Freshwhyte

Awe he forgot about us

not2old

Other than trying to figure out how the OP smuggled over $10,000 US in cash into Canada - the next time you are at continental exchange, be the OP & say that you'd like to exchange $28,300US to Canadian & see what they say to you

Anything over $5000 raises eyebrows, questions & a report to the RCMP.... money laundering comes into play. Even the banks have issues exchanging $5k

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Freshwhyte

I exchanged $1000 into GBP last week and the woman gave me a weird look, and that's practically pennies in comparison

not2old

A correction to my earlier post, its likely $10,000, not $5000. Although my bank said they would report transaction deposits in cash over $5000. This I guess also applies to all financial service companies

related from a web search

Financial transactions that must be reported

"As of January 31, 2003 all of Canada's financial institutions:, including banks, credit unions, money services businesses, foreign exchanges and securities dealers, will be required by law to report large cash transactions in excess of 10K CDN to Canada's Financial Intelligence Unit (FIU) or the Financial Transactions and Reports Analysis Center (FINTRAC)." (Risk Assessment, Investigators and Security Consultants - LTD & Associates) Transfer of 10K and above across Canada's borders are also required to be reported to CRA since 2003.

Gozit

So i'm going to get a visit from the RCMP if I try and transfer excess of $10k by eTransfer to my Maltese account? That is a little unsettling

scot47

It will be reported to them. That does not necessarily mean they will come and bang on you door at 3 am. If they think it should be investigated further, they will contact you. Do you have any dodgy friends ? Are you a known associate of Mafiosi ?

khan200us

Hi everyone! Thank you all for your contributions!
Before you label me as a smuggler,money launderer,drug dealer , may I remind you that I am a new PR visa immigrant entering Canada for the very first time ever in my life. According to the family size, I was supposed to and instructed by the CIC to bring settlement funds. I declared these funds on my landing card and showed it to the customs. The immigration officer also wrote on my COPR document that I was bringing this much money into Canada.So, how the **** this money was laundered or smuggled?(Please excuse my french).
Can a genius make me understand that? Did all of you not bring your settlement funds with you?
I was not coming direct from the UK. I went to Pakistan first to meet my parents and it is very difficult to buy Canadian Dollars. Instead, it is very easy to buy US Dollars, Pounds or Euros. So, I chose my pick and bought US Dollars. I thought it would be difficult if not impossible to exchange Pakistani rupees once I am in Canada.
28300 in 100 dollar bills is not a suitcase full of money. I carried it in my two front pockets and my wife had some in her purse.
Anyways, I have managed to exchange funds, all of them through currencyfair at 1.30 exactly.Good deal.
We are with TD and RBC and nobody ever raised an eyebrow after seeing the cash. They know that newcomers bring money, sometimes in cash.
I am buying a new Buick so I really needed money to pay for the car in cash.
I do not mind if FINTRAC or anyone is aware of the funds. They are my funds and if asked, I can easily explain to them how I earned them by showing them my payslips and bank statements

Freshwhyte

Cheers mate, I think everyone was having a good laugh, nobody thinks your a criminal (not me at least).

Good to hear you got it sorted !

khan200us

Thanks Fresh

not2old

well done

Just out of curiosity, other than the $28,300US, how much GBP cash did you bring in & what exchange rate did you get on that at currencyfair?

khan200us

GBP is having a freefall. It is silly to exchange them at a shameful rate. Once the dust settles(Brexit hype), I shall look for rates or save them for my next trip to the UK during Christmas holidays(not far anyway).

scot47

The OP has highlighted a difference between how things are done in the First World and in the Third World. No need to take offense ! most people travelleing from the First World would have abank transfer or a banker's draft. From the Third World (Pakistan) a fistful of dollars is the normal way.


The OP declared to the authorities. Well done for doing the right thing !

khan200us

I find it extremely offensive and degrading when a person calls my country "a third world" country. Read the history and educate yourself what world India belonged to when the British entered there in the name of setting up trade relationships.Compare and imagine in what miserable condition we belonged to when the British left us in 1947! Looting all our resources and then calling us names!Shamelessness is the way to go!

The Queen is still wearing Koh-e-noor jewel, which was taken from the prince of Lahore from Pakistan!

So, now the looters and cheap thugs shall call us "The Third World"!

Wait and watch what world would you belong to after Brexit when it takes effect!

END OF DISCUSSION! I do not want to start a fight here.

Oakvillian

The discussion ends when no more contributors have anything to say, not when you choose to storm off in a huff. While it's true that people were having a bit of a dig at your expense, the point was well made - it is unusual (as ought to have been obvious from the metaphorical raised eyebrows) for Western/European expats to travel with large amounts of cash.

By many measures, Pakistan is indeed a "third world" country - though the term is nowhere very clearly defined. Originally the term was used during the Cold War to denote non-aligned nations, of which Pakistan was certainly one. NOw, however, it's more usually used as a euphemism for the least wealthy nations. Pakistan is in that grouping, too. Whether that's the fault of the British or not is rather moot at this stage - there are many who would consider that policy decisions taken post-Independence and Partition have at the very least added fuel to the fire, so to speak. I think the Koh-i-Noor thing is a bit of an irrelevant red herring: do you really think one (however dodgily-acquired) diamond would make a significant difference to GDP, human development index, average schooling years, literacy rates, etc etc?

Taking offence at a label - especially one applied to a national economy rather than to the individual citizens of a country - does not make the label any less applicable in this instance.

khan200us

Oakvillan- Your comments and your analysis is very admirable. It is quite true that one diamond would not make a difference at all. It is very much possible, that the corrupt politician would have auctioned it off decades ago anyway.
It is unfortunate, that we, Pakistanis do literally nothing but blame the British and the corrupt politicians and find a lot of solace and pleasure in it. That approach is only partially correct because we need to contribute a lot more than play the blame game.
During my stay in the UK, I have heard many times that Britain is a third world country and I never liked hearing it. I have seen many places in London and Bedfordshire and it was very hard to believe that they were part of England. There are filthy places etc that would put slums of my country at shame. However, as a matter of principle, calling a country by a particular name is wrong in my opinion.

People call Nigeria and Nigerians many a names. Do you think it is appropriate at all?

Yes, in Pakistan, it is quite common to use cash because all local/international bank transfer would cost a lot of money and some do not accept instruments such as cheques or drafts. I could not find a place to buy CAD or a draft in CAD from Pakistan. Travelers cheques do not exist there any more. A friend arranged through a contact about $6000 at a very poor exchange rate.Things are of course not as rosy as they may seem in the UK. But exchange brokers are no saints either in the UK. You all know that.You must do a lot of haggle and comparison and shop around and still there is no guarantee that you shall get the best possible rate. No matter what rate you get, "the house always wins in the end" kinda thing!

I do not feel any of my actions in terms of financial exercise is questionable. I still have to put up with being labelled as a money launder and smuggler!Both these terms laundering and smuggling are serious crimes and have proper definitions in law. How many smugglers do you think would truthfully declare the funds to the customs? Besides, Pakistani officials at the airport check and I had to declare what I was carrying. Unless you are an immigrant, it is a very serious offence to carry more than $10,000 in cash out of country! A famous celebrity model was arrested and charged with smuggling because she was carrying $500,000 US Dollars and boarding a flight even though she obtained the money through the sale of a legitimate property in her name.