sending money

[benjamin10 0]

i was wondering the best way to send money between the us and Canada was. my husband is moving across the states so he needs to send me money for our son my bank doesn't do online currency exchange and they hold international checks for 15 business days

[payxibka 10,045]

ATM

[benjamin10 0]

i don't have a bank card to his account so i don't think that works

[thongd4me 69]

i was wondering the best way to send money between the us and Canada was. my husband is moving across the states so he needs to send me money for our son my bank doesn't do online currency exchange and they hold international checks for 15 business days

I send regular AMEX travelers checks through the mail.

They are fully insured against loss for no extra fee.

I have never ever paid a fee to get them, the service

is free at my credit union.

None have ever been lost over a period of years.

I get them for free from my credit union and in addition

the exchange rate for them is HIGHER than for cash.

If your bank offers them and if you ask them if they are

good for international remittances, they will probably

say NO and suggest one of their higher-priced wire

services (my credit union did and I always ignored that).

When we travel together in Thailand I also bring travelers

checks and only use credit cards as a backup. I cash

a large enough amount upon arrival and my wife transfers

it to her Thai credit card account and we use that for all

purchases.

Naturally all financial institutions want to make the

maximum profit possible and are embarrassed by

lower/no cost alternatives that they are obliged to offer.

Edited July 7, 2011 by thongd4me

[Krikit 1,163]

Most Canadians use Custom House. But they are a pain to set up and I've had some recent bad experiences with them so I've moved on to other methods. Depending on where he is moving to there are Canadian banks in the US which provide cross-border banking. RBC is one of them, with TD soon to follow. TD in the US and TD Canada Trust allows for using their bank cards interchangeably. Meaning he can open a TD Bank account in the US and send you an access card. That way you can access the funds at the TD Canada Trust bank in Canada.

Moving from Off Topic to the Canada forum.

[payxibka 10,045]

i don't have a bank card to his account so i don't think that works

get one or set up a new joint account... even paypal has a debit card

[Flames9_RN 358]

I have used Custom house since 2005 and they have been great. yes it does take a bit to start it up as they have to verify accounts and ensue you say who you are---if u have a scanner to scan and email the req'd documents it does speed up the porocess. And they call you as well. So yes it does take some time, but once it is set up, your good to go. Western Union actually bought it out last yr and I think the exchange rates have actually decreased a bit, so maybe not as an attractive as it once was. Still handy. When I visit Canada, I send $$$ back to my CDn account, otherwise I leave it at almost a zero balance. One can prob use paypal as well. If your only sending small amounts, not a huge deal. But if ur sending thousands, you def want to check out all your options

[pocheros 101]

I use Western Union but they charge a fee for sending money. It's convenient though.

[sethmichael22 0]

I have used both Western Union as well as gotten an extra ATM card and had my fiance use it in Canada....small fee each time to withdraw money on the card, but there isn't a hold on the money. Western Union has been good, but like a previous poster said, you're hit with a larger fee, the more money you transfer.

Hope that helps!

[qcmeetsnc 1]

RBC is in both countries, so it makes transferring funds very easy. I have both a Canadian and a US account, so it's worked very well. They don't have locations all over the States though.

[Rayoflight 10]

This is what I have also. Takes maybe a day or two for the transfer to clear.

RBC is in both countries, so it makes transferring funds very easy. I have both a Canadian and a US account, so it's worked very well. They don't have locations all over the States though.

[Flames9_RN 358]

Custom house (owned by Western Union) is FREE if you send it electronically! Of course its not really free, they make their money on the exchange rate, but it doesnt cost you anything and usually (at least at the times I checked) they offered a better exchange rate than the bank did!! But really only matters if ur exchanging a decent chunk of $$$. Personally I think its great. its FREE to set up, and if u need it, you have it as an option. They do offer a wire service as well that quick, but tht costs $$$$. Doing it EFT (free way) takes anywhere from 3-7 business days.

[SapphireDreams 71]

I use CustomHouse.com as well. Set up isn't too much of a pain if you have a scanner, like others have mentioned. It's easy to use and usually takes 4-5 days for me to get my money.

[pocheros 101]

You could also send money through PayPal although in my experience it's quite slow when dealing with money from the bank. Credit cards are faster with paypal but they charge a fee.

[benjamin10 0]

thanks for the answers guys