get cash out of Demand Draft - In how many days?

[khanwaja]

I will be landing next week, will carry about 10,000 CAD cash and rest as demand draft which i will deposit in bank where i will be opening my account. How long will it take to get cash out of Demand Draft once deposit it in the bank?

 

[saki]

I will be landing next week, will carry about 10,000 CAD cash and rest as demand draft which i will deposit in bank where i will be opening my account. How long will it take to get cash out of Demand Draft once deposit it in the bank?

Hi,

It takes 2-3 business days.

Cheers
saki

 

[PMM]

Hi

Hi,

It takes 2-3 business days.

Cheers
saki

Overseas DD? Closer to 30 days before the bank will release the money.

 

[explorer101]

I will be landing next week, will carry about 10,000 CAD cash and rest as demand draft which i will deposit in bank where i will be opening my account. How long will it take to get cash out of Demand Draft once deposit it in the bank?

DD payable in the city where you are depositing by opening account, the collection time is 5 working days. When you deposit in the bank, the banker will say "I need to hold this for 5 working days, is it fine".
So have a DD payable in the city where you are landing or having intention to open the bank account. Otherwise collection time is 30 days as PPM said.

 

[chintu]

Are there any collection charges for overseas Demand Drafts deposited by immigrants at a bank in Toronto?

Thanks,
Chintu

 

[omm]

No collection fees for Demand draft, its worked like wiretransfer and when you get demand draft from another currency to CAD $ or USD , you already paid bank commission chaeges and even wire transfer fees when you issued your DD.

OMM

 

[chintu]

Thanks Omm for the feedback / reply.

Chintu

No collection fees for Demand draft, its worked like wiretransfer and when you get demand draft from another currency to CAD $ or USD , you already paid bank commission chaeges and even wire transfer fees when you issued your DD.

OMM

 

[aleersurahio]

I’d din

DD payable in the city where you are depositing by opening account, the collection time is 5 working days. When you deposit in the bank, the banker will say "I need to hold this for 5 working days, is it fine".
So have a DD payable in the city where you are landing or having intention to open the bank account. Otherwise collection time is 30 days as PPM said.

I didn’t get this. 30 days and 5 days?

 

[steaky]

I’d din


I didn’t get this. 30 days and 5 days?

It depends on the bank and/or bank account type you are dealing with. With HSBC Premier, mine instantly cashed in. Without Premier, it make take up to 2 weeks.