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Moving to Canada but unsure on how to bring money

Moving to Canada but unsure on how to bring money

Old Feb 17th 2020, 8:24 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by DigitalGhost View Post
What kind of Permanent Residency status? Are you landed already and what program did you immigrate under?

You realise as a new immigrant under most streams that you shouldn't be intending to move straight to Quebec, right? Not unless you were accepted for QSWP or became a PR as a spouse etc.
I have a CE1 status, via Express Entry. I have already landed in Toronto back in November 2018 and now moving for good to Montreal. This is the second time I have a Permanent Residency status in Canada.

I do realize that if my initial plan was to move to Quebec, I should have applied under QSWP. I didn't, because at that time the plan was to move back to Vancouver (where I was before). However after searching for jobs etc, my partner and I have decided on Montreal. Reading online, based on my situation and have already landed in Canada, I am totally in the rights to move to Quebec if this works best for our future. Isn't that right?

Thank you!
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Old Feb 17th 2020, 5:43 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
I have a CE1 status, via Express Entry. I have already landed in Toronto back in November 2018 and now moving for good to Montreal. This is the second time I have a Permanent Residency status in Canada.

I do realize that if my initial plan was to move to Quebec, I should have applied under QSWP. I didn't, because at that time the plan was to move back to Vancouver (where I was before). However after searching for jobs etc, my partner and I have decided on Montreal. Reading online, based on my situation and have already landed in Canada, I am totally in the rights to move to Quebec if this works best for our future. Isn't that right?

Thank you!
Not necessarily.

Have you lived elsewhere in Canada for some months after 'landing' this time? If you haven't and only did a 'soft landing' - i.e. landing to validate your COPR and become a PR (then leaving the country), then moving to Quebec immediately could raise some questions about your orignal intentions and whether you are attempting to get around the requirements for PR applications to Quebec. You may be risking being investigated for misrepresentation.

You could, perhaps, live on the Ontario side and commute to Montreal for work...

Last edited by Siouxie; Feb 17th 2020 at 5:50 pm.
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Old Feb 17th 2020, 6:23 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by Siouxie View Post
Not necessarily.

Have you lived elsewhere in Canada for some months after 'landing' this time? If you haven't and only did a 'soft landing' - i.e. landing to validate your COPR and become a PR (then leaving the country), then moving to Quebec immediately could raise some questions about your orignal intentions and whether you are attempting to get around the requirements for PR applications to Quebec. You may be risking being investigated for misrepresentation.

You could, perhaps, live on the Ontario side and commute to Montreal for work...
Thanks for the reply.

I have lived for 2,5 years in Vancouver, British Columbia, when I had my first PR. I am currently on my 2nd PR, and this time around I have not lived elsewhere in Canada. I did a soft landing in Toronto and spent some time, but haven't lived there. So, my first move will be directly to Quebec, yes!

I did reach out to an immigration lawyer; looked for CIC's official statements about this situation; and also have raised this same exact question to my Employer that it is hiring me in Montreal, and all of them have said that this will not be a problem. They said that "on paper" I should have applied under QSWP, if my intention was always to go to Quebec. However, that was never my intention. My plan was always to move to British Columbia (where I was used the live long ago), but because of house costs and current lack of jobs in my industry, all my chances were pointing me towards Montreal. All of the advice I got from the sources mentioned previously have said that this is enough of a justification, if this issue gets raised by CIC. Plus, legally, if you read the CIC's page directly and the SW1-FED: Skilled Worker – Federal status, once you have gotten this status, you are legally allowed to live, and work, anywhere in Canada.

I am not challenging what you and the other member have said in this post, because I did share (and sometimes still do) this worry as well. So if you don't mind pointing me to any official page that clearly says otherwise, I would be very thankful. Maybe I should reach my lawyers again?

Thank you!

Edit: I've just realised that I said that my PR is CE1, but I was wrong. That was my previous PR. Right now my status is "SW1-FED: Skilled Worker – Federal".

Edit 02: This was part of my research online in other forums and websites:


"You can live AND work anywhere in Canada as a PR or a Canadian citizen.
Generally speaking, it doesn't matter how you became a PR.

https://laws-lois.justice.gc.ca/eng/const/page-15.html

Mobility Rights
Marginal note:Mobility of citizens
  • 6. (1) Every citizen of Canada has the right to enter, remain in and leave Canada.

