Be safe with your landing funds!
Oct 15th 2008 | 10:23 am
#1
Thread Starter
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Joined: Jul 2008
Posts: 1,368
From: My Utopia Nova Scotia!
Be safe with your landing funds!
Just my thoughts especailly for anyone already in Canada who might not be so aware of the dire UK banking situation.
I was caught out by the Icesave fiasco last week , fortunatley I didnt have a huge amount in Iceland but potentailly it could spell disaster if this happens again.
Imagine the scenario - you are a couple of weeks from landing ( or even 6 months away) and your bank goes tittys up and you cat get acces to the funds required for landing.
You may not lose your funds but you will find you cant access a penny for up to 6 months or longer and neither can you show any proof of funds what a nigtmare that could be.
We have now transfered at least the minimum funds requirement over to our canadian accounts ( and split it between 2 seperate canadian accounts as an added precaution).
Also it will be so much easier to get proper paper bank statements locally in Canada as all our proof so far has been online printouts.
Interest rates in Canada are terrible compared to the 7 plus % to be had from the UK but the peace of mind is priceless.
So much else to stress about whilst enduring the immgration process without your funds going awol at the last minute.
good luck all
ps exchange rate is also pretty good this week compared to what it has been lately anyway!
I was caught out by the Icesave fiasco last week , fortunatley I didnt have a huge amount in Iceland but potentailly it could spell disaster if this happens again.
Imagine the scenario - you are a couple of weeks from landing ( or even 6 months away) and your bank goes tittys up and you cat get acces to the funds required for landing.
You may not lose your funds but you will find you cant access a penny for up to 6 months or longer and neither can you show any proof of funds what a nigtmare that could be.
We have now transfered at least the minimum funds requirement over to our canadian accounts ( and split it between 2 seperate canadian accounts as an added precaution).
Also it will be so much easier to get proper paper bank statements locally in Canada as all our proof so far has been online printouts.
Interest rates in Canada are terrible compared to the 7 plus % to be had from the UK but the peace of mind is priceless.
So much else to stress about whilst enduring the immgration process without your funds going awol at the last minute.
good luck all
ps exchange rate is also pretty good this week compared to what it has been lately anyway!
Oct 15th 2008 | 6:32 pm
#2
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Joined: Oct 2007
Posts: 35,190
From: In a darkened room somewhere.............
Re: Be safe with your landing funds!
Good idea but don't forget that banks are going 'tittys up' (as you so eloquently put it 
) all over the world, who's to say Canada won't be next? Added to which, are you sure that they're 100% Canadian i.e. not part owned by a US entity or similar?
Just something to think about.........maybe under the mattress is the safest option!
) all over the world, who's to say Canada won't be next? Added to which, are you sure that they're 100% Canadian i.e. not part owned by a US entity or similar?Just something to think about.........maybe under the mattress is the safest option!
Oct 15th 2008 | 10:54 pm
#3
Thread Starter
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Joined: Jul 2008
Posts: 1,368
From: My Utopia Nova Scotia!
Re: Be safe with your landing funds!
done lots of checks re canadian banks and cover is $100,000 according to reuters canadian banks are in the best shape of all g7 nations
agree perhaps nowhere is safe just feels safer to have the money in canada though as not easy to sort uk banks once in canada if there are any probs
as for ownership I have chosen scotia bank and bank of canada but not thought about ownership you make a good point
perhaps the mattress is the safest place afterall
will cic accept a pic of a pile of cash as proof
agree perhaps nowhere is safe just feels safer to have the money in canada though as not easy to sort uk banks once in canada if there are any probs
as for ownership I have chosen scotia bank and bank of canada but not thought about ownership you make a good point
perhaps the mattress is the safest place afterall
will cic accept a pic of a pile of cash as proof
