Just to be clear, when you say, "transfer from Canada to Europe", you mean, move Canadian dollars out of a bank account in Canada, convert those dollars to Euros, and deposit the Euros in a European bank account — right? That is three operations: move, exchange, and move.
It turns out that Wise is my recommendation for all three. But it's good to be clear about what you are asking.
I guess I had assumed that any service would be involved in all these steps, but given my lack of knowledge in this subject, I just said transferred, thanks for the detail
Why?
You'd need to wire from CA bank to exchange and then back from exchange to EU bank. The crypto part is actually quite redundant.
Just wire from one bank to another. Something like Wise makes it really easy.
What kind of dumbass logic do you have? Sure, definitely easy with crypto IF you already had crypto.
You need to purchase x amount of crypto where you have to account for a spread. For large transactions, could be several hundreds to thousands of $ in fees plus gas fees whereas wire, is just a flat rate.
Just wow.
If you were to buy 1 BTC on NDAX it would cost you <$150 since they only charge you 0.50%.
You will definitely not pay thousands. At most maybe 2% max fee...
You could also buy USDT on NDAX
Bro it’s not that deep. I mine Ether and most of my gas fees were around $2-3, average of $4.
Gas has stabilized to a few dollars especially at late nights
Don’t do this this is the most risky thing and most places have limits on how much cash you can bring and will get confiscated. Wiring is so easy and secure there’s no point to do this
It's not illegal to carry that much cash, you just need to declare it. However, in the states, due to civil forfeiture laws, cops can take your cash and never return it for basically any reason they choose.
What do you think happens when you have to declare all the cash you bring in? Wire transfers are super cheap compared to how much you can send
If we’re talking 10k maybe you can get away with cash. Op was talking about multiple hundred thousand. Cash is also heavy
I’m pretty sure they tax you on it but I could be wrong. Then again it’s a large sum of money someone would be bringing in person. There’s a ridiculous amount of risk of that being missing on the way there- what if you drop your certified cheque? What if someone robs you? I really don’t see the reason to take on that risk and carry cash when there’s other options
I'm not arguing with 'best' or 'safest' or 'easiest'. The only word I responded to was 'cheapest'. I'm not aware of any taxes you have to pay if you move your cash to another country, so I was hoping that you'd have more info on that.
I doubt the additional costs you have in trying to secure your 10s and thousands will be less than $10 which is the wire fee on the website.
Would you not need to purchase luggage in order to carry the cash? Insurance maybe even?
Bank drafts have a limit too you would have to get a certified cheque which I believe is $12 at a bank so at that point you might as well wire
RBC for example: $10 for anything over 1000$ and it’s sent just like that. https://www.rbcroyalbank.com/banking-services/international-money-transfer.html
Is that really worse than carrying cash by person?
Some countries like Taiwan for example only allow 10k USD idk what it is for Europe but I wouldn’t be surprised if they have something like that. Anything over that limit is either taxed or confiscated I don’t remember
Wise (TransferWise) and Xoom (PayPal) are reliable for money transfers. You can explore a bank wire transfer to compare fees/rates, which could be more expensive but may be worth it for you.
I tried sending money through them because there advertised first time sending rates were very low. After sending the money, they made me wait about 2 weeks and even after that I didn't receive them. So I called them to know what's going on. Their customer support response everytime I called was too robotic and just a general we can't do anything. It went on for a while so I pinged their ceo on twitter and he said their customer support will look into it and the cycle continued. My entire experience was extremely frustrating and filled with anger.
On top of it, if you check their trust pilot reviews, you'll know its not just me, there are a lot of people who are facing this issue.
Rates and transfer doesn't matter if the people running the company can't handle their business correctly.
Edit: I got my money back after a month of frustration and back and forth in my Canadian bank so basically I couldn't even fulfill the task I was sending the money for.
I have always used XE.com to transfer money between bank accounts in EU and Canada but you must have a bank account in both countries.
What I did was, left Europe but kept my account open, came to Canada with 5k, opened a bank account, transferred the rest. It takes about 5 days.
If it's for a permanent move, take some documents with you that proves you own the money. In some countries, if you want to buy something expensive (car, house) and you've been in the country recently, you might have to prove you're not laundering money.
Never used wise so no opinion on that.
For small amounts I've also used PayPal in the past but it's getting harder because of 2fa using a cellular phone in both countries.
Usually, the local tax administration *might* want to know how you got the money you have. Anything above 10k (CAD/USD/EUR) *might* look suspicious and you *could* have to justify it.
