Transfer money through Western Union Cash

[Maysashahin90]

Dear all,
I am now transferring money from UAE to my account in Canada.
I have checked and the best exchange rate is through western union but the issue is that the best of the best rate is through cash and someone to receive it in person from Western Union Canada.
I have friends in Canada who can receive it and send this money to my bank account but how legitimate is this? Could this be questioned later on by the RBC bank in Canada specially that Western Union has a limit of 10k CAD per transaction so i will need to send multiple transactions.
P.S I can transfer it through Western Uniom directly to my bank account BUT RBC charges 17 dollars per wire transfer received so I will pay alot to do that.
So my question is will cash transfers flag anything?
I will keep receipts of WU transfers as a proof that its my money

Please i need urgent help as I need to do the transactions very soon

 

[steaky]

I have a question: why not exchange your local currency with western union for Canadian dollars and then wire transfer the whole sum of money in Canadian dollars to your RBC bank account for just 17 dollars? Have you try other banks such as HSBC?

 

[Maysashahin90]

I have a question: why not exchange your local currency with western union for Canadian dollars and then wire transfer the whole sum of money in Canadian dollars to your RBC bank account for just 17 dollars? Have you try other banks such as HSBC?

Thank you for your reply
The problem is, this good rate is for transferring the money online using western unions website and i dont know if they can send Canadian dollars

 

[Maysashahin90]

No I haven't tried HSBC yet but I dont know how viable it is to do so, does HSBC allow to open an account just for the sake of international transfers?

 

[steaky]

No I haven't tried HSBC yet but I dont know how viable it is to do so, does HSBC allow to open an account just for the sake of international transfers?

I think they want business beyond that. For me, if I transfer my hkd to cad, HSBC gave better TT & banknotes rates than WU. If you have global view in both countries, you transfer the money for free and instantly in the country's account. It's convenient.

 

[Maysashahin90]

I think they want business beyond that. For me, if I transfer my hkd to cad, HSBC gave better TT rates than WU. If you have global view in both countries, you transfer the money for free and instantly in the country's account. It's convenient.

That is good but for that I need to open which type of account in the UAE? And which type in Canada I think hsbc premier

 

[steaky]

That is good but for that I need to open which type of account in the UAE? And which type in Canada I think hsbc premier

Right premier or advance can give you access to globalview transfer between countries

 

[Bs65]

If were my money especially given you imply multiple transactions of 10k I would go with the wire transfer route bank account to bank account, HSBC for example not sure I would personally use Western Union for large amounts.

No matter how much you trust friends you put a lot of responsibility on them to handle so much cash should the unexpected happen . Add to that although I have no inside info someone paying multiple 10k cash deposits in a bank to someone else’s account may be asked a few questions .

Just my view anyway

 

[Maysashahin90]

If were my money especially given you imply multiple transactions of 10k I would go with the wire transfer route bank account to bank account, HSBC for example not sure I would personally use Western Union for large amounts.

No matter how much you trust friends you put a lot of responsibility on them to handle so much cash should the unexpected happen . Add to that although I have no inside info someone paying multiple 10k cash deposits in a bank to someone else’s account may be asked a few questions .

Just my view anyway

Thanks for your reply
No the big transfers will be definetly from bank account to bank account as i have an account in rbc already
But I was talking about a 1.2 k transfer as I feel its not worth to pay 17 dollars for this amount so I want this to be in cash only.
I will use it to pay rent as my friend will deposit it in my account. So do you think its an issue like proof of rent of this month as I will only be paying the deposit using this method but in the followijg months it will be through interac

 

[steaky]

Thanks for your reply
No the big transfers will be definetly from bank account to bank account as i have an account in rbc already
But I was talking about a 1.2 k transfer as I feel its not worth to pay 17 dollars for this amount so I want this to be in cash only.
I will use it to pay rent as my friend will deposit it in my account. So do you think its an issue like proof of rent of this month as I will only be paying the deposit using this method but in the followijg months it will be through interac

As you would be wiring multiple units of 17 dollars to RBC, why do you care about the $17 with your 1.2k transfer? If I am your landlord, I would be more interest in things like credit score, how you make for a living, etc. that sort of things than how much cash you have with you.

 

[Maysashahin90]

As you would be wiring multiple units of 17 dollars to RBC, why do you care about the $17 with your 1.2k transfer? If I am your landlord, I would be more interest in things like credit score, how you make for a living, etc. that sort of things than how much cash you have with you.

I need to pay the rental deposit after signing the lease

 

[steaky]

I need to pay the rental deposit after signing the lease

Rental deposit is usually half month rent and pay also the first month rent after signing the lease.

 

[Maysashahin90]

Rental deposit is usually half month rent and pay also the first month rent after signing the lease.

Yes exactly its only a month rent I am sending a little more than the rent to be in my account anyways

 

[Maysashahin90]

Rental deposit is usually half month rent and pay also the first month rent after signing the lease.

Hey steaky,
I wanted to ask what if i transfer the money to myself in cash through wester union? Given that the cash stays with western union for 45 days I will definelty be able to receive it in time
So the plan is transfer the savings on 5 transactions and receive them all there, i dont know how effective but i can assure you that its a difference of around 2k dollars compared to my bank. I am just worried about proving cash deposits later on if I need to (of course WU receipts carry all the details of the sender (me) and the receiver (also me) so it should be clear that I sent it to myself.

My options are:
1) Direct bank to bank transfer (very bad exchange rate, transfer fees will he around 70 CAD)
2) Bank to Bank through Western Union (very good exchange rate compared to most available means (1.3k more than direct bank to bank transfer) have to send five transactions, fees around 134 dollars.
3) Western Union cash from myself to myself (best exchange rate I have seen, transfer fees of 31 dollars on the whole amount, 1.7k more than direct bank to bank.

Options 1 and 2 are easily proved and will show as deposits from a bank account which is my account in the UAE
Option 3 is a bit more complicated to prove if God forbid it was asked about in the future (citizenship application)

 

[steaky]

Hey steaky,
I wanted to ask what if i transfer the money to myself in cash through wester union? Given that the cash stays with western union for 45 days I will definelty be able to receive it in time
So the plan is transfer the savings on 5 transactions and receive them all there, i dont know how effective but i can assure you that its a difference of around 2k dollars compared to my bank. I am just worried about proving cash deposits later on if I need to (of course WU receipts carry all the details of the sender (me) and the receiver (also me) so it should be clear that I sent it to myself.

My options are:
1) Direct bank to bank transfer (very bad exchange rate, transfer fees will he around 70 CAD)
2) Bank to Bank through Western Union (very good exchange rate compared to most available means (1.3k more than direct bank to bank transfer) have to send five transactions, fees around 134 dollars.
3) Western Union cash from myself to myself (best exchange rate I have seen, transfer fees of 31 dollars on the whole amount, 1.7k more than direct bank to bank.

Options 1 and 2 are easily proved and will show as deposits from a bank account which is my account in the UAE
Option 3 is a bit more complicated to prove if God forbid it was asked about in the future (citizenship application)

I agree option 3 is the best option in your case. Who do you need to prove? The CRA? If so, just get a good accountant to explain things. Don't worry that you would be asked during citizenship application. For now, you need to worry about your PR Residency Obligation.