Can FD be used as Funds? (Qoarx plz. answ. Urgent!)

[swaps82]

Hello! Everyone,
I am travelling on the 13th'Oct with my wife from Mumbai to Toronto by BA. I need to know how much funds should we carry in form of cash/ Bank Draft/ TC's? I mean can you guys tell me the denominations please. Also, i have 2L & my wife has 2L in Fixed Deposits can we show that also in some form as our Proof of Funds as i think i might fall in short of cash.

If yes how? It'll be of great help if senior members or people who know about this reply to this query ASAP as i am in verge of arranging funds.

Hope everyone is sailing good & All the best.

Thanks & Regards
Swaps

 

[saki]

Hi,

You need to have the amount which you were required to show as a proof of funds, you can take cash as much as you like, Travellers Cheque, Bank Draft. If you want to show the bank statement of the fixed deposit make sure the bank is well known preferably a Canadian bank otherwise they wont accept the bank statement. Try to have sufficient cash with you because opening an account and then getting the key cards etc wilk take 3-4 business days so in that time you will need money to get settle.

Cheers
saki

 

[swaps82]

Hello! saki & waiing4pr,

Thank you for your prompt reply. Yes, i am trying to arrange funds. For 2 people it is $13801 which is around 6L Rs. Mine & wife's FD is with a Nationalised Bank in India Central Bank Mumbai which is very reputed. So, can anyone confirm if i can convert it to Bank Draft?
I have opened a Bank A/c in Scotia Bank from Mumbai itself got my A/c no. but rest debit card & other things will be activated after i reach there. Also, i have heard that Bank Draft takes too much time to en-cash like more than a months time. Is it true?

Can more people share some light on this???

Thanks & Regards
Swaps

 

[qorax]

Hello! Everyone,
I am travelling on the 13th'Oct with my wife from Mumbai to Toronto by BA. I need to know how much funds should we carry in form of cash/ Bank Draft/ TC's? I mean can you guys tell me the denominations please. Also, i have 2L & my wife has 2L in Fixed Deposits can we show that also in some form as our Proof of Funds as i think i might fall in short of cash.

If yes how? It'll be of great help if senior members or people who know about this reply to this query ASAP as i am in verge of arranging funds.

Hope everyone is sailing good & All the best.

Thanks & Regards
Swaps

No, u CANNOT SHOW Term Deposits as Proof of "Landing Funds".

Wise way to carry funds:
80:20 Rule. (80% Draft/s & 20% Cash)

Qorax

 

[saki]

Hello! saki & waiing4pr,

Thank you for your prompt reply. Yes, i am trying to arrange funds. For 2 people it is $13801 which is around 6L Rs. Mine & wife's FD is with a Nationalised Bank in India Central Bank Mumbai which is very reputed. So, can anyone confirm if i can convert it to Bank Draft?
I have opened a Bank A/c in Scotia Bank from Mumbai itself got my A/c no. but rest debit card & other things will be activated after i reach there. Also, i have heard that Bank Draft takes too much time to en-cash like more than a months time. Is it true?

Can more people share some light on this???

Thanks & Regards
Swaps

Hi,

Yes you can take a bank draft with you no problem at all but yes it will take time to get cashed like 10 days or so but not a month. The best thing for you would be to take around $2000-3000 cash and rest of them in Traveller Cheque say about $3000-$4000 and rest in Bank Draft, since you have already opened an account you can go to the bank when you land and convert the travellers cheques into your account, this much money will be well enough for you until your bank draft is cleared

Cheers
saki

 

[swaps82]

Hello! Qoarx & Saki,
Thank you for your inputs & wise suggestions. I will try to do the same take 20% cash & rest TC's & Bank draft.
Will try to arrange funds soon...

Thanks
Swaps.