Can I receive money from abroad in my bank account?

You can receive money from abroad directly into your bank account when using an international money transfer service. You will just need to provide specific details about your bank, including your account number, BIC/SWIFT code, routing number, full name and street address.

Do I have to pay tax on money transferred from overseas?

Canada does not regulate or tax most gifts of cash sent into the country. Citizens can basically receive as much cash as they'd like without triggering a gift or capital gains tax.

Can I receive money from abroad via PayPal?

The short answer is yes. PayPal allows funds to be transferred between more than 200 different countries. You will just need to provide the sender with your phone number or email address.

Is there a limit to receive money from overseas?

There are no international money transfer limits. However, in most cases, banks and money transfer services have their own upper limits. Your bank may also have limits on the amount that can be automatically converted. It is also worth checking the tax regulations on amounts received from abroad.

How long does it take to receive an overseas transfers?

It depends on the service provider, the transfer method the sender has chosen and how the funds are received. For example, if the sender pays with a credit or debit card, and the recipient opts for a cash pickup, the funds will be transferred almost instantaneously.

Do I need a bank account in Canada to receive money from overseas?

There are ways to receive money from overseas if you don't have a bank account. Several money transfer services allow you to receive your funds as a cash pickup from an agent location or delivered directly to your door.

Is it illegal to receive money from another country?

Receiving money from another country is not a crime. However, criminals have used international money transfers in the past to launder their money. As a result, law enforcement agencies have implemented laws to prevent this from happening. So it is worth reading up and knowing the law in the country you are planning to receive your funds in.

Is it possible to receive money from an anonymous source?

As long as the sender has the recipient's details correct, then it is possible to receive money from an anonymous source. Money transfer services like Western Union and Xoom allow account holders to transfer money to someone anonymously.

Alison Banney, Editor at Finder

Alison Banney

Editor

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.