Quote from: jitz on December 15, 2009, 01:17:17 am
How to Bring Money to Canada- FOR NEW COMERS
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You can bring money into Canada in the form of:
-Cash
-Securities in bearer form (for example: stocks, bonds, debentures, treasury bills)
-Negotiable instruments in bearer form (for example: bankers' drafts, cheques, travellers' cheques, money orders.)
Here are some other ideas about how to bring or transfer money into Canada:
-* Find out if your current bank has a "correspondence" or relationship with a Canadian Bank and set up an account to transfer your money between banks. Your own bank might even have a branch office in Canada, which can help to transfer or access funds once you are here. Ask your bank if they have offices in Canada.
Industrial Credit and Investment Corp. of India (ICICI) has a "Hello Canada" account for those moving to Canada from India, Dubai, Bahrain or the United Kingdom. The account allows you to open a Canadian bank account from overseas and transfer funds to Canada before your land.
-Arrange with your bank to transfer your funds to a Canadian bank once you have arrived here. It is possible that you might have to maintain your current bank account in your country of origin for a short time and then transfer the funds to your new account in Canada.
One option is to get a Bankers Draft from your current bank. A Bankers Draft is a cheque drawn on the bank itself against a cash deposit Confirm with your local bank as to what their requirements are for such transactions prior to your departure. You could then bring enough money with you to get started (in the form of cash or traveler's cheques). Once you are here, open a Canadian account and have the rest of your money transferred from your country into your new account. You should tell your current bank about your plans now, and find out what all the necessary procedures are. You can also bring the money in securities in bearer forms (for example: stocks, bonds, debentures, treasury bills).
-It is possible that a Canadian bank might have a branch office in your country. See if you can find one -- look for Royal Bank of Canada, Toronto Dominion Bank (TD Bank), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia or Bank of Montreal. Once located, they might be able to help you set up a Canadian account and transfer your money.
Of course, you will want to carry official documentation (including bank statements with the date as close to your date of arrival in Canada as possible) of your banking situation and transactions as proof to an Immigration Officer that you have sufficient money in a Canadian account, or that it is being transferred.
