bring Canada money in cash at landing?

[smile1212]

I am planning to buy property when landing, so will open bank account upon arrival in Vancouver. I learn that the first deposit is 5% of the property sale price, and this deposit is required to be paid by bank draft from Canada bank and is to be paid usually within 10-14 days after I agree on the property sale price with the seller. My question therefore is,

1/ Should I bring cash (Canadian dollar) through immigration when get in Vancouver and open bank account by depositing cash, say, around CAD60,000, to stand by with the funding for paying first deposit?

2/ I learn that you need to declare if you bring more than CAD10,000 cash through immigration. Other than filling in the Custom Form to declare, does it bring up other steps or costs considerations when I get through the immigration? Will I be questioned by the Custom for why I need to bring in CAD60,000 cash?

3/ is it possible to open bank account with cash, say, CAD60,000 ? just wonder if any anti-money laundry regulations restricting cash deposit in opening a new account?

While I learn by reading other discussions on this forum that the best way is to transfer fund from originally home bank account electronically to a Canada bank account, I have been told by my home bank in Hong Kong that I have to register my Canada bank details in person in HK. As I can only open a Canada bank in person after my landing, it seems to suggest that I will need to go back to HK after landing in order to register my Canada bank details for transfer fund online between my Hong Kong account and my Canada account. Therefore I have questions above regarding bringing in some cash first at landing, at least for buying a property for my residence.

Thanks.

 

[steaky]

1) It's up to you. For me, before landing while I am still in HK, I would rather deposit this money at HSBC and go to the International banking section at HSBC HQ in Central to set up a HSBC Canada Premier/Advance bank account in Vancouver. After landing, you can go to your designated branch to activate this account, internet transfer this money from your HSBC HK bank account to Canada via global view internet banking and then continue your purchasing. If you don't want deal with HSBC, it's a safer option to get a remittance bank draft instead and deposit it to a Canadian bank of your choice.

2) Yes, you can be asked why you have so much money or who gave you this money!

3) Yes, you can. However, the bank will probably ask you lots of anti-laundering related questions.

A little thing about your first paragraph, especially if you are buying a brand new condo/house from a developer, the seller can also choose to accept Canadian personal cheques in addition to Canadian bank draft at least for the first few down payments.

 

[smile1212]

Hi Steaky,
Thanks a lot !

 

[happycici]

I am planning to buy property when landing, so will open bank account upon arrival in Vancouver. I learn that the first deposit is 5% of the property sale price, and this deposit is required to be paid by bank draft from Canada bank and is to be paid usually within 10-14 days after I agree on the property sale price with the seller. My question therefore is,

1/ Should I bring cash (Canadian dollar) through immigration when get in Vancouver and open bank account by depositing cash, say, around CAD60,000, to stand by with the funding for paying first deposit?

2/ I learn that you need to declare if you bring more than CAD10,000 cash through immigration. Other than filling in the Custom Form to declare, does it bring up other steps or costs considerations when I get through the immigration? Will I be questioned by the Custom for why I need to bring in CAD60,000 cash?

3/ is it possible to open bank account with cash, say, CAD60,000 ? just wonder if any anti-money laundry regulations restricting cash deposit in opening a new account?

While I learn by reading other discussions on this forum that the best way is to transfer fund from originally home bank account electronically to a Canada bank account, I have been told by my home bank in Hong Kong that I have to register my Canada bank details in person in HK. As I can only open a Canada bank in person after my landing, it seems to suggest that I will need to go back to HK after landing in order to register my Canada bank details for transfer fund online between my Hong Kong account and my Canada account. Therefore I have questions above regarding bringing in some cash first at landing, at least for buying a property for my residence.

Thanks.

For the second question

Don't worry about it, just declare that and the Custom will ask you few questions, it's easy. You can tell them for buying a house is ok.