HI ALL ,
I AM TRAVELLING TO CALGARY IN AUGUST . I WOULD LIKE TO KNOW IF SOMEONE CAN HELP ME REGARDING THE FUNDS HOW TO CARRY THEM SHOULD I DO A BANK TO BANK TRANSFER OR CARRY A DRAFT WITH ME . I AM IN MUMBAI . WHICH BANK DRAFTS ARE ACCEPTABLE .OR SHOULD IT BE A WESTERN UNION DRAFT ? IS THERE ANYWAY I CAN OPEN AN ACCOUNT FOR A CANADIAN BANK FROM MUMBAI ITSELF.
THANKS IN ADVANCE. ADVICE AWAITED.
REGARDS
SAURIN
The best thing will be to get a draft drawn on Toronto Dominion Bank (i.e TD Bank). It is one of the famous banks of canada and they can credit the draft within 5 working days..best of luck.
PS: Dont carry more than 1500 CAD in cash.This amount is more than sufficient for about 2 weeks (considering an average spending for family of 3).
Carry the whole in negotiable instruments in bearer form : travellers’ cheques
TC's are the best form as by any chance if you loose them, you have no worries, immediately inform the issueing agency with your purchasing receipt numbers and records, and wait for them to send you the lost amount. Its pretty usual for people to loose $$$ while traveling, so TC's are made for this.
Taking risk of carrying $10K is not usual for airline passengers when they roam the world.
Take Travellers Cheques. Safest form of Money you can carry.
If you got more than $10K to enter with in Canada then you'll have to declare it to the Immigration officer. its a law.
if Indian gov would allow 20K to be taken then people would take that and in addition to that they'd take more secretly. People are going for their life so Immigration officials and gov know that people are taking more money with them than they are allowed. have you ever heard that a guy got caught for taking more money in Airports while traveling to Canada as a PR?
For the Question about How Much Money we can Carry out of the Country...
Extract taken from the RBI website
http://www.rbi.org.in/scripts/FAQView.aspx?Id=11
6. How much foreign exchange is available to a person going abroad on immigration?
Person going abroad for immigration can draw foreign exchange upto US$ 5,000 or the amount prescribed by the country of emigration from an authorised dealer in India. These amount is only to meet the incidental expenses in the country of migration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
I recently landed in Toronto last week. I only carried $2000 in CAD and rest of the funds were Banker's draft. There is no restrictions on the limit of funds u can carry to canada. I am also from Mumbai and i made a Banker's draft from ICICI payable at CIBCcanada. The draft gets credited in your account in 7 days in canadian bank a/c.
Wish all of you best of luck & have a safe journey.
Whereas a TC (Trav Chqs) can be cashed instantly by showing your passport. if you loose a Draft there is hardly anything you can do to recover the money but TC is easier to make and has much lower charges to make them and Internationally a reknowned method for carrying money.
