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Moving money to Canadian bank account

Discussion in 'Settlement Issues' started by Leena_m, Oct 11, 2018.

  1. I landed at the beginning of this year and now I’m moving to Canada. I was planning on opening an account in Nova Scotia or RBC once I moved to Canada. But I’m second guessing this decision.
    Can anyone help with questions regarding moving money?

    1. Should I open an account in a Canadian bank from India before leaving?
    2. How do I move money from my India account to Canada account from Canada/online? Banks in India don’t allow you to transfer money from your Indian account to your Foreign account online.
    3. What is the limit on the amount of money I can move?
    4. Can I wire transfer money from my Indian bank account to my Canadian bank account using Western Union instead of the process of filling forms at the bank - I don’t even have a Canadian account at this point to initiate the process.
  2. RBC and Scotia Bank allow one to open "deposit only" account from abroad. You can transfer max 50,000 CAD through wire transfer. Many people from India do that.
  3. Depends on how much money you have. With INR 4,000,000 plus, you can open a HSBC Premier account in India. HSBC can also open an account for you in Canada before you even set foot in Canada. With these accounts you can transfer funds with a click of your mouse.

    If you don't want to use HSBC, you can wait until you open an account in Canada and then ask your bank in India to wire transfer directly into your Canadian account. You don't need to use Western Union.

  4. For a wire transfer from the bank, I need to be physically present in the country right?
  5. If you use HSBC Premier account, you can do it online anywhere in the world. For wire transfer your bank will want you to sign the wire transfer order in person and you are already in Canada. To get around this problem, you can first transfer the fund to a relative in India and then have him/her wire the fund to you once you have opened an account in Canada.
  6. Why use HSBC when Scotia and RBC allow you to open account and transfer funds to Canada while you are still in India
  7. With HSBC, you can transfer as much or as little as you like. It is just like your regular online banking. Beside FX exchange, HSBC does not charge a fee. With wire transfer, you will have to pay FX, your bank's transfer fee, cable fee, correspondence bank fee and Scotia and RBC also charge a fee for receiving wire transfer. If you wire one large sum, the fees are inconsequential, however, if you do multiple small wire transfers, the fees added up.
  8. I think RBC/Scotia charge only $45 as wire transfer. Most banks give terrible FX. Flip side of using HSBC is that one cannot transfer funds from India and has to move funds to some relatives' account.
  9. So HSBC is like most Indian banks - you can’t transfer within your own accounts? For example, from my own account in HDFC/ICICI/SBI to my account in HSBC?
  10. With HSBC, you can check your bank balance in Internet banking. But for Scotia, if you haven't landed in Canada, you don't have access to online banking to check balance and need an acknowledgement from the bank.

  11. Even Canadian Banks would not let you transfer funds to different bank online. You have to use e-transfer service like Interac. You have NEFT in India. Use that.
  12. $45 is only what the receiving bank charge. The fee at the other end is about three times as much.

    With HSBC Global View you do not need to wire transfer, it allows you to transfer money online to your Canadian HSBC account free of charge. At least the last time I use Global View.
  13. As I communicated with Scotia bank, they don't charge a fee at all? I presume these would be intermediary bank charges.

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