Bringing Money to Canada

[hopeful08]

Question about bringing money to Canada for those who landed already, or will be travelling soon.

What option did you go for? Did you exchange your money to Canadian or US dollar and bring it with you or did you do a wire/bank transfer to canada? Hope you can help me with this. Is the $10,000 Canadian Dollar per family or per person? Thanks!

 

[scylla]

You can bring as much as you want to. You just have to declare anything over $10K

 

[Jalex23]

Question about bringing money to Canada for those who landed already, or will be travelling soon.

What option did you go for? Did you exchange your money to Canadian or US dollar and bring it with you or did you do a wire/bank transfer to canada? Hope you can help me with this. Is the $10,000 Canadian Dollar per family or per person? Thanks!

Wire it, much safer and quicker.

 

[hopeful08]

Can you tell me more about the process?

 

[Tomasu]

Can you tell me more about the process?

Banks support what is called a wire transfer. You can send money from one account, directly to another even if they are in different banks in different countries. You just need to have an account you can send money to in your destination country, get the wire transfer details for that bank and account, then ask your originating bank to send money to the new account.

 

[CJD181]

Yeah wire transfer is definitely your best bet. Even if you do want to bring more than 10,000$ with you, it may look a bit odd to be carrying it around in cash. I know if I worked at the border I may find it a bit suspicious

 

[garyd00]

When wiring money does the person wiring the money need their name to be on the account the money is being wired to? My fiancée and I don't have a joint account yet.

 

[screech339]

When wiring money does the person wiring the money need their name to be on the account the money is being wired to? My fiancée and I don't have a joint account yet.

You can wire transfer the money to any account so long as the name and account number, bank swift code or iban code matches.

 

[hopeful08]

If you are wiring more than $10,000 CAD will the bank question it or will I need to declare it? The bank account in Canada is my brother's account. What does he need to do on his end? By the way his account is under RBC, will RBC question it if he receives money from the Philippines that's more than $10,000 CAD?

 

[chilkootcee]

Anyone with experience bringing in precious metals???? Also, was anyone able to set up a bank account after they landed but before receiving PR card?

C.

 

[truesmile]

If you are wiring more than $10,000 CAD will the bank question it or will I need to declare it? The bank account in Canada is my brother's account. What does he need to do on his end? By the way his account is under RBC, will RBC question it if he receives money from the Philippines that's more than $10,000 CAD?

Yes, they will.

 

[28january]

If you are wiring more than $10,000 CAD will the bank question it or will I need to declare it? The bank account in Canada is my brother's account. What does he need to do on his end? By the way his account is under RBC, will RBC question it if he receives money from the Philippines that's more than $10,000 CAD?

The receiving end doesn't have to do anything.

I don't believe they would question it, I used to get money from family around 20k every 6 months and the only thing the bank asked me is if I want to put it in to high interest savings account.

Wire transfer from one bank to another is the one of the most legitimate ways to transfer money (as opposed to say, hiding undeclared cold hard cash in your suitcase). You're planning on living here, they should be worried if you don't have money in your account.

 

[Ottawa-applicant]

The receiving end doesn't have to do anything.

I don't believe they would question it, I used to get money from family around 20k every 6 months and the only thing the bank asked me is if I want to put it in to high interest savings account.

Wire transfer from one bank to another is the one of the most legitimate ways to transfer money (as opposed to say, hiding undeclared cold hard cash in your suitcase). You're planning on living here, they should be worried if you don't have money in your account.

exactly right. I also would add if your wiring currency in US dollar ask your brother to open (its free account) US high interest saving account, this way you can definitely benefit from exchange rate from US Dollar to CA Dollar

 

[rugrat907]

I wired just under $10K CAD yesterday to Canada from the U.S. It took about 10 minutes at my bank in the U.S., sent it to my wife's account in Canada (my name is not on the account at all) and it was all super easy. Showed up in my wife's account today.

There is a provision (and I think this is pretty much universal for most countries) that if $10,000 CAD or more is wired, then CRA is notified.

Here's the info: http://www.cra-arc.gc.ca/gncy/cmplnc/eft-ti/menu-eng.html

I am leaving money in my accounts in the U.S. - I will be doing some work for my current employer for awhile after I land, will have a tax refund coming, etc...and will still have last utility bills and things like that coming that I've already got automatic payments set up for. I figure I can always transfer money later if needed via PayPal or whatever, but this gets me going.

 

[Alurra71]

I wired just under $10K CAD yesterday to Canada from the U.S. It took about 10 minutes at my bank in the U.S., sent it to my wife's account in Canada (my name is not on the account at all) and it was all super easy. Showed up in my wife's account today.

There is a provision (and I think this is pretty much universal for most countries) that if $10,000 CAD or more is wired, then CRA is notified.

Here's the info: http://www.cra-arc.gc.ca/gncy/cmplnc/eft-ti/menu-eng.html

I am leaving money in my accounts in the U.S. - I will be doing some work for my current employer for awhile after I land, will have a tax refund coming, etc...and will still have last utility bills and things like that coming that I've already got automatic payments set up for. I figure I can always transfer money later if needed via PayPal or whatever, but this gets me going.

If you plan to use RBC upon your arrival in Canada then you can have them open up a "US" bank account. It will give you some place to put money on the US side to pay any outstanding bills. It will give you a visa debit card as well. You can just transfer the money from your Canadian account directly to the US account. This is what I did when I landed a few years ago. I will finally be all caught up on my outstanding US debt in roughly 6 months. I can hardly wait, the current exchange is KILLING me! LOL