Bringing in Settlement Funds

Canada Immigration Forum (discussion group)


 
       
Subject: Bringing in Settlement Funds
  Hi All,

I will be moving to Canada from US in a couple of weeks. We have a family of four and we are required to show settlement funds of about CAD$18,000 at the time of our entry. Is it fine to carry few thousand of USD in cash and then copies of last three bank statements of US bank account showing that we do have more than required funds in bank which will be moved to once a bank account is opened in Canada (I guess SIN is required before bank opens account)? Further I can carry a letter from US bank saying that I have been their customer for more than five years. I had read that canadian banks do not treat a US Cashier Check as an immediately negotiable money instrument and that I will have to wait 10 to 30 days for the funds to appear in my bank in Canada after I deposit the cashier check. I had thought to carry American Express Travelers checks also but believe the added fees and then conversion charges etc., as also maximum allowed travelers checks makes it impractical.

Look forward to some advice.

Thanks

[07-06-2005,21:01]
[**.169.142.13]
dpsguard
(in reply to: Bringing in Settlement Funds)
Dont worry, Canadian immigration official wont count your money.
When they ask you "How much money you got ?"
Ask them politely whether they want to know how much you have in your wallet or how much you have in your bank ?
They will get your point.
Just incase, carry a bank statement with you - nothing fancy.
Good luck.
Arnab M

[07-06-2005,21:23]
[**.158.126.229]
arnab
(in reply to: Bringing in Settlement Funds)
Thanks Arnab. I hope then they do accept having money in US bank account.

Appreciate again.

[07-06-2005,21:26]
[**.169.142.13]
dpsguard
(in reply to: Bringing in Settlement Funds)
Second thing is try getting info from Thomas Cook... I remember last time they got me the travellers check and when I came to canada they gave me the same amount in Cash here. I encashed it with Thomas Cook in Canada and so they waived the transaction/conversion fees and stuff... you may be able to save some money and immediatly get it. Which is a better way to do it.

Or the best is get US$ and then once you are in Canada open a US dollar account. Deposit the Cash and you will have it right away...

About opening a bank account without the SIN. Go to HRDC in a day or two and they will give you a temp SIN card. thus you can get a SIN and then open an account in a day or two and you should be good.

- Harshal Soni -

[07-06-2005,22:24]
[**.197.173.144]
- HS -
(in reply to: Bringing in Settlement Funds)
Thanks HS.

I just spoke with a friend in Canada who could recall that he carried with him about $5K USD in cash and also his bank statements from US banks. Immigration officer was satisfied. This was about 4 years ago.

About bank account, I believe that the very next day of my landing, I can apply for SIN and at the same time they will issue me the SIN number (on a slip) but I will have to wait about 2 weeks to get the SIN card. So as you advised, opening bank account should not be problem. I also believe that bank can use my passport as ID or even my US drivers license or US SSN as ID to open account.

[07-06-2005,22:39]
[**.169.142.13]
dpsguard
(in reply to: Bringing in Settlement Funds)
Dear All,

You can still open a bank account in Canada even from overseas before landing. I have done that with RBC and I have transfered all money to Canada before landing. At the port I had only a letter from the bank stating that they have recieved the funds from me.

Saleh

[08-06-2005,01:34]
[***.229.168.132]
Saleh
(in reply to: Bringing in Settlement Funds)
There he is, was thinking of Saleh and here comes.
[08-06-2005,01:47]
[***.158.206.40]
HC
(in reply to: Bringing in Settlement Funds)
I tried with RBC and HSBC. My experience has not been so. I have e-mail correspondence with both these banks and also spoke with bank branch manager of RBC in Brampton, ON and she told me that I have to be physically there to open the account though e-mails with customer service had stated that I can open account. I was surprised to know such requirements of Canadian banks. I had opened bank account in US six year ago before I came to US and had no problem.
[08-06-2005,10:28]
[**.169.142.13]
dpsguard
(in reply to: Bringing in Settlement Funds)
email me on salehsaleh@link.net and I will send you the application kit that I have used. It is a special kit for immigrants.

Saleh

[08-06-2005,10:41]
[***.229.168.132]
Saleh
Immigration (in reply to: Bringing in Settlement Funds)
I would like to confirm that how much fund is needed for bank statement to apply?
[20-07-2011,19:41]
[**.65.166.154]
Masih
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