Hello.
I would be moving to Canada, sometime in January end or February 2022 on work permit (Should receive ON nomination and ITA in January). Currently, all my earnings are in Indian and US account which might eventually move to Canadian bank account in phased manner (for paying mortgage and other purposes).
The issue is wire transfer might not be the best way to transfer money as at least in US, my US bank also charged me fees for receiving wire. And the amount is bit huge:
1. US bank: Around $10,000 USD. If I break 401k, then this amount would grow by additional 25,000 USD. Total of around 35,000 USD
2. Indian Bank: 50+ Lacs INR (around 100,000+ CAD).
So I was curious what is the way to move my money to Canada. Is wire the only way? I am assuming moving money from India to Canada would be trickier than from US to Canada. Unfortunately, when I came to India and thought this would be my final move, I emptied most of my US savings to Indian banks.
Thanks
I would be moving to Canada, sometime in January end or February 2022 on work permit (Should receive ON nomination and ITA in January). Currently, all my earnings are in Indian and US account which might eventually move to Canadian bank account in phased manner (for paying mortgage and other purposes).
The issue is wire transfer might not be the best way to transfer money as at least in US, my US bank also charged me fees for receiving wire. And the amount is bit huge:
1. US bank: Around $10,000 USD. If I break 401k, then this amount would grow by additional 25,000 USD. Total of around 35,000 USD
2. Indian Bank: 50+ Lacs INR (around 100,000+ CAD).
So I was curious what is the way to move my money to Canada. Is wire the only way? I am assuming moving money from India to Canada would be trickier than from US to Canada. Unfortunately, when I came to India and thought this would be my final move, I emptied most of my US savings to Indian banks.
Thanks