transferring funds for resettlement.

[jtc_in_cumbria]

Hello,

What form or process do I need to follow in order to transfer a large sum of money from england to Canada.

I've set up a sterling account in canada to receive it. I'm looking to wire the money into the sterling account so that I don't do the conversion now.

The bank recommends that once the money has cleared that I put it into a term deposit at 3.25 which is a lot better than 0.001% at the Natwest current account.

I also understand that I need to declare that this is a resettlement fund. When do I do this and where is the link to the website so that I can let the government/inland revenue (what do you call it here) know that I'm about to transfer money for resettlement.

thanks for your kind support.

Jane

 

[PMM]

Hi

Hello,

What form or process do I need to follow in order to transfer a large sum of money from england to Canada.

I've set up a sterling account in canada to receive it. I'm looking to wire the money into the sterling account so that I don't do the conversion now.

The bank recommends that once the money has cleared that I put it into a term deposit at 3.25 which is a lot better than 0.001% at the Natwest current account.

I also understand that I need to declare that this is a resettlement fund. When do I do this and where is the link to the website so that I can let the government/inland revenue (what do you call it here) know that I'm about to transfer money for resettlement.

thanks for your kind support.

Jane

1. All you need is confirmation from the Bank in Canada that the funds are there, this will be proof of settlement funds.
2. The banks are ones who do the reporting to CRA when amounts over 10K are transferred, you don't have to do anything to report it.

pMM

 

[martha marita]

Assuming that you already have an account in canada. Ask the bank in canada for details of sending money through wire on that account. I know Natwest can transfer upto £20K with strict proof of ID with some few questions. Once you have the details confirm how many days the money will take be deposited in your account. Once its done you can contact your bank in canada to be checking if the money is already there.
Once its there contact bank in canada so that they could send you a bank statement to your address in the uk, if you have online access please do check online online also.

Another way is purchase a bank draft in foreign draft and go with it to canada which you could present at port on entry if at all you will be landing.
Good luck.