Canada Expats

[paulhen]

I am reaching out to any longer term expats here in Thailand in the hope of discussing a number of issues that have recently evolved in Canada making life increasingly difficult here and the future unknown... 

1) international bank transfers have recently become "impossible" so says my bank in Canada after my 30 years with them and six years here making SWIFT transfers, albeit with increasing bureaucratic requirements, some being farcical, until finally the door closed. Now they demand an in branch appearance to sign the transfer form.... 

2) due to the recent passing of my dear friend and bookkeeper, I now need to find new resources for a Canadian address and what are now relatively simple personal tax returns and to act on our behalf with a local phone number. 

3) discuss health care issues in the event of catastrophic illness, repatriating in light of the three month disqualification that prevails and provision for insurance for such an interim period or a work around

4) discuss Powers of Health & Attorney, Wills and such in light of any such repatriation

5) depletion of RRSP assets prior to age 71 forced dissolution 

6) hedging of Canadian dollar assets

 

Any takers for intelligent discussion?? 

[allane]

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[Eff1n2ret]

Not being Canadian, I can't comment on most of the issues you raise, except #1. I have been using this company to transfer funds from the UK for the last 8 years:-

 

https://www.ofx.com/en-gb/ 

 

- they have an office in Toronto (scroll down to the bottom of the page). They are very straightforward to deal with. Once you have set up your account, you can go online to see what rate they are offering, the larger the amount the better the rate, usually a few satang off the Thai bank "telex transfer" rate. If you want to deal, you specify either the amount of Canadian dollars you want to sell, or Thai baht you want to buy, and then make an online transfer to them within 24 hours. They arrange for the requisite Baht amount to be paid into your Thai bank. They charge no fee, your Thai bank will probably make a few hundred baht deduction, with Bangkok Bank it's 500 baht max, Kasikorn have become more rapacious in the last year or so and I've stopped using them.

 

 

[lovelomsak]

I understand your problem with money transfer. I now write cheques and wait 6 working weeks for them to clear. Do not know how much longer they will do this.

  The taxes,health care and power of attorney I cannot help you sorry.

  I do not understand question 5. You can get an annuity or simply RIFF which is what I did.But had to be in Canada and go to the bank to do it.The banker told me if I did nothing at 71 the govt would start withdrawing a percentage no permission needed. So this is a very personal decision type of thing.Depends on tax structure,how much you want each year how much you have if rrsp etc.

 Number 6 I do not have the answer for that one either.

  Goos Luck

[paulhen]

4 hours ago, allane said:

I have sent you a Private Mail. Sign in to see it.

Many thanks. I have sent you a reply

[paulhen]

5 hours ago, Eff1n2ret said:

Not being Canadian, I can't comment on most of the issues you raise, except #1. I have been using this company to transfer funds from the UK for the last 8 years:-

 

https://www.ofx.com/en-gb/ 

 

- they have an office in Toronto (scroll down to the bottom of the page). They are very straightforward to deal with. Once you have set up your account, you can go online to see what rate they are offering, the larger the amount the better the rate, usually a few satang off the Thai bank "telex transfer" rate. If you want to deal, you specify either the amount of Canadian dollars you want to sell, or Thai baht you want to buy, and then make an online transfer to them within 24 hours. They arrange for the requisite Baht amount to be paid into your Thai bank. They charge no fee, your Thai bank will probably make a few hundred baht deduction, with Bangkok Bank it's 500 baht max, Kasikorn have become more rapacious in the last year or so and I've stopped using them.

 

 

Thank you for your kind reply and for this information. I have looked at their website and they seem a very credible operation and convenient, given their Toronto office. But two issues that I see:

(1) I still have to effect a transfer FROM my bank to OFX, but being local it may be doable online

(2) I have been bitten by high intermediate bank fees and there seems little said about that

[everett kendall]

If you can still transfer funds from your bank a bank in London or New York then you should be able to transfer funds to a Bangkok branch in those cities.

And it can be an online transfer that only takes a couple of days at most.

[jacko45k]

Is there an Expats Club in the area where you could meet up with fellow countrymen?

[kingstonkid]

I

1)  ouch I did not know that they had ended that route will have to check with the bank.  Unfortunately, I can understand that from a banks perspective as they do not know who we are over here. 

 

2)   Do you have any family in Canada I use my daughter's address?  I give 150 a month to my grandkids

 

3) Health care is an issue but the only solution I have found is to set up an emergency fund and find a healthcare provider

 

4) The best solution is to see a lawyer here and get all that done I have done that and forwarded it to my daughter.

 

5)Have you spoken to any investment people here about transferring to a different account

 

6) contact the Chamber of Commerce they have a few people that they can recommend that can help you with this

[theguyfromanotherforum]

Alberta doesn't have a 3 month waiting period. You could move there in case of health emergency, but you have to commit yourself to staying a year for residency purposes.

