Posted on: 27-01-11 01:17:03
Hi !
We are supposed to show proof of about 21,000 CDN while entering. Can this be shown for equivalent USD or we have to get CDN only.
Please advice.
Quote:
Originally posted by ppbhai
Hi !
We are supposed to show proof of about 21,000 CDN while entering. Can this be shown for equivalent USD or we have to get CDN only.
Please advice.
Yes it can be USD
USD is accepted but if you want to keep your money in Canada in C$ thn it would be better to bring money in C$ otherwise you will be loosing money while exchanging money from US$ to C$. (somewhere around 2% to 3% of total amount)
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Quote:
Originally posted by ppbhai
Hi !
We are supposed to show proof of about 21,000 CDN while entering. Can this be shown for equivalent USD or we have to get CDN only.
Please advice.
yes, you could get in USD and with the on par exchange, it has become easy for the customs to calculate.
. You need not exchange all of it to CAD $ and get hit by exchange rate fluctuations. I assume you would be opening a bank account at some point of time. At that time you could also open a USD account. You could keep the USD in that and exchange/withdraw as required.That's what I did when I moved.
Quote:
Originally posted by ppbhai
Hi !
We are supposed to show proof of about 21,000 CDN while entering. Can this be shown for equivalent USD or we have to get CDN only.
Please advice.
USD would work. They may not even ask for it.
But if you are eventually planning to convert that money in CAD then I strongly recommend following which could save you at least around $500 to $700.
US bank ATM cards gives you the current exchange rate published on sites such as yahoo and does not charge commission which is typically 6% (even if there is it will be at 2%). All it would charge is around $1 to $3 in ATM fees. So if you take out the cash in the multiples of thousand every day you will be paying max $63 in ATM charges whereas with other means such as wire/travellers check, exchange at thomas cook etc you will end up paying 6% in commission i.e. around $1200+the loss due to lower conversion rate. Except for ATM all other will use the lowest conversion rate.
If you want to try this hypothesis you can convert $1000 with each of the following method and see which one is more benefitial.
1) Use ATM
2) Use international wire transfer
3) Deposit a check (which could take 3 weeks)
4) Travellers check
5) Exchange at AAA/Thomas cook.
You can convert the rest of the amount using the one that gives you more returns.
Thanks everybody !
