Hi Guys

Just about to depart for Canada after gaining visa.

We have all of our funds in our local bank here in UK and
were wondering can we transfer them to our new bank
account in Canada prior to departure without causing
problems?

We have managed to get an account up and running in Canada
from here in UK with HSBC. Is there any tax implications in doing this? I
understand that any funds we bring with us from UK are tax
free, although was wondering about transferring it all a week
before we arrive.

I think i have read posts elswhere to take a certain amount of cash with you, not sure though. I think you are allowed up to 10,000 dollars.
When i was at the exhibition in London at the weekend there was a stand that caught my interest. it was a company called Currencies direct. they do the currency transfers for you and offer a better rate of exchange too. Might be worth looking into. www.currenciesdirect.com

good luck on the move wish it was me

Hi
we used HIFX and they were very good.As far as i know there is no tax on personal monies.
Good luck with the move.
Mike

For money laundering reasons HSBC will be required to take details of all transactions overseas of amounts over £12000.
We used a company called The ExchangeBusiness to transfer money to purchase a house, they took all the details ,and did the transfer to our solicitor / bank in 2 days.
HSBC may charge a small fee, and do not always give as good an exchange rate as some of the money moving comanies. We saved quite a bit by using the exchange business rather than our bank and we did not pay any charges on amounts over £5000.

The $10,000 limit is on cash/ travellers cheques etc. you bring in at entry, I believe.

As exchange rates are dropping quick, you may want to look at whether it is best to move it sooner or later, or whether you are getting a better rate of interest here, than by what the dollar is dropping

Just remember if you transfer it a week before you leave it will take 2-4 days to get there and that the Canadian bank may have a clearing time, which could be a working week as well. You don't want to arrive and have to wait to get access to money. Unless you take enough in cash to keep you going for a few days.



Just about to depart for Canada after gaining visa.

We have all of our funds in our local bank here in UK and
were wondering can we transfer them to our new bank
account in Canada prior to departure without causing
problems?

We have managed to get an account up and running in Canada
from here in UK with HSBC. Is there any tax implications in doing this? I
understand that any funds we bring with us from UK are tax
free, although was wondering about transferring it all a week
before we arrive.[/QUOTE]