Whats the Best option for POF while landing??

[prsh_patel]

hello seniors and all landed immigrants,

Soon i'll be landing in Toronto and would like to know the best option to show as a POF...i need to show the fund for family of 3 i.e. CAD 17000, i'm planning to have around 3k as a cash and then rest of it as a DD or/and TC...i really appreciate if anyone guide what would be the best option to go with....

i heard DD takes around 4 to 5 weeks for clearance but charges are minimal and if we go for TC then while encashment the commission charges are bit high but clearance is pretty fast....

Appreciate if any one throw some light on this.

Thanks in anticipation..

 

[prsh_patel]

Re: Whats the Best option for POF??

pulling up the thread...

 

[ItsBeenLongNow]

well let congrats you first
2nd this is a good question
myself im planning the same as u have

 

[prsh_patel]

Any inputs from fellow members?

 

[qorax]

The 80-20 Rule
------------------
80% in Draft/s
20% in Cash

Qorax

 

[explorer101]

hello seniors and all landed immigrants,

Soon i'll be landing in Toronto and would like to know the best option to show as a POF...i need to show the fund for family of 3 i.e. CAD 17000, i'm planning to have around 3k as a cash and then rest of it as a DD or/and TC...i really appreciate if anyone guide what would be the best option to go with....
i heard DD takes around 4 to 5 weeks for clearance but charges are minimal and if we go for TC then while encashment the commission charges are bit high but clearance is pretty fast....
Appreciate if any one throw some light on this.
Thanks in anticipation..

If the DD is payable in Canada it would be on hold for just 5 days and not 4-5 weeks. If is not payable in Canada then take 30 days of hold.

 

[prsh_patel]

Thanks for respondind Qorax and Explorer...i'll get some information about this very soon...One of my friend landed in toronto last month and he has deposited the DD in bank, but not got cleared yet...as advised by quorax will have 20 % in cash and rest will show in DD...the information from explorer also seems to be good, im not sure what my freind did while making DD, but i'll make sure the DD will be payable in canada in my case....

i also would like to have information on NRE and NRO account here from India...as explorer is in banking field, i request you to provide information on difference of NRE account and NRO account...this will be helpful for the fellow members..sorry if it sounds like a dumb question but information is highly appreciated....

 

[CBI]

Paresh,

Why dont you open a Scotia bank account here in India, where you get a Credit card as well & one year no charges on bank account.

You can deposit only once (CAD $ 20000 Max) in this account here in India & then you can go to any branch in Canada & you can start your account immediately.


Hope this will help you.......

All the best for the rest.

When are you planning to land in Canada & where ?

 

[prsh_patel]

Paresh,

Why dont you open a Scotia bank account here in India, where you get a Credit card as well & one year no charges on bank account.

You can deposit only once (CAD $ 20000 Max) in this account here in India & then you can go to any branch in Canada & you can start your account immediately.


Hope this will help you.......

All the best for the rest.

When are you planning to land in Canada & where ?

CBI, can you please send me your number so that we can talk, i'm from Baroda...

 

[CBI]

CBI, can you please send me your number so that we can talk, i'm from Baroda...

PM sent to you

 

[CBI]

Paresh,

Check this

http://www.canadavisa.com/canada-immigration-discussion-board/open-a-scotia-bank-account-from-india-check-this-out-t43486.0.html

 

[CBI]

Paresh,

Direct link of Scotia Bank

http://www.scotiabank.com/cda/content/0,1608,CID12958_LIDen,00.html

 

[prsh_patel]

Thanks CBI for providing all the information...stay in touch...

 

[Rainy78]

hello seniors and all landed immigrants,

Soon i'll be landing in Toronto and would like to know the best option to show as a POF...i need to show the fund for family of 3 i.e. CAD 17000, i'm planning to have around 3k as a cash and then rest of it as a DD or/and TC...i really appreciate if anyone guide what would be the best option to go with....

i heard DD takes around 4 to 5 weeks for clearance but charges are minimal and if we go for TC then while encashment the commission charges are bit high but clearance is pretty fast....

Appreciate if any one throw some light on this.

Thanks in anticipation..

hi paresh....DD takes 5 working days to clear..we did that same way...so, take DD with sm (appx 500 $) cash....

rest..i wud like to know...u had applied under old system also..so, did u get that money back..or any approval reg. that. my old e-case status shows withdrawn and says office will contact u soon...pls share.