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First Two Months In Canada - Experience

First Two Months In Canada - Experience

Old Nov 1st 2004, 4:02 pm
  #16  
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Default Re: First Two Months In Canada - Experience

Originally Posted by yogi799
Lancesan,


I brought about 5k CAD in cash, which turned out to be NOTHING! - Considering that most landlords want the FIRST and LAST rent payment (forgot to tell you that guys, sorry - I'm telling you now) at the signing of the lease. So, we paid about 2500 CAD just top get the key to our door.... Money goes fast in these first months, guys.


Orazone,

Yes, I did write myself my personal checks. And since they're US checks, they put them on 15-30 business day hold. I knew about it, that's why I wrote them early enough to be covered, but the assholes at the bank extended the hold on us by 15 days just like that!

I can't speak for Travellers Checks but, I THINK (only THINK, not for sure on that) I have read somewhere that they put these on hold as well, so please check that by calling some Canadian banks guys!
Thanks a lot Yogi, Orazone
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Old Nov 2nd 2004, 10:22 am
  #17  
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Default Re: First Two Months In Canada - Experience

I had no problem cashing in my travellers checks. They are just like cash and are available immediately. TD bank had no problems with them at all.

Originally Posted by yogi799
Lancesan,


I brought about 5k CAD in cash, which turned out to be NOTHING! - Considering that most landlords want the FIRST and LAST rent payment (forgot to tell you that guys, sorry - I'm telling you now) at the signing of the lease. So, we paid about 2500 CAD just top get the key to our door.... Money goes fast in these first months, guys.


Orazone,

Yes, I did write myself my personal checks. And since they're US checks, they put them on 15-30 business day hold. I knew about it, that's why I wrote them early enough to be covered, but the assholes at the bank extended the hold on us by 15 days just like that!

I can't speak for Travellers Checks but, I THINK (only THINK, not for sure on that) I have read somewhere that they put these on hold as well, so please check that by calling some Canadian banks guys!
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Old Nov 2nd 2004, 11:32 am
  #18  
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Default Re: First Two Months In Canada - Experience

Originally Posted by Boston
I had no problem cashing in my travellers checks. They are just like cash and are available immediately. TD bank had no problems with them at all.

OK, that is good news then. Facts are what we need to help newcomers as much as possible.

Where these checks large, though? Like 5k? I know small checks (below 500 or so) are treated differently than large ones.


.
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Old Nov 2nd 2004, 12:04 pm
  #19  
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Default Re: First Two Months In Canada - Experience

Cashier Checks (also known as Certified Checks) issued by reputable Institution /banks should get cashed immediatly ,thats the reason tourists use them.

The difference between Normal Check and Cashier/Traveller/Certified Check is that in case of later one , money gets deducted from your account the moment it is issued. After that the only thing needed is authentication. For authentication sometimes they call concerned institute or do machine readable scan or some other method. Its very important for them to get it validated otherwise anyone can walk in with a piece of paper and get it cashed.
If its not from some reputable institute then your bank might ask you to wait for hours or may be days. So just like Visa and Mastercard are most reliable credit cards and get accepted everywhere, traveller checks issued by American Express , Citi, etc are considered very reliable.

Last edited by orazone; Nov 2nd 2004 at 12:17 pm.
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Old Nov 3rd 2004, 1:02 pm
  #20  
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Default Re: First Two Months In Canada - Experience

I got travellers checks from AAA. They are free if you are a member (the bank usually charges a fee. Had to get the cashiers check from my bank for AAA though). Mine were $1000 each. If I were to do it again, I would get smaller denominations, because with the US dollar flactuating and being so low these day, I lost money on the exchange rate on some days when it was low but I needed money and had to cash the check. I ended up opening up a US dollar account - most Canadian banks offer that and deposited the rest of my travellers checks on it. As I said, cashing them in at a bank was not a problem at all (I think they call Visa while you are waiting and verify that the check is ok).


Originally Posted by yogi799
OK, that is good news then. Facts are what we need to help newcomers as much as possible.

Where these checks large, though? Like 5k? I know small checks (below 500 or so) are treated differently than large ones.


.
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Old Nov 3rd 2004, 4:28 pm
  #21  
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Default Re: First Two Months In Canada - Experience

Originally Posted by Boston
I ended up opening up a US dollar account - most Canadian banks offer that and deposited the rest of my travellers checks on it.
Great News!!! I did'nt know that. When i move there i will also keep my money in US dollars. It does'nt make any sense converting all of the savings altogather and losing so much money.
Any idea which bank has the best service ??

Last edited by orazone; Nov 3rd 2004 at 4:33 pm.
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Old Nov 22nd 2004, 4:59 pm
  #22  
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Default Re: First Two Months In Canada - Experience

Hi yogi,
Nice review.
What is your experinecne with car insurance?
Is car insurance required for car registeration?

Thanks
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