TRANSFER OF FUNDS FROM INDIA TO CANADA ON IMMIGRATIOM

[vermas]

Dear friends,

Whats the best way to transfer/carry funds from India to Canada on immigration. Maximum limit for cash is $ 10,000.

Do we need permission from Income Tax department or Reserve Bank of india to repatriate money?

SBI, ICICI and HDBC banks have branches in Canada. Can we open an account here and Canada and transfer funds?

Cheers..

[vermas]

I have found an answer to my own query. There is an option with ICICI Bank http://www.icicibank.ca/faqs/newcomers.htm

Has any one tried this??

vermas

Dear friends,

Whats the best way to transfer/carry funds from India to Canada on immigration. Maximum limit for cash is $ 10,000.

Do we need permission from Income Tax department or Reserve Bank of india to repatriate money?

SBI, ICICI and HDBC banks have branches in Canada. Can we open an account here and Canada and transfer funds?

Cheers..

[gautam0597]

ICICI should work just fine to transfer funds from India to Canada. Alternately, I know of many members who have opened Scotia Bank account and remitted to that account from their home countries.

[vermas]

Hi Gautam,

There is Scotia Bank in Connaught Place, New Delhi. Do you know if they are into retail banking as I am under the impression that they are into corporate and investment banking only?

Cheers..

ICICI should work just fine to transfer funds from India to Canada. Alternately, I know of many members who have opened Scotia Bank account and remitted to that account from their home countries.

[gautam0597]

Sir. I am not sure. But my guess is... There can't be retail operations of North American banks in India. However, they will permit u to open canadian bank account here for banking operations in America n Canada.
This is a rule of thumb for most American banks.

[vermas]

Thank you sir.

Cheers..

Sir. I am not sure. But my guess is... There can't be retail operations of North American banks in India. However, they will permit u to open canadian bank account here for banking operations in America n Canada.
This is a rule of thumb for most American banks.

[vermas]

Found some more info on this topic on:

www.canadavisa.com/canada-immigration-discussion-board/open-a-scotia-bank-account-from-india-check-this-out-t43486.0.html

[odin2404]

Dear friends,

Whats the best way to transfer/carry funds from India to Canada on immigration. Maximum limit for cash is $ 10,000.

Do we need permission from Income Tax department or Reserve Bank of india to repatriate money?

SBI, ICICI and HDBC banks have branches in Canada. Can we open an account here and Canada and transfer funds?

Cheers..

Walk into a Scotia Bank at Mumbai /  Delhi with your PP & COPR + photos. Fill out a form. Wait for a fortnight. Remit funds by wire transfer (max 50 000 CAD). Arrive in Canada. Walk into a branch of choice, and recieve your instruments to transact.

Also have an option of a no fee scotiabank visa - very handy!

[vermas]

Thanks odin2404 .
Cheers..

Walk into a Scotia Bank at Mumbai /  Delhi with your PP & COPR + photos. Fill out a form. Wait for a fortnight. Remit funds by wire transfer (max 50 000 CAD). Arrive in Canada. Walk into a branch of choice, and recieve your instruments to transact.

Also have an option of a no fee scotiabank visa - very handy!

[2good2btrue]

I have seen that the rates offered by all major banks is not that great. Try paypal, they offer better rates.

[vermas]

Thanks. Could you please guide by explaining the process involved.

Regards,

I have seen that the rates offered by all major banks is not that great. Try paypal, they offer better rates.

[gautam0597]

I have seen that the rates offered by all major banks is not that great. Try paypal, they offer better rates.

In India, the central bank(RBI) does not permit funds to be transferred out of a PAYPAL account to an out of country bank account. Its an anti money laundering law.
So, do not even bother trying.

[vermas]

When I was in Canada for two years (2008-2010), I opened an account with TD Bank. This account is still active and I have a significant amount there in that account (I left it there with the intention of using it when I return with PR). Is there a legal way to transfer funds into that account once I have COPR and Visa in my hands. I currently have an account with Axis Bank in New Delhi?

Cheers..

[gautam0597]

When I was in Canada for two years (2008-2010), I opened an account with TD Bank. This account is still active and I have a significant amount there in that account (I left it there with the intention of using it when I return with PR). Is there a legal way to transfer funds into that account once I have COPR and Visa in my hands. I currently have an account with Axis Bank in New Delhi?

Cheers..

Once you have a PR, any funds that you route to Canada(your TD bank a/c works just fine) is perfectly legal. If the amount is in excess of $100K then intimating CRA/immigration authorities is a safe thing to do.