    Marginal note:Rights to move and gain livelihood
    (2) Every citizen of Canada and every person who has the status of a permanent resident of Canada has the right
    (a) to move to and take up residence in any province; and
    (b) to pursue the gaining of a livelihood in any province.


    Marginal note:Limitation
    (3) The rights specified in subsection (2) are subject to
    (a) any laws or practices of general application in force in a province other than those that discriminate among persons primarily on the basis of province of present or previous residence; and

    (b) any laws providing for reasonable residency requirements as a qualification for the receipt of publicly provided social services."

Last edited by mpitillo; Feb 17th 2020 at 7:18 pm.
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Old Feb 17th 2020, 11:27 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
Thanks for the reply.

I have lived for 2,5 years in Vancouver, British Columbia, when I had my first PR. I am currently on my 2nd PR, and this time around I have not lived elsewhere in Canada. I did a soft landing in Toronto and spent some time, but haven't lived there. So, my first move will be directly to Quebec, yes!

I did reach out to an immigration lawyer; looked for CIC's official statements about this situation; and also have raised this same exact question to my Employer that it is hiring me in Montreal, and all of them have said that this will not be a problem. They said that "on paper" I should have applied under QSWP, if my intention was always to go to Quebec. However, that was never my intention. My plan was always to move to British Columbia (where I was used the live long ago), but because of house costs and current lack of jobs in my industry, all my chances were pointing me towards Montreal. All of the advice I got from the sources mentioned previously have said that this is enough of a justification, if this issue gets raised by CIC. Plus, legally, if you read the CIC's page directly and the SW1-FED: Skilled Worker – Federal status, once you have gotten this status, you are legally allowed to live, and work, anywhere in Canada.

I am not challenging what you and the other member have said in this post, because I did share (and sometimes still do) this worry as well. So if you don't mind pointing me to any official page that clearly says otherwise, I would be very thankful. Maybe I should reach my lawyers again?

Thank you!

Edit: I've just realised that I said that my PR is CE1, but I was wrong. That was my previous PR. Right now my status is "SW1-FED: Skilled Worker – Federal".

Edit 02: This was part of my research online in other forums and websites:


"You can live AND work anywhere in Canada as a PR or a Canadian citizen.
Generally speaking, it doesn't matter how you became a PR.

https://laws-lois.justice.gc.ca/eng/const/page-15.html

Mobility Rights
Marginal note:Mobility of citizens
  • 6. (1) Every citizen of Canada has the right to enter, remain in and leave Canada.

    Marginal note:Rights to move and gain livelihood
    (2) Every citizen of Canada and every person who has the status of a permanent resident of Canada has the right
    (a) to move to and take up residence in any province; and
    (b) to pursue the gaining of a livelihood in any province.


    Marginal note:Limitation
    (3) The rights specified in subsection (2) are subject to
    (a) any laws or practices of general application in force in a province other than those that discriminate among persons primarily on the basis of province of present or previous residence; and

    (b) any laws providing for reasonable residency requirements as a qualification for the receipt of publicly provided social services."
I am very aware of the regulations.

Good luck... you may need it.

Last edited by Siouxie; Feb 17th 2020 at 11:30 pm.
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Old Feb 18th 2020, 3:11 am
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Default Re: Moving to Canada but unsure on how to bring money

Hi, I just moved to Canada from the UK last month.l so don’t have as much knowledge /experience as others but have just gone through the process you are about to.

We opened a foreign transfer account with TorFX, if you have large sums you can call and negotiate an exchange rate, we then moved our money into that account and converted it into Canadian Dollars, once we had our Canadian bank account opened we simply moved the money from TorFX into our Canadian account and it was available within 24 hours.

Worth noting we didn’t have to pay TorFX (they make their money from the exchange rate) but the Canadian bank did charge $30 for the transaction.

I also completely agree with everyone else - keep your UK account open with a small amount of money in it, we have needed it a few times already, especially whilst we are waiting for our credit scores to improve on Canada (e.g hiring a car).

Good luck with the move.

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Old Feb 18th 2020, 8:07 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
Hello everyone,

My partner and I are soon moving from UK to Montreal, Quebec (Canada) in the next couple of months.

We have a relatively large amount of money (£) saved across both our UK Bank Accounts (Barclays and Santander). We would like to bring this money with us, but we are having a hard time to find the most cost effective method to do so, without losing too much on conversion rate, or without having to bring it all by hand.

