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Thread: Bank Transfers from overseas

  1. #41
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    Quote Originally Posted by retiree View Post
    Although Scotiabank in DR is not connected to Canada although part of the global corporation, you can withdraw from your Canadian Scotiabank account at a Scotiabank DR atm without a fee. That part is good.
    True, When I opened a Scotiabank account here I had to give them a letter of introduction from my Scotiabank Manager in Canada.
    Also I was able to e mail my CDN Scotiabank and have funds under $10000. sent same day for $49.oo CDN fee.
    It was all very easy... no hassels... but it all depends upon the local branch and Management. It can also be horrendous .
    With me, luck of the draw. For small amounts up to $5000.00 I simply use Western Union... instant and easy. I opened an account with WU and have had no problems. If there is a larger amount to send I call WU first to give them a heads up.
    FBI and CIA are all tapped into Western Union.... but I have a clear conscience.
    Russell

  2. #42
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    Just so you guys know... the $10000 threshold is not per transaction...it’s per month.. so if your going to transfer in two transfers $5000 + $5500 you will be flagged... 

  3. #43
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    I have a working background in this type of thing.

    Multiple transactions intended to foil the $10,000 rule are called ‘structuring ‘, 
    To my knowledge it’s the activity, without measuring the time that raises the flags.

    Too frequent is as close as it gets to timing....

    In the check cashing business, we were charged with monitoring such activity

  4. #44
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    As soon as we opened account , manager warned us never transfer above that amount in 30 days with out telling him.. gets held up on corporate level nothing to do with branch level..

  5. #45
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    I am Canadian and bank at TD Bank and BanReservas. I can transfer a maximum of US $10K per time. Within 15 minutes of hitting the button at the TD Bank I receive an email from BanReservas saying the funds have arrived. I have no monthly limit that I am aware of. When I purchased my Condo, I did have to go through an extensive check with lots of documentation required to prove where I obtained the money in Canada. After the 5 weeks of investigation they passed the funds. Guzman Ariza was very helpful in the process.

  6. #46
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    Quote Originally Posted by lifeisgreat View Post
    As soon as we opened account , manager warned us never transfer above that amount in 30 days with out telling him.. gets held up on corporate level nothing to do with branch level..


    Sounds like a rule the bank has as opposed to a universal rule 

  7. Likes Mauricio liked this post
  8. #47
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    The more money a bank holds, the more
    money they collect in interest. End of story.

  9. #48
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    Quote Originally Posted by william webster View Post
    I have a working background in this type of thing.

    Multiple transactions intended to foil the $10,000 rule are called ‘structuring ‘, 
    To my knowledge it’s the activity, without measuring the time that raises the flags.

    Too frequent is as close as it gets to timing....

    In the check cashing business, we were charged with monitoring such activity
    You are absolutely correct. The bank will automatically report such activity, and has no obligation to let the customer know that it made the report. You will not have an issue if you can rationally explain the source of funds, e.g., you are a senior executive at a Fortune 500 company and earn it; however, the reporting can be a hassle. Hence, folks tend to stay clear of the reporting threshold.

  10. #49
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    Dr T
    After many years of banking in a country where I do not live (like 25 yrs), I was recently asked the source of my wealth.

    To me, that's a new one --- not just a transaction - my whole account and net worth .....
    Where did you get it.??

    And of course, you needed to support it with a certification...not easy if those boys are dead!!
    Luckily, mine lives.....
    I passed the 'sniff test'..

    Whew!!

  11. #50
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    Quote Originally Posted by Big Friendly View Post
    I am Canadian and bank at TD Bank and BanReservas. I can transfer a maximum of US $10K per time. Within 15 minutes of hitting the button at the TD Bank I receive an email from BanReservas saying the funds have arrived. I have no monthly limit that I am aware of. When I purchased my Condo, I did have to go through an extensive check with lots of documentation required to prove where I obtained the money in Canada. After the 5 weeks of investigation they passed the funds. Guzman Ariza was very helpful in the process.
    Agree 100% I do exactly the same but any thing over 10k gets held up....I just wish Banservas would raise it exchange rates....

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