Funds on person, on arrival
Mar 30th 2010, 4:15 pm
#1
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Funds on person, on arrival
Hi all,
Is it still cash/cheques equal to or greater than CAD$10k that must be declared on arrival in Canada.
I'll be arriving next week to turn my LMO into a work permit and will be bringing approx CAD$9,000 in a mixture of cash and travellers cheques. Can I expect a lot of questions about it? Should I just wire it, or at least part of it, over?
Many thanks!
Is it still cash/cheques equal to or greater than CAD$10k that must be declared on arrival in Canada.
I'll be arriving next week to turn my LMO into a work permit and will be bringing approx CAD$9,000 in a mixture of cash and travellers cheques. Can I expect a lot of questions about it? Should I just wire it, or at least part of it, over?
Many thanks!
Mar 30th 2010, 4:19 pm
#2
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Re: Funds on person, on arrival
Still $10k
Id wire it myself, I always feel I am carrying a "Mug me" sign if I have more than a few hundred in cash on me.... probably because its such an unfamiliar feeling
Id wire it myself, I always feel I am carrying a "Mug me" sign if I have more than a few hundred in cash on me.... probably because its such an unfamiliar feeling
Mar 30th 2010, 5:29 pm
#3
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Re: Funds on person, on arrival
Yeah, I know exactly what you mean. I'll probably look so nervous that i may as well have a giant 'mug me' and arrow floating above my head.
I'm not keen on carrying that much through, but I heard a bank transfer will take about a week, so not good when I need cash for a house rental deposit etc immediately.
I think the 'sensible' thing to do is maybe take $5k in travellers cheques, and wire the rest.
Mar 30th 2010, 5:37 pm
#4
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Re: Funds on person, on arrival
You are right, having immediate access to the funds once transfered is a consideration.
SWIFT transfer usually takes 3 or 4 working days for the funds to arrive, then its a question of how long your new canadian bank decides is appropriate to release the funds to you. In theory they shouldnt place a hold on the funds, but its best to check first.
Perhaps there is something to be said with opening an international account in advance (HSBC offer this,and there are others I guess) in order to know you have funds available immediately in a canadian account, even if you later close it and transfer your everyday banking here to somewhere with lower (or no) fees.
Travellers cheques are secure I suppose, but its inconvenient to have to hunt down a bank that will cash them without taking its pound of flesh...
SWIFT transfer usually takes 3 or 4 working days for the funds to arrive, then its a question of how long your new canadian bank decides is appropriate to release the funds to you. In theory they shouldnt place a hold on the funds, but its best to check first.
Perhaps there is something to be said with opening an international account in advance (HSBC offer this,and there are others I guess) in order to know you have funds available immediately in a canadian account, even if you later close it and transfer your everyday banking here to somewhere with lower (or no) fees.
Travellers cheques are secure I suppose, but its inconvenient to have to hunt down a bank that will cash them without taking its pound of flesh...
Mar 30th 2010, 8:55 pm
#5
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Re: Funds on person, on arrival
You are right, having immediate access to the funds once transfered is a consideration.
SWIFT transfer usually takes 3 or 4 working days for the funds to arrive, then its a question of how long your new canadian bank decides is appropriate to release the funds to you. In theory they shouldnt place a hold on the funds, but its best to check first.
Perhaps there is something to be said with opening an international account in advance (HSBC offer this,and there are others I guess) in order to know you have funds available immediately in a canadian account, even if you later close it and transfer your everyday banking here to somewhere with lower (or no) fees.
Travellers cheques are secure I suppose, but its inconvenient to have to hunt down a bank that will cash them without taking its pound of flesh...
SWIFT transfer usually takes 3 or 4 working days for the funds to arrive, then its a question of how long your new canadian bank decides is appropriate to release the funds to you. In theory they shouldnt place a hold on the funds, but its best to check first.
Perhaps there is something to be said with opening an international account in advance (HSBC offer this,and there are others I guess) in order to know you have funds available immediately in a canadian account, even if you later close it and transfer your everyday banking here to somewhere with lower (or no) fees.
Travellers cheques are secure I suppose, but its inconvenient to have to hunt down a bank that will cash them without taking its pound of flesh...
Mar 31st 2010, 12:37 pm
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Re: Funds on person, on arrival