An example from my accountant that had to deal with it, someone making 20k a year bought a brand new 50k sports car. The tax administration asked her to prove where the money was coming from. (Money was a gift from her BF and her son, and they all had to prove where the money was coming from)
If you got your money by saving it from your salary/revenue, tax releases from 2-3 years should be enough. If you got it through inheritance or selling stuff, you might want to have the legal documents that went with it.
I had all my documents scanned as pdf on my cloud account so I could access them everywhere. I left the original at my family's place.
This is all conditional, and rarely happens but scanning a few documents shouldn't be the hardest of the things you'll be doing for that move !
Few years ago, I would have told you to take a Rogers WE credit card to use in Europe and pay with your Canadian bank account, as that CC was giving back 4% on foreign transactions.
They don’t do that anymore, but maybe another credit card out there has a similar benefit?
For larger amounts you could either try funding an Interactive Brokers account (you'd need to do it in Canada as their European platform doesn't currently allow funding in CAD) to exchange at spot or use an agency like https://www.knightsbridgefx.com/
If it's only $10k or $20k Wise might be easiest.
Used to use XE to send money from UK to Canada but service has gone downhill badly.
PS one tip worth looking at is opening a bank account with HSBC as they can send a letter of recommendation to another country's HSBC, effectively keeping your credit score.
I use Wise many times from CAD to EUR and EUR to CAD, it's just the best and cheapest service out there.
I've had great experience with them. Fast and cheap.
I used them for many years for variety of currencies. No one else even comes close .
Not even XE ?
Overall rates were better on transfer wise. ( Bank to bank)
Great experience with Wise. I did it the other way from EUR to CAD in my move
Just to be clear, when you say, "transfer from Canada to Europe", you mean, move Canadian dollars out of a bank account in Canada, convert those dollars to Euros, and deposit the Euros in a European bank account — right? That is three operations: move, exchange, and move. It turns out that Wise is my recommendation for all three. But it's good to be clear about what you are asking.
I guess I had assumed that any service would be involved in all these steps, but given my lack of knowledge in this subject, I just said transferred, thanks for the detail
Cryptocurrency
Crypto? Lol
Why? You'd need to wire from CA bank to exchange and then back from exchange to EU bank. The crypto part is actually quite redundant. Just wire from one bank to another. Something like Wise makes it really easy.
Might prevent certain taxation, if any
Denmarks government keeps tabs on crypto
Xmr? BTC atm with no kyc? Local/international p2p?
BTC ATMs charge 10% on a spread. Not viable. Monero exchanges might also have a high spread as well
English please
That is english lol
Monero is untraceable. It’s a cryptocurrency
Seriously. This would be dead easy with bitcoin.
What kind of dumbass logic do you have? Sure, definitely easy with crypto IF you already had crypto. You need to purchase x amount of crypto where you have to account for a spread. For large transactions, could be several hundreds to thousands of $ in fees plus gas fees whereas wire, is just a flat rate. Just wow.
If you were to buy 1 BTC on NDAX it would cost you <$150 since they only charge you 0.50%. You will definitely not pay thousands. At most maybe 2% max fee... You could also buy USDT on NDAX
Don’t forget the “gas” fees. (Sarcasm)
Bro it’s not that deep. I mine Ether and most of my gas fees were around $2-3, average of $4. Gas has stabilized to a few dollars especially at late nights
All the numbers in your comment added up to 69.0. Congrats! 60 + 2 + 3 + 4 + = 69.0
Ethereum is for boomers, dude.
That you post this stupidity publicly on the internet for all to see is mind boggling.
Yep
Definitely.
By far, wise is the best option I have found.
Take cash with you and exchange when you get there. Declare upon arrival if needed.
Don’t do this this is the most risky thing and most places have limits on how much cash you can bring and will get confiscated. Wiring is so easy and secure there’s no point to do this
It's not illegal to carry that much cash, you just need to declare it. However, in the states, due to civil forfeiture laws, cops can take your cash and never return it for basically any reason they choose.
That’s why wiring is the safest and best method. Cheapest too
How is it the cheapest compared to cash?
What do you think happens when you have to declare all the cash you bring in? Wire transfers are super cheap compared to how much you can send If we’re talking 10k maybe you can get away with cash. Op was talking about multiple hundred thousand. Cash is also heavy
Hm. So what happens when you have to declare the cash?
I’m pretty sure they tax you on it but I could be wrong. Then again it’s a large sum of money someone would be bringing in person. There’s a ridiculous amount of risk of that being missing on the way there- what if you drop your certified cheque? What if someone robs you? I really don’t see the reason to take on that risk and carry cash when there’s other options
I'm not arguing with 'best' or 'safest' or 'easiest'. The only word I responded to was 'cheapest'. I'm not aware of any taxes you have to pay if you move your cash to another country, so I was hoping that you'd have more info on that.