 

 

[HarrySeaman]

With all the ridiculous ATM charges by my US credit union and my Thai bank, a $500 limit on each ATM withdrawal, plus a US $65 e-funds transfer charge by by credit union I decided to try transferring money from the US to my Thai bank using my credit card. 

 

Transferring in money via my credit card at my Thai bank works perfectly.  I can transfer any amount up to $10,000 then to on on-line and pay off the credit card as soon as the charge is recorded in my credit union account.  I get Thai bank exchange rate and have never been charged a cash advance fee on my credit card.  I have saved a small fortune in ATM charges and transfer fees over the last 10 years.

[realenglish1]

An easy way is to open a Paypal account  If you have a girlfriend or thai wife have her set up an account Then from your paypal Canada account she can make a request to you for money Then transfer it to her You can then draw the money to you BKk account Very simple and low fees

[Headgame]

Seems strange that it is the government making international bank transfers impossible.

I recently inquired at the Scotiabank and all I need to do is email them a transfer form and funds will be transferred.

 

It used to be that you could direct Services Canada to do a direct deposit into your offshore bank account.
Are you saying that is no longer possible?

 

I'm a convenience person so all I do is withdraw funds from my Canadian bank at the ATM. I know it's expensive but as I say, I'm a convenience person.

 

Fortunately for me, if I did have a serious health issue, I would return to Alberta where they make qualifying for government health insurance fairly easy.

 

You should always have Canadian and Thai wills and powers of attorney based on the probability that you have assets in both jurisdictions. 

 

Not sure that I understand your #5 issue but good luck on hedging the Canadian dollar (not sure how you hedge other assets).

 

Keep us posted on your progress solving these issues.

Edited January 6, 2018 by Headgame

[gillap]

I ve been a full expat in Thailand now for 3 years and my bank in Canada is the CIBC.  My address in Canada is my sister and I get free global transfers with CIBC since they've introduced this about 1 year ago.  They are not giving me any problems thus far!  For them I am just a number in a computer and I try to keep a low profile!  So next time you're in Canada you might want to open an account with them! 

[timber]

17 hours ago, lovelomsak said:

I understand your problem with money transfer. I now write cheques and wait 6 working weeks for them to clear. Do not know how much longer they will do this.

  The taxes,health care and power of attorney I cannot help you sorry.

  I do not understand question 5. You can get an annuity or simply RIFF which is what I did.But had to be in Canada and go to the bank to do it.The banker told me if I did nothing at 71 the govt would start withdrawing a percentage no permission needed. So this is a very personal decision type of thing.Depends on tax structure,how much you want each year how much you have if rrsp etc.

 Number 6 I do not have the answer for that one either.

  Goos Luck

My stock broker in Canada did all the fooling around needed to transfer RRSF Funds at the age of 71 into a RIFF.  I generally write checks to myself and it normally takes 6 weeks.  The last two check took about 3 months.  I finally found someone who knew the system and they were transferred in a couple of days.  It happened once before.  Used to use SWIFT through my broker and it was fast and got a better exchange rate.  A years ago they weren't allowed to do due to the instability of the Thai Financial system.

[geriatrickid]

Scotiabank owns 49% of Thanachart Bank.

The visit to the branch is a one time event. You can set up the instructions for continuing transfer. Best to use correspondent bank.i.e. With BMO  they now use Bangkok Bank. It was a requirement under international money laundering  control agreement.

[robertson468]

2 hours ago, kingstonkid said:

I

1)  ouch I did not know that they had ended that route will have to check with the bank.  Unfortunately, I can understand that from a banks perspective as they do not know who we are over here. 

 

2)   Do you have any family in Canada I use my daughter's address?  I give 150 a month to my grandkids

 

3) Health care is an issue but the only solution I have found is to set up an emergency fund and find a healthcare provider

 

4) The best solution is to see a lawyer here and get all that done I have done that and forwarded it to my daughter.

 

5)Have you spoken to any investment people here about transferring to a different account

 

6) contact the Chamber of Commerce they have a few people that they can recommend that can help you with this

How about contacting your local Honourary Canadian Consulate for advice and help?

[Randy99]

CIBC has a online International money transfer service, limit $9,999.00 per transaction. Downside is that you need someone with a Canadian telephone number to receive a security code from the bank which they then have to somehow get to you to enter on the online transfer request. CIBC won't allow a Thai phone number. I get my sister in BC to accept the code which she immediately sends to me. The bank sends Thai Baht at an exchange rate about 4% less than what I could exchange Can. currency for here in Patts so that's where the bank makes their cut. Takes 2 or 3 days before I see the money in my Bangkok Bank savings account.

