Sending money to a Canadian Bank Account from abroad

[gd]

Hi experts,

I made my 1st landing in August 2009 as a PR, stayed two weeks in Canada and opened a bank account at HSBC.I returned to where I am empoyed now after the two weeks stay. I received our PR cards thro a friend who live in Canada.

Now, my son has received some offers from Canadian Universities and he is going to get into one of them in September 2010. For his university payments I need to transfer money into the Canada HSBC account from abroad.

Can somebody tell me whether there are any restrictions, limits on the amount that can be transferred to a Canadian Account from abroad??

If transferring money to the Canadian account from abroad is a problem what is the best way to bring money for the payments to university in September when I accompany my son to Canada?

I appreciate if some expert on the subject advise me on the above

 

[PommeDeRoute]

Hello,

You should be able to do a wire transfer to your Cdn bank account.

You can read here about what is required to send a wire to another bank from Canada. The requirements should be similar for wires coming from abroad to Canada: http://www.tdcanadatrust.com/fcs/wiretransfers.jsp.

To my knowledge, there is no limit imposed by Canada on the amount of money you can wire into a Cdn account. Canadian bank do have to adhere to anti-money laundering and counter terrorist financing legislation that requires them to report the details of large transactions to the Canadian government. See here: http://www.fintrac-canafe.gc.ca/re-ed/fin-eng.asp.

P.d.R.

 

[toby]

I support PdR's statements. No restrictions on the amount of a wire transfer.

Elsewhere I have read with concern the advice given to immigrants, that they arrive in Canada and then transfer into Canada money from their offshore bank accounts. In my experience it is not so easy to do this; banks like you to be at the counter, signing paperwork that authorizes them to make the wire transfer.

I repeatedly advise that immigrants carefully confirm with the source bank that authorizing a wire transfer from Canada will be possible.

 

[thaiguy]

Some banks let you initiate a wire online. Usually those are larger banks. Something to look in to..

 

[wizardhigh]

Online banking let you transfer money via internet,but there is a limit usually preset by yourself for safety reason.

 

[chiri9]

Dear All,
After 2 year i will be landed permanently to Canada from India as PR basis with my wife and 6 year old son. Officially howmuch money will allow to carry with us ? if exceed the limit then what will be the taxable amount ? with howmuch rate of interest ?

 

[steaky]

The online banking transfer limit is set up by the bank not yourself for security reasons.

 

[Vancouveritis]

Dear All,
After 2 year i will be landed permanently to Canada from India as PR basis with my wife and 6 year old son. Officially howmuch money will allow to carry with us ? if exceed the limit then what will be the taxable amount ? with howmuch rate of interest ?

$10K is the official limit for cash. Anymore and it risks getting taken away. If you want bring more you should use an international transfer service like CanadianForex.com, WesternUnion, or nitesbrig. Yo

 

[steaky]

$10K is the official limit for cash. Anymore and it risks getting taken away. If you want bring more you should use an international transfer service like CanadianForex.com, WesternUnion, or nitesbrig. Yo

That's a myth.

You just need to declare when you are bringing more than $10,000.

 

[jes_ON]

steaky is right. If it's less than 10K, you don't need to declare it. If it's more than 10K, you need to declare it. If you don't declare it and get caught, it can get confiscated until you pay the fine for not declaring. It's not taxed...

 

[Vancouveritis]

It could be that more than $10K is allowed in cash.

Hope you have fun with that conversation with customs officials!

;D

 

[Suin]

It could be that more than $10K is allowed in cash.

Hope you have fun with that conversation with customs officials!

;D

Is it possible to bring 20K without declaration if you travel with a child? I mean 10K per each.

 

[Sydkadra]

Hello
There is no problem at all in declaring the amount. You must be truthful to the authorities that how much cash you are bringing and they count if they find it same as you declared then you need to fill-in FINTRAC form if the amount exceeds $10K ( there is no upper limit). If you are with family also you need to declare the total amount carried. So don't be stressful at all when you bring cash into Canada just declare correctly and you are done. FINTRAC will check whether the money is earned legitimately or not. No tax is levied on the cash and the FINTRAC copy is useful which you can show to the bank when you open your account and deposit this money into your account.

 

[canuck_in_uk]

Hello
There is no problem at all in declaring the amount. You must be truthful to the authorities that how much cash you are bringing and they count if they find it same as you declared then you need to fill-in FINTRAC form if the amount exceeds $10K ( there is no upper limit). If you are with family also you need to declare the total amount carried. So don't be stressful at all when you bring cash into Canada just declare correctly and you are done. FINTRAC will check whether the money is earned legitimately or not. No tax is levied on the cash and the FINTRAC copy is useful which you can show to the bank when you open your account and deposit this money into your account.

You are responding to a 4 year old thread.

 

[telegram]

You are responding to a 4 year old thread.

whats wrong with that?