Thats nice info Qorax...one of my freind recently moved to canada and he carried bank draft from Thomas cook, the draft is still yet to get clearance even after over 1 n half month...i'm really not sure whats the glitch, but i'll be inquiring about bank drafts from thomas cook and icici in a day or two...i'll be landing in toronto in 3rd week of jan...thanks for the info...
Yes, with drafts there's a danger of delays (mostly due to the banking arrangement of some FOREX houses). Which is why, it's advisable to observe the
80-20 rule (20% in cash). However, these delays r not 'usual'... they do not occur with all.
If u r doing "Bank-to-Bank" (ie. overseas bank to a Canadian bank) - those timeframes, which I mentioned before, r perfect. But, if u r doing "FOREX House-to-Bank" - u could expect delays... only in some cases. And in that scenario it's always wise to make the draft/s from a FOREX House which has a relationship with a Canadian Bank in your city of landing.
I bring-in my drafts (even one last month), which is drawn from a FOREX House in Dubai (Al Fardan Exchange). They r tied-up with BMO-Toronto. I deposit them in my A/c with TD-toronto (different bank)... and they get credited within 48hrs everytime. So, it depends on the FOREX House, as I stated before.
Qorax