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Wad
Joined: 19 Nov 2007
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 Posted: Sat Mar 07, 2015 10:01 pm Post subject: Transfer Money to Canada |
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| I'm looking to transfer $25,000 CDN to my sister in Canada. Any words of wisdom or obstacles to be aware of? I'm am a legal resident in Korea. I just remember hearing somewhere that the Canadian government flags banks transfers over $25k so there can be delays. Regards! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Mar 08, 2015 1:33 am Post subject: Re: Transfer Money to Canada |
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| Wad wrote: |
| I'm looking to transfer $25,000 CDN to my sister in Canada. Any words of wisdom or obstacles to be aware of? I'm am a legal resident in Korea. I just remember hearing somewhere that the Canadian government flags banks transfers over $25k so there can be delays. Regards! |
They do have issues with the movement of large amounts of currency and/or negotiable instruments.
I have never heard of issues with a bank to bank transfer since there is a paper trail.
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420bro
Joined: 15 Dec 2006
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| Posted: Sun Mar 08, 2015 3:47 am Post subject: |
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| The banks will flag any transfer over 10,000 dollars. Not saying you will necessarily have to pay taxes to the Canadian government on it as it is a gift but it definitely raises a flag. I would suggest sending 3 payments all of which are under 10grand. I have always went with 9900. if I have to send large remittances back home. |
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Worlder
Joined: 26 Feb 2013
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| Posted: Sun Mar 08, 2015 6:35 am Post subject: |
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| 420bro wrote: |
| I would suggest sending 3 payments all of which are under 10grand. I have always went with 9900. if I have to send large remittances back home. |
This. |
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Wad
Joined: 19 Nov 2007
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| Posted: Sun Mar 08, 2015 7:49 am Post subject: |
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| How far apart would you recommend these payments be made? Thx! |
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