Keeping Bank Accounts & Credit cards after move to USA?

[Wishing 1]

Financial question...

I'm trying to think ahead organising everything financially...must I close ALL my Canadian accounts as soon as I leave Canada? Or within a certain amount of time from adjustment of status?? I was just on the phone with my bank and happened to mention the upcoming move this year. They said I would need to close all my accounts within 6 months of the move. Anyone else heard of this? I was thinking this to be true of credit cards....but can't I keep a bank account up in Canada??

Thanks!

[coraliesolms 47]

Wow, I just called my bank yesterday (Bank of Montreal) and they said I could keep my account as long as the balance never hit 0, because they still take out my bank charges everymonth. And then when I wanted to close it, to handwrite a letter, get it notarized and mail it into them

He didnt tell me I HAD to do it withing a certain time-frame.

[redmen99 1]

One of my husband's credit cards was just "closed" because they thought his recent transactions were possibly fraudulent. He never told them he was moving to the US. So when he called they told him that they are going to issue him a new card and send it to him here in the states. So if you have credit cards that you still want to use, I suggest giving them your change of address. It would then be up to them if they will allow you to keep the card or not.

As far as a bank account goes, as long as you have enough money in there to cover the fees, they can't close it on you.

[Udella&Wiz 325]

Call your financial institution and ask what their rules are if you move to the US, but are still a Cdn citizen...iut seems to vary.

I eprsonally have kept mny TD CanadaTrust card and account.

[Brother Hesekiel 2,236]

I have an account in Sweden (not been there since 1989), Germany (not been there since 1994) and Switzerland (not been there since 1992). When moving to the US, I kept my American Express Card for several years until I accepted a US card in exchange, which turned out to be a smart move in regard to building US credit history.

I am not familiar with Canadian banking laws, but I know foreigners who not only own homes throughout the World, but also have bank accounts in many countries. I'd say, as long as you have a use for your Canadian account, keep it.

[Eenerz 0]

Bank Accounts are fun...as are the transfer of funds.

You can keep your Canadian account as long as your bank doesn't have any non-resident rules. Depends on who you bank with. RBC, Credit Unions etc are good with you being out of the country. Be sure to check out their account closing rules (do you have to be there...can you do it over the phone) and the border rules for carrying cash and other monetary amounts.

Now for the question you might ask yourself when you actually get to the logistics...how do I move my money?

Some VJers have recommended CustomsHouse (Western union) however you pay some pretty ridiculous fees. Also, Paypal has some pretty ridiculous fees depending on how much you are transfering.

RBC has a USA Access account through their American subsideriary, RBC Centura. You can have a Canadian account, an American account (in US dollars with ability to pay bills etc etc) and access both from the same login. This will allow you to keep an eye on Canadian pensions, RRSPs, stocks etc without liquidating everything (which in the case of company pensions is pretty overly complicated).

Bonus...you can leverage your Canadian credit when you eventually apply for an American mortage! Pretty neat eh? They can help you with credit card (bank ones) and loans and lines of credit etc and get your American credit established sooner!

Although they are mostly just in the SE portion of the US, you could really use them anywhere as you can apply for accounts, loans etc all over the phone or online.

one other tip...if you already have an american account you can ask your workplace to move your eft to that account so you don't have to transfer quite as much when the time comes to move down.

Edited April 21, 2010 by Eenerz

[beans 7]

Well I'm new to custom house and i have yet to pay any ridiculous fees..in fact i haven't paid a single fee yet :S as long as you do eft transactions its no problem..no fees

[OBX 51]

Between my husband (CDN and US citizen) and myself we have accounts, investments and credit cards with Bank of Montreal, CIBC and TD. No issues at all. When I moved last year all they required was my US address and my moving date so they could adjust my status to "non-resident" for tax purposes.

Edited April 21, 2010 by OBX

[Mestis 1]

I still have student loans to pay, so I kept my bank account from Canada which is linked to it, and transfer money to it each month (I dream of the time the exchange rate was .63.....)

I put my dad as having the right to sign for me (having the power of attourney if I remember right), make deposit, take money and sign on my loans if we need to do any chances. That way, if I need anything done, it's just a 10 min drive for him.

Got 2 credit card back home as well.

I use my parents address on everything Canadian related.

[Udella&Wiz 325]

Call your financial institution and ask what their rules are if you move to the US, but are still a Cdn citizen...iut seems to vary.

I eprsonally have kept mny TD CanadaTrust card and account.

Sorry - I didn't read your full post because you'd already talked to your bank...well then I guess that is their rule. Which bank is it?

[SapphireDreams 71]

I have a TD account open to pay my loans off as well. I use customhouse to transfer my money. It is free if you use EFT, take about 5 business days.

I also kept my credit card and a line of credit (that I'm just paying off, not using).

I changed my address to the US one and they send me everything I need there.

[trailmix 77]

The only thing I would be careful with is if you have a balance you want to pay off over time.

While your credit card company might not care right now, from time to time they do change their rules.

Case in point - I called Sears last week to make sure they had my new address. Apparently I hadn't changed our address since Florida and the card was actually cancelled in January. They stated they are no longer allowing Sears Canada cards for people who do not live in Canada. I had that stupid card for 13 years. Granted I hadn't used it in 2 years and really only ever used it if it was to my advantage (promotion etc).

I just mention this as if the card had a balance, which it didn't and they called in the loan, so to speak, that would probably have been even more annoying!

For us, we kept our visa and American Express cards and American Express definately knew we were in the U.S. as we did the global transfer thing and had a U.S. card as well.

[Eenerz 0]

Well I'm new to custom house and i have yet to pay any ridiculous fees..in fact i haven't paid a single fee yet :S as long as you do eft transactions its no problem..no fees

They advised over $2800 in fees to move my balances over to a US account (which was way over what I was expecting to have to pay)

[Wishing 1]

The bank I called that told me I would have to close my accounts is PC Financial....so not sure what the rules are with them! Anyone know??

[Sprailenes 47]

I still have my CIBC account which I use to pay my student loans.