Posted on: 17-01-05 05:32:45
Dear All,
I know many questions have been answered on settlement fund related matters, but it seems this is a new one. I apologize for the repeatation if any.
The point is,
I want to carry two different demand drafts for my settlement fund amount and that too in two different currencies. As the place where I reside, I am not able to get the CAD conversion.
Like, can I have two demand drafts of 6000 in USD + 5000 CAD?
Please give your inputs on the same.
Regards,
VJ.
It would be better if you carry cash/traveler's cheque to cover for expenses for 2 weeks to a month. Drafts can take some time to realize. Rest you can carry in form of draft if you like. USD is acceptable for settlement funds. You get a letter along with visa stamping on passport that states how the funds should be carried. USD would be mentioned there also.
You can also refer to this thread
http://www.canadiandesi.ca/read.php?TID=6678&page=1#36209
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If you are moving from the US, there is no need to carry that much cash instruments with you.
Simple bring bank statements from past 6 months, and the previous day's balance print out from the ATM.
As long as the bank is a well-known one, there won't be any issues.
The problem is carrying cash instruments of that high amount is that, heaven forbid, if you lose them, you won't be left with any money till the time you can get resolved it with the bank.
Secondly, most banks here are very finicky about clearing instruments issued in other countries, even the US.
They hold even cashier's checks.
One of my colleagues was trying to deposit a certified check from the IRS, which was his previous years tax refund from the US and the stupid teller person at the bank told him that they will put a 20 day hold on the money.
And that's a certified check from the US Treasury - you cannot get a more authentic and rock-solid cash instrument than that.
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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"
Sorry, I didn't realise you are not coming from the US.
So it is even more important to have ready cash/traveller'e checks to cover expenses for a month, as RajCanada mentioned.
The other thing with getting USDs is that when you convert them in Canada, you will get a poor exchange rate right now because of the strength of the CAD vis-a-vis the USD.
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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"
Thanks a lot Raj & Pratick,
I would appreciate if you reply the following to help me to prepare the final bottomline.
1 As you have rightly suggested, I am not going for USD demand draft or TC. But, can I break the settlement fund requirement in two instruments and that too in two different dates? I mean 5000 CAD in demand draft made now and 7000 CAD in demand draft of a later date? My departure date is 26th feb, I wanna get one DD just now and the other one on 20th FEB, is it fine?
2 I am in process of opening the HCNA (Hello Canada New comer account) of ICICI, toronto. The minimum opening balance requirement is 5000 CAD. Although the INDIAN ICICI sales guys are confirming that you can show this balance certificate at the time of entering canada as a proofe of settlement funds? I would like to have your comments/openion on the same. They would give me a BALANCE CONFIRMATION CERTIFICATE at the time of departure.
Regards,
VJ
Quote:
Orginally posted by VJ
1 As you have rightly suggested, I am not going for USD demand draft or TC. But, can I break the settlement fund requirement in two instruments and that too in two different dates?
Yes, you can do that.
All your instruments don't have to be dated on the same day.
As long as the checks are valid, it doesn't matter when they were issued.
Quote:Yes.
I mean 5000 CAD in demand draft made now and 7000 CAD in demand draft of a later date? My departure date is 26th feb, I wanna get one DD just now and the other one on 20th FEB, is it fine?
Just make sure of the validity date.
Quote:Yes, if the account is in Canada and in CAD, it should be acceptable as proof of funds.
2 I am in process of opening the HCNA (Hello Canada New comer account) of ICICI, toronto. The minimum opening balance requirement is 5000 CAD. Although the INDIAN ICICI sales guys are confirming that you can show this balance certificate at the time of entering canada as a proofe of settlement funds? I would like to have your comments/openion on the same. They would give me a BALANCE CONFIRMATION CERTIFICATE at the time of departure.
It will be better if the letter is issued in Canada, rather than from India.
After arriving, you may want to consider switching to a different bank though.
ICICI doesn't have a lot of outlets and IMHO the minimum balance required is very high.
Most banks require $2,000 or less as minimum balance.
There is a thread here about ICICI bank.
Check out --
http://www.canadiandesi.com/read.php?TID=5582
But for the purpose of your proof of funds, it should suffice.
Hope this helps.
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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"
1. You are supposed to bring settlement funds in the form mentioned in the letter from High Commission. Two drafts or combination of drafts, TCs, cash or whatever makes no difference. Most of the times, you are asked only verbally how much funds you are carrying. They do not usually physically check the drafts, TCs, cash all the time but you never know. Anyway if you have more than 10,000 CAD, you are supposed to declare it.
2. Nowhere I find it written that bank statments are acceptable for proof of settlement funds. Though people from US have come to Canada by showing bank statements as proof of funds, I am yet to see it in written form either in cic.gc.ca or in the letter from Canadian High Commission. It is up to you if you want to show bank statement as proof of funds.
http://www.cic.gc.ca/english/skilled/qual-4.html
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