Wire transfer to Scotia - do they check source of funds?

[janepham]

Hi,

I just did my soft landing in July and wanted to move permanently in Sep/Oct. As part of the process, I'd need to wire transfer money from my current bank in my home country to the bank account I currently have with Scotia. For those of you who have done this before, will Scotia freeze the transferred money so they can do the AML checks? If yes, how long would the funds be frozen for and would you need to provide any supporting documents (i.e. notarized gift deeds, bank statements, etc.)?

Thanks much and happy settling!

 

[Hurlabrick]

For those of you who have done this before, will Scotia freeze the transferred money so they can do the AML checks?

No

If yes, how long would the funds be frozen for and would you need to provide any supporting documents (i.e. notarized gift deeds, bank statements, etc.)?

No



The organisation you choose to do the transfer will ask you for proof of id (usually passport). They will then do the transfer which is automatically reported. Depending on who does the transfer, could take anything from 1 to 4 working days to arrive in Scotiabank, but once it is there, provided you have a full and normal Canadian checking account, it will be available to spend (i.e. not frozen). I personally use TransferWise, it take 24 hours to get into my Canadian bank account and I have transferred LARGE sums.​

 

[janepham]

Thanks much!