Posted on: 20-06-05 11:10:27
My mom would be travelling to canada very shortly, she would be bringing some money with her, what is the best currency to use. Does Euro TC work in canada.
The reason not to have a US TC is because of its fluctuating nature. Any advice??
Also can she bring in TC worth $10,000 US or only $10,000 Can is allowed.
Abhishek
The law states that any amount above $10,000 has to be declared. That does not mean that she cannot bring more than that.
Due to the fluctuating nature of the US to CND, suggest bringing CND.
If your mother is immigration she could bring a bank draft in either her name or your name. That would be the easiest.
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Reiki Grand Master
IMHO, sometime bringing TCs is better than abnk draft for following reasons,
TCs give you instant credit and access to your money/bank draft may take 5-21 biz days
No commission charged for buying or encashing TCs/bank draft...sometime you end up paying svc charges to 3 banks, issung bank, receiving bank and encashing bank.
I do understand that FOREX rate offered for bank draft is better than TCs, but do you math and then take decision. I know few of the people who were charged a total of $90 CAD for bank draft from three difft bank. The difference in the exch rate can be sometime lower than that wch depends on the amt of money you are bringing in. So as I said, do your math.
hope this helps
tc
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I would just do a wire transfer. Its little more money but much more safer. And at least your mom can travel with peace of mind.
Thanks a lot to everybody for their replies. I think its better to get TC's in CAN dollars.
Ashu how can we do a wire transfer, what's involved in it, can you please explain. Remember she doesn't have a canadian account yet.
Abhishek
Quote:
Orginally posted by atyagi
...how can we do a wire transfer, what's involved in it, can you please explain. Remember she doesn't have a canadian account yet.
Abhishek
She need not have an account in CA. The money can be wired from any bank that has a forex service such as Canara, SBI etc.
Send her the SWIFT code (Society for World-wide Interbank Financial Telecommunications) of your CA bank (routing & branch codes are also helpful) and the bank teller will help her fill the form.
I’m not sure about the service charges from India, though, but I’m normally charged approx 45 to 50 CA $ per transaction from the Middle-East, which includes everything.
It is convenient, safe and quick. The funds will generally get transferred within 48 hours ! (working days)
As someone else said, do your math and see for yourself what is best for you.
I need to transfer some money to India in USD s partly TC s and partly Wire Transfer . I bank with TD & have USD a/c as well . They have agreed to issue TC s in USD w/o any charges ~
I am aware that American Express counters do not charge any commission world wide - Otherwise - Does the commision charged on TC s depends on the denomination viz more rate on $100 v/s $5000/- ?
Wire Transfer ~ I have an NRE a/c with SBI and must have the USDs wired out from TD to SBI - They have advised a flat rate of $30/- .
Are there any fine prints / points to be aware of while conducting the above 02 transactions ?
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