Money Transfer

[NewYorker]

I was thinking to take Travelers Checks with me to Canada from the US, If I take large amount of travelers check, would it be a problem? I do not want to make a Bank Draft as it will take a month to clear and travelers checks will be handy when I travel afterwards. Would it be a problem to get them cashed in Canada? or is it OK to take any amount of travelrs check? (large sum may be over 50K). Of Course I will show them at the landing but just wanted to make sure if it is fine.

Thanks,

 

[job_seeker]

I was thinking to take Travelers Checks with me to Canada from the US, If I take large amount of travelers check, would it be a problem? I do not want to make a Bank Draft as it will take a month to clear and travelers checks will be handy when I travel afterwards. Would it be a problem to get them cashed in Canada? or is it OK to take any amount of travelrs check? (large sum may be over 50K). Of Course I will show them at the landing but just wanted to make sure if it is fine.

Thanks,

Declare anything over Cdn$10,000.00.

Disclosure of funds

If you arrive in Canada with more than C$10,000, you must disclose this information to the CBSA officer. If you do not disclose this information, you could be fined or put in prison. These funds could be in the form of:

* cash
* securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
* negotiable instruments in bearer form, such as bankers’ drafts, cheques, travellers’ cheques or money orders.

 

[maua]

Wouldn't it be easier to deposit the funds in a bank in the US that has a branch in Canada? That sure seems like a lot of money to be carrying around in Traveler's checks.

 

[toby]

As explained in an adjacent post, a debit card is a better option.

 

[kumbu.bumbu]

Any amount is not a problem. But need to be declared at the border if exceeds $ 10000. Or it would be criminal offense. There would be no problem in depositing the traveler's checks.

Bank of America debit cards can be used in all Scotia Banks's ATMs. It looks like you need large amount of money. Bankers checks would need 21 days to clear.

If you already have a Canadian account use wire transfer from your US bank to transfer the funds.

 

[NewYorker]

Thanks for your replies, I agree the option of Bank Draft is better, however I will think about it because checks are easier to cash and readily available - I do have a bank account here, I will keep combination of both (draft/chekcs). I will try to open an account in HSBC before I land and see if this will be an easy transaction.

Thanks

 

[jes_ON]

I can't think of any reason why traveler's checks wouldn't be accepted for deposit here, but they seem to place holds on EVERYTHING imaginable these days. I guess you could cash them and make a cash deposit (if that's the intent), but fees might be hefty for the amount you're talking about. Haven't used them here so I can't speak to that.

If you think you will be doing a lot of cross-border transfers, check out XE Trade. http://www.xe.com/fx/.
You'll need to establish an account in Canada first, of course, and there's some up-front paperwork. But if you want to minimize fees and get the best exchange rates, I have found them to be the best. A trade usually takes about a week to clear, tho.