Sending large amount of money to Canada as International Student

[tipsy]

Hi. I am travelling this August and I have saved my money. I wanted to know if we are allowed to send money to Canada. I will entrust my money to my best friend while I am travelling to Canada and open my account there. I asked my brother he said only CAD 10k per transaction is allowed in TD.

Anybody knows what bank accept large amount of money in one remittance also what documents should I show to prove that the money comes from my salaries. What is the best proof I can show between the connection of my best friend sending large money to my account in Canada.

Thanks

 

[J5M]

Hi,

Hi. I am travelling this August and I have saved my money. I wanted to know if we are allowed to send money to Canada. I will entrust my money to my best friend while I am travelling to Canada and open my account there. I asked my brother he said only CAD 10k per transaction is allowed in TD.

Anybody knows what bank accept large amount of money in one remittance also what documents should I show to prove that the money comes from my salaries. What is the best proof I can show between the connection of my best friend sending large money to my account in Canada.

Thanks

You can carry American Express TC, fully refundable if lost/stolen. Redeemable in any bank. Its secure and you save money on bank transfer fees as well.

 

[neutral]

Hi. I am travelling this August and I have saved my money. I wanted to know if we are allowed to send money to Canada. I will entrust my money to my best friend while I am travelling to Canada and open my account there. I asked my brother he said only CAD 10k per transaction is allowed in TD.

Anybody knows what bank accept large amount of money in one remittance also what documents should I show to prove that the money comes from my salaries. What is the best proof I can show between the connection of my best friend sending large money to my account in Canada.

Thanks

There is not limit. It's not true 10k is the limit. Do you know how many transfers of millions of dollars are done every day?

The only issue is that the bank would ask where the money come from.

 

[J5M]

Hi,

There is not limit. It's not true 10k is the limit. Do you know how many transfers of millions of dollars are done every day?

The only issue is that the bank would ask where the money come from.

Yes, there is no limit as long as you declare anything over CAD 10,000 on landing (all cash or mix of cash, pre-paid cards or anything redeemable) .

 

[tipsy]

Hi,
You can carry American Express TC, fully refundable if lost/stolen. Redeemable in any bank. Its secure and you save money on bank transfer fees as well.

I also thought of doing that unfortunately there is no available American Express TC here in UAE.

There is not limit. It's not true 10k is the limit. Do you know how many transfers of millions of dollars are done every day?
The only issue is that the bank would ask where the money come from.

My brother had asked TD in Canada and they confirm that CAD 10k/transaction within 24 hrs, CAD 25k/wk and CAD 50k/month.

I can prove that all comes to my account thru my stamped bank statement. By the way, if I will be leaving UAE and I will transfer my UAE money to my friend, will my Canadian bank account accepts third party transfer? Someone transferring from UAE to my account?

 

[neutral]

I also thought of doing that unfortunately there is no available American Express TC here in UAE.

My brother had asked TD in Canada and they confirm that CAD 10k/transaction within 24 hrs, CAD 25k/wk and CAD 50k/month.

I can prove that all comes to my account thru my stamped bank statement. By the way, if I will be leaving UAE and I will transfer my UAE money to my friend, will my Canadian bank account accepts third party transfer? Someone transferring from UAE to my account?

If is a huge amount, just carry with you a check and once in Canada you deposit it.

 

[tipsy]

If is a huge amount, just carry with you a check and once in Canada you deposit it.

There is no available cheque in UAE.

 

[GTO911]

Use Monero

 

[neutral]

Your last option. If in your country there is online banking, then wait until you come to Canada, open a bank account, talk with the branch manager and the just transfer your money connecting to your account in UAE online. I do it all the time to pay stuff in my country

 

[tipsy]

Your last option. If in your country there is online banking, then wait until you come to Canada, open a bank account, talk with the branch manager and the just transfer your money connecting to your account in UAE online. I do it all the time to pay stuff in my country

I will check if my bank here will not freeze my account once my visa has been cancelled.
Thanks!

what about paypal? Is it safe to keep and transfer money thru paypal?

 

[bzafar]

I will check if my bank here will not freeze my account once my visa has been cancelled.
Thanks!

what about paypal? Is it safe to keep and transfer money thru paypal?

which bank do you have an account in?

 

[neutral]

Yes but with Paypal you will pay a higher fee.

 

[alif82]

Hi Tipsy, I´ve been sending money aswell, you should avoid sending over 10K not because you can´t wire that but because you risk the government retaining that money and investigating you. The Canadian government makes the banks inform of movements over 10K (and retain them in case of doubt) since they believe it might be related to drugs, tax evasion or funding isis, money laundering or whatever, you should try to find another way if possible.
You can transfer but just know that you might have to fill some forms and do some explaining to the government

My uncle that lives in Toronto warned me of this when I was going to transfer a large amount of money from another country. check the canada revenue agency website or google fintrac over 10k


Who must report to FINTRAC?

All financial entities, life insurance companies, securities dealers, foreign exchange outlets and money services businesses, which have detected a suspicious transaction, or conducted cash transactions or wire transfers in/out of Canada worth $10,000 and over. Records related to these transactions must be kept for a period of five years.

 

[tipsy]

Hi Tipsy, I´ve been sending money aswell, you should avoid sending over 10K not because you can´t wire that but because you risk the government retaining that money and investigating you. The Canadian government makes the banks inform of movements over 10K (and retain them in case of doubt) since they believe it might be related to drugs, tax evasion or funding isis, money laundering or whatever, you should try to find another way if possible.
You can transfer but just know that you might have to fill some forms and do some explaining to the government

My uncle that lives in Toronto warned me of this when I was going to transfer a large amount of money from another country. check the canada revenue agency website or google fintrac over 10k


Who must report to FINTRAC?

All financial entities, life insurance companies, securities dealers, foreign exchange outlets and money services businesses, which have detected a suspicious transaction, or conducted cash transactions or wire transfers in/out of Canada worth $10,000 and over. Records related to these transactions must be kept for a period of five years.

I think the bank will be the one to report to FINTRAC, right? I just need to prove that the funds come from clean source.

By the way, I think my problem will be solve soon. I found an affiliate of Scotiabank here in UAE, I will visit them and comply their requirements. I can transfer a maximum of CAD 50k they said. lol

 

[bzafar]

By the way, I think my problem will be solve soon. I found an affiliate of Scotiabank here in UAE, I will visit them and comply their requirements. I can transfer a maximum of CAD 50k they said. lol

I need to transfer money from UAE too, can you provide me with the details as well of this Scotiabank affiliate