Do you need to declare a Transferwise balance?
Oct 14th 2018 | 6:33 am
#1
Thread Starter
Just Joined
Joined: Aug 2018
Posts: 12
Do you need to declare a Transferwise balance?
https://britishexpats.com/wiki/Trans...m_UK_to_Canada
i have read the above wiki and it’s not entirely clear in the case of Transferwise, if you have a balance of over $10k which you could use to spend/withdraw money with the Transferwise mastercard would you have to declare this at the border on the relevant customs form? Or as it’s with a financial institution it is therefore traceable for money laundering precautions etc so wouldn’t need to be declared.
Thanks for for any advice. I did a search and couldn’t find this specific question.
i have read the above wiki and it’s not entirely clear in the case of Transferwise, if you have a balance of over $10k which you could use to spend/withdraw money with the Transferwise mastercard would you have to declare this at the border on the relevant customs form? Or as it’s with a financial institution it is therefore traceable for money laundering precautions etc so wouldn’t need to be declared.
Thanks for for any advice. I did a search and couldn’t find this specific question.
Oct 14th 2018 | 6:43 am
#2
Banned
Joined: Apr 2009
Posts: 19,878
From: SW Ontario
Re: Do you need to declare a Transferwise balance?
So effectively what you have is a pre-paid mastercard? Not sure if that would count or not, sorry. Perhaps err on the side of caution and declare it - together with any other cash / other monetary instruments you might be carrying at the time? They won't castigate or fine you for declaring it - only for not, if you should have, lol.
https://www.cbsa-asfc.gc.ca/travel-v...d-vdd-eng.html
https://www.cbsa-asfc.gc.ca/travel-v...d-vdd-eng.html
Travelling with CAN$10,000 or more
Anytime you cross the border, you must declare any currency or monetary instruments you have valued at Can$10,000 or more. This amount includes Canadian or foreign currency or a combination of both. Monetary instruments include, but are not limited to, stocks, bonds, bank drafts, cheques and traveller's cheques. There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so
Anytime you cross the border, you must declare any currency or monetary instruments you have valued at Can$10,000 or more. This amount includes Canadian or foreign currency or a combination of both. Monetary instruments include, but are not limited to, stocks, bonds, bank drafts, cheques and traveller's cheques. There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so
Entering Canada
When you arrive in Canada with Can$10,000 or more in your possession, you must report it on the CBSA Declaration Card (if one was provided to you), on an Automated Border Clearance kiosk or a Primary Inspection Kiosk, or in the verbal declaration made to a border services officer.
When you arrive in Canada with Can$10,000 or more in your possession, you must report it on the CBSA Declaration Card (if one was provided to you), on an Automated Border Clearance kiosk or a Primary Inspection Kiosk, or in the verbal declaration made to a border services officer.
Last edited by Siouxie; Oct 14th 2018 at 6:46 am.
Oct 14th 2018 | 7:18 am
#3
Lost in BE Cyberspace
Joined: Nov 2011
Posts: 21,578
From: Somewhere between Vancouver & St Johns
Re: Do you need to declare a Transferwise balance?
As far as I am aware a Credit Card is not considered a monetary instrument otherwise we would spend all day doing Currency reports as many travellers have over a $10,000 plus limit.
Oct 14th 2018 | 8:55 am
#4
Banned
Joined: Apr 2009
Posts: 19,878
From: SW Ontario
Re: Do you need to declare a Transferwise balance?
It would be a Prepaid (secured) visa/mastercard though - which is the same as cash, in effect.. You're the expert in this though
Oct 14th 2018 | 10:43 am
#5
Lost in BE Cyberspace
Joined: Nov 2011
Posts: 21,578
From: Somewhere between Vancouver & St Johns
Re: Do you need to declare a Transferwise balance?
"monetary instruments"means the following instruments in bearer form or in such other form as title to them passes on delivery, namely,
https://www.cbsa-asfc.gc.ca/publicat...-14-1-eng.html
Doesn't really specify a credit card and Im betting there are quite a few that could use a credit card to withdraw cash exceeding $10,000.
- (a) securities, including stocks, bonds, debentures and treasury bills; and
- (b) negotiable instruments, including bank drafts, cheques, promissory notes, travellers' cheques and money orders, other than warehouse receipts or bills of lading.
https://www.cbsa-asfc.gc.ca/publicat...-14-1-eng.html
Doesn't really specify a credit card and Im betting there are quite a few that could use a credit card to withdraw cash exceeding $10,000.
Oct 15th 2018 | 4:25 am
#6
BE Forum Addict
Joined: Aug 2013
Posts: 2,082
From: Maple Ridge, Super Natural British Columbia
Re: Do you need to declare a Transferwise balance?
But a Transferwise Mastercard IS NOT a credit card.
It is equivalent to (b).
It is equivalent to (b).
Oct 15th 2018 | 5:31 am
#7
Joined: Sep 2008
Posts: 12,830
Re: Do you need to declare a Transferwise balance?
Not so sure that is is though. It is a card that gives you access to funds, that is held outside of Canada and in itself has no monetary value. It appears to be more like a debit card, unless the funds are loaded directly on the card. Only when the funds are brought into Canada do they need reporting. If however it is over $100k it does need reporting on a T1135 at tax time.
Oct 15th 2018 | 5:49 am
#8
Banned
Joined: Apr 2009
Posts: 19,878
From: SW Ontario
Re: Do you need to declare a Transferwise balance?
Here's what it is
https://transferwise.com/gb/borderless/#card
Spend the currencies in your account anywhere in the world with the TransferWise debit Mastercard®. Get low conversion fees, and zero transaction fees.
https://transferwise.com/gb/borderless/#card
Spend the currencies in your account anywhere in the world with the TransferWise debit Mastercard®. Get low conversion fees, and zero transaction fees.
- Free to pay with currencies in your account
- Free ATM withdrawals up to £200 per 30 days
- Only pay a small conversion fee when you convert your money — typically between 0.35% and 2%
- Automatically convert your money at the real exchange rate
- Accepted anywhere in the world that accepts Mastercard
