International Money Transfer | Scotiabank Canada (2024)

FAQs

Is there a limit on international money transfers to Canada? ›

How Much Money Can You Transfer To Canada? There's no limit on how much money you can transfer into Canada. That said, your bank or money transfer service provider might have limits. But again, if you're bringing in over $10,000 into Canada, it must be declared.

On average, international transfers can take anywhere from 1 to 5 business days to complete. ² But in some situations, these transfers can be completed within the same day.

Generally speaking, you can send as much as you like overseas. There aren't any US laws on sending money abroad that limit the amount you can send.

Sign in to RBC Online Banking or the RBC Mobile app and select International Money Transfer. Enter the recipient information including address and account number. You'll also need the destination banks name and location, SWIFT/BIC code, or APA Routing Number. Most payments are received within 2 business days.

Financial institutions must file a Currency Transaction Report (CTR) for any transaction over $10,000. The CTR includes information about the person initiating the transaction, the recipient, and the nature of the transaction.

Although Canada does not place any limits on how much money can be transferred to or from the country, international transactions of $10,000 or more are tracked by the Canadian government to prevent money laundering, terror financing, and other financial crimes.

They both offer secure, convenient ways to move funds, but while EFTs refer to the entire category of electronic payments, wire transfers are simply one example of such a payment. There are a couple of advantages that wire transfers hold over other types of EFT. One of the most important is the speed of transaction.

The CRA does not charge income tax or gift tax on most international money transfers, like from friends or family. However, if the money was transferred to you from overseas after you sold or disposed of an asset, you'll need to pay capital gains tax.

Generally, if you request a transfer before your bank's cut off date, an international wire transfer typically should arrive within 1-5 business days. In some cases, receiving an international wire transfer can take longer, but more on that later.

Understanding the basics of international money transfer laws is important if you're receiving or sending large amounts of money abroad. If transactions involve more than $10,000, you are responsible for reporting the transfers to the Internal Revenue Service (IRS).

Can you send Zelle to Canada? ›

Zelle services domestic money transfers only. This means it can only be used to send and receive funds to someone who has a bank account within the United States. If you need to send an international wire transfer, visit any U.S. Bank branch.

Depending on the country or territory you're sending money to, the following information may also be necessary: Canada: the 3-digit Canadian financial institution number and 5-digit branch transit number of the recipient's account, as well as the Swift Code or BIC.

Their Bank Identifier Code (BIC), SWIFT code or national bank code. Their bank account number or International Bank Account Number (IBAN). Their full name. Their bank's full address.

Provide bank details

Name and address of the payee's bank. Name, address, and account type of the recipient (checking, savings, etc.) Payee bank account number or IBAN (international bank account number). Recipient's BIC/SWIFT code.