Best option for funds???

[dctcanada999]

Hi everyone,
Me and my husband have got PR and plan to be in Toronto from Jan 2011. Had a few questions abt funds transfers:
1. We plan to carry < CAD5000 in cash. We also have funds in banks at US where we stayed for 7 yrs and will be showing the statements for proof of funds. Do we need to carry larger amt of cash or need a bankers check from India itself? Will we get a good exchange rate if we buy one from our bank at India and then get it converted to CAD after opening an acc? Anyone who has some experience on the same, pls advice.
2. Should we open a Canadian bank account online from India itself before we reach there? Is it advisable? What are the websites for the same?
3.If we transfer money from our US bank account after reaching and opening a canadian bank acc at Canada itself, it may take a few days for the money to come. Till then can we use our US visa credit card/ debit card at Canada to get cash advance? How are the fees at Canada for the same?

Lot of confusion as to the best option. Any advice from seniors is most welcome
Thank you
dctcanada999

 

[steaky]

Holders of HSBC Premier in multi countries (including Canada) can get instant free transfer between their accounts. However, this is the experience from one of our members, from India:

Hi friends,

My experience with HSBC is not positive. I apparoached them in India in sept 09 with the intention of opening Canadian account. By that time my visa was already approved and stamped on my passport. I was informed that there will be a charge of Rs 10,000 to open the account before landing. Instead I was recommended opening Premiere account. Took the advise and opened the premiere account. Then left India as I am NRI. After two weeks I was informed that the account opening forms have to be attested by HSBC official in the nearest branch where I might be staying. Unfortunately there was no HSBC branch in the country I was living. Hence dropped the idea of opening Canadian account before landing. Landed at Toronto on 18th Dec 09 and visited HSBC branch on 19th Dec 09. There was on premiere account relation manager that day as it was Saturday. However I was promptly assisted in opening bank account and issued debit card. Applied for credit card. I was told that the credit card would arrive in 2 weeks time. When I visited the branch again on 5th Jan 2010. realized that the credit card application was not even sent to the responsible office. I had to redo the application. I did not receive credit card after 4 more weeks!! No information. I wrote to them enquiring and was told the credit card processing is still pending and awaiting some info from India!!! What Info? No Idea.! I am still waiting for the credit card. I am now planning to open account and apply for credit card with either Scotia or RBC or TD who can issue credit card quickly so that I can start building the credit history.

Here is the procedure for opening the account with Scotia Bank in Canada from India. But I am not sure whether NRIs can open the accounts while being outside the country. Have a look.........

http://scotiabank.com/mcben/cda/content/0,1679,CCDmcben_CID3311_LIDen_SID124_YID29,00.html

 

[dctcanada999]

Thank you for the reply Steaky.
I will definitely consider Scotiabank as an option to open account before we reach Canada.
I also wanted to clarify one thing:
Do we HAVE TO carry CAD 17000 in any form to show as proof of funds during landing or a record of monthly statement from our bank is OK?
Also, do you have any experience of how long it takes to clear if we were to deposit a 15000US $ check from a US bank to Scotiabank and approx how much will be the exchange rate if we were to deposit it in CAD currency? Obviously the exchange rate varies every week, but approximately will the fees be exorbitant or not basically? If this option is possible,then I guess we need not carry large amt of cash. Obviously, I dont want to end up paying fees twice to transfer money from our bank acc at US, then to accs in India and then to Canada.
What do you think is the best option?
Thanks in advance
dctcanada999

 

[steaky]

Read the first page of this post by qorax about proof of funds:

http://www.canadavisa.com/canada-immigration-discussion-board/landing-in-canada-all-you-need-to-know-t36735.0.html

This one tells you how much you can carry from India:

http://www.canadavisa.com/canada-immigration-discussion-board/how-much-money-we-can-carry-from-india-t59096.0.html

The USD/CAD exchange rate fluctuates every minutes. You can always open a USD account first to deposit your USD cheque. After the cheque cleared, you can convert it to canadian dollars as you wish. I have no idea how long it takes to clear. Hope other members in this forum can give you some idea.

 

[dctcanada999]

Thanks again for the reply Steaky.
Planning to go ahead and open a Scotiabank account from India itself before we reach. I read the link you sent abt proof of funds. Still had a doubt. Is it correct that since we already showed POF of CAD17000 when we submitted our immigration application, we dont need to carry the actual amount CAD17000 in cash and TC's etc combined when we land? So can we take the latest statement printouts and verification of deposit letters from our US bank showing the POF when we do our landing in Jan 2011? :-[ :-[ :-[ Still confused!!!!!!
Please reply!!!!
Thanks in advance Steaky
dctcanada999

 

[steaky]

This post will answer your questions and confusion:

http://www.canadavisa.com/canada-immigration-discussion-board/-t52364.0.html;msg410855#msg410855

 

[dctcanada999]

WOW steaky!!!! Just the answer I needed. This has cleared all my doubts abt funds at landing. Definitely makes things easier for me! Will surely go with this option.

Thanks...Thanks... and Thanks again!!!! You are soooo helpful!!!!
a dctcanada999.. no more ???