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T/C or draft

S

sweetie.sweet

Full Member
Nov 4, 2009
44
1
Dear All,

Can you please kindly suggest me on this: I am arranging my finance to take Canada.

Should I buy T/C or draft?

Can I make the draft in USD ? If so, which name should I use (payable to ...........)?

Thanking you all.
 
dear sweetie...

both would do.

it should be addressed to: 'the receiver general for canada'

regards.
 
You can either take TC's or even a draft. There is no right or wrong way about it. Just depends on what you find convenient. You can take the currency in U.S. or Canadian dollars. If you take in Canadian dollars, it might be easier. That will give you a chance to negotiate a good exchange rate from your home country.

If you have an a/c in a bank that is multinational/global, you can get the money wired to the Canadian branch of that bank. That is far better than carrying TC's or draft.

In case you want to carry TC's or draft, make sure it is in your name.

Mark
 
MarkCan said:
You can either take TC's or even a draft. There is no right or wrong way about it. Just depends on what you find convenient. You can take the currency in U.S. or Canadian dollars. If you take in Canadian dollars, it might be easier. That will give you a chance to negotiate a good exchange rate from your home country.

If you have an a/c in a bank that is multinational/global, you can get the money wired to the Canadian branch of that bank. That is far better than carrying TC's or draft.

In case you want to carry TC's or draft, make sure it is in your name.

Mark
Click to expand...

Dear Mark,

Thanks for your advice. I have foreign currency account at the country where I am staying now. That bank suggested me that I can fill up the form for wire transfer before I go to Canada. When the time that I want that amount, I can send the mail to them or follow their instructions. Then, they will send to me accordingly and that will be done within three days. Is that the same thing that you told me (the one that I highlighted in your post)
 
Yes, that is what I meant. Either wire the money in advance or have it sent to you after you reach Canada.

Mark
 
MarkCan said:
You can either take TC's or even a draft. There is no right or wrong way about it. Just depends on what you find convenient. You can take the currency in U.S. or Canadian dollars. If you take in Canadian dollars, it might be easier. That will give you a chance to negotiate a good exchange rate from your home country.

If you have an a/c in a bank that is multinational/global, you can get the money wired to the Canadian branch of that bank. That is far better than carrying TC's or draft.

In case you want to carry TC's or draft, make sure it is in your name.

Mark
Click to expand...

You are Absolutely Right. My previous post is regretted, I mistook the matter.
 
Dear quorax and MarkCan,

Thank you very much for reply and suggestion. I will do so as per your suggestion. Thanks again.
Best regards,
 
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