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Best way to bring money to Canada

Discussion in 'Settlement Issues' started by omarnabsws, Apr 23, 2017.

  1. Hello,
    I am planning to land on the 12th of July
    I have the chance to convert my money in Beirut from USD to CND for a very good rate, but I will have them as cash and they would be more than 10K CND.
    I read alot about that if you have more than 10K in cash then you need to declare them. What is declaring them exactly?
    Does it mean just to say that I am carrying more than 10K in the airport? If so what's the issue?

    Another question, do border officers check whether you have the money? In case i did not bring them in cash right now, do i need to carry a bank statement or something?
    Regards,
     
  2. You can bring in a million cash. You just have to tell them that you brought it. Simple.

    They ask you how much cash do you have on yourself at the time of landing. You give them a number. That's declaration.

    There's no issue in bringing more than 10k cash if you're declaring it. They understand that you are leaving your country and would be bringing your assets with you.
     
    EmeraldFei likes this.
  3. Agreed. As long as you declare it you are fine bringing in any amount. Be aware that it isn't just CDN cash you have to declare, it's any currency that is more than 10K CDN. That includes precious metal, bonds, etc.
     
  4. Alright, great. thank you guys!
     
  5. I have a similar issue here. Is it as simple as that? Just declaring it and that's it? I'm not sure about Canada but for the UK, not only do you need to declare it, you also have to prove the source where the money was from, like your bank book, currency exchange receipt etc.. Please advise
     
  6. Obviously if it is a significant amount (10k and up) you might need to show how you came by it or reason for having it but there is no guarantee or way to know whether you would or would not be asked for proof hence always be prepared to be asked even if may not be. But always declare 10k or over all currency in possession regardless and should not be any issues at all.

    The UK I seem to recall like to know about money coming in and going out, major cash sums that is, to see if any money laundering is going on but thats same for many countries although leaving UK is more due to a spot check or intelligence I guess. Many airports I read even have specially trained dogs that can sniff out cash being carried in luggage but thats more likely focussed on major crimes/money laundering.

    Can never really understand anyone wanting to carry large amounts of cash as opposed to wire transfer but each to their own, for me I would be nervous losing it or someone with intent noticing I was carrying that much.
     
  7. Register yourself at ScotiaBank StartRight Program. They give you an account number with the instructions to wire transfer your money. Then wire your money. You'll soon receive an email by them that your money has been credited to your account. Use that email as Proof of Funds when inquired. Get rid of the dangers of carrying too much cash.
     
    yasirhusain likes this.
  8. As pointed out in the other thread, the instructions given by Scotia can be confusing. Better to setup account with HSBC, wire funds via the complimentary Globalview and you would notice the transfer instantly. Better than waiting the email from Scotia.
     
  9. But we don't have HSBC here in Pakistan. Can I do the same with Standard Chartered Bank?
     
  10. I don't bank with Standard Chartered in Canada.
     
  11. That leaves me with only one choice, Scotiabank.
     
  12. I did this.

    -Brought enough cash with me to survive for a few weeks including hotel, car rental, food etc
    -I kept my foreign bank account open, but let them know in advance that I will be transferring my cash to Canada and set that transaction up before I left.
    -When I arrived I opened a local bank account as soon as possible.
    -Activated the international wire transfer to my Canadian bank.
    -Closed my foreign bank account.

    Worked pretty well. Had no trouble.

    I did leave someone in my home country with a power of attorney though to ensure that there is someone that could help out there if needed.

    Good luck
     
    LaViva, yasirhusain and SumH12 like this.
  13. The bank with which you opened the foreign currency account, had operations in Canada as well, or was it your local bank?
     
  14. You can also check with ICBC Industrial Bank of China since they have branches in both countries.
     
  15. But I live in Pakistan :)
     

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