I was wondering if anyone here had a similar experience and how did you deal with this? I've heard about Scotiabank Startright Program, where you can open an international account and transfer up to $50,000 CAD before moving to Canada. But there is the limit of 50k, and I am unsure how their conversion rate works. Maybe there's another more recommended method?

Any tips?

Thank you so much!
HSBC is an interesting option. We are also in the process of moving and contacted TD and RBC.

In the end we went with HSBC. You can open an account here in the UK, and as long as you have £50k in savings r ear £75K salary they'll offer you Premier.

You'll then automatically qualify for Premier in canada and get free banking (for most things), similar the the UK. You will also be allowed to open an HSBC expat account. All from the UK before you move.

You can look at all if your accounts on any of the HSBC apps using something called Global view and transfer money instantly between accounts.

I can't vouch for HSBC in Canada as we haven't moved yet and don't know what they are like there, but I've banked with them for years in the UK and they're a good bank.

Good luck!
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Old Feb 18th 2020, 8:44 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by Siouxie View Post
I am very aware of the regulations.

Good luck... you may need it.
Thank you? I hope I didn't come across as trying to "challenge" the information you given me, because that's not the case. I just want to get to the bottom of it with as many people's experience as possible, since I am getting contradictory information from everywhere.

Either way, I think the main subject of this thread got out in another direction, so I might post a separate thread for this specific matter. Cheers.

Last edited by mpitillo; Feb 18th 2020 at 9:41 am.
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Old Feb 18th 2020, 8:47 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by i_Seeker View Post
HSBC is an interesting option. We are also in the process of moving and contacted TD and RBC.

In the end we went with HSBC. You can open an account here in the UK, and as long as you have £50k in savings r ear £75K salary they'll offer you Premier.

You'll then automatically qualify for Premier in canada and get free banking (for most things), similar the the UK. You will also be allowed to open an HSBC expat account. All from the UK before you move.

You can look at all if your accounts on any of the HSBC apps using something called Global view and transfer money instantly between accounts.

I can't vouch for HSBC in Canada as we haven't moved yet and don't know what they are like there, but I've banked with them for years in the UK and they're a good bank.

Good luck!
Thanks for such a detailed explaination about HSBC and the process. I really appreciate it.

As of right now, I am strongly in between HSBC or Scotiabank StartRight Program.

Can I just quickly ask you what "happens" when you transfer money between the two HSBC accounts (UK to Canada?). Is this transfer free, and what is the conversion rate when you do that? I think my main worry is if I transfer between accounts, I will not use "TransferWise" as the method of transfering, and I am unsure if HSBC's conversion rate is as good as transferwise's.

Thank you again!
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Old Feb 18th 2020, 11:38 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
Thanks for such a detailed explaination about HSBC and the process. I really appreciate it.

As of right now, I am strongly in between HSBC or Scotiabank StartRight Program.

Can I just quickly ask you what "happens" when you transfer money between the two HSBC accounts (UK to Canada?). Is this transfer free, and what is the conversion rate when you do that? I think my main worry is if I transfer between accounts, I will not use "TransferWise" as the method of transfering, and I am unsure if HSBC's conversion rate is as good as transferwise's.

Thank you again!
No problem at all!

So we have just switched accounts and are opening the Canada/expat accounts, so I haven't made a transfer between the two account, yet.

But, HSBC told me that I could transfer between accounts (so, say for example my English account and Canadian account) via 'Global View' instantly and without charge.

Now, when they say without charge: I need to verify if that is at the exchange rate you would find on Google, for example, or the exchange rate HSBC sell at.

Either way, it's better than using most other transfer services as it's either:

1. Free of transfer fee and exchange rate fee (what they buy and sell at), or
2. Free of transfer fee.

Say you want to transfer £10,000, the app will tell you exactly what you will get before you press the convert button.

My accounts should be open in the next week or so. Do you want me to let you know which one it is?

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Old Feb 18th 2020, 1:41 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
Thanks for such a detailed explaination about HSBC and the process. I really appreciate it.

As of right now, I am strongly in between HSBC or Scotiabank StartRight Program.

