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Bank account in canada

kabby

Full Member
Feb 28, 2013
23
21
Hi there,

I completed my landing in Nov 2015, did a short landing and returned back to Dubai for work. planning to relocate in December 2017 for good.
we will be carrying more than 10000 cad while travelling. meanwhile we would like to know if we carry more than 10k is there any tax for that?
we also thought about opening a bank account in Canada from Dubai and deposit each month some money as a savings so that we don't have to worry carrying so much money in hand! what is the procedure to open an account in Canada and how reliable would that be to hold it until we land there.

am sure we have so many seniors around who can shed some light please?
 

steaky

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Nov 11, 2008
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Do you mean you intend to wire funds from Dubai to Canada on a monthly basis? I rather get a bank draft in USD/CAD before my trip to Canada. Less hassle.
 

Pipis Husband

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Aug 16, 2013
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kabby said:
Hi there,

I completed my landing in Nov 2015, did a short landing and returned back to Dubai for work. planning to relocate in December 2017 for good.
we will be carrying more than 10000 cad while travelling. meanwhile we would like to know if we carry more than 10k is there any tax for that? No there is no tax, all you have to do is declare the amount you are landing with. That's all
we also thought about opening a bank account in Canada from Dubai and deposit each month some money as a savings so that we don't have to worry carrying so much money in hand! There is no problem comin g with your cash if you are careful. I also landed with over $10,000 in cash and had no issues. I just gave my wife half to hold during the flight and when we landed, we put it together and declared it. You can hold some as cash and some as bank draft or travellers cheques what is the procedure to open an account in Canada and how reliable would that be to hold it until we land there. For the major banks, you have to be here to open an account. I haven't found any that allows opening accounts offshore

am sure we have so many seniors around who can shed some light please?
Hi, see my responses above. Cheers.
 

kabby

Full Member
Feb 28, 2013
23
21
Pipis Husband said:
Hi, see my responses above. Cheers.
thank you so much, as you said I will carry the money in hand and also take travellers cheque.
I was only worried if I carry more than 10k will be charged any tax for it. if it is no, then I prefer carrying cash :)
thanks again.
 

Bahrain2015

Member
Feb 5, 2015
18
1
kabby said:
thank you so much, as you said I will carry the money in hand and also take travellers cheque.
I was only worried if I carry more than 10k will be charged any tax for it. if it is no, then I prefer carrying cash :)
thanks again.
Hey mate, I am not sure but read somewhere and did research as well, there is a scotia bank in dubai. You can open bank account there and deposit your savings monthly. At the end you can carry bank statement and balance confirmation along with you to show at the airport if u exceed the limit. Rest I think its fine. Just check the local representative office of scotia bank dubai.
 

kabby

Full Member
Feb 28, 2013
23
21
Bahrain2015 said:
Hey mate, I am not sure but read somewhere and did research as well, there is a scotia bank in dubai. You can open bank account there and deposit your savings monthly. At the end you can carry bank statement and balance confirmation along with you to show at the airport if u exceed the limit. Rest I think its fine. Just check the local representative office of scotia bank dubai.
Cool that's a good option too. I will surely have a check on it. Thanks to you.
 

kabby

Full Member
Feb 28, 2013
23
21
mystique9999 said:
You can do the same with HSBC as well.

Btw Kabby, what proof of funds did you carry whilst landing?
I had 3000 cad with me in hand, myself, my husband and my son 2 years old.
for safer side I also had my FD copy worth 10lakhs Indian rs and also I took the Dubai bank balance statement which I had with some 5 lakhs.
to be more honest they didn't even bother to see those papers or asked me anything.
they only asked how much cad u have in your hand.
 

mystique9999

Star Member
Mar 19, 2015
132
2
Ideally you should've opened a bank account during your visit.

From what I've heard, most of the chequing accounts have monthly maintenance fees. There are some from TD Bank, BMO (Bank of Montreal) & HSBC that will waive off the fees if you have a minimum balance. You can check out their websites for more info.

I've heard good things about BMO but am not sure about their presence in Ontario.