Transferring Large Amounts of Money from Canadian to GBP How
Aug 10th 2020, 4:11 pm
#1
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Transferring Large Amounts of Money from Canadian to GBP How
Transferring Large Amounts of Money from Canadian to GBP How
Hi we have all are funds still in Canada, Simply Financial, Motive Financial and Tangerine Banks.
Family situation has changed so we need to buy a house in UK were we currently are living.
I do have account with currency direct so would probably use them only way they have of loading funds on is wire transferee will I run into problems with large amounts from Canadian Banks think money laundering retractions etc.
Hi we have all are funds still in Canada, Simply Financial, Motive Financial and Tangerine Banks.
Family situation has changed so we need to buy a house in UK were we currently are living.
I do have account with currency direct so would probably use them only way they have of loading funds on is wire transferee will I run into problems with large amounts from Canadian Banks think money laundering retractions etc.
Aug 11th 2020, 1:59 pm
#2
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Joined: Feb 2017
Location: St. John's NL
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Re: Transferring Large Amounts of Money from Canadian to GBP How
Have you looked into Transferwise? I've been using it for the past 3 years to pay off credit cards and overdrafts back in the UK.
They seem to have a very generous transfer limit on CAD transactions.
https://transferwise.com/help/14/cur.../cad-transfers
They seem to have a very generous transfer limit on CAD transactions.
https://transferwise.com/help/14/cur.../cad-transfers
Aug 11th 2020, 5:43 pm
#3
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Re: Transferring Large Amounts of Money from Canadian to GBP How
The information on this website might be of use.. https://www.finder.com/ca/internatio...&amount=100000
Do keep in mind any tax liabilities you may have if you are leaving Canada permanently.. 'departure tax' https://www.canada.ca/en/revenue-age...emigrants.html
Do keep in mind any tax liabilities you may have if you are leaving Canada permanently.. 'departure tax' https://www.canada.ca/en/revenue-age...emigrants.html
Last edited by Siouxie; Aug 11th 2020 at 6:48 pm.
Aug 11th 2020, 8:33 pm
#4
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Location: Upstate South Carolina
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Re: Transferring Large Amounts of Money from Canadian to GBP How
Dont think laundering an issue as banks automatically report sums beyond whatever the threshold is. We used Transferwise to move house funds from Canada to US, best rate I could find and very easy and relatively fast process.
We avoided departure tax (or at least have not been audited for it) as we had sold the house before leaving, while it was still deemed our principal residence. Selling it after leaving could be problematic.
We avoided departure tax (or at least have not been audited for it) as we had sold the house before leaving, while it was still deemed our principal residence. Selling it after leaving could be problematic.
