How to transfer money to Canada and from Canada.
It has been more than a hundred years since the Ukrainians began to travel to Canada, in search of a better life. Today this process did not stop at all. Many people move to permanent residence in this country and are not disappointed in it. However, unlike the situation a hundred years ago, today’s immigrants do not interrupt communication with family and friends in Ukraine. On the contrary, they try to help parents and children. Including material. In this connection, the question arises as to how it is possible to transfer money from Canada to Ukraine and vice versa.
Why there is a need to transfer money between Canada and Ukraine.
It’s no secret that when leaving Ukraine, people take a certain amount of money to Canada with them to live there for the first few months. Canadian law allows you to bring with you any amount. If it exceeds $ 10,000, then you just need to add it to the declaration. However, it is not always possible to realize all your property by the time of departure. Especially real estate. For this reason, it is necessary to find a way to transfer money for a sold house or apartment to Canada. From the point of view of taxation of such sums of problems, there are no special problems. Canadian tax authorities may ask for proof of the origin of the money. The availability of documents on the sale of real estate in Ukraine will satisfy them. And such amounts will not be recognized as income. In any case, this income is not received in Canada. In addition to immigration, the need to send money to Canada can be associated with the financial support of children who study in this country.
Much more often there is a need to transfer funds from Canada to Ukraine. After all, the level of income in Canada is incomparably higher. So, a person working or having a business in Canada, can help parents and other relatives living in Ukraine. From the point of view of the Ukrainian legislation, such receipts are income and must be included in the Declaration of Income. However, transfers in the amount of less than 150,000 hryvnia are bank secrecy. For this reason, the declaration of such income is the business of the recipient. Moreover, with the right approach it is always possible to prove that these transfers are not income. Because they are not payment for goods, work or services.
How can I transfer money from Canada to Ukraine and vice versa.
Transfer of a plastic card to Ukraine. The easiest way to do this is by using an ordinary debit card. A family residing in Canada opens a card account and receives 2 plastic cards (joint account). One of them is sent to Ukraine. And there it is used for its intended purpose. That is, to pay for purchases or to withdraw cash from the ATM. However, it should be remembered that by transferring a card to another person, there is a breach of contract with the bank. Therefore, in case of any problems, the bank will not refund the lost amount. In addition, this method is suitable for transferring not very large sums of money.
International money transfer systems. This is the fastest and most popular way of transferring funds from Ukraine to Canada and vice versa. In this way about 65% of money is transferred. The advantage of this method is its simplicity, absolute legitimacy and comfort. Today there are several international systems that are represented in any more or less developed city of Ukraine or Canada. The most famous of them are such systems:
One of the advantages of this method is non-address translation. That is, the transaction is tied to a specific code, showing that you can get money in any branch of a particular system. However, this way of transferring money is very expensive. Although money is transferred in this way in a few minutes.
Transfer of money from account to account via SWIFT. This method is very effective and begins to gain considerable popularity. When transferring large amounts, the commission will not exceed 2%, which is advantageous in comparison with international money transfer systems. However, the speed of translation is much inferior to other methods. Sometimes the transaction lasts up to 3 banking days. If one of the transfer participants is a legal entity, SWIFT & # 8211; the most optimal option. Nevertheless, it should be remembered that there may be additional costs associated with bank commissions for depositing money into accounts and for currency conversion. Therefore, each case must be considered individually.
What to remember when using different methods of translation.
In accordance with the legislation of Ukraine, an individual, without opening an account, can make a one-time transfer for an amount not exceeding 15,000 UAH. At the same time, such a person can transfer no more than 150,000 UAH. per month. An exception can be made for payment for treatment or for training in Canada, if there are appropriate documents of the receiving country. In other cases, complete identification of the client with all the ensuing consequences is necessary.
Thus, when choosing the method of money transfer, it is necessary to consider each specific case. A small amount in a few minutes can be transferred with the help of Western Union. But a significant amount or participation of a legal entity will require work with the SWIFT system. Thus it is necessary to submit a full package of necessary supporting documents. As for the transfer of the plastic card, this method is very convenient, but it can not be considered completely legal.
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December 18, 2017.
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How to transfer money to Canada and from Canada.