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08 October 2015

MM2CXPerience: Is it Better to Bring Cash than Demand Draft?

I am happy to inform you that a friend of mine, an MM2C member, had successfully landed in Canada. 

It was April when I shared the good news that he got his PPR in my MM2C News: MM2C Subscriber Got a Very Good News.  He was able to land successfully in Canada and I got lucky to see his photos of Vancouver.

One of his experience that he wants MM2C to know was about the Bank Draft issue.  He brought his settlement funds in a form of a Bank Draft, but got a bad experience about it in TD bank, one of the biggest banks in Canada.

He emailed me what happened and wanted to share it to you as well.
Hi Ben,
I made a demand draft from DBS bank, brought to Canada, and deposited it to TD bank in Vancouver.
Today, after waiting for 30 days, the money came to my account.
However, the amount doesn't tally with the amount on the draft, a $100 difference.
Just now, I went to the bank and asked where the $100 had gone?
Only then they explained and gave me the breakdown as follows:
Foreign  Fee       $45Collection Fee     $30Couriers              $25
$100 for me is quite a lot.
There are other options on how to bring the settlement funds to Canada, which I'd mentioned in my previous post Options on How to Bring Your Settlement to Canada.  However,  in my opinion, Cash is the perfect form of Settlement Fund to bring to Canada for the reason of liquidity and free from bank charges.

What do you think?

I hope you've learned something from this experience to help you settle smoothly in CANADA.

If you know or experience something that is worth sharing, please email it at

#MM2CXperience in Facebook.


  1. Hi Ben,

    Thanks for sharing. It's me again, also would like to have clarifications on this matter. Since we are still on the planning stage. Early next year is our target to land, in Alberta. A friend of ours just landed recently this month, they also stayed here in SG prior to the move. She mentioned that she got a DBS bank draft and decided to open with TD bank. In Calgary, she told me that there are some fees/charges that will be incurred if you deposit your draft which is about the same as you mentioned here in your blog. However, she managed to waive it off since she knew someone who know somebody working at TD. :) She advised me to check the details first before opening an account for whichever bank. Furthermore mentioned that Scotia doesn't have this issue.

    Coz i also intend to bring bank draft alongside minimal amount of cash. I guess bringing all in cold cash bothers me. I plan to go for Scotia bank in due time.

    Just sharing. Thanks again.. :)

    1. Hi Redick, this is a good information. For us, bringing cash was beneficial. It's liquid and had used it immediately after we deposited it in the bank. But, if you're afraid it'll get lost during the transit, for your peace of mind, bring a bank draft.

      Have a Nice Trip. I hope we could meet in Alberta?

  2. Thank Ben.

    Yes, hope we can have a meet up once we're there.

    All the best as always in Canada life.


Ben Alagnam - MeMovingToCanada