How to transfer money from Pakistan to Canada.

[steaky]

Alternatively, find a person who can buy your PK funds and give you the 20K in Canada.

 

[Johnny Ghaddar]

Bring 5000 CAD cash with you. open dollar account in TD once in Canada.
Ask your family member to open usd account in Pakistan and wire the remaining amount to you.

once you get funds in Canada, they get the best rate from currency dealer. Go to TD and ask them to make draft for that dealer.
you get CAD.

best of luck.
S

Hi,

Do the immigration authorities ask to show the full amount required i.e. CAD 12,500 in any form such as DD, TT in new comer account or Cash at the border ? or just 5000 CAD would suffice?

Thnx

 

[yasirhusain]

Bring 5000 CAD cash with you. open dollar account in TD once in Canada.
Ask your family member to open usd account in Pakistan and wire the remaining amount to you.

once you get funds in Canada, they get the best rate from currency dealer. Go to TD and ask them to make draft for that dealer.
you get CAD.

best of luck.
S

I would not suggest in opening a USD account either in CA or PAK reason being once in Canada he would be doing transactions using CAD not USD. Purchasing and selling dollars will cause him loss of money both in Pak and CA.

Safest option is to bring 5k CAD and then ask someone back home to wire transfer the amount via money exchangers. They would cost around 2500-4000. I believe there is a limit on how much amount one can transfer in a day and month.

 

[yasirhusain]

Hi,

Do the immigration authorities ask to show the full amount required i.e. CAD 12,500 in any form such as DD, TT in new comer account or Cash at the border ? or just 5000 CAD would suffice?

Thnx

It all depends on your luck.

Airport staff usually asks if you are carrying cash greater then 10k. In worst condition they would ask for proof of funds like bank statements which need to have latest date .

 

[Johnny Ghaddar]

I would not suggest in opening a USD account either in CA or PAK reason being once in Canada he would be doing transactions using CAD not USD. Purchasing and selling dollars will cause him loss of money both in Pak and CA.

Safest option is to bring 5k CAD and then ask someone back home to wire transfer the amount via money exchangers. They would cost around 2500-4000. I believe there is a limit on how much amount one can transfer in a day and month.

I already have a USD a/c here in Pakistan but you are right I would lose out on conversion during Wire transfer so the option suggested above in opening a USD a/c in CN might be to improve upon that situation, but that is a story after landing. The first priority is to find a way to take the bare minimum amount (req by CIC) i.e. CAD 12,500 (safe-side) with me either through a Wire transfer in new comer a/c or Cash. Later option is risky and since I am flying in first week of July there is a risk that Pak Govt. might reduce the Cash amount to just 3000$ allowed from Pak airport. So just can't leave the only option as Cash carrying transactions. Hence, all this fuss..

 

[Johnny Ghaddar]

It all depends on your luck.

Airport staff usually asks if you are carrying cash greater then 10k. In worst condition they would ask for proof of funds like bank statements which need to have latest date .

So they don't require the funds on you or in your canadian a/c or DD ? Need to plan for the worst case..

 

[21Goose]

So they don't require the funds on you or in your canadian a/c or DD ? Need to plan for the worst case..

There are two considerations to keep in mind.

1. If you are bringing more than $10,000 CAD into the country in the form of cash, bonds, travelers check (basically any liquid financial instrument), you need to declare this to CBSA. This rule applies to all travelers, not just people landing as PR. There's no tax or anything like that, you just need to declare it and answer any question the CBSA officer may ask you. If you're landing as a PR, they don't usually ask questions since the reason for bringing the money is obvious.

2. When you're landing as a PR, the CBSA officer will ask you whether you can meet the settlement fund requirement. You do NOT have to have all the money on you at that time, you can say that you have the money in your home country and will transfer the money once you open a Canadian bank account. However, if they ask for proof, and you cannot show them a bank statement from the foreign bank that backs up what you said, you will have issues. So, in general, you must be able to prove that you actually have the funds available to you.

Most people carry a few thousand (4-5K is plenty) and show a bank statement for the rest. You simply say you have brought enough money for a few weeks, and you will do a large transfer once you have your bank account ready.

If, however, your country has very strict and restrictive laws against transferring money abroad, you may be asked additional questions. I'm not familiar with the Pakistani banking system, but as long as you can legally transfer money out of Pakistan (do NOT mention hawala or any other form of illegal transfer), you shouldn't have an issue. Even if Pakistan limits it to say $5000 a month, you can easily say that you will get your funds over in two months.

 

[Johnny Ghaddar]

There are two considerations to keep in mind.

1. If you are bringing more than $10,000 CAD into the country in the form of cash, bonds, travelers check (basically any liquid financial instrument), you need to declare this to CBSA. This rule applies to all travelers, not just people landing as PR. There's no tax or anything like that, you just need to declare it and answer any question the CBSA officer may ask you. If you're landing as a PR, they don't usually ask questions since the reason for bringing the money is obvious.

2. When you're landing as a PR, the CBSA officer will ask you whether you can meet the settlement fund requirement. You do NOT have to have all the money on you at that time, you can say that you have the money in your home country and will transfer the money once you open a Canadian bank account. However, if they ask for proof, and you cannot show them a bank statement from the foreign bank that backs up what you said, you will have issues. So, in general, you must be able to prove that you actually have the funds available to you.

