Are you expecting funds from your foreign parent company? Or is it the other way around, and you need to send back some of the earnings made in Canada? Most financial institutions will help you carry out these transactions in the currency of your choice and in total security. Everyday transactions can be done in just a few clicks on their web platform.
When it’s $10,000 or more, it gets reported!
Financial institutions are required to report any international transfers of more than CAN$10,000 made over a 24-hour period to various government entities. This measure is intended to fight financial crime.
Exports and imports
Financial institutions are also good partners in securing payment for your international trade transactions, with:
- Export documentary credit, which will guarantee that your Canadian subsidiary is paid for goods and services it sells outside Canada.
- Import documentary credit, whereby payment to your foreign suppliers depends on you receiving the goods ordered.