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Opening Bank Account before landing

Discussion in 'Settlement Issues' started by girish979, Aug 10, 2017.

  1. To be on safer side keep PoF as well as Tax Returns handy with you.
    Instead of running in trouble.
    If you are carrying CAD, then the receipt of the forex.

    Good Luck
     
  2. Cool!
     
  3. Note that you only need to carry POF, not the actual funds. Actual funds can be in your origin country. If you have bank statements, IT returns, that would do.

    You only need to carry enough funds for your own expenses for first few months before you sort out your bank account in Canada
     
    aleersurahio likes this.
  4. Hi

    Any options & suggestions on Hello Canada Account opening in ICICI bank in India for new comers for fund transfer?
    Or any other best way to transfer fund from India to Canada, also to show the Proof of fund at the port of entry.
     
  5. I personally traveled with cash.
    I initiated a NRI account with ICICI before travelling, however restriction is you need to search for ICICI ATM for FREE withdrawal of denominations.
    I found getting forex is bit cheaper than Hello Canada Account.
    That would serve as PoF at PoE as well.
    Keep the receipt of the forex handy.

    Good Luck
     
  6. Depends on what you want to do with money. To transfer in Bank, most folks do a giant wire transfer from foreign account. Exchange rate will not be great and each transaction will incur wire transfer fees.

    To get good exchange rate you can convert it into cash but it's risky to carry so much cash when traveling. Some folks can spend more time during customs.

    If you just need to spend money and not transfer in Bank, you could get a good exchange rate and transfer it in a prepaid card that you can then use like a credit card at various places.
     

  7. Hi bro , Did you do this & how was you experience?
    I;m planning to do it once get mt PPR (MY AOR is May 2019) in sha Allah.
    I have account here with standard charted & bank Alafalh. Which is cost effective to transfer to Canada & how much i should transfer?

    Thanks.
     
  8. I’ve not done as waiting for my PPR. I think it would be good idea to send at least 13K so you can prove directly at Immigration, rest can be accompanied by cash.
     
    IhsanMalik likes this.
  9. Hi guys,

    Read a couple of posts above but was not able to get a definite answer to my query that i am seeking.So here it is :-

    - I will be doing landing in November and exiting my home country in the GCC where i work on work permit.Once i wrap up and leave in November, there is no chance for me to return back. Therefore, leaving all my savings which is impossible to be carried in hand is not an option.

    Could someone please advise their experience in opening accounts internationally with Scotia as mentioned ? Any other banks giving good benefits as of date ?

    Also, i guess they allow only one international transfer whereas what if i wish to do that in batches ?

    Incase I need to make a transfer, i will need to withdraw the money in batches and do transfer through exchange houses as thats where we get good rates and not through banks.

    Any and all advise will be helpful...

    Thanks in advance.
     
  10. Hi ,

    Read a couple of posts above but was not able to get a definite answer to my query that i am seeking.So here it is :-

    - I will be doing landing in November and exiting my home country in the GCC where i work on work permit.Once i wrap up and leave in November, there is no chance for me to return back. Therefore, leaving all my savings which is impossible to be carried in hand is not an option.

    Could someone please advise their experience in opening accounts internationally with Scotia as mentioned ? Any other banks giving good benefits as of date ?

    Also, i guess they allow only one international transfer whereas what if i wish to do that in batches ?

    In case I need to make a transfer, i will need to withdraw the money in batches and do transfer through exchange houses as that's where we get good rates and not through banks.

    Any and all advise will be helpful...

    Thanks in advance.
     
  11. For a person who is not going to be able to access funds in their origin country, the best choice would be to transfer them upfront. Do you have options like Bank accounts in Canada or access to online transfer services like transferwise, Xoom.
     
  12. 1. Dont have active bank account in canada.
    2. Not aware of transferwise or xoom.
     
  13. Why do you want to open account before Landing? It's really not needed. Bring some cash and a pre paid card to cover your initial expenses. You can open a bank account once in Canada. Accounts are opened instantly. You might get some schemes like get 300$ for opening account and meeting some conditions.

    As additional back-up to have access to have more funds get an international credit card from home country.

    Do any wire transfer once you are in the destination country. Money should follow you...
     
  14. But doing wire transfer directly from bank to bank is subjected to very poor rate. In order to do it from an exchange house, 1st i need to open an account and only then i can avail service of any exchange house as they do it directly to the account.

    And thus the confusion...
     
  15. Can you get details of exchange house and ask them if they can do transfer after you are here.
     

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