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best way to transfer my saving from Dubai to Canada?

Discussion in 'Settlement Issues' started by tinkerdooz, Aug 7, 2012.

  1. Hi everyone,

    I'm new to this forum and I find it really helpful, thanks to all of you who take time to help new immigrants.
    I landed in Toronto 2010 and typically came back to Dubai a couple of days later, I didn't do any of the required paperwork like opening a bank account or applying for the health card ...etc.
    So now I'm moving permenantly in November and need some advice.I guess I'll start with this question:
    what's the best way/means to move my savings? best bank ? and any other tips specailly from those of you who moved from Dubai is there anything I need get done from here before leaving that will help me settle in?

    Thank you in advance guys
  2. It's not required to open bank account, apply health card.. etc after landing anyways. The best bank to move your savings is HSBC. With HSBC premier, you can transfer your funds between any worldwide HSBC accounts round the clock with no wiring fees. Do the transfer online. It's so convenient and hassle free.
  3. I also did my landing in 2010 stayed for a week but I opened an account with President's Choice as there were no fees involved and it was hassle free and regularly moved savings when the exchange rate was good. So just before making the final move I just wire transferred all my savings via Wall Street as they always had better exchange rates.

    As a HSBC Premier Customer in Dubai I had the option of opening a Global account but that would take 4 weeks and a bit of paperwork. Besides moving your UAE dirhams into Canadian dollars will not give you a good rate as they would take the official bank exchange rate on the day of transfer. Another option you have is to make a draft in C$ at Wall Street and deposit into an account that you will create when you arrive in Canada. This would take a few days to clear and a nominal bank charge.

    Just my two cents.
  4. Excuse me...but what is "Wall Street"...!

    I mean, is this a bank or an exchange?

    Where is it located in the Middle East (the questioners seems to be asking from Dubai) and how do you go about converting your money here?

    Many thanks, in advance.
  5. Hi,

    the same scenario is happening with me. I landed in Canada in 2011 and now planning to go setlle there. I have a bank account there with RBC. but wanted to know what is the best opetion to transfer the money without paying taxes as a new settler and benefote from the low current exchange rate. I saw something about wall street and I am really curious how to do such thing thing from UAE?

    all recommendation will be much appreciated!

  6. There are no taxes for money bringing into Canada.
  7. so I can transfer to my bank account there directly without paying any taxes?
  8. "Wall Street" is a money exchange located in Pakistan!
  9. If you have a HSBC Premier account in Dubai, you can open a Premier account in Canada in about 15 minutes by going to one of the branches. You can then transfer money back and forth via Internet banking.

    If you are going to do this, however, I would advise you to contact your premier relationship manager in Dubai and ask them to change your system profile to offer yuo the best exchange rate. This will save you a lot of money in the long run.

  10. its his second time not first time. any amount equals or over 10,000 is taxable.
  11. No, it's not. Only the income you reported in your T1 is taxable. Merely money transfer between countries (first, second, third, etc.) are not taxable.
  12. Dear Steaky and all,

    I am landing Canada on Jul 12 this year. I have a HSBC Premier account in Vietnam and I already have had an account at HSBC Canada. I had a problem in transferring money from HSBC account in Vietnam to my HSBC account in Canada. I tried to transfer C$250 twice, but the HSBC Vietnam officers denied my orders, although I did give them my Canada Visa and my ticket. They said that I transferred money to another country with no purpose.

    Before opening the Premier account in Vietnam, they also told me that I could transfer money back and forth via internet banking if I had my account in Canada. But now I cannot and I feel disappointed about this.

    Please tell me whether their explanation was right or wrong.
  13. It is probably because Vietnam is still a communist country.
  14. Dear All, your expert advice is appreciated. can anyone suggest how much funds should be enough (apart from Canada government requirements) for a family of 3 to settle-in ?
  15. All depends on what you define as settle in. Also depends where in Canada.

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