Sent from my SM-J710F using Thailand Forum - Thaivisa mobile app

[peterpop]

Use TRANSFERWISE for your Canadian Dollars.  You can set up a Canadian Bank Account with them and move money quickly and cheaply direct to your Chiang Mai Bank, or use a Debit Card.   Often same day or next day.  You do not have to go to Canada to set up the Bank Account.

I have a Stock Broker in Holland who deals internationally at very low cost [approx 3 UK Pds per deal + tax].  P M me for details.

[Suradit69]

On 1/5/2018 at 1:41 PM, paulhen said:

1) international bank transfers have recently become "impossible" so says my bank in Canada after my 30 years with them and six years here making SWIFT transfers, albeit with increasing bureaucratic requirements, some being farcical, until finally the door closed. Now they demand an in branch appearance to sign the transfer form.... 

If you have a Bangkok Bank account here, maybe your Canadian bank would be willing to send deposits (using your established account number here) to the New York branch of Bangkok Bank. That might be considered a domestic transfer even though it is to the US.

 

If you have a brokerage account in Canada they may be willing to do the above from a money market account. I use my Vanguard Money Market account to send deposits to Bangkok Bank in New York. They seem more flexible than my (US) bank about doing such things. Depending on holidays and weekends, the deposit in baht to my Thai bank takes a couple of days.

 

 

 

Edited January 6, 2018 by Suradit69

[Monkeyrobot]

This is one of the reasons Bitcoin was invented to bypass the bank money mafia police. 

[sumrit]

23 hours ago, Randy99 said:

CIBC has a online International money transfer service, limit $9,999.00 per transaction. Downside is that you need someone with a Canadian telephone number to receive a security code from the bank which they then have to somehow get to you to enter on the online transfer request. CIBC won't allow a Thai phone number. I get my sister in BC to accept the code which she immediately sends to me. The bank sends Thai Baht at an exchange rate about 4% less than what I could exchange Can. currency for here in Patts so that's where the bank makes their cut. Takes 2 or 3 days before I see the money in my Bangkok Bank savings account.

Sent from my SM-J710F using Thailand Forum - Thaivisa mobile app
 

Can you get a Canadian telephone number on Skype??

 

I have a UK number on my Skype account and give that to Banks etc as my primary number, so they can use it to make their security checks etc. Calls come straight through to me and I've never had a problem. I also have an active UK payg mobile sim for use when UK banks etc want to send a OTP text message as part of their security.  

Edited January 7, 2018 by sumrit

[ModBellerophon]

20 hours ago, sumrit said:

Can you get a Canadian telephone number on Skype??

 

I have a UK number on my Skype account and give that to Banks etc as my primary number, so they can use it to make their security checks etc. Calls come straight through to me and I've never had a problem. I also have an active UK payg mobile sim for use when UK banks etc want to send a OTP text message as part of their security.  

 

Unfortunately not.  For some reason Skype doesn't have setting up a Canadian number as an option.

 

As to the original post:

 

1) Probably not overly cost effective but I just use an ATM here and max out the $1,200 I can take in a single transaction.  My account in Canada (TD) doesn't charge for international ATM use as long as I keep $5K in the account, but the Thai bank jacks about $8.

2) Sending you a PM. I'm a partner at a Canadian accounting firm so we could potentially assist here.

3) Have you considered getting insurance here or are you set on heading back home if there's an issue? As noted Alberta waives the 3 month rule but you do have to stay there for a while.

4) I'd reach out to a Canadian lawyer first just to confirm that something done here in Thailand will be recognized in Canada even if it's notarized etc.  Ultimately a lawyer in Canada could certainly help you with this remotely.

5) As others have noted you can transfer to a RRIF. You can't make contributions anymore and have an annual minimal withdrawal, but it's better than taking the tax hit of cashing out your RRSP all at once.

6) Best bet is to split your assets into different currencies if you're really concerned about the CDN$ losing value to the baht and that screwing with your retirement.  You can diversify to a USD or SGD account or even consider transferring some assets to Thailand and utilizing an investment manager here.  If you plan to spend in baht for the rest of your life it can make sense to have your savings in baht too.

 

 

 

[paulhen]

On 1/6/2018 at 8:33 AM, jacko45k said:

Is there an Expats Club in the area where you could meet up with fellow countrymen?

Yes there is and I am a member, although not active. Not easy to do racial profiling for Canadians in an expats meeting! But in all seriousness, it takes time before one can launch into these questions and many would have no experience with them. Thank you for your thoughtful suggestion. 

[paulhen]

On 1/6/2018 at 9:48 AM, Headgame said:

Seems strange that it is the government making international bank transfers impossible.

I recently inquired at the Scotiabank and all I need to do is email them a transfer form and funds will be transferred.

 

It used to be that you could direct Services Canada to do a direct deposit into your offshore bank account.
Are you saying that is no longer possible?

