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moving money to Canada from Italy

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otiv4242

otiv4242

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Hello,

I am a Canadian citizen and Canadian resident. I'm here in Italy for 6 weeks vacation. If I cash my buoni fruttiferi postali that I have, I will get approximately 66.500,00 euros. I believe they (poste Italiane) will be giving me an "assegno circolare" because it is too much cash to give me. Ok, so how do I now wire transfer this money to my bank account in Canada from Italy. I do not have a bank account in Italy. Will an Italian bank accept this "assegno circolare" and wire transfer the money? Of course, I will pay whatever the service charge is. Does anyone know if this is possible? I do not want to open an Italian bank account because, for one, I don't need it and for two, are they not expensive? I understand that they can be quite expensive, if not the most expensive in all of Europe. What about if I deposit the assegno into my cousins bank account (conto corrente) in Italy and he then wire transfers the money to my account in Canada? Is this possible? Help me Please.

Thank-You
Vito
 
otiv4242 ha scritto:
Hello,

I am a Canadian citizen and Canadian resident. I'm here in Italy for 6 weeks vacation. If I cash my buoni fruttiferi postali that I have, I will get approximately 66.500,00 euros. I believe they (poste Italiane) will be giving me an "assegno circolare" because it is too much cash to give me. Ok, so how do I now wire transfer this money to my bank account in Canada from Italy. I do not have a bank account in Italy. Will an Italian bank accept this "assegno circolare" and wire transfer the money? Of course, I will pay whatever the service charge is. Does anyone know if this is possible? I do not want to open an Italian bank account because, for one, I don't need it and for two, are they not expensive? I understand that they can be quite expensive, if not the most expensive in all of Europe. What about if I deposit the assegno into my cousins bank account (conto corrente) in Italy and he then wire transfers the money to my account in Canada? Is this possible? Help me Please.

Thank-You
Vito
Clicca per espandere...

Using your cousin could turn into a terrible hassle for him, courtesy of the Italian Tax Agency.

You could cash the check, convert in Canadian dollars and fly them home personally. You'll have to file a "dichiarazione valutaria" at the airport when you leave and likely a similar form when you enter Canada. That's probably the cheapest way.
Be sure to print the form and file it before passing customs. Being found with undeclared money means confiscation and if you show up at the office they can very well tell you they have no forms and then what are you gonna do ? Your flight is leaving and now they know you have cash above the 10.000€ with you.

Paying a bank for wiring the funds is probably easier.
 
Hey Frank,

ok, but I don't have an Italian bank account? Can I still wire transfer without a bank account?

As far as cashing the cheque and then declaring it (exit Italy and entrance to Canada customs) is not a problem and I also understand that I wouldn't have to pay any duty or anything of that nature as long as I declare anything over 10K CDN or equivalent but I don't want to travel with all that money on me.

Vito
 
But even if they could to Canada, would they be able to do 66,500.00 euros and even if they could it would cost approximately 1,330.00 euros (2% according to their website). I think through a bank, it would be cheaper to wire transfer correct? My question is, do I need an Italian bank account to wire transfer the money when I receive the assegno from poste Italiane?
 
Try to go to a bank and ask.

Alternatively, you could ask your Canadian bank if you can deposit foreign checks. Probably you would have to present custom forms all the same, even though a single check fits between the pages of a book quite neatly.
 
otiv4242 ha scritto:
But even if they could to Canada, would they be able to do 66,500.00 euros and even if they could it would cost approximately 1,330.00 euros (2% according to their website). I think through a bank, it would be cheaper to wire transfer correct? My question is, do I need an Italian bank account to wire transfer the money when I receive the assegno from poste Italiane?
Clicca per espandere...

For sure 2% is too expensive :rolleyes: . I've not checked in detail because Canada is not a real option with vaglia internazionale.

Yes, I suppose you need an italian bank account. But I'm not really sure.
 
...... Thank you all you wonderful people for your help!!:bow:

Yes, by the way my bank in Canada will accept the assegno circolare but it is a hassle also for them and me because then they have to send it out for collection back to Italy and that could take months especially with the two speeds Italy only knows, slow and slower!! LOL! it could also get lost:eek: Plus they will charge me as well (probably just as much as the fees to wire transfer) so I will try wire transfer from Italian bank. I just hope I don't need to open up an Italian bank account but I don't see why I would have to if the cheque is an assegno circolare which is like a bank draft or money order as I understand it and so it is secure and as good as cash.

Also, even if I bring the cheque back to Canada I still have to declare it because it a negotiable instrument even though it would be a lot easier to hide than cash but still why take a chance when declaring it costs you nothing except the time to fill out the form(s).

Vito
 
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