money and banking, before and after moving

[cananner 2]

I am pretty lost when it comes to the whole money aspect of this. I'm not savvy with banking in general, so I'll surely ask for information at my bank itself, but if anyone can give me the basics that'd be great!

Right now I'm with CIBC. I work part-time and will probably have around 2,500$ in my bank account when I'm about to move. I've also got 2 Visa cards. Since that's not a large amount of money, would I just move and go about my business with my debit/credit cards til my account is empty? Wire my fiance the money (minus plane ticket and pre-POE spending)? Or do you find a bank ASAP upon entering the US and then transfer your money into your new account?

Edited October 3, 2011 by cananner

[Udella&Wiz 325]

I am pretty lost when it comes to the whole money aspect of this. I'm not savvy with banking in general, so I'll surely ask for information at my bank itself, but if anyone can give me the basics that'd be great!

Right now I'm with CIBC. I work part-time and will probably have around 2,500$ in my bank account when I'm about to move. I've also got 2 Visa cards. Since that's not a large amount of money, would I just move and go about my business with my debit/credit cards til my account is empty? Wire my fiance the money (minus plane ticket and pre-POE spending)? Or do you find a bank ASAP upon entering the US and then transfer your money into your new account?

Some couples combine, some don't - personally we combined our $$$ and my fiance added me to his existing savings and chequing (aka checking )accounts.

You can cash out your Canadian account if you'd like, $2500 isn't a massive sum that you can't carry it with you. You could send it ahead of time to your finace via a Money order in US funds through the mail or carry it with you when you move.

You don't really want to use your CIBC debit card down here since you'll incur exchange fees using it in the US and some places may accept it as debit.

[sly_wolf 199]

I kept some of my Canadian accounts open including credit cards. There is no need to close them unless you never ever plan to use them in the future.

[Udella&Wiz 325]

I kept some of my Canadian accounts open including credit cards. There is no need to close them unless you never ever plan to use them in the future.

Yes - I kept mine open but keep in mind that if you leave bank accounts open and they fall below a certain $$ (talk to you bank about their rules) you start paying a monthly fee - it would suck to lose money per month just to keep the bank account open.

[Flames9_RN 358]

One really has to do their homework on Banks!! As some charge some pretty hefty fees!! Like others stated, some keep separate accounts, some combine them and some do both,lol. You will find a few posts here on Cdn Cheques not easily being accepted in the USA, so that can be a huge pain! Some Cdn banks such as President Choice, want u to close ur acct with them if ur no longer residing in Canada! I just gave them by parents addy and they charge no monthly fee, I keep less than $1 in it!! I dont use it as much as I once did, but used to transfer $$$ back and forth between Canada and the USA with Customhouse! Well worth missing the hassles at the USA bank when cashing a Cdn Cheque!!

As wel you may want to look into getting An american Express credit card in Canada! As I have read on here that they can flip it into a USA American express card!! As when 1 arrives into the USA, you pretty much have zero credit rating (many threads on that as well) Some places can check ur Cdn credit rating, but they don't!! As well Capital One has a credit card for new residents of the USA. They start off with a lower available balance, but it helps you gain some credit!!

If ur spouse is in the military, highly recommend USAA. Awesome bank! My wife isnt in the military, but we piggybacked off her parents, who piggybacked off I believe my father n laws--- father!!

Ur Cdn debit card will work in the USA, but u may get hit with fees when using it and a lower than expected exchange rate! Maybe not a huge thing for $2500, but hey, every cent counts!! if you have RRSP's one has to think what ur going to do with them!! Lots to ponder. Best of luck

[hikergirl 277]

I already have a US RBC Bank Account that I opened because of a thread on here.

I opened a Canadian RBC Account and they did up the paperwork to fax down to the US account people. I can transfer money to and from the US account without fees. I have a Check Card for the US account and a debit card for the Canadian one.

Right now I'm planning to keep my Canadian account open for a while after I finally move down there and give my mum a bank card for it. If I get any cheques in Canadian funds then I can just mail them up to her for her to deposit.

[Kathryn41 3,205]

If you have paid any taxes and expect to get a tax rebate when you file your Canadian tax return (it will be the same as normal but you will consider it an 'exit' return and it will only apply to income up to the date you left Canada) then keep a Canadian account open and CRA can direct deposit your refund into that account. It is easier than trying to cash a Canadian cheque in the US. Go in and talk with your bank in person. Let them know you are moving and provide them with your new address. You may be able to change your account into one that is more suitable for your purposes since you probably won't be using it for daily expenses anymore.

[Colleens 40]

I already have a US RBC Bank Account that I opened because of a thread on here.

I opened a Canadian RBC Account and they did up the paperwork to fax down to the US account people. I can transfer money to and from the US account without fees. I have a Check Card for the US account and a debit card for the Canadian one.

Right now I'm planning to keep my Canadian account open for a while after I finally move down there and give my mum a bank card for it. If I get any cheques in Canadian funds then I can just mail them up to her for her to deposit.

I did this before I moved in 2009, and I have loved it. It was very easy to get my maternity benefits direct deposited into my RBC Canada account and then just transferred the funds online to my RBC USA acct (and if you plan on claiming unemployment when you get here it is the same thing). You will be able to get your tax returns direct deposited into it as well.

And when you travel back to Canada, you can do the opposite. You will have seperate debit cards for each account, so you can use the canadian one in Canada and the US one in the US and avoid all the service/exchange fees.