 

I'm a convenience person so all I do is withdraw funds from my Canadian bank at the ATM. I know it's expensive but as I say, I'm a convenience person.

 

Fortunately for me, if I did have a serious health issue, I would return to Alberta where they make qualifying for government health insurance fairly easy.

 

You should always have Canadian and Thai wills and powers of attorney based on the probability that you have assets in both jurisdictions. 

 

Not sure that I understand your #5 issue but good luck on hedging the Canadian dollar (not sure how you hedge other assets).

 

Keep us posted on your progress solving these issues.

Thanks for your reply. 

I think it is more, though not all, the bank's doing and it is happening in many countries around the world. As I said, I have been making SWIFT transfers for six years but no more per the bank. 

No, I never said anything about Service Canada offshore payment methods. 

No family to use and I am not inclined to falsely claim residency to banks or other institutions when I am a non-resident for the Canadian tax department, CRA. 

Chamber of Commerce might be a good idea for some things. 

[paulhen]

12 hours ago, ModBellerophon said:

 

Unfortunately not.  For some reason Skype doesn't have setting up a Canadian number as an option.

 

As to the original post:

 

1) Probably not overly cost effective but I just use an ATM here and max out the $1,200 I can take in a single transaction.  My account in Canada (TD) doesn't charge for international ATM use as long as I keep $5K in the account, but the Thai bank jacks about $8.

2) Sending you a PM. I'm a partner at a Canadian accounting firm so we could potentially assist here.

3) Have you considered getting insurance here or are you set on heading back home if there's an issue? As noted Alberta waives the 3 month rule but you do have to stay there for a while.

4) I'd reach out to a Canadian lawyer first just to confirm that something done here in Thailand will be recognized in Canada even if it's notarized etc.  Ultimately a lawyer in Canada could certainly help you with this remotely.

5) As others have noted you can transfer to a RRIF. You can't make contributions anymore and have an annual minimal withdrawal, but it's better than taking the tax hit of cashing out your RRSP all at once.

6) Best bet is to split your assets into different currencies if you're really concerned about the CDN$ losing value to the baht and that screwing with your retirement.  You can diversify to a USD or SGD account or even consider transferring some assets to Thailand and utilizing an investment manager here.  If you plan to spend in baht for the rest of your life it can make sense to have your savings in baht too.

 

 

 

I will PM you and appreciate your detailed reply

[jacko45k]

8 hours ago, paulhen said:

Yes there is and I am a member, although not active. Not easy to do racial profiling for Canadians in an expats meeting! But in all seriousness, it takes time before one can launch into these questions and many would have no experience with them. Thank you for your thoughtful suggestion. 

I am a member of one in my area and it is not unusual for members to ask questions of this type during the weekly 'Expats helping Expats' open forum.

[kurtgruen]

On 1/6/2018 at 8:43 AM, theguyfromanotherforum said:

Alberta doesn't have a 3 month waiting period. You could move there in case of health emergency, but you have to commit yourself to staying a year for residency purposes.

 

 

Thats' great info.  Thank you.  BC still has a 3 month disqualification, as far as I know.

[kurtgruen]

On 1/8/2018 at 8:49 AM, ModBellerophon said:

 

Unfortunately not.  For some reason Skype doesn't have setting up a Canadian number as an option.

 

As to the original post:

 

1) Probably not overly cost effective but I just use an ATM here and max out the $1,200 I can take in a single transaction.  My account in Canada (TD) doesn't charge for international ATM use as long as I keep $5K in the account, but the Thai bank jacks about $8.

2) Sending you a PM. I'm a partner at a Canadian accounting firm so we could potentially assist here.

3) Have you considered getting insurance here or are you set on heading back home if there's an issue? As noted Alberta waives the 3 month rule but you do have to stay there for a while.

4) I'd reach out to a Canadian lawyer first just to confirm that something done here in Thailand will be recognized in Canada even if it's notarized etc.  Ultimately a lawyer in Canada could certainly help you with this remotely.

5) As others have noted you can transfer to a RRIF. You can't make contributions anymore and have an annual minimal withdrawal, but it's better than taking the tax hit of cashing out your RRSP all at once.

6) Best bet is to split your assets into different currencies if you're really concerned about the CDN$ losing value to the baht and that screwing with your retirement.  You can diversify to a USD or SGD account or even consider transferring some assets to Thailand and utilizing an investment manager here.  If you plan to spend in baht for the rest of your life it can make sense to have your savings in baht too.

 

This question might sound dumb to you guys, since I have been over here for about 16 years... which bank machine can you get $1200 from?  The most I ever get, is from the Bangkok Bank (25000 Baht), but would love to find a bank machine, where I can draw out more, to save on banking fees on both ends.  Thanks

 

 

[geriatrickid]

TMB will provide 30,000 baht.I used to be able to do it a  krungthri, but no more.