Money transfer to Canadian account

[astralsource]

For people who landed - what is the safest/cheapest option for large money transfer from X country account to Canadian account?

Also, which Canadian bank you recommend?

 

[xpressentry]

Never used it before but I've heard Trasnferwise offers good rates.

 

[astralsource]

Never used it before but I've heard Trasnferwise offers good rates.

Same here!

 

[pacificislander]

Interesting question. I believe that you can not open a Canadian Bank account unless you are in Canada. So for those who landed, did you carry large amount with you on your flight?

 

[Maina4576]

I opened a bank account while on visitor visa after only 2 weeks with td bank and have no problems. I receive my money through a wire transfer without no problems at all. Just make sure you change the rate of exchange. For ex. If you use euros in your home country its not the best time to get your money to canada at the moment unless you really need it.

 

[mgnlky]

Interesting question. I believe that you can not open a Canadian Bank account unless you are in Canada. So for those who landed, did you carry large amount with you on your flight?

Incorrect. Royal Bank of Canada will allow you to open up a deposit-only account without being in Canada. Once you're in the country (either as a visitor or a PR) you can go into a branch and convert it to a full-use account. They have investment options(GICs) for non-residents too.

 

[pacificislander]

Incorrect. Royal Bank of Canada will allow you to open up a deposit-only account without being in Canada. Once you're in the country (either as a visitor or a PR) you can go into a branch and convert it to a full-use account. They have investment options(GICs) for non-residents too.

That's cool. I thought it is. I watched that CBSA thing on youtube and this american guy entering Canada was put into secondary. He brought more than a hundred thousand cash in his carry on because he can't open a Canadian bank account outside Canada. Thanks for the info.

 

[mgnlky]

That's cool. I thought it is. I watched that CBSA thing on youtube and this american guy entering Canada was put into secondary. He brought more than a hundred thousand cash in his carry on because he can't open a Canadian bank account outside Canada. Thanks for the info.

I'll have to try to find that on YT later. The main thing when flying into Canada is to declare any money over 10,000$ CAD. There's nothing illegal about having more; you just have to declare that you have it.

 

[xpressentry]

Scotia bank allows you to open an account online before you arrive

http://www.scotiabank.com/ca/en/0,,9520,00.html

 

[pacificislander]

I'll have to try to find that on YT later. The main thing when flying into Canada is to declare any money over 10,000$ CAD. There's nothing illegal about having more; you just have to declare that you have it.

Here is the link. The guy was a producer and he brought $400,000 for the staff payroll. He declared it though.

https://www.youtube.com/watch?v=6wWLepBOi8U

 

[DelPiero07]

For people who landed - what is the safest/cheapest option for large money transfer from X country account to Canadian account?

Also, which Canadian bank you recommend?

The safest approach is for you to deposit the money into my Scotiabank account

 

[astralsource]

The safest approach is for you to deposit the money into my Scotiabank account

I see what you did there. Why NS bank, any speacial reason?

 

[xpressentry]

You can transfer it to my account too.

 

[DelPiero07]

I see what you did there. Why NS bank, any speacial reason?

Yes, there are Scotiabank branches in my home country.

 

[mgnlky]

Yes, there are Scotiabank branches in my home country.

Actually kind of interesting. Scotiabank International Account Opening Program is not available in some countries (like the US).