Best way to take money form India to Canada


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rajuyathi   
Member since: Apr 06
Posts: 45
Location: canada

Post ID: #PID Posted on: 14-07-06 09:13:54

I am moving to toronto end july. Wondering how to take my support money to canada!
1] Convert all money (~6000 CAD) through some forex agency and carry cash from india
2] Wire transfer the money from india to your bank account in canada (I have an account with RBC in canada)
3] Take AMEX travellr cheques and then deposit in canadian bank.

Let me know which is the best and safest option? I am also looking at saving money while currency conversion. However, it is not of prime importance. Your experience would help me a lot in this regard.



paramhams03   
Member since: Feb 06
Posts: 164
Location: Mississauga

Post ID: #PID Posted on: 14-07-06 09:58:51

Hi,

Can I get clarification on the following:

My wife is the principal applicant and my son and myself will be moving along together to Canada.I am not sure whether the settlement funds will have to be in the name of the principal applicant only or could be in others'names as well.Of course,there is no problem with currency but for bank draft and TCs the clarification as sought above is needed.The problem is that my wife will be returning within a fortnight and hence there is no need or possibility of her opening an account in Canada at the moment.So, the bank draft will have to be necessarily in my name as an account will have to be opened in my name only.

Requesting feedback please.


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LD   
Member since: Jul 05
Posts: 526
Location:

Post ID: #PID Posted on: 14-07-06 12:30:17

Hi Rajuyathi,

If I were you I would prefer wire transfer. Traveller cheque is safer than cash. Cash is last option.

You can enquire about exact costs from your bank and decide for yourself.

Hello Paramhams03,

You can carry travellers cheques with your signatures or cash. It should not be an issue so long you are travelling together.

:)



rajand   
Member since: Jun 04
Posts: 601
Location: Baroda, India.

Post ID: #PID Posted on: 14-07-06 12:38:57

If your son's age is less than 18 years, then you can get Child Care Benefit which is generally given to the mother. So it is better that your wife has a Bank account in Canada.

Rgds.

Rajan.


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Ash20   
Member since: Apr 06
Posts: 443
Location:

Post ID: #PID Posted on: 14-07-06 12:50:26

Why don't you open joint account? If you are bringing bank draft, please be careful, as banks in Canada usually hold funds for 3-5 weeks. So you must have enough money to survive until you can get your money.

Quote:
Originally posted by paramhams03

Hi,

Can I get clarification on the following:

My wife is the principal applicant and my son and myself will be moving along together to Canada.I am not sure whether the settlement funds will have to be in the name of the principal applicant only or could be in others'names as well.Of course,there is no problem with currency but for bank draft and TCs the clarification as sought above is needed.The problem is that my wife will be returning within a fortnight and hence there is no need or possibility of her opening an account in Canada at the moment.So, the bank draft will have to be necessarily in my name as an account will have to be opened in my name only.

Requesting feedback please.



Smiley   
Member since: Mar 03
Posts: 1185
Location: USA

Post ID: #PID Posted on: 14-07-06 13:13:20

Amex Travellers cheques

readily cashable and secure


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paramhams03   
Member since: Feb 06
Posts: 164
Location: Mississauga

Post ID: #PID Posted on: 14-07-06 21:47:43

Thank you Guys for the very worthwhile feedback.We are a family of four and so will have to bring in about 19000 can.dol.What would be the ideal proportion in which I could bring in this money in terms of Bank draft,TCs etc. in view of what Ash20 has written about bank drafts.

While encashing AMEX TCs can you give me an idea as to the commission that is charged in Canada and what would be the ideal denomination in which I could bring in the TCs and currency.

And my last question,would child care benefit be available to the mother even if the son,aged about 15 and the mother does not stay in Canada for a brief period of time,about six months after she applies for her PR card and what would be the quantum of child care benefit?Of course,the account could be opened in joint name with operations by both individually.




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Contributors: paramhams03(5) AlbertaAspirants(3) rajuyathi(3) LD(3) hchheda(2) Ash20(2) sghosedelhi(1) rajand(1) Smiley(1)



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