Bank draft question for landing

[Virender Sehwag]

Advice required: I wanted to make bank draft of $CAD 11086 (for principal applicant) from equivalent pounds as I am living in the UK now. But I have noticed bank rate is very low compared to the general/daily currency rate.

Can I make bank draft of Pounds (£7000) and want to deposit that in the bank of Canada? However I need to open an account in Canada and then I will deposit that draft in the bank. Is this possible?

Thanks in advance.

 

[devilhimselff]

Well if you open an account in Pound sterling in Canada, then you wont get hit by currency change charges. If you open an Account in Canadian Dollars, and submit the Draft (provided you can), you will get converted @ Bank rate of that time.

My understanding is this. Better to bring most of it as Cash and then get good rate from somewhere.
Remmeber you have to declare it as well if its over 10000CAD.

Some other senior would give you a better advice.

 

[Virender Sehwag]

Well if you open an account in Pound sterling in Canada, then you wont get hit by currency change charges. If you open an Account in Canadian Dollars, and submit the Draft (provided you can), you will get converted @ Bank rate of that time.

My understanding is this. Better to bring most of it as Cash and then get good rate from somewhere.
Remmeber you have to declare it as well if its over 10000CAD.

Some other senior would give you a better advice.

Thanks for your reply. I don't mind if they charge in Canada for converting the amount into dollar. However as bank rate is very low in the UK as a result overall amount is very low in dollar. I have also heard LLoydstsb is the worst one.

 

[devilhimselff]

Then what you can do is check online for the rate difference between Lloyd's and the Canadian Bank you are intending to open the account with. Whatever is good go with it. Or like I said, divide it between DD and Cash.

 

[edupolo]

HI I have some questions regarding Bankers Drafts in the UK.
I need to get one for the equivalent of $15,000 but in GBP because I do not want to be affected by the bad exchange rate.
What is the process to get a bankers draft from my UK bank?
Can I present it to the Immigration Office in GBP? Can I then come back to the UK and deposit this draft back into my UK account?