How to Receive Overseas Inheritance (Canada)

Hi everyone,

I'm about to receive an inheritance from Canada (about $12k) but am unsure about what to do.

I have a HSBC global everyday account so I guess the easiest way is to receive Canadian dollars there. But obviously there'll be fees and crappy exchange rates involved.

Also started looking at options like transferwise, ofx but got a bit confused on how it works.

The Canadian lawyers are asking for bank details to transfer the funds to. If I use eg. Transferwise, do I just give them transferwise's details?? Is that how it works?

Any other options (not anything risky though)?

Thanks!

Comments

  • Whatever you do, do not use HSBC's Global Account to transfer money. They give the worst exchange rate I've seen. Even Citibank's is better.

    You can receive money to your normal bank account though. What bank do you normally bank with?

    Also, have you spoken to an account to see what your potential tax liabilities are for the inheritance?

    • +1

      I have accounts with CBA and ANZ so not that much difference between them??

      As far as I know there shouldn't be any tax consequences but there're like 20 other beneficiaries breathing down my neck to get me to sign the paperwork so I will just have to sort that out later.

  • +4

    How to Receive Overseas Inheritance

    Graciously

  • +5

    Ah, you got that email too, eh?

  • +1

    Litecoin… as long as the market doesnt swing majorly by the time you cash out you will have paid almost nothing in fees.

  • +1

    Is it from a distant relative you've never heard of? Can the fees for processing cost be deducted from the estate or do you have to mortgage your home to pay upfront?

    • No…and noone has asked for processing fees.

  • Happy to lend you my very own bank account…

    • +2

      Sure! But it bounced back and now you will have to pay a processing fee!!!! 😂

  • Western Union.
    I can give you account details.

  • Do not use wester union. I plan to get my USD from world First, waiting on a peak in the exchange rate. Set up account, received a call, told my contact the rate I am looking for, he locked it in. Once I get an email that my rate has been met I will transfer the funds.

  • hi i just used either worldfirst or trsnferwise whichever gives me good rates. Let me know if you want my worldfirstcontact. Basically, i called transferwise first for a quote then i contacted my dealer at worldfirst to beat or exceed it. worked out great.

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