After PR, how to bring money from Pakistan to Canada?

[aleersurahio]

Jut

Just checked, Scotia seems much better and more informative than RBC. Also, you can transfer up to 50K while 20K with RBC. Moreover, the identifications required are less. We need to check CIBC and BOM.
I think we should fill the app, once have PR confirmation in hand.

 

[aleersurahio]

Hi, were you able to check other banks?

 

[Kayne]

Is it possible to just travel with the liquid cash in hand?

 

[dotslash227]

You can always put liquid money in a bank account to which you have access to and easily cash out whenever you require through SWIFT or Debit Cards. Such accounts can be considered as Proof of Funds.

 

[Johnny Ghaddar]

Hi, were you able to check other banks?

I had discussions with some of my friends. The have suggested me to refrain from opening account in any bank account in Canada for funds transfer as it will result in massive losses due to currency conversion from PKR-USD-CAD. They have asked me to carry cash +DD and then open an account when you are in Canada.

I think I will be pursuing this option.

 

[Johnny Ghaddar]

Is it possible to just travel with the liquid cash in hand?

Yes. Depends how much you can carry and how much is allowed from your port of exit.

 

[aleersurahio]

I had discussions with some of my friends. The have suggested me to refrain from opening account in any bank account in Canada for funds transfer as it will result in massive losses due to currency conversion from PKR-USD-CAD. They have asked me to carry cash +DD and then open an account when you are in Canada.

I think I will be pursuing this option.

The DD from bank will also have adverse FX rate unless it’s in Canadian dollars. Someone was suggesting to get a DD from FX brokers.
How have folks done in the past.

 

[aleersurahio]

Yes. Depends how much you can carry and how much is allowed from your port of exit.

I think it’s only USD 10K from Pakistan. Would someone be able to double check this?

 

[Johnny Ghaddar]

The DD from bank will also have adverse FX rate unless it’s in Canadian dollars. Someone was suggesting to get a DD from FX brokers.
How have folks done in the past.

Yes the DD would be in CAD$ and the amount can be greater the 10k. However, you can only make one DD at a time.

 

[Johnny Ghaddar]

The DD from bank will also have adverse FX rate unless it’s in Canadian dollars. Someone was suggesting to get a DD from FX brokers.
How have folks done in the past.

FX brokers are not doing it nowadays. As per my knowledge, only NBP is doing it. Which city are you loacted in ?

 

[aleersurahio]

I am in Karachi.

 

[aleersurahio]

Hi m

I had discussions with some of my friends. The have suggested me to refrain from opening account in any bank account in Canada for funds transfer as it will result in massive losses due to currency conversion from PKR-USD-CAD. They have asked me to carry cash +DD and then open an account when you are in Canada.

I think I will be pursuing this option.

Hi Mate, how did you transfer funds?

 

[mayra7]

Hi, please update on the topic and please suggest which option is better for transferring funds from Pk to Canada.

1 - DD and Cash
2 - opening pre arrival bank account in Canada ( RBC or Scotia)
3 - Foreign currency account in PK bank and then transferring to Canada bank account.

Please help and guide which option is better.
Thanks

 

[aleersurahio]

Hi, please update on the topic and please suggest which option is better for transferring funds from Pk to Canada.

1 - DD and Cash
2 - opening pre arrival bank account in Canada ( RBC or Scotia)
3 - Foreign currency account in PK bank and then transferring to Canada bank account.

Please help and guide which option is better.
Thanks

Hi, I would suggest to open your bank account prior to leaving for Canada. The reason is once you're there, your cash will be ready to use. Go for Scotia bank as their process is easier, RBC just has too many documentation - again both are good. The other two could be an option, but they have troubling process, and you can't open a CAD account in Pakistan, which means suffering FX loss twice.

Please make sure, you take some cash with you as well. Let us know, what you chose and the experience.

 

[mayra7]

Hi, I would suggest to open your bank account prior to leaving for Canada. The reason is once you're there, your cash will be ready to use. Go for Scotia bank as their process is easier, RBC just has too many documentation - again both are good. The other two could be an option, but they have troubling process, and you can't open a CAD account in Pakistan, which means suffering FX loss twice.

Please make sure, you take some cash with you as well. Let us know, what you chose and the experience.

Thanks for your response. Yes I think to open a USD account in PK and then transfer to CAD, but it will cause FX loss twice. Considering all options at the moment.