transferring money to Canadian
Jan 30th 2016, 4:11 pm
#1
Account Closed
Thread Starter
Joined: Jan 2016
Location: Antigua
Posts: 14
transferring money to Canadian
I am moving to Canada in the next 6 months and would like to transfer some money to Canadian to take advantage of the great exchange rate which I doubt will last. Is there anyway I can do it? as I don't want it stuck in one of those international money transfer accounts with no FCA protection.
Also what is the best way to get the best exchange rate when transferring the money from UK bank to Canadian and do you have to do it after you land in Canada?
thanks so much
Also what is the best way to get the best exchange rate when transferring the money from UK bank to Canadian and do you have to do it after you land in Canada?
thanks so much
Jan 31st 2016, 5:09 pm
#2
BE Forum Addict
Joined: Dec 2011
Location: Back in Scotland after 4 years in Calgary
Posts: 1,403
Re: transferring money to Canadian
Why not just change into Cash and keep it under your mattress?
Jan 31st 2016, 5:51 pm
#3
All Sooked up!
Joined: Dec 2010
Location: Sooke, BC.
Posts: 1,894
Re: transferring money to Canadian
Whatever you do, make sure that you declare the funds before or as you land in Canada. Any funds you transfer into Canada after you land, that were not previously declared, will be subject to Canadian income tax. Before we landed we opened an account with Scotia bank and transferred pretty much everything before we landed. These days we bank with TD bank and use a GBP TD FX account to transfer GBP business funds into from the UK. Much better rate than over the counter. It sits there as GBP and we change it to CAD when the rate looks favourable.