Can I just quickly ask you what "happens" when you transfer money between the two HSBC accounts (UK to Canada?). Is this transfer free, and what is the conversion rate when you do that? I think my main worry is if I transfer between accounts, I will not use "TransferWise" as the method of transfering, and I am unsure if HSBC's conversion rate is as good as transferwise's.

Thank you again!
Originally Posted by i_Seeker View Post
No problem at all!

So we have just switched accounts and are opening the Canada/expat accounts, so I haven't made a transfer between the two account, yet.

But, HSBC told me that I could transfer between accounts (so, say for example my English account and Canadian account) via 'Global View' instantly and without charge.

Now, when they say without charge: I need to verify if that is at the exchange rate you would find on Google, for example, or the exchange rate HSBC sell at.

Either way, it's better than using most other transfer services as it's either:

1. Free of transfer fee and exchange rate fee (what they buy and sell at), or
2. Free of transfer fee.

Say you want to transfer £10,000, the app will tell you exactly what you will get before you press the convert button.

My accounts should be open in the next week or so. Do you want me to let you know which one it is?
That would be fantastic! Thank you so much. You've been super helpful!

I will try visiting an HSBC branch this weekend as well to see if they can provide more information. But please, if possible, let me know once you have found out it by yourself.

Thank you!
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Old Feb 24th 2020, 8:49 am
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by i_Seeker View Post
No problem at all!

So we have just switched accounts and are opening the Canada/expat accounts, so I haven't made a transfer between the two account, yet.

But, HSBC told me that I could transfer between accounts (so, say for example my English account and Canadian account) via 'Global View' instantly and without charge.

Now, when they say without charge: I need to verify if that is at the exchange rate you would find on Google, for example, or the exchange rate HSBC sell at.

Either way, it's better than using most other transfer services as it's either:

1. Free of transfer fee and exchange rate fee (what they buy and sell at), or
2. Free of transfer fee.

Say you want to transfer £10,000, the app will tell you exactly what you will get before you press the convert button.

My accounts should be open in the next week or so. Do you want me to let you know which one it is?
I've contacted HSBC over the weekend. They couldn't answer to me all the questions, but we have booked an appointment for the next weekend to discuss in more details and potentially open an account.

I still have some unanswered questions that I was hoping that you might know the answer for those?

hold a minimum of £50,000 (or currency equivalent) with us
  1. Do I have to always be holding a minimum of £50,000 in my UK account to keep this service active? Because my plan is to transfer all - or at least most of it - to the Canadian account eventually, would this still be complying with the rules? Or do I have to have this total within ONE account (e.g.: UK at all times?). I think what I mean is: do I have to have the equivalent of 50k in each account, or is just the total across any HSBC accounts?
  2. In a year time I plan to use most of my money towards a house. This would bring me lower than the 50k requirement. What happens then? Do I lose the account, or do I just have to pay a monthly fee then? If that's the case, do you know how much would this fee cost?
  3. Finally, do you know if HSBC Premier account can be a joint account? My partner and I are still deciding if we both open account with them, or just myself for the time being.
Thank you so much!
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Old Feb 24th 2020, 3:25 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
I've contacted HSBC over the weekend. They couldn't answer to me all the questions, but we have booked an appointment for the next weekend to discuss in more details and potentially open an account.

I still have some unanswered questions that I was hoping that you might know the answer for those?

hold a minimum of £50,000 (or currency equivalent) with us
  1. Do I have to always be holding a minimum of £50,000 in my UK account to keep this service active? Because my plan is to transfer all - or at least most of it - to the Canadian account eventually, would this still be complying with the rules? Or do I have to have this total within ONE account (e.g.: UK at all times?). I think what I mean is: do I have to have the equivalent of 50k in each account, or is just the total across any HSBC accounts?
  2. In a year time I plan to use most of my money towards a house. This would bring me lower than the 50k requirement. What happens then? Do I lose the account, or do I just have to pay a monthly fee then? If that's the case, do you know how much would this fee cost?
  3. Finally, do you know if HSBC Premier account can be a joint account? My partner and I are still deciding if we both open account with them, or just myself for the time being.
Thank you so much!
According to the brochure - to continue with a Premier account after opening, they require an annual income of at least £75,000 for the UK account https://www.hsbc.co.uk/content/dam/h...e-brochure.pdf