Most people carry a few thousand (4-5K is plenty) and show a bank statement for the rest. You simply say you have brought enough money for a few weeks, and you will do a large transfer once you have your bank account ready.

If, however, your country has very strict and restrictive laws against transferring money abroad, you may be asked additional questions. I'm not familiar with the Pakistani banking system, but as long as you can legally transfer money out of Pakistan (do NOT mention hawala or any other form of illegal transfer), you shouldn't have an issue. Even if Pakistan limits it to say $5000 a month, you can easily say that you will get your funds over in two months.

Thank you for clearing that up. Cheers

 

[steaky]

1) In addition, you need to complete a declaration form

There are two considerations to keep in mind.

1. If you are bringing more than $10,000 CAD into the country in the form of cash, bonds, travelers check (basically any liquid financial instrument), you need to declare this to CBSA. This rule applies to all travelers, not just people landing as PR. There's no tax or anything like that, you just need to declare it and answer any question the CBSA officer may ask you. If you're landing as a PR, they don't usually ask questions since the reason for bringing the money is obvious.

2. When you're landing as a PR, the CBSA officer will ask you whether you can meet the settlement fund requirement. You do NOT have to have all the money on you at that time, you can say that you have the money in your home country and will transfer the money once you open a Canadian bank account. However, if they ask for proof, and you cannot show them a bank statement from the foreign bank that backs up what you said, you will have issues. So, in general, you must be able to prove that you actually have the funds available to you.

Most people carry a few thousand (4-5K is plenty) and show a bank statement for the rest. You simply say you have brought enough money for a few weeks, and you will do a large transfer once you have your bank account ready.

If, however, your country has very strict and restrictive laws against transferring money abroad, you may be asked additional questions. I'm not familiar with the Pakistani banking system, but as long as you can legally transfer money out of Pakistan (do NOT mention hawala or any other form of illegal transfer), you shouldn't have an issue. Even if Pakistan limits it to say $5000 a month, you can easily say that you will get your funds over in two months.

 

[fahimmirza]

Actually, I am the only member coming to Canada. I would need some additional amount for my semester fees in Sept as I have secured admission in grad program.

There is a legal way to do it and the easiest way just send it through wire transfer from the bank yes who ever is transfering if he is a tax filer there will be no problem 1 year back i transferred 50000 cad to my canadian account from pakistan it was easy but i was a tax filer there as i do freelancing but not the limit are changed. So u might have to go 3 or 4 times to transfer the whole amount the fee percentage stays the same. If u do hawala or so they keep quit a bit of margin for them self and u cannot do it to canada for that u have to find a mid root and it will cost u again so take the legal root. Even through westrenunion for ur amount u might be be paying 16 thousand total for 4 times transfering but u will not be in trouble here as its a small amount and not in pakistan so if u count it would come up as 5percent of ur amount . And bank wire transfer might be cheaper. Or open a usd account in pakistan add a cash back credit card in usd account and use here when ever u want but to do that it will take more then 2 to 3 months

 

[fahimmirza]

May I know, how you transferred your assets out of Pakistan? My condition is almost similar have visited Standard Chartered, UBL, Meezan and different money exchangers. Banks guide to open a Dollar account and then give rights to someone in family to transfer money once you open an account in Canadian Bank. No one is disclosing the charges for money transfer

Its not that much they are the same averadge around the world like 40 to 50 usd per limit transfer like if the normally its set to 2 to 3000 dollar and its every where in the world even from here in canada more then that they ask to may details and question where money came from how u earned it etc here if u do more then that in 1 transfer u can be checked by CRA so do small and bring it all and u can send every other day till last year if the rules have not changed and u get it in 3 days after sending the only rule change is the limit that i know of from 10000 to 3000 per transfer.

 

[fahimmirza]

Hi,

Do the immigration authorities ask to show the full amount required i.e. CAD 12,500 in any form such as DD, TT in new comer account or Cash at the border ? or just 5000 CAD would suffice?

Thnx

Yes they will ask even it 2000 and do not try to hide any thing or u will be doomed. If u have till 10000 that included the stuff u carry as well so u will be checked in and out and u need proof of document for that so safe to do is bring proof and just bring 9000 or so because they will check any thing above 2000 so u have

 

[Mansoor9091]

If you are canadian resident, open a USD account in your canadian bank RBC or TD or BOM. Become a tax filer (one day process in Pakistan through any good Tax filing agent). Open USD account in Pakistani bank specially any bank which have foreign routes. Then start wire transfer or Bank drafts through your Pakistani foreign currency account to Canadian USD account. Of course you have to show proof of funds like sale of car, property or conversion from your PAK Rupees saving account to FE etc and State bank confirmation.

 

[abc12345xyz]

Have anyone recently transferred money from Pakistan to Canada? Were there any issues? I would like to transfer the money from Pak to Cad, but I was told by different banks that limit is $9000 and one bank said $20000 from Pakistan. I would like to transfer more money like $500K to buy the home. What is the easist procedure? What is the procedure for demand draft? I check with the banks, and most of them don't offering this. Can someone please tell me what is the procedure for this and which bank does this? Is it better to do with bank transfer or demand draft?. Your help is much appreciated. thank you.

 

[abc12345xyz]

anyone???