Posted on: 24-05-10 03:41:45
Hi,
I plan to move to canada in a months time. I have acouple of query regarding funds
1. Fund Movement : I have been advised by HDFC to carry my cash (Canadian Dollars) loaded in Pre paid Card instead of DD/TC. The conversion charges are very less for this just 15/25 p over Bank Reference Rate.They call it as forex card.
I am told that the entire money can be swiped off my prepaid card onto my Canada Bank a/c as and when I have one.
Can anyone confirm the same if any such instrument is entertained in Canadian banks and also if there are any further processing charges to it.
2. Term Insurance : Is it advisable to get in India itself or should it be done in Canada. LIC /HDFC all say it is valid even if u change ur citizenship status.
What are the charges for insurance cover of 1 lac Can$ for a non smoker with no medical history.
3. Travel Insurance : Since it takes 3 months to get medical cover in Toronto should i get my medical insurance from india or should it be done in canada itself.
Thanks
Rakesh Dhankhar
Hi Rakesh,
Have sent you a PM. Kindly check.
Regards,
VJ.
I am not familiar with Forex card but you need to check what is ATM's fee and what the issuing bank is going to charge per withdrawal. Find out if you can withdraw everything in the card in one go and deposit the cash in your Canadian bank account.
Regarding travel insurance I personally think if you are coming as an immigrant, you should get from Canada. You can check coverme.com or bluecross.ca
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Quote:
Originally posted by rags
Hi,
I plan to move to canada in a months time. I have acouple of query regarding funds
1. Fund Movement : I have been advised by HDFC to carry my cash (Canadian Dollars) loaded in Pre paid Card instead of DD/TC. The conversion charges are very less for this just 15/25 p over Bank Reference Rate.They call it as forex card.
I am told that the entire money can be swiped off my prepaid card onto my Canada Bank a/c as and when I have one.
Can anyone confirm the same if any such instrument is entertained in Canadian banks and also if there are any further processing charges to it.
2. Term Insurance : Is it advisable to get in India itself or should it be done in Canada. LIC /HDFC all say it is valid even if u change ur citizenship status.
What are the charges for insurance cover of 1 lac Can$ for a non smoker with no medical history.
3. Travel Insurance : Since it takes 3 months to get medical cover in Toronto should i get my medical insurance from india or should it be done in canada itself.
Thanks
Rakesh Dhankhar
Rakesh,
I am glad to see someone is already looking into insurance even before landing !
Since you asked for exact $ amount for $ 100,000 CDN face value, so here it is.
Not knowing you age I am just going to give an example. For 35 year old male, non smoker, with good health, the monthly premium for 20 Year term is $ 14.56 And same insurance for 10 year term, it will be $ 11.43.
Now you can do some comparison.
For Travel insurance, I would recommend taking it from a Canadian Company. Good forbids but it is much easier to make and process the claims.
Visit http://www.Kanetix.ca" rel="nofollow">LINK for a quote.
All the best.
Quote:I am not sure what's a "pre-paid" card that can just be swiped and the entire balance (possibly thousands of $$) be transferred instantly inter-bank.
Originally posted by rags
1. Fund Movement : I have been advised by HDFC to carry my cash (Canadian Dollars) loaded in Pre paid Card instead of DD/TC. The conversion charges are very less for this just 15/25 p over Bank Reference Rate.They call it as forex card.
I am told that the entire money can be swiped off my prepaid card onto my Canada Bank a/c as and when I have one.
Can anyone confirm the same if any such instrument is entertained in Canadian banks and also if there are any further processing charges to it.
Maybe it only works if the receiving bank is also HDFC.
I am also not sure how long it might take to clear a DD drawn on an Indian bank in India.
It is more common practice to carry American Express traveler's cheques, since they are accepted worldwide and you will get your money instantly.
It is perhaps safest to carry some cash as CAD or USD, some AmEx traveler's cheques and leave the bulk of your funds in India.
Once you have opened a bank account here, initiate a direct wire transfer from your Indian bank into the Canadian bank.
Quote:You may keep your Indian LIC policy of you like.
2. Term Insurance : Is it advisable to get in India itself or should it be done in Canada. LIC /HDFC all say it is valid even if u change ur citizenship status.
However, if you plan to settle here (with family), you should purchase a Canadian term policy.
Quote:You can get quotes from insurance agents (some have already posted above).
What are the charges for insurance cover of 1 lac Can$ for a non smoker with no medical history.
However, $100,000 CAD is not adequate life insurance coverage, esp. if you have family.
You should look at a minimum of $250,000 (but usually more) if you have a family.
And if you don't, then you don't need insurance
Quote:Get it here in Canada.
3. Travel Insurance : Since it takes 3 months to get medical cover in Toronto should i get my medical insurance from india or should it be done in canada itself.
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