1. Bank wire transfer Wire transfer business is a traditional remittance method. Larger remittances, such as the down payment for buying a house, are generally remitted to Canada by wire transfer.

Wire transfer is a faster method and can arrive in your account within two days.

When you open an account in a Canadian bank, you will get a remittance channel list, which contains the name and address of the payee in Chinese and English, bank routing number (SWIFTCODE) and other information. You only need to give you this remittance channel list.

Domestic bank staff can do this.

The cost of a wire transfer usually includes a one-thousandth handling fee and telegraph fee charged by the remitting bank, as well as intermediary bank deductions.

Since remittance fees generally have a maximum limit, the more you transfer each time, the more cost-effective it is. Therefore, if conditions permit, it is recommended to remit more at one time and not to divide it too many times.

Many of my friends who have purchased houses in Canada have used bank wire transfers to remit the down payment for the house from China.

One particular point to note here is that the down payment requirement for buying a house can be said to be a gift.

For example, Ms. Qian is a permanent resident of Canada. She recently purchased a home, and the down payment came from remittances from her parents.

Ms. Qian is worried whether the tax bureau will regard this overseas remittance as her income.

My experience is that gifts from parents as part of the down payment for a home is a common phenomenon.

If the number of overseas remittances is not very frequent and the amount is not very large, the chance of being picked up by the tax bureau for tax inspection is relatively small.

Warm reminder: Although gifts from parents, relatives and friends do not require declaration and tax payment, you must keep the evidence so that you can provide it as soon as the tax bureau requires supplementary information.

In formal channels, domestic banks’ general international remittances for domestic customers are first converted into foreign exchange and then remitted using Swift (Society for Worldwide Interbank Financial Telecommunication).

For investors, immigrants, or international students, sometimes the need for large amounts of overseas funds cannot be met through international remittances.

For example, in order to remit the down payment to buy a house in Vancouver, and to circumvent the Chinese government's restriction that each person cannot remit more than 50,000 US dollars a year, the most common method is to use the spirit of ant moving, ask relatives and friends for help, and borrow their money

The ID card/foreign exchange limit is remitted in the name of different people.

This approach is also easy to operate in banking channels.

2. Directly transfer money overseas through remittance companies. First of all, remittance companies are currently the channel with the largest business volume. They generally have branches at home and abroad. Domestic branches are commonly known as underground banks, and overseas branches are usually called exchange companies or remittance companies.

Remittance companies are legal in Canada, and their advertisements can be seen on major newspapers and websites; however, due to legal issues, branches in China often do not advertise externally and rely on word of mouth or introductions from immigration agents.

The operation of the remittance company is simple. Domestic customers who need to remit money deposit RMB into the remittance company's designated domestic account, and the overseas branch of the remittance company will pay the money to the customer's designated account abroad at the agreed exchange rate.

Some remittance companies use exchange intermediaries to complete the transfer of money from domestic to overseas. This method lengthens the time for the funds to arrive and takes a longer time to complete the exchange. However, the general charges are lower than the previous method.

Another less commonly used method is to purchase U.S. real estate funds raised locally, which takes longer. You have to wait until the investment period expires before you can require the funds to stay in the United States in the form of U.S. dollars.

3. The difficulty in transferring money from Hong Kong to Canada is how to transfer the money to Hong Kong. The simplest way is to carry cash in your luggage directly from Shenzhen to Hong Kong. This method has no additional cost but is also relatively risky; or through

Some agencies use "water merchants" who specialize in running errands to transport cash across the border in small quantities and multiple times, and then deposit it into bank accounts in the name of currency exchange points.

Another common way is to find a friend's trading company.

Some trading companies are engaged in import and export trade and also help transfer money.

However, trading companies usually can only help transfer to Hong Kong, and then the remitter can handle subsequent remittances or transfer from HSBC Hong Kong to HSBC Canada to save a remittance fee.

In addition, some people buy Hong Kong insurance and transfer money out.

This kind of insurance product sold in Hong Kong is very expensive and can be surrendered and the beneficiary can be changed.

When the policy holder or the changed beneficiary returns to Hong Kong and surrenders the policy according to the contract, the funds can be exchanged overseas.

4. Transfer money from Macau to Canada Another option is to find a way to bring money to Macau.

Macau is famous for gambling, so transferring money to Macau is of course inseparable from casinos.

The first method is to transfer the money to the bank debit card to participate in the casino VIP customer's chip exchange, and then use the broker to help arrange the chips from "dead chips" to "live chips" in exchange for funds, but not back to the bank card.

.

The second method is to buy brand-name watches or jewelry with your card at the casino supporting shops and pawn shops and then pawn them to cash out on the spot; the third method is to find out if there is still the kind of motorboat smuggling to Macau in the past, and take the cash overseas by yourself. It is said that it is 8,000 yuan at a time.

Yuan, but it will be terrible if you get caught.

5. It is a way for relevant persons with special resources to establish companies abroad. Such fund transfers are usually transferred abroad in the form of normal overseas investments by enterprises.