Transfer of funds

[kenyk]

Dear Members,

Appreciate if anyone could shed some light on transfer of funds to Canada. I am planning to land by mid March in toronto .Wanted to know the best way to transfer of funds.

1) Start a bank account in Canada while being abroad(Start right program by scotia bank/ Newcomer advantage by RBc)
2) Transfer money to sibling account (if so, would it be an issue , if the immigration office would ask for the proof of funds)
3) Travellers cheque.

Regards,
Kenyk

 

[NetMecca]

Wire transfer is the least expensive and safest option. If you are able to open a bank account in Canada and just wire the money by far the best option. Remember that you can change banks if you find the starting bank does not meet your requirements or another offers a better deal. I did within a week after I arrived.

 

[kenyk]

Wire transfer is the least expensive and safest option. If you are able to open a bank account in Canada and just wire the money by far the best option. Remember that you can change banks if you find the starting bank does not meet your requirements or another offers a better deal. I did within a week after I arrived.

Out of the 3 options stated in my post. What would you suggest?

 

[rockytg]

First one

 

[NetMecca]

Out of the 3 options stated in my post. What would you suggest?

First one

 

[canresearch2019]

Hello everyone,

Reactivating this thread for a question: my parents will be landing in Canada as new immigrants, and are looking to transfer funds.

They are considering transferring the amount (~10,000) to my bank account in Canada. Upon arrival, they will open their own account and I will transfer the funds back to them.

Is this a valid approach? Will appreciate any advice you may have to share.