Honolulu said:
They tell me there is a lock in period for bank cheques - of 30 days.
They verify your source of income and advise a bank statment of past few months.
Be aware of that hwen you bring in money in that form.
Bank Drafts/ bankers cheques payable in Canada are put on hold for only 5 days by the banks here. If the Bank draft is not payable in Canada, then it takes about 20-30 days for collection and the payment is put on hold.
No source of income is verified by the banks here once you say that you are new immigrant. However for later transaction ( bank drafts - overseas) some questions are asked, as to the source of funds and the senders details. Straight reply and the matter finishes in seconds. Nothing is entered in any record.
Canada look for immigrants money, it constitutes 19% of Canada's GDP. No fuss is created on immigrants money, one can bring XX amount of money as per ones requirement/ assets/ worth.
Banks prey upon money of new immigrants, they suggest all sort of banking products( RESP, Insurance, Child Plan, Pension Plan, Disability Plan, Mutual Fund Investment etc etc. I suggest dnot buy any banking product till one gets good job or have finally decided to stay in Canada.
