In and around May / June 2010, I had made a post regarding landing funds, and had received some feedback based on which I had decided on how to address the issue of landing funds.

We landed in Canada on 30 July 2010, with CAD 7000 in cash with us, and a day old bank statement of my bank account in dubai, showing balance in Dirhams equivalant to CAD 14,000 (my requirement was a little over CAD 17,000). We are planning to be in Toronto for about a month and then go back to dubai, and I wanted to minimise the exchange loss.

At the immigration counter they asked me about the landing funds and I informed about the cash I was carrying and also informed that I have money in my Dubai bank account and that the amount is fully convertible and I can withdraw them in Canada whenever I want to. It was acceptable to the immigration officer.

I just wanted to share my landing fund strategy in the forum. However, though this has worked for me, it may not work for others, so everyone has to take their call accordingly.

The rupee is currency that operates in a closed system. You can not exchange it or carry it anywhere out side of India and convert it freely. Hence the loss of commission differential enters the picture when you convert it. When you do it once too often you get hammered by the Banks with the commissions.

But with most of the other currencies, you can ask your Banker to provide you with a Demand Draft in the currency that you are used to and bring it and show as Proof Of Funds at the P.O.E. and also carry a few dollars in hard cash and when you return you can drop it back in to your account and it will merge back without any loss of the commission, since it is in the currency you normally transact. It has more weight in the presentation, which we call as PANACHE.

This is for your information.

Freddie.