Iranian Fund Transfers

July 12, 2012

Iranian nationals and persons residing in Iran may face restrictions in transferring funds to, or opening bank accounts with Canadian financial institutions as a result of the imposition on November 21, 2011, of amended sanctions against Iran under the Special Economic Measures Act (SEMA)

Tips for Iranian Graduate Students

  • There is an exemption under the amended sanctions for a non-commercial remittance of $40,000 or less. Contact your bank or a money service business specializing in Iran for assistance.
  • Update your contact information with your financial institution, in case they need to contact you to confirm any information.
  • If a transaction is prohibited that shouldn't have been, DFAIT is advising you to ask to speak to the bank ombudsperson, rather than the bank manager.
  • Persons affected by the sanctions on financial transactions, whether they are applicants for a visa or already in Canada, may apply for permits from the Department of Foreign Affairs and International Trade (DFAIT) that authorize specified activities or transactions that are otherwise prohibited under the sanctions. Processing time may take 10 weeks.
  • For more information, contact DFAIT at or call 1.613.995.1108.
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