Dear Jim Humphries,

Thank you very much for your answer to my previous quetion. Could you please tell me whether it's a good idea if I carry all my settlement funds into Canada in Traveler's Checks in Canadian Dollars.

Best
HJ

Youcould do that but you could also just carry enough funds to last a few eeks until
you establish a bank account here and transfer the rest at that time by wire.
Sometimes it is possible to open a Canadian account while outside of Canada if there
is a Canadian bank operating in your country. Jim Humphries

Helena wrote:
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[usenetquote2]> >[/usenetquote2]
[usenetquote2]> > Dear Jim Humphries,[/usenetquote2]
[usenetquote2]> >[/usenetquote2]
[usenetquote2]> > Thank you very much for your answer to my previous quetion. Could you please tell[/usenetquote2]
[usenetquote2]> > me whether it's a good idea if I carry all my settlement funds into Canada in[/usenetquote2]
[usenetquote2]> > Traveler's Checks in Canadian Dollars.[/usenetquote2]
[usenetquote2]> >[/usenetquote2]
[usenetquote2]> > Best HJ[/usenetquote2]

Be aware that most Canadian banks will place a 3 to 4 week hold on *all* cheques and
bank drafts for new depositors, and I have found that wire transfers from the US to
Canada can take up to ten days. Be sure that you bring enough in traveller's cheques,
credit cards, or other immediate access to cash to take care of your needs for at
least a month, including enough for rental deposits.

You will probably get a better exchange rate on your traveller's cheques if you wait
until you arrive in Canada to transfer them into Canadian funds. Rates can fluctuate
a lot, and also vary considerably between banks, credit unions, and currency exchange
shops. Shop around once you get here -- you can probably save yourself quite a bit.

Good luck!

A good way to bring funds to Canada is to get a bankers draft in Canadian dollars in
your own country, made out to yourself, and bring it with you. This is effectively a
cheque drawn on the foreign bank's account with a Canadian bank, usually in Toronto.
It only takes a couple of days to clear. Depending where you are you might shop
around for rates and charges, as banks sell these drafts to anyone for cash.

If your local bank does not handle Canadian dollar drafts, you can do the same thing
with US dollars. Most Canadian banks offer US$ accounts, and the best way is to put
US$ in to a US$ account, and then transfer it internally to a Canadian $ account, a
few days later when the cheque clears, probably through New York. This way you get
the best exchange rate - for an internal transfer between US$ and C$. The same thing
applies if you have travellers cheques in US$. One of the advantage of holding this
type of avccount is that you can take out US cash if you are planning a crodd-border
trip, and pit in what you have left. There are no exchange penalties which you would
get if you changed money all the time.

Good luck .

On Wed, 13 Feb 2002 13:51:27 -0800, "\"Half-Canadian\"" <[email protected]> wrote:

    >
    >"Jim Humphries" <[email protected]> wrote in message
    >news:[email protected]...
    >> Youcould do that but you could also just carry enough funds to last a few eeks
    >> until you establish a bank account here and transfer the rest at that time by
    >> wire. Sometimes it is possible to open a Canadian account while outside of Canada
    >> if there is a Canadian bank operating in your country. Jim Humphries
    >>
    >> Helena wrote:
    >> >
    >> > Dear Jim Humphries,
    >> >
    >> > Thank you very much for your answer to my previous quetion. Could you please
    >> > tell me whether it's a good idea if I carry all my settlement funds into Canada
    >> > in Traveler's Checks in Canadian Dollars.
    >> >
    >> > Best HJ
    >
    >Be aware that most Canadian banks will place a 3 to 4 week hold on *all* cheques and
    >bank drafts for new depositors, and I have found that wire transfers from the US to
    >Canada can take up to ten days. Be sure that you bring enough in traveller's
    >cheques, credit cards, or other immediate access to cash to take care of your needs
    >for at least a month, including enough for rental deposits.
    >
    >You will probably get a better exchange rate on your traveller's cheques if you wait
    >until you arrive in Canada to transfer them into Canadian funds. Rates can fluctuate
    >a lot, and also vary considerably between banks, credit unions, and currency
    >exchange shops. Shop around once you get here -- you can probably save yourself
    >quite a bit.
    >
    >Good luck!