How to Receive Overseas Inheritance (Canada)

Lcountingbeans on 13/02/2019 - 21:50

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!

Financial

Comments

  • DogGunn on 13/02/2019 - 22:57

    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?

    • countingbeans on 13/02/2019 - 23:56
      +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.

  • deveshwar0 on 13/02/2019 - 23:39
    +4

    How to Receive Overseas Inheritance

    Graciously

  • Some Human on 14/02/2019 - 01:27
    +5

    Ah, you got that email too, eh?

  • TheBilly on 14/02/2019 - 06:42
    +1

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

  • JIMB0 on 14/02/2019 - 06:43
    +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?

    • countingbeans on 14/02/2019 - 08:19

      No…and noone has asked for processing fees.

  • bobbified on 14/02/2019 - 08:07

    Happy to lend you my very own bank account…

    • countingbeans on 14/02/2019 - 08:20
      +2

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

  • dasher86 on 14/02/2019 - 08:07

    Western Union.
    I can give you account details.

  • Sunshines bright on 14/02/2019 - 19:09

    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.

  • orapronobis on 16/02/2019 - 16:59

    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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