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CAD -> GBP

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  CAD -> GBP invalid@invalid.invalid - 2019-04-07 08:40 +0100
    Re: CAD -> GBP David Woolley <david@ex.djwhome.demon.invalid> - 2019-04-07 12:14 +0100
      Re: CAD -> GBP invalid@invalid.invalid - 2019-04-07 16:03 +0100
        Re: CAD -> GBP Chris in Makati <mail@nospam.com> - 2019-04-09 11:09 +0800
        Re: CAD -> GBP Sheila Page <sheila@page2.eu> - 2019-04-19 10:23 +0100

#18675 — CAD -> GBP

I have a Canadian CAD account, and I want to transfer 80,000 CAD from
it to UK GBP cash. I live in the UK.

What's my best move? I can take 500 GBP per day / 3,000 CAD per week
via Canadian credit card. I can take 999.99 GBP per day  through
Western Union to GBP cash.

How is TT telegraphic transfer organised? Can I send / TT to a UK GBP
bank account, then withdraw from the UK GBP account in cash?

I am considering possibilites. Advice welcome.

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#18676

On 07/04/2019 08:40, invalid@invalid.invalid wrote:
> I have a Canadian CAD account, and I want to transfer 80,000 CAD from
> it to UK GBP cash. I live in the UK.
> 
> What's my best move? I can take 500 GBP per day / 3,000 CAD per week
> via Canadian credit card. I can take 999.99 GBP per day  through
> Western Union to GBP cash.
> 
> How is TT telegraphic transfer organised? Can I send / TT to a UK GBP
> bank account, then withdraw from the UK GBP account in cash?
> 
> I am considering possibilites. Advice welcome.
> 

You need to talk to your bank and probably a UK accountant.  What you 
are proposing ought to trigger money laundering alarms, and reports to 
the enforcement authorities.  You need to do this in a way where you 
provide the documentation that proves who you are and that you obtained 
the money legitimately.

In my view, requiring such a large amount of money in cash is a show 
stopper, as there are almost no legitimate reasons for doing so.

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#18677

On Sun, 7 Apr 2019 12:14:54 +0100, David Woolley
<david@ex.djwhome.demon.invalid> wrote:

>In my view, requiring such a large amount of money in cash is a show 
>stopper, as there are almost no legitimate reasons for doing so.

If I transfer the 80,000 CAD to a UK bank account, rather than cash,
then would that worry the money laundering authorities?

The money is "kosher" and I can prove it was obtained legitimiately.
Basically I've never yet transfered such a large sum of money, and I
would like information / advice as to how to do so.

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#18678

On Sun, 07 Apr 2019 16:03:26 +0100, invalid@invalid.invalid wrote:

>On Sun, 7 Apr 2019 12:14:54 +0100, David Woolley
><david@ex.djwhome.demon.invalid> wrote:
>
>>In my view, requiring such a large amount of money in cash is a show 
>>stopper, as there are almost no legitimate reasons for doing so.
>
>If I transfer the 80,000 CAD to a UK bank account, rather than cash,
>then would that worry the money laundering authorities?
>
>The money is "kosher" and I can prove it was obtained legitimiately.
>Basically I've never yet transfered such a large sum of money, and I
>would like information / advice as to how to do so.

It's still possible you could be asked about the source of the funds,
but if you can show it was obtained legitimately then it shouldn't be
a problem.

You might want to do some research into where to get the best rate of
exchange when converting the CAD to GBP.

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#18689

On 07/04/2019 16:03, invalid@invalid.invalid wrote:
> On Sun, 7 Apr 2019 12:14:54 +0100, David Woolley
> <david@ex.djwhome.demon.invalid> wrote:
> 
>> In my view, requiring such a large amount of money in cash is a show
>> stopper, as there are almost no legitimate reasons for doing so.
> 
> If I transfer the 80,000 CAD to a UK bank account, rather than cash,
> then would that worry the money laundering authorities?
> 
> The money is "kosher" and I can prove it was obtained legitimiately.
> Basically I've never yet transfered such a large sum of money, and I
> would like information / advice as to how to do so.
> 
1 Check with the Canadian Bank what their charges are, for transferring 
in CAD and in GBP (the charges are probably different).
2 Check with your UK bank (if you have accounts with more than one, 
check all of them) what their charges are for receiving money in CAD and 
GBP.
3. Check what exchange rate each uses (just ask each, on the same day, 
what their rate for that day is to find out any difference).

Then check what combination is likely to be cheapest.

Avoid any date where there is particular uncertainty (for example, any 
of the various Brexit deadlines) as the exchange rate spreads will be 
higher.

Sheila

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