Toronto: Most immigrants who plan to move to Canada have this burning question? – How do I move my funds to Canada from my native country?
Here are the top 7 ways recommended by the experts for ease of transaction and minimal processing charges.
Carry it as hard cash: The easiest way to move funds from any Country into Canada is by carrying it as hard cash. However, if you carry more than CAD 10,000 you might have to provide the source of your money, your transaction details, exchange statement and more…as requested by the Canadian authorities. You will also be asked to declare the money on entry. The other glitch you might face is, safeguarding your cash carefully during the journey.
Prepaid Debit Card: This is another safest way to move your funds, you can go to a Forex Card agent or any bank which offers a loaded prepaid debit card facility and get your sum loaded into a prepaid debit card. There will be a minimum charge collected for loading of the card, but this is a safe and more reliable way to move funds. After you reach Canada you can swipe the card to withdraw the card whenever you want.
Traveller’s check: In this method you can visit your bank and ask them to issue you a traveller’s check. This is just like a Demand Draft that we collect in many countries to do financial transactions. The bank might charge you a fee to issue your check, but your name will be mentioned, the source of money will be recorded, thus it will make your transactions safe and hassle-free. However, when you come to Canada, this will take a while to reflect in your account, because it might take a few working days to create a new account and activate your new account to use.
Money transfer companies: There are money transfer vendors like Western Union, Money gram and Transferwise who transfer your money online to another account. If you have time, a slower transaction costs almost 20% less than an urgent one. PayPal helps you transfer money to another account free but the person receiving it overseas will be charged a fee. This is faster and cheaper as well
Bank-to-bank transfer: If you already have a bank account in Canada, you can do a direct wire transfer from your bank into your Canadian account, but this will take close to 5 days to reflect in your account. By this reliable transaction, a recipient can save a lot of hassles.
Email Transfer: Certain financial bodies offer this facility and notify the transfer via email. The plus point of using this is, it doesn’t require the recipient’s bank account number but you will be asked a secret question during receiving to identify the person.
Wire transfer: The next option is to move the amount through an International wire transfer. This can be done only between two bank accounts. Depending on the volume and urgency both the sender and the recipient will be charged. The fee through this option might be slightly higher but safe.
Having read through all the transparent and safest options to move money to Canada, we would personally suggest you not to put all your eggs in one basket. Opt for multiple ways listed above and pick the ones which will suit you the best. By far, most migrants feel the first 3 ways are the cheapest and the most comfortable ones.
Yoke Immigration is our preferred immigration expert for legal advice and representation with your application.
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