Posted on: 18-08-04 13:07:53
Is it necessary to make DD from the SCOTIA BANK from India for sattlement fund. If mae the DD from the nationalised bank, how many days it will take to clear?
Atharv
Hi Atharv,
It is perfectly OK to get DD from a nationalised bank. Make syre it is MICR, i.e encoded. (on the bottom it should have the strip with all those #s). Normally it takes 5-7 biz days for DD to clear. If it is not an encoded DD, it can take 10-15 biz days. It all depends, sometimes it can be even faster. The best bet is to get TCs. You can get commission free TCs from Thomas Cook.
If you have any more Qs, pl feel free to ask. Let me know when are you landing.
All the best.
-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada
I would say that Scotia Bank Demand Draft woud be better as it would be credited in your account on the same day without any holds by the bank. The Nationalized bank Draft needs to be reverified by the Canadian banks and takes time and you also incur handling charges. Additionally, the Draft would be "On Hold" till then by the bank.On the other end, it would be nerveracking waiting for the money to be credited in your account and waiting for the much needed immediate withdrawals for settling down in Canada. Hence the choice of Scotia Bank.
Bhishma.
-----------------------------------------------------------------
Lead, Kindly Light!!
ask Scotia Bank in India abt DD clearing time and chgs, before making any decision and pl post the response on this thread. It would be beneficial for many othr prospective immigrants.
-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada
Quote:
Orginally posted by reachash
ask Scotia Bank in India abt DD clearing time and chgs, before making any decision and pl post the response on this thread. It would be beneficial for many othr prospective immigrants.
------------------------------------------------------------------------------------
I have enquired at SCOTIA BANK in Makers Chamber at Mumbai. The lady sitting in front board that at times they don't have online connection with the Toronto Bank and if you want to make dd then you have to open account in our SCOTIA BANK.
She suggested to me that you make DD of any nationalised bank payable at any bank of Toronto and submitt the same at toronto bank.
This is my personal experience.
Atharv
Quote:
Orginally posted by reachash
ask Scotia Bank in India abt DD clearing time and chgs, before making any decision and pl post the response on this thread. It would be beneficial for many othr prospective immigrants.
------------------------------------------------------------------------------------
I have enquired at SCOTIA BANK in Makers Chamber at Mumbai. The lady sitting in front board that at times they don't have online connection with the Toronto Bank and if you want to make dd then you have to open account in our SCOTIA BANK.
She suggested to me that you make DD of any nationalised bank payable at any bank of Toronto and submitt the same at toronto bank.
This is my personal experience.
Atharv
If you are to operate with Scotia Bank in future, why not open an account in India and get the money transferred? I did take a couple of trips to SBI Toronto to get my Draft certified - a requirement that Scotia Bank asks for. Only then it is credited in your account that very day. Else, it would be put on hold till the time they get it verified and it also has a cost tag on it. Its your choice man! Take your pick!!
Bhishma.
-----------------------------------------------------------------
Lead, Kindly Light!!
