Posted on: 06-01-05 12:47:39
Hello All,
Has anyone carried funds in U.S dollars? Is it ok to take a bankers check in U.S dollars instead of CAD? I am planning to move this weekend and instead of paying 1.5% commission for travellers checks, I want to carry a draft in U.S $
Thanks,
New Kid
Quote:
Orginally posted by newkidontheblock
Hello All,
Has anyone carried funds in U.S dollars? Is it ok to take a bankers check in U.S dollars instead of CAD? I am planning to move this weekend and instead of paying 1.5% commission for travellers checks, I want to carry a draft in U.S $
Thanks,
New Kid
Yes, you can carry a banker’s cheque and have it converted to Canadian dollars when you open a bank account here in Canada. If you want to, you can also open a US $ denominated account and deposit your funds into that account and convert whenever you find the exchange rates to be favorable.
Hope this helps.
I am assuming that u r moving from USA. Get some CAD in cash for immediate expenses. Rest u can bring in US$.
Just one thing to keep in mind - if you deposit US checks in a Canadian bank, they usually put a hold in it for several days/weeks.
If you have a well-established relationship with the bank, they sometimes remove the hold sooner, or not put a hold for smaller amounts.
But in general, most banks have 2 business week hold on all US funds.
So make sure you have enough cash to get you by during that time.
It is best to get Canadian cash from your US bank before moving because that way you will get the best conversion rates.
Do not convert currency at the airport or any other tourist center, either in the US or Canada - you will get ripped off on the rates, plus pay a conversion fees.
Also, when moving from US to Canada, bank statement suffice as proof of funds, so you need not carry any actual currency instruments like cashier's check (draft).
The risk with those is that if you lose the check, it is a pain to get the money back (if at all).
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
You dont need to carry your entire settlement funds - your latest bank statement will suffice as proof of funds. If you are carrying more than $10000 in cash you need to declare it at the US border.
We carried some small amount in USD and our bank statement and we were not even asked to show the statement. The immigration official asked me how much funds I am carrying and I gave her a figure but she never asked to see my statements. US Dollars are accepted prety much everywhere in Canada - but the exchange rate may not the best.
We charged all our expenses on our US credit card (not too smart as the card companies rip you off on exchange rates) and used third party bank ATM machines few times to withdraw cash when we ran out.
Pratickm has a good point about holds - our bank puts a 20 working day (one month) hold on all US$ cheques we deposit.
Hope this helps you plan accordingly.
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Try overtaking child's imagination
Thanks Everyone for you your replies!
New Kid
