I am an international student in Canada and I will be receiving frequent wire transfers from Europe (+10K). I was wondering if this will cause problems with my bank. The money is coming from a business I am conducting on-line which consists of selling virtual gold in games (Very nerdy, I know). And by frequent I mean every 2-3 days.

Thanks for any help you can provide !

  • @JoeTaxpayer so if I was to receive those sums frequently I wouldn't have the bank ask a ton of questions on where the money came from ? It would be hard to explain receiving thousands from selling virtual coins in a game. Btw, thanks for your help, much appreciated ! – Yolo Jan 5 '14 at 17:22
  • 1
    You are getting sent real money every few days for selling virtual gold? It's less an issue for the bank and more for your version of the CRA (Canada Revenue Agency). As long as you claim the money as income and account for it on your taxes, there's usually not an issue. – JTP - Apologise to Monica Jan 5 '14 at 18:58
  • 4
    @Yolo - so long as you keep records of how you earned the money, and pay the tax due, you should be fine. Keep in mind, I am in the US, and this is general advice. Transactions can trip an inquiry, but the key thing is a paper trail. Especially in this age of online businesses, you can make quite a bit of money from your basement without having any physical traffic. – JTP - Apologise to Monica Jan 5 '14 at 19:02

You can receive all the Money in your Bank. By Problem if you mean whether it will raise any alarms at the Bank. Most likely yes, such kind of activity would trigger AML. Bank would flag this off to regulators and questions would be asked. If you are doing a Legitimate business, its not an issue. Maintain a proper record of the transaction and pay your taxes.

As funds are large 80 K a month, it makes sense to seek to advice of a Laywer and CA to help you keep thing in order.

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.