Bank Account Legal Issues

[SuprJim]

Hi Guys, I am trying to open an account from this side before I reach Canada, I see Scotia Bank only allows a maximum transfer of $50 000.
Is there a legal limit to the amount of money a family can transfer to Canada? My country allows each tax payer to transfer $100 000 per year out of the country.
Also can I open more than one bank account with different banks from outside of Canada, is this legal

Thanks!!

 

[NetMecca]

Probably a bank limit. No legal limits in Canada regarding transfers of money in and out of the country (unless earned through crime). Amounts over $10,000 are reportable, but still not a limit.

You can have as many bank accounts with as many banks as you like. No laws against that. Some practical reasons for dealing with one or maybe two banks, related to internal bank credit scores (for you) and building relationships, which are exceedingly important in Canada.

Good luck

 

[SuprJim]

Thanks for the reply,
what you are saying makes sense.
If there are no legal limits to the transfer amount I guess I'll just open one for now