Doubt regarding mode of funds

[renjini#1980]

In express entry profile for PR, have shown proof of funds for 3 people (CAD 20,247) in IDBI bank via my agency (submitted copy of FD receipt). But I have an issue. IDBI bank does not issue travellers cheques. My agent told me not to change bank for the amount now as the process is underway.

If selected, how to take funds. Some friends say DD is ok, others say bank draft, the bank says GCC/WCC (World Currency Card/Global Currency Card) is ok.

People also say that DD or bank draft may take long to get converted into cash in canadian bank and it may also attract some fees.

Some people say GCC/WCC card has limits to withdraw and also attracts service fee; its not clear whether the card is sufficient in showing as proof to immigration officer at airport while arriving and also how to deposit that amount in card to a canadian bank account as we will be opening account there only upon arrival.

Also unclear in case of DD as to what address we should keep there in DD since we do not know which bank or branch we would be opening account in canada.

Anyone please advise so that i can become clear on the funds approach.

 

[xpressentry]

You dont need travelers cheques. This is an age old method that has been replaced by modern methods of transfering funds. An easier option is to open a bank account with a Canadian bank before you land in Canada but you need to have your COPR ready for that. You can transfer funds directly into your Canadian account or you can even take a prepaid card.

 

[renjini#1980]

Hi,
thanks for ur reply; i still have some doubts:

1. Can you specify what you meant by prepaid card? is it a prepaid card of my bank or is it the Global Currency Card (GCC) that I had enquired in my initial question.

2. Will i be losing money as fee for each transaction of with withdrawing money using the card? Is there any limit for amount to be withdrawn (daily/weekly/monthly basis)?

3.Is it possible to transfer the amount in prepaid card to my canadian account after reaching there?

4. After receiving the COPR, is it possible to open a bank account in canada, without me being physically present there? How can i know whether my bank can transfer funds to canadian bank before reaching there?

5. I have seen that bank draft or DD or money order is also possible to be shown as proof of funds in cic website. but its unclear on whether the draft should be addressed to someone or some bank, something like that. Will there be delay in getting it encashed and also Will it incur additional fees in large amount?

 

[xpressentry]

1. it works like a mobile top up. the card is in local currency and you can top up as and when required.
2. you get charged when you withdraw from a cash point but not when swiping. if you withdraw a larger amount you will be charged once rather than withdrawing smaller amounts and getting charged for each withdrawal. if you want to save on cash withdrawals from the cash points, you can opt for cash back on transactions in store.
3. withdraw cash from the card and deposit cash into your canadian account
4. scotia bank offers such a facility for new immigrants before they arrive. there may be other banks as well.
5. bank draft and DD has to be issued to a payee.

 

[renjini#1980]

Hi,

Thanks a lot for the detailed clarification.

And 1 last doubt: In case I get a job in a month or two, and I want to return the money loaded in the card back into my indian account (assuming i have started earning), is it possible? is it easy?

 

[xpressentry]

yes you can but you will lose money on converting CAD back to INR.

 

[renjini#1980]

Hi,

Yeah thanks to update me on forex rate conversion that could cause loss.

I suppose a letter from bank on letterhead and bank account statement would be suffice as proof of funds in prepaid card for showing up to the immigration officer at the airport in canada.

 

[xpressentry]

yes that will suffice. it is much safer than carrying cash.

 

[renjini#1980]

Hi,

Ur reply was good and helped me. thanks a lot!!!