Bank Wires & the Hunt for Money

QUESTION: Hi Martin,
in reference to the mailing of 500k in bank drafts to the US by a Canadian in Canada – I am wondering what your thoughts are in wiring > 50,000 (CAD) to a US brokerage account, as a Canadian citizen? Do you think there may be potential confiscation or holding of wired funds on either end ( to or from the brokerage account back to Canada) being a Canadian citizen?

A

ANSWER: When wiring money internationally, if it is going to an institution or business, then there is no problem. If you try to send money to an individual, that is when all rules are off. What I would do is ALWAYS test the method first. Sen like $1,000 and make sure it goes through OK.

They do not seem to mess with wires to businesses yet. Everything seems to turn on individuals.

Latest Posts

Market Talk – September 6, 2024

ASIA: The major Asian stock markets had a mixed day today: • NIKKEI 225 decreased 265.62 points or -0.72% to 36,391.47 • Shanghai decreased 22.51 points or -0.81% to 2,765.81 [...]
Read more

The Jobs Number & Russia

The U.S. economy added fewer-than-expected new jobs last month because most economists still refuse to comprehend that there is such a thing as the business cycle. Here we have the [...]
Read more

PRIVATE BLOG – Answering Your Questions

PRIVATE BLOG – Answering Your Questions Private blog posts are exclusively available to Socrates subscribers. To sign-up for Socrates or to learn more, please visit Ask-Socrates.com. https://ask-socrates.com/
Read more