Money Transfer from sale of Property in India to Canada

[kkankal]

Dear Forum Members,

I have recently become a PR. I plan to sell my apartment in India and would like to know the procedure to transfer the proceeds of the sale to my Canadian bank account.

I would be grateful for your advice, particularly from those who have carried out similar transactions.

Thanks in advance.

 

[corazon3]

Dear Forum Members,

I have recently become a PR. I plan to sell my apartment in India and would like to know the procedure to transfer the proceeds of the sale to my Canadian bank account.

I would be grateful for your advice, particularly from those who have carried out similar transactions.

Thanks in advance.

A big mistake. Don't sell your apt. Most people squander their savings very quickly in Canada and soon they find themselves on the verge of being homeless. Try Canada for about six months and if you don't find a job, go back to India. These days it's not easy to get Canadian passport.

 

[newtone]

A big mistake. Don't sell your apt. Most people squander their savings very quickly in Canada and soon they find themselves on the verge of being homeless. Try Canada for about six months and if you don't find a job, go back to India. These days it's not easy to get Canadian passport.

Well said, I agree

 

[Alurra71]

He's been here for over a year based on his posting history, so I don't think him wanting to sell an apt he hasn't lived in for over a year is a mistake.

How the money gets transferred to a Canadian bank account, I don't know the answer to that query.

 

[Dejaavu]

Wiring money is easy.

You just open a bank account in Canada and get your bank information such as swift code, branch number, account number, branch address, beneficiary name and the amount and reason for sending the funds.

I am not sure how much they charge in India but in Canada typically they charge about 50$ for incoming wires usually for more than 10 k CAD.

I would first talk to the bank and find out what the fees are for incoming wires and I would open a USD account and transfer funds in the same currency. Banks give horrible exchange rate so I wouldn't say send a USD funds from India into a CAD account. Do the wire in the same currency and in Canada your options are limited to USD and CAD.

As for selling or not selling, I do not know your situation therefore I would refrain from giving advice.

Corazon3 has a point. I know a lot of stories of immigrants running of out money and I know some first hand.

One of them:

I met an immigrant 2 years ago who just landed and brought over 100 k CAD; those funds were from the proceeds of sale of property back home and in a year that man ran out of all his savings and had to back home and to start over He almost committed suicide. I had to send him back home. It wasn't pretty.
Unfortunately some people have high expectations of Canada in terms of finding gainful employment upon arriving and he didn't commit to a budget here and bought expensive car, rented an expensive apartment etc and ran of out money quickly...

 

[Dejaavu]

Is there capital control in India? Some countries impose capital controls. For example it could 50 k USD a year meaning each person can not take out//send more than 50 k a year outside of the country.

Will you send the funds/wire by calling your bank in India or will you be in India? Or will someone you trust will do the transaction?

Canada has no capital controls in terms money inflows and outflows. Individual just has to declare if coming or leaving the country if he or she has more than 10 k CAD.

 

[steaky]

I would first talk to the bank and find out what the fees are for incoming wires and I would open a USD account and transfer funds in the same currency. Banks give horrible exchange rate so I wouldn't say send a USD funds from India into a CAD account. Do the wire in the same currency and in Canada your options are limited to USD and CAD.

No, Hong Kong dollar is also available for wiring in and out of the country, especially at HSBC (Hong Kong Bank) ;D

I don't know why it would be a mistake if you can use the sales proceeds to make money in Canada or elsewhere.

 

[Dejaavu]

Although Hong Kong dollar is one of the most traded currencies in the world, most banks do not have as much Hong Kong dollars as USD or euro. If sale proceeds are in USD, then it is simple just open a USD account in Canada and transfer in the same currency (USD);

If sale proceeds are Indian rupees then choosing the currency that gives the best rate relative to market rate which I would assume would again be USD since it is traded so much more than CAD, HKD and other major currencies.

My basic point is do not wire funds in currency A to an account in currency B. Otherwise banks will make a good profit in such a large sum transaction.

I used to be a banker

 

[Dejaavu]

Steaky,

As for the mistake of selling property, unfortunately some immigrants sell their only property back home, bring all their savings to Canada and then run out of money here in Canada since cost of living is higher and it takes a long time to find a job. That is probably the reason why some forum members mentioned it as a mistake to bring a large sum of money and then deplete them here.

 

[mrbeachman]

Open HSBC premier account from the proceeds of the sale. That way it is easy to transfer money to Canada or anywhere else there is HSBC bank.

Personally I use XE trade to wire money, but setting it up can be a little tricky.

 

[PEQ2013]

Wiring money with banks tends to involve fees and unfavourable rates. I have used a company called Canadian Forex. The rate is pretty good if you are transferring a good amount of money.

 

[manianz47]

Hi

It is better to get the money Wire Transferred to a Canada Bank Account. The Wire Transfer (incoming) should be about 15 - 20 CAD per transfer which is not high
When you are selling the property in India, I trust you need to pay Income taxes and Capital Gains taxes.
Use the services of a good Tax Consultant or Lawyer to ensure that the taxes are minimized.