I've been told contradictory things about transferring money from Canada to USA:
1) Multiple transfers, each under $10,000 to avoid raising red-flags,
2) Transfer it all at once to avoid raising red flags of multiple smaller withdrawals
Everything is legit with the money, I'm just trying to avoid unnecessary bureaucracy.
Does anyone have experience with this?
transfering $ cnd to usa
transfering $ cnd to usa
Last edited by jmk on Sun May 26, 2013 7:53 pm, edited 1 time in total.
Re: transfering $ cnd to usa
Many people and businesses transfer more than $10k between the US and other countries every day. If everything is legitimate with the money then I wouldn't jump through even one hoop to avoid the $10k reporting requirements for financial institutions. You may even pay a fee per transfer so doing only one would cost you less.
Laura
Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
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Re: transfering $ cnd to usa
Google "structuring".
Re: transfering $ cnd to usa
Thanks. What's the simplest way to transfer money and convert currency if there is no rush? I have a savings account in Canada but am unable to wire money without going to a branch. I'm hoping I can just write a check to myself and deposit at my local American bank.Laura wrote:Many people and businesses transfer more than $10k between the US and other countries every day. If everything is legitimate with the money then I wouldn't jump through even one hoop to avoid the $10k reporting requirements for financial institutions. You may even pay a fee per transfer so doing only one would cost you less.
Re: transfering $ cnd to usa
Aha, this must be what they were referencing:Random Poster wrote:Google "structuring".
And 10000 seems the magic numberIn the United States, the Bank Secrecy Act requires the filing of a currency transaction report (CTR) for transactions of more than $10,000 in currency (US or foreign). Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report.
.CA$10,000 rule remains.[clarification needed]
Minimum Value of Currency or Monetary Instruments
2. (1) For the purposes of reporting the importation or exportation of currency or monetary instruments of a certain value under subsection 12(1) of the Act, the prescribed amount is $10,000.
(2) The prescribed amount is in Canadian dollars or its equivalent in a foreign currency, based on
(a) the official conversion rate of the Bank of Canada as published in the Bank of Canada's Daily Memorandum of Exchange Rates that is in effect at the time of importation or exportation; or
(b) if no official conversion rate is set out in that publication for that currency, the conversion rate that the person or entity would use for that currency in the normal course of business at the time of the importation or exportation
Which implied sending it in increments <10k. But then another person told me " if you do multiple transactions under $10000 it will look like you're laundering even if you're not."
Re: transfering $ cnd to usa
You need to find out if your bank in the US will accept a check in a foreign currency. Some will, some will not. Fees will vary as well.
Laura
Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.
Re: transfering $ cnd to usa
Good point. There's some stuff on the Canadian forum about the cheapest way being to buy an ETF with Canadian dollars and then sell in American.Laura wrote:You need to find out if your bank in the US will accept a check in a foreign currency. Some will, some will not. Fees will vary as well.
Re: transfering $ cnd to usa
If you need to do this more than once, consider setting up an account with xetrade.com. They will charge you less than the bank.
Re: transfering $ cnd to usa
Thanks for the tip. Xetrade might even be cheaper if I transfer it all one time. I have a simple savings account but am a non resident. Someone suggested buying then selling Horizon's DBL ETF, but that sounds even more complicated.Red-y wrote:If you need to do this more than once, consider setting up an account with xetrade.com. They will charge you less than the bank.
The rub is whether cibc will let me link to my existing savings account with ach or eft etc without going to Canada. So far everything I want to do has been "must come to any branch". Not sure if that's typical in Canada or it's cibc.