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Acceptable currency for settlement fund

Acceptable currency for settlement fund

Old Jan 9th 2008, 4:51 am
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Default Acceptable currency for settlement fund

All:

I'm traveling to Canada on my immigration visa next week and will need to bring the required settlement fund of approx. CAD11k. Does this fund need to be in CAD or can I bring it in another currency such as USD in an equivalent amount?

Thank you,

Alwin
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Old Jan 9th 2008, 4:53 am
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Default Re: Acceptable currency for settlement fund

You don't need to bring any money. You just need to show that you have it available in unencumbered funds.
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Old Jan 9th 2008, 11:00 am
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Default Re: Acceptable currency for settlement fund

Not exactly bazzz. If you have money in convertible currency on the account in the bank in developed country then bank statement (often with ATM balance printout) may do. But if you have money in not so developed country in not easy convertible currency and/or where foreign transfer restrictions may exist your bank statement will be worthless.

Immigrants coming from Western Europe, US, Australia, NZ, Japan and just few other places or having money already in bank in Canada may get through with their bank statements. Others should have cash or traveler cheques and avoid bank drafts as such will take at least 30 days to be cleared in Canadian banks.
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Old Jan 9th 2008, 11:19 am
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Default Re: Acceptable currency for settlement fund

Originally Posted by Andrew Miller
Not exactly bazzz. If you have money in convertible currency on the account in the bank in developed country then bank statement (often with ATM balance printout) may do.


But if you have money in not so developed country in not easy convertible currency and/or where foreign transfer restrictions may exist your bank statement will be worthless.
Isn't that (the first description) what Bazzz meant by unencumbered?
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Old Jan 9th 2008, 11:53 am
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Default Re: Acceptable currency for settlement fund

Only partially - as law requires funds to be not only free to transfer to Canada and free of any debts or obligations but also to be in convertible currency. Unencumbered has nothing to do with convertibility of funds.

Plus - examining officers at the port of entry are not required to make assessment if funds are unencumbered or in convertible currency. At the time of landing you must show the money, not some mirage of it in some strange bank in third world country that may not even be authentic. Fact that officers accept bank statements from major (known) banks from developed countries or sometimes just the word means that they go extra mile beyond what rules require them to verify. Thus my jump into the thread.

Last edited by Andrew Miller; Jan 9th 2008 at 11:57 am.
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Old Jan 9th 2008, 12:05 pm
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Default Re: Acceptable currency for settlement fund

Okay, fair enough.
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Old Jan 10th 2008, 11:15 am
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Default Re: Acceptable currency for settlement fund

Folks,

I leave for Kitchener later today (WOW Friday already!!), and I would like to know if there is an issue with bringing in a large amount of GBP, say in the region of £5,000. I know there is a limit on the amount of CAD brought into the country at the point of landing (CAD 10,000 I believe...), but can anyone advise if there is a limit on foreign currency brought in???

Thanks

Brian


Originally Posted by Andrew Miller
Not exactly bazzz. If you have money in convertible currency on the account in the bank in developed country then bank statement (often with ATM balance printout) may do. But if you have money in not so developed country in not easy convertible currency and/or where foreign transfer restrictions may exist your bank statement will be worthless.

Immigrants coming from Western Europe, US, Australia, NZ, Japan and just few other places or having money already in bank in Canada may get through with their bank statements. Others should have cash or traveler cheques and avoid bank drafts as such will take at least 30 days to be cleared in Canadian banks.

Last edited by Jaffa0007; Jan 10th 2008 at 11:18 am. Reason: Missing info
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Old Jan 10th 2008, 11:24 am
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Default Re: Acceptable currency for settlement fund

Originally Posted by Jaffa0007
Folks,

I leave for Kitchener later today (WOW Friday already!!), and I would like to know if there is an issue with bringing in a large amount of GBP, say in the region of £5,000.

Thanks

Brian
There shouldn't be an issue about bringing it in, but you should declare it immediately to border officials. I remember the customs declaration form saying you should declare money if you have over $10,000 CAN in currency or "monetary instruments". Given the current exchange rate, you should definitely declare it. Customs officials will almost certainly want an explanation of why you're bringing in such a substantial sum (especially if the money is in neat banker's slips of £1000 - it might look like you've robbed a bank and making off with the proceeds!), so relevant letters, banker's receipts and any applications you've made would not go amiss.
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Old Jan 10th 2008, 11:25 am
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Default Re: Acceptable currency for settlement fund

I forgot to say - it's over $10,000 in Canadian dollars or equivalent - which 5,000 GBP would certainly equate to.
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Old Jan 10th 2008, 11:53 am
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Default Re: Acceptable currency for settlement fund

Originally Posted by Jaffa0007
I know there is a limit on the amount of CAD brought into the country at the point of landing (CAD 10,000 I believe...), but can anyone advise if there is a limit on foreign currency brought in???
As mentioned, there's no limit on the amount of money you can bring in, but you have to declare it if over $10,000 (and might get some questions if there's a lot of it). But why would you want to carry that much in cash anyway?

Note that at current exchange rates 5,000 should be just under $10,000 anyway... but who knows what it will be by the time you land?
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