uprightdog

I need to transfer my money over to Canada. I would have thought the best way to do this is to open a Canadian bank account now, and transfer the money electronically. I would imagine I would have to then complete the account opening process on arrival. Is this correct?

Although I have read that several Canadian banks allow the opening of accounts by non-residents, they do not appear to make this easy. TD Canada and Scotiabank have no online facility, and although RBC claims it can be done, when you are filling in the online forms it requires that you provide details of 2 forms of Canadian ID - which obviously I don't have as I am not resident!

DimWit17

Why dont you just bring a bank draft along when you move to Canada

Iain Mc

This topic comes up almost daily in this forum so a quick search will reveal a lot of discussion on the subject (and there's probably loads in the Expats Wiki).

Briefly, you can open HSBC Canada accounts from the UK if you bank with them here - there are probably some other Canadian banks you can open accounts with remotely. Most Canadian banks will allow you to open accounts in person as a non-resident (if you were going on a recce trip, for instance).

A lot of people use currency brokers like Moneycorp and HIFX to transfer funds, you generally get better rates than from your bank and can barter to improve the deal. You don't need a Canadian account to receive funds at the time you exchange the currency (although you should be in the process of getting one) as the broker will hold funds for you in the target currency (although obviously you miss out on interest doing that).

Cheers, Iain

uprightdog

I will only be transferring around 5K. How about PayPal?

MiddleOfNowhere

Hi

Paypal is a pretty expensive solution.

I am in the process of opening an RBC account. They have sent the forms via email.

I will post back a notarised copy of my passport and also of my signature. The forms state that they should be notarised by an embassy official. I queried this with the bank and they say that the rules have now changed and so a solicitor can notarise.

Cheers Steve

Ben W Bell

If you're only transferring around 5K why not just get it in cash and take it over with you and then pay it in when opening an account.

Souvenir

I saw a thing in the Telegraph today about new rules concerning taking large wads of cash out of the country. Worth bearing in mind.

ann m

You are supposed to declare when you are bringing in more that $10,000 (so depending on the way the wonderful exchange rate is going!!) - you might only be just above that anyway. However, changing up £5k at your local bank, rather that HIFX or similar, may still not give you such a favourable rate. But £5k is certainly carry-on luggage

Souvenir

The article I mentioned refers to taking money out of the UK, not bringing it in to Canada.

JAJ

In which case the UK is only implementing the same rules that Canada, Australia and the U.S. have.

No restrictions on capital movements, no restrictions on cash movements - but a requirement to declare large amounts of cash on entry and exit so it can be monitored.

Novocastrian

I wonder if anyone else on here remembers when you could only take 50 pounds a year out of the country?

Ah, the happy days before Maggie.

JAJ

Abolition of exchange controls was one of the first acts of the 1979 Conservative Government.

At the time it was a radical step. In 1979 only a few countries allowed free movement of capital - notably West Germany, Switzerland and the United States.

Novocastrian

Well, that's one who remembers.

In Australia of all places.

Souvenir

I remember it.

PaulCall

i dont remember it but i have youth as my excuse