Money Transfer after being a PR

[emceemouli]

Hi,

I have a question which I have been thinking about a long time but still in confused state. I had been in US and had been sending money to my NRI account back to India.

I am not sure how I should bring those to Canada. Not sure if I will have any tax implications. Also if I ask my parents to bring that when they come here, is that OK.

Please let me know the options. Just to understand my PR status, I became a landed PR in 2010 October and moved to Canada in Aug 2011.

Thanks
Chandra

 

[steaky]

The simplest option is to open a HSBC account in both countries and arrange online transfer between the accounts.

 

[alico]

The simplest option is to open a HSBC account in both countries and arrange online transfer between the accounts.

i tried to do that years ago between citibank and they told me that citibank in a country is considered a different financial instution by another citibank branch in another country. so i figured it would be the same case for hsbc as well.
do you know anyone who did this kind of transaction because i will be very happy to hear this is true

 

[steaky]

do you know anyone who did this kind of transaction because i will be very happy to hear this is true

No, you are wrong. Even it's consider a different financial institution, you can still arrange online transfer between the accounts in different countries.

 

[alico]

No, you are wrong. Even it's consider a different financial institution, you can still arrange online transfer between the accounts in different countries.

so, if they are considered different financial institutions,it is as same as wiring money internationally from one bank to another. am i right?
in terms of simplicity,does it matter to have same bank or different bank?

 

[steaky]

so, if they are considered different financial institutions,it is as same as wiring money internationally from one bank to another. am i right?

Still not correct in some extent.

At HSBC, there are no wiring fee for Premier accounts in different countries.

 

[alico]

Still not correct in some extent.

At HSBC, there are no wiring fee for Premier accounts in different countries.

oh yeah, i remember that hsbc had that service for premier accounts when i used to use that bank.i am glad you reminded me thanks.