A reminder of the HSBC Premier eligibility - To continue being eligible for HSBC Premier, your annual income must be paid into your HSBC Premier Bank Account and you need to meet one of thefollowing eligibility criteria (see brochure)
(yes can be a joint account, according to the UK brochure)
For Canada - either qualify in another country or keep $100,000 in the account. https://www.hsbc.ca/chequing-accounts/products/premier/

Might be easier just to open a normal bank account with Scotia / RBC or similar and use transferwise or one of the others to send your money over. $17 wire transfer fee (receiving) plus a monthly bank charge (minimal amount).. but you get to spend your $100k

Last edited by Siouxie; Feb 24th 2020 at 3:57 pm.
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Old Feb 24th 2020, 3:35 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by mpitillo View Post
I've contacted HSBC over the weekend. They couldn't answer to me all the questions, but we have booked an appointment for the next weekend to discuss in more details and potentially open an account.

I still have some unanswered questions that I was hoping that you might know the answer for those?

hold a minimum of £50,000 (or currency equivalent) with us
  1. Do I have to always be holding a minimum of £50,000 in my UK account to keep this service active? Because my plan is to transfer all - or at least most of it - to the Canadian account eventually, would this still be complying with the rules? Or do I have to have this total within ONE account (e.g.: UK at all times?). I think what I mean is: do I have to have the equivalent of 50k in each account, or is just the total across any HSBC accounts?
  2. In a year time I plan to use most of my money towards a house. This would bring me lower than the 50k requirement. What happens then? Do I lose the account, or do I just have to pay a monthly fee then? If that's the case, do you know how much would this fee cost?
  3. Finally, do you know if HSBC Premier account can be a joint account? My partner and I are still deciding if we both open account with them, or just myself for the time being.
Thank you so much!
Hi mpitillo,

I have the answers for these (based on what I was told):

1. I had the same question as we plan to move most if not all of our money to Canada. I was told that when you qualify for Premier in one country, you qualify everywhere.

So in a review, you may fail the UK Premier test, but you will pass in Canada (has to be CAD $100k). In that case all your accounts would stay the same.

2. I think if you fall below the amount at the review stage, you lose your Premier status and revert to Advance. There is a fee but it is less than TD (without the onerous balance you need to have) and RBC.

I have fallen below Premier before and it took them 8 months to notice because of when they do a review on your account. This is the UK, I'm not sure how Canada HSBC operate.

3. Yes, ours is a joint account. I was told that only one of you needs to meet the criteria. In the case of savings, both you can put together the CAD $100K.

I hope this helps.
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Old Feb 24th 2020, 3:52 pm
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Default Re: Moving to Canada but unsure on how to bring money

Originally Posted by Siouxie View Post
Might be easier just to open a normal bank account with Scotia / RBC or similar and use transferwise or one of the others to send your money over.
….and cheaper with better value transfers I suspect! I would vote for this option. Critical to this is precisely what exchange rate HSBC offer to convert your money. Then do an immediate comparison with TW (take into account their fee). TW are entirely transparent in their on-line quotes, with all charges and the rate clearly shown. Just calculate your own rate taking into account all charges to get a notional 'net rate' - then a very easy comparison. I would be pretty sure TW will win out by a significant margin, as they don't actually use the money markets to physically 'change' your money.

You could open a Tangerine on-line banking account once in Canada. No annual fee and no minimum balance. Be careful though as Tangerine do NOT accept true 'wire transfers', but they do accept the 'direct credit' facility that TransferWise use (I speak from recent personal experience in both instances for Tangerine and TW).
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Old Feb 24th 2020, 9:07 pm
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Default Re: Moving to Canada but unsure on how to bring money

Thank you so much for all the replies, i_Seeker, Hurlabrick and Siouxie.

Originally Posted by Hurlabrick
Critical to this is precisely what exchange rate HSBC offer to convert your money.
I can't truly confirm just yet, as I have to attend my other meeting with the bank to confirm all these questions. However, from my first contact, they told me that HSBC would charge the same exchange rate seen on Google. This sounded too good to be true, so I am unsure.

Really great to hear that the Premier account can be a joint account, and also that as long as I keep this total value in either the UK, or Canada account, that would be alright. This is a lot to consider now. Thank you so much!

It is also a really good piece of information that I should be aware that Scotiabank would charge me $17 for any receiving wire transfer fee, if I decide using transfer wise. Is this a fixed amount, or varies depending on how much money I transfer?

Thank you so much everyone!

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