I am moving to toronto end july. Wondering how to take my support money to canada!
1] Convert all money (~6000 CAD) through some forex agency and carry cash from india
2] Wire transfer the money from india to your bank account in canada (I have an account with RBC in canada)
3] Take AMEX travellr cheques and then deposit in canadian bank.

Let me know which is the best and safest option? I am also looking at saving money while currency conversion. However, it is not of prime importance. Your experience would help me a lot in this regard.

Hi Rajuyathi,

If I were you I would prefer wire transfer. Traveller cheque is safer than cash. Cash is last option.

You can enquire about exact costs from your bank and decide for yourself.

Hello Paramhams03,

You can carry travellers cheques with your signatures or cash. It should not be an issue so long you are travelling together.

If your son's age is less than 18 years, then you can get Child Care Benefit which is generally given to the mother. So it is better that your wife has a Bank account in Canada.

Rgds.

Rajan.

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Why don't you open joint account? If you are bringing bank draft, please be careful, as banks in Canada usually hold funds for 3-5 weeks. So you must have enough money to survive until you can get your money.

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Originally posted by paramhams03

Hi,

Can I get clarification on the following:

My wife is the principal applicant and my son and myself will be moving along together to Canada.I am not sure whether the settlement funds will have to be in the name of the principal applicant only or could be in others'names as well.Of course,there is no problem with currency but for bank draft and TCs the clarification as sought above is needed.The problem is that my wife will be returning within a fortnight and hence there is no need or possibility of her opening an account in Canada at the moment.So, the bank draft will have to be necessarily in my name as an account will have to be opened in my name only.

Requesting feedback please.

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Amex Travellers cheques

readily cashable and secure

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Thank you for the replies. I will be travelling alone. Looks like the best bet is to carry traveller's cheques.

Hello Paramhams03,

If I were you I would carry
a. Draft/Wire Transfer CAD 16,000.00
b. AMEX Travellers Cheques CAD 2500.00 (Denomination 100s & 50s)
c. Cash as CAD 500.00 (Denominations 50, 10, 5, 1 )

Remember to declare it at Customs by filling respective form and handing it over to customs officer.