Living abroad = monetary strife

Jestershire

Hi,

I'm looking for some general advice regarding money from people who have lived abroad for a period of time.

Basically, i'm flying out to canada on wednesday for a year's working visa. My problem is how to handle my monetary situation, as i'm going to be backpacking for a quite a while before settling down to work / find an appartment.

I need a minimum of €1,000 CAD in my posession when I reach the canadian customs, which is fine. I've heard joe walsh tours on upper O' Connell st is the place to go, as their handling fee is absolutely minimum. I have a further €2000 I can bring with me, but i'm naturally apprehensive about carrying that amount of money. Would traveler's cheques be a worthwhile alternative? Only i've heard you're charged quite a handling fee for getting them in the first place, and a possible second handling fee depeding on where you cash them.

I plan to open a bank account over there asap, and i've even got a letter of recommendation from my bank to help that process along. Regarding wire transfers; if I was to transfer €2000 from my irish bank account to my canadian one (when opened) would I be subject to a worse exchange rate / international transfer fee, etc. My current bank is AIB, ftr.

Apologies for the longwinded rant, nevres and so forth.

I appreciate any advice you guys can offer.

cheers.

tywy

You can use your AIB ATM card over there to withdraw money from their ATMs. Safest thing to do in my opinion.

Also it's something like €50 to transfer money from an Irish to a Canadian bank account so you're better off taking your money out with your ATM and then lodging it in your Canadian account. Although the way to the Canadian dollar is, you're probably better off taking the money out of your Irish account as you need it and then when you start working, lodge your cheques into your Canadian bank account.

They don't ask for proof of how much money you have, at least they didn't in Montreal.

Where are you hoping to settle down? Or are you gonna see how you get on?

All the money is in Alberta, they pay $18/hr in McDonalds. There's no tax there either because of the oil.

I'm so jealous! Have a great time!

Jestershire

The needing to display funds to support your trip thing was what USIT told me at any rate, but you could well be right.

I think the only drawback with withdrawing funds as I need them over there with my atm card is the withdrawal fees that will apply. I'd imagine they'd be pretty stiff?

I was just speaking to a friend doing a similiar trip, and he seems to think it would be easier to bring whatever I need to get set up (€1000 cad or so) and leave the rest behind with the folks who can then western union it over to me. Decisions!

I'm hoping to eventually settle down in Vancouver, it looks and sounds pretty amazing. I kind of like the sound of getting paid the best part of 20 quid an hour for a menial job though :eek: I had no Idea Alberta was a tax free province. Wikipedia has failed me.

BuffyBot

Oooh, look a forum dedicated to living abroad..

greenteaicedtea

Jestershire wrote: »

I think the only drawback with withdrawing funds as I need them over there with my atm card is the withdrawal fees that will apply. I'd imagine they'd be pretty stiff?

When I use another bank's ATM, I get charged $1.50 to use their machine. If you take out $40 each time, yeah, the fees add up, but if you take out $200 or so at a time, it's not as bad. I don't know if it's higher, because the bank is in another continent.

Alberta jobs pay a lot, but I hear it's hard to find a place to live.

daiixi

Call the Canadian embassy and ask them to clarify if you need funds in cash or whether a bank statement/printout showing you have the funds is sufficient.
Call AIB and ask them what they charge for cash withdrawals/exchange rates and bank transfers in/to Canada.
Call a couple of Canadian banks and ask them what they require in order to open a bank account.
Look into buying travellers cheques.

Good luck - sounds like you're going to need it.

Jestershire

Thanks to all who replied.

I've decided to bring cash to the tune of $1000 CAD as USIT requested I do (although this can be in the form of a bank statement w/ atm card, traveller's cheques, etc. as the previous poster suggested) My reugular AIB atm card can be used in all the major banks within Canada, so I should be fine there.

AIB's fee's aren't too bad with regard drawing money from abroad. They charge a handling fee of 1% of the transaction up to a maximum of about €6, and a currency conversion fee of up to 4% depending on the country in question.

All that remains is to pack!

2Scoops

Credit card - safe and accepted everywhere. Manage your finances through internet banking - no fees.

And I'm pretty sure you don't need $1000 on you when you arrive, just proof that you have it.