'm thinking of doing:

Option 1: Open a Canadian bank account from SA itself within the next few weeks. Transfer the bulk of our savings to that account and print out statements of that CAD balance. Email a copy of the same statement to wife in India to carry with her during landing.

Option 2: Get a bank statement of our current SA account. Get 2 copies, one for self and one for wife. Both of us will carry these statements (during our respective landings) showing total amount in South African Rand and hope that the officer at port of entry will know how much CAD that signifies.

Plus, we will both have a few thousand CAD cash in hand of course.

We are leaning towards option 1 above... as long as we are able to open that Canadian account hassle free sitting in SA itself.

unfortunately option 1 will not be available to you-

due to lack of canadian id and signatures....usually when you try to open a bank account online the system is designed in a way wherein you have to put in your primary id and id numbers/secondary id and numbers and open the bank account....some banks allow you to scan your primary and secondary id....even if you make it thru the process and the account opens- they will revert you to a bank that you want to deal with...for verifying your signatures...no bank will open an account in canada before verifying your signature...im confident of that...like i said earlier, if you manage to open the account online however, you cannot transact on it till signatures are verified...it is a myth that you can open a bank account in Canada sitting in SA...going by that logic, anybody in the world could open an account in canada online without any verification for any purpose legal or illegal...

option 2 is definitely more viable...dont worry about exchange rates...as dan said...they will figure it out

there is a 3rd option that may also be useful to you....after you take out statements for POF..dont carry the 'bulk of cash' because at customs you would need to declare it...there is a safer option available...most countries have a prepaid debit card where a customer can load money into the card...in the currency of their choice...you can load upto ten currencies...although there is a limit on 'how much' you can load into a card....there is 'no limit' on how many cards you can have...these cards work like a usual debit card and you can withdraw cash etc from atms using your PIN used during card setup... the other thing is, you dont waste any money on exchange rates when you use this card... if you carry cash...the disadvantage is, you would need to carry it with you 'till' you open a bank account...and assuming you would exchange the Rand to CAD same day to put in the CAD bank account..you might lose out on exchange on that day...
when you load the card with cad or any other currency...you have the option to exchange when you want to..

find a link below for a travel prepaid card from icici
http://www.icicibank.com/Personal-Banking/cards/Consumer-Cards/travel-card/multicurrency-platinum-travel-card.page


I dont know if this option is available to you in SA...but it should be...

hope this helps!

 

[Musikwala]

Thanks a lot, lazybone! Lots of tips. Definitely helps. Will check on the opening of the Canadian bank account. People over at the SA Canada forum have actually done it from SA itself. So I think it is possible. Will be checking it out. Also, thanks for the heads up on the prepaid debit card.

 

[lazybone]

Thanks a lot, lazybone! Lots of tips. Definitely helps. Will check on the opening of the Canadian bank account. People over at the SA Canada forum have actually done it from SA itself. So I think it is possible. Will be checking it out. Also, thanks for the heads up on the prepaid debit card.

you are welcome...when I replied to you...I was also trying find a Canadian bank in SA...but unable to find one...I only found RBC Suisse...but I believe, they are only dealing in private wealth management, investments etc...

but if you aware that you can open a Canadian Bank account in SA...I agree too..that it will be the best option for you...

the ID requirements I had posted earlier was in regards to opening a bank account online or within Canada.... in SA, you will be anyway meeting the ID requirements...so its all good...

hope it all works out for you! wish you and your family a happy and safe landing in Canada!

 

[zanny]

Travellers cheque is the easiest option i guess - On the spot redemption, no fear of losing it, plus high safety. They are available in denomination of CAD 500, so u just need few of them to meet PoF requirements

 

[zanny]

Not really recommended. Traveller's cheques are a niche application these days - fees are high, very few places will cash them (except banks and they charge handsomely for it) plus they still qualify as a cash instrument, so will have to be declared with customs upon arrival in Canada.

The best option for POF purposes is to simply bring a bank statement and a bit of cash or a debit/credit card for incidentals. Then open a bank account in Canada and transfer your money from your home country. Or just keep using a debit or credit card if they charge you low foreign transaction fees.

TD bank and Scotiabank does not charge anything for redemption of TCs.

 

[CWilson]

Just to share my experience as I recently landed (in Toronto) and had non accompanying dependents*. I used a recent bank statement from my UK bank as POF, didn't have anything else. The lady who dealt with me accepted that without any problems.

*The lady who dealt with me said actually my children didn't count as dependents as they are Canadian citizens (Canadian mother) so in theory I had 3 times the money that I needed, but through the whole process my understanding was that they did count as dependents.

 

[Musikwala]

Excellent! Thank you so much all, for sharing your experiences. This topic is at ease in my head for now. I love this forum!