The only downside is that they only have branches in the southeast so it can be a pain in the a$$ if you need to go to a branch for something, but most things you can work around.

I already have a US RBC Bank Account that I opened because of a thread on here.

I opened a Canadian RBC Account and they did up the paperwork to fax down to the US account people. I can transfer money to and from the US account without fees. I have a Check Card for the US account and a debit card for the Canadian one.

Right now I'm planning to keep my Canadian account open for a while after I finally move down there and give my mum a bank card for it. If I get any cheques in Canadian funds then I can just mail them up to her for her to deposit.

I did this before I moved in 2009, and I have loved it. It was very easy to get my maternity benefits direct deposited into my RBC Canada account and then just transferred the funds online to my RBC USA acct (and if you plan on claiming unemployment when you get here it is the same thing). You will be able to get your tax returns direct deposited into it as well.

And when you travel back to Canada, you can do the opposite. You will have seperate debit cards for each account, so you can use the canadian one in Canada and the US one in the US and avoid all the service/exchange fees.

The only downside is that they only have branches in the southeast so it can be a pain in the a$$ if you need to go to a branch for something, but most things you can work around.

[cananner 2]

Some couples combine, some don't - personally we combined our $$$ and my fiance added me to his existing savings and chequing (aka checking )accounts.

You can cash out your Canadian account if you'd like, $2500 isn't a massive sum that you can't carry it with you. You could send it ahead of time to your finace via a Money order in US funds through the mail or carry it with you when you move.

You don't really want to use your CIBC debit card down here since you'll incur exchange fees using it in the US and some places may accept it as debit.

Thanks!

One really has to do their homework on Banks!! [...] Lots to ponder. Best of luck

Yeah, I'll have to do some research. Thanks for all the advice!

I already have a US RBC Bank Account that I opened because of a thread on here.

I opened a Canadian RBC Account and they did up the paperwork to fax down to the US account people. I can transfer money to and from the US account without fees. I have a Check Card for the US account and a debit card for the Canadian one.

Right now I'm planning to keep my Canadian account open for a while after I finally move down there and give my mum a bank card for it. If I get any cheques in Canadian funds then I can just mail them up to her for her to deposit.

Cool, thanks.

[cananner 2]

If you have paid any taxes and expect to get a tax rebate when you file your Canadian tax return (it will be the same as normal but you will consider it an 'exit' return and it will only apply to income up to the date you left Canada) then keep a Canadian account open and CRA can direct deposit your refund into that account. It is easier than trying to cash a Canadian cheque in the US. Go in and talk with your bank in person. Let them know you are moving and provide them with your new address. You may be able to change your account into one that is more suitable for your purposes since you probably won't be using it for daily expenses anymore.

Great, thank you so much!

[cananner 2]

I did this before I moved in 2009, and I have loved it. It was very easy to get my maternity benefits direct deposited into my RBC Canada account and then just transferred the funds online to my RBC USA acct (and if you plan on claiming unemployment when you get here it is the same thing). You will be able to get your tax returns direct deposited into it as well.

And when you travel back to Canada, you can do the opposite. You will have seperate debit cards for each account, so you can use the canadian one in Canada and the US one in the US and avoid all the service/exchange fees.

The only downside is that they only have branches in the southeast so it can be a pain in the a$$ if you need to go to a branch for something, but most things you can work around.

Thank you so much!

[CanuckGurl 3]

I still have all of my banking set up in Canada with the RBC. What I did do a few years ago, was open a US $ savings account and get a US Gold Visa with my bank.

I pay the exchange rate once when transferring money from my normal chequing account to the US savings account. I don't have to worry about the pesky day to day exchange rates with my Visa - everything is in US currency already.

This works great for me as my pay still is Canadian based and will be direct deposited to my Cdn $ acct (gotta love bosses who will do a transfer directly to your account from theirs).

About 3 years ago I was added to a 2nd account with my husband (then boyfriend) at his bank so I can swap over relatively easily. Maybe in a few years (before doing the ROC) I'll swap over, but for now I'm staying with RBC for my own day to day stuff.

Edited October 4, 2011 by CanuckGurl

[Colleens 40]

I forgot to add, that I added my sister as a joint account holder on my Canadian account and got her a debit card so that if I should happen to get any Canadian cheques I can send them to her and she can deposit them for me. My parents generally just give us some cash for Christmas and birthdays so now they can just give it to my sister to deposit for us.

This will come in handy when you move since you will most likely get some refund cheques from your utilities, insurance etc if you are moving inbetween billing cycles.

[Udella&Wiz 325]

I forgot to add, that I added my sister as a joint account holder on my Canadian account and got her a debit card so that if I should happen to get any Canadian cheques I can send them to her and she can deposit them for me. My parents generally just give us some cash for Christmas and birthdays so now they can just give it to my sister to deposit for us.

This will come in handy when you move since you will most likely get some refund cheques from your utilities, insurance etc if you are moving inbetween billing cycles.

Yep - such a good point - I had to sign mine back to my parents and have them cash them and deposit it into my TD account (and the debit card from TD can be used places like Target, at least in VA )

Edited October 5, 2011 by Udella&Wiz

[Flames9_RN 358]

I just gave my parents my PC bank card and gave them the pin #. I have a whopping .85 cents in the acct right now,lol