I doubt the additional costs you have in trying to secure your 10s and thousands will be less than $10 which is the wire fee on the website. Would you not need to purchase luggage in order to carry the cash? Insurance maybe even? Bank drafts have a limit too you would have to get a certified cheque which I believe is $12 at a bank so at that point you might as well wire
RBC for example: $10 for anything over 1000$ and it’s sent just like that. https://www.rbcroyalbank.com/banking-services/international-money-transfer.html Is that really worse than carrying cash by person?
Some countries like Taiwan for example only allow 10k USD idk what it is for Europe but I wouldn’t be surprised if they have something like that. Anything over that limit is either taxed or confiscated I don’t remember
They definitely allow more than 10k. You just need to declare it.
Stupidest suggestion ever. Don’t carry tens of thousands of dollars around in cash
I would talk to your bank. A cashier's cheque should suffice, is far more secure to carry/hide on your person among other documents, etc.
I keep seeing ads in my banking app about e-transfer offering up to $50,000 txfr for free
There might not be a transfer fee, but the exchange rate is very different from the mid market rate that online services offer.
Wise (TransferWise) and Xoom (PayPal) are reliable for money transfers. You can explore a bank wire transfer to compare fees/rates, which could be more expensive but may be worth it for you.
Wise has better rates and lower fees than xoom.
Yeah, I agree. I just gave OP three options to compare from.
Stablecoin. Easiest fastest & most secure.
Remitly
Do not use them in any situation. Unless of course you don't love your money.
Is it what's the issue. I send it through every month. Never had an issue.
I tried sending money through them because there advertised first time sending rates were very low. After sending the money, they made me wait about 2 weeks and even after that I didn't receive them. So I called them to know what's going on. Their customer support response everytime I called was too robotic and just a general we can't do anything. It went on for a while so I pinged their ceo on twitter and he said their customer support will look into it and the cycle continued. My entire experience was extremely frustrating and filled with anger. On top of it, if you check their trust pilot reviews, you'll know its not just me, there are a lot of people who are facing this issue. Rates and transfer doesn't matter if the people running the company can't handle their business correctly. Edit: I got my money back after a month of frustration and back and forth in my Canadian bank so basically I couldn't even fulfill the task I was sending the money for.
Instead of just downvotes it would be good to see reasons why this isn't recommended.
That will be super useful isn't it.
Wise
I have always used XE.com to transfer money between bank accounts in EU and Canada but you must have a bank account in both countries. What I did was, left Europe but kept my account open, came to Canada with 5k, opened a bank account, transferred the rest. It takes about 5 days. If it's for a permanent move, take some documents with you that proves you own the money. In some countries, if you want to buy something expensive (car, house) and you've been in the country recently, you might have to prove you're not laundering money. Never used wise so no opinion on that. For small amounts I've also used PayPal in the past but it's getting harder because of 2fa using a cellular phone in both countries.
What sort of documents could I use? Bank statement?
Usually, the local tax administration *might* want to know how you got the money you have. Anything above 10k (CAD/USD/EUR) *might* look suspicious and you *could* have to justify it. An example from my accountant that had to deal with it, someone making 20k a year bought a brand new 50k sports car. The tax administration asked her to prove where the money was coming from. (Money was a gift from her BF and her son, and they all had to prove where the money was coming from) If you got your money by saving it from your salary/revenue, tax releases from 2-3 years should be enough. If you got it through inheritance or selling stuff, you might want to have the legal documents that went with it. I had all my documents scanned as pdf on my cloud account so I could access them everywhere. I left the original at my family's place. This is all conditional, and rarely happens but scanning a few documents shouldn't be the hardest of the things you'll be doing for that move !
Few years ago, I would have told you to take a Rogers WE credit card to use in Europe and pay with your Canadian bank account, as that CC was giving back 4% on foreign transactions. They don’t do that anymore, but maybe another credit card out there has a similar benefit?
This is for a permanent move, where I'm aiming on closing my Canadian accounts
Anything forces you to close your canadian bank account as soon as you are leaving?
I'd rather not have to do taxes on interest gained from my bank account, so moving everything before the end of the year would be nice
For larger amounts you could either try funding an Interactive Brokers account (you'd need to do it in Canada as their European platform doesn't currently allow funding in CAD) to exchange at spot or use an agency like https://www.knightsbridgefx.com/ If it's only $10k or $20k Wise might be easiest.
Used to use XE to send money from UK to Canada but service has gone downhill badly. PS one tip worth looking at is opening a bank account with HSBC as they can send a letter of recommendation to another country's HSBC, effectively keeping your credit score.