Should I close my Canadian bank account?

[Flames9_RN 358]

I learned fairly early on that to cash a Cdn Cheque at Wachovia I had to deal with 1 teller at a certain branch. If not it was just a pain in the butt that would involve the bank manager--who was great, but he would have to explain to the teller on how to do it properly! I think the worst experience I had was going to a different Wachovia branch---tell told me no fees--but then about a week or later in the mail I got my cheques back with a note saying they could not cash them, as it was under $200 and my account would be debited the amount! The 1 teller that I used, moved on or quit---so then I found customhouse and just mailed back any Cdnb cheques to my folks, who then deposited them into my Cdn bank account. But like anyhting else--there are some great banks and some crappy ones!!

[jazzly 3]

American Express has made it really simple to have your first card in US, by transferring your current card.

http://www.americanexpress.com/global-card-transfers/united-states.html

Edited October 9, 2012 by jazzly

[amberlynnloves 125]

Depends who you bank through, but I know RBC has a US account too. You can get the Canadian account and also a US account through them that is in USD. I'm not entirely sure how it works, but you can use the US account in both countries I believe. Transfering money is easy. If you have a RBC account you should check into it. My fiance is getting one of those too because he has a RBC credit card he still wants to keep open and make payments on.

[amberlynnloves 125]

Here is the link for the RBC USA Account information: http://www.rbcroyalbank.com/products/deposits/us-personal-account.html

[freem 0]

I opened a TD Bank account in the US and kept my TD CanadaTrust accounts. Super easy to transfer money back and forth, and doesn't cost anything to do so. If I receive any cheques in CDN funds I just mail them straight to my bank in Canada to avoid the hassle and cost of depositing them here in the US. Very very bad memories of the first time I did that.

Just want to be clear, you weren't charged any fees transferring money from a TD Canada Trust to a TD account in the US?

Edited October 25, 2012 by freem

[The Mean Lady 604]

For those that don't have a TD, you can do RBC.

I have an RBC us and RBC canada.

TD America wouldn't let me open an account unless I went into an actual branch.

TD Told me that they transfer via wire transfers, but with RBC I can do transfers right online.

They have the ability for you to scan checks to deposit them which is the coolest thing ever imo.

[Krikit 1,163]

Just want to be clear, you weren't charged any fees transferring money from a TD Canada Trust to a TD account in the US?

I transfer from the US to Canada and there are no fees. They keep mentioning a $40 charge which gets electronically reimbursed because both accounts are in my name, but I have yet to see anything like that in the transactions. I think what they mean is that they put a hold on $40 in my US account to cover service charges.... which they would normally do for any other wire transfer.... but that same $40 gets released at the Canadian end when the transaction goes through.

I am told by the bank that there are also no fees when transferring from Canada to the US but I have not done this since they implemented the North American banking last year. There is a special toll free number you must call to set up a transaction.... you don't do it at a branch. TD CanadaTrust employees tell me the online system is coming soon, so no more phonecalls. Looking forward to that!

[The Mean Lady 604]

I transfer from the US to Canada and there are no fees. They keep mentioning a $40 charge which gets electronically reimbursed because both accounts are in my name, but I have yet to see anything like that in the transactions. I think what they mean is that they put a hold on $40 in my US account to cover service charges.... which they would normally do for any other wire transfer.... but that same $40 gets released at the Canadian end when the transaction goes through.

I am told by the bank that there are also no fees when transferring from Canada to the US but I have not done this since they implemented the North American banking last year. There is a special toll free number you must call to set up a transaction.... you don't do it at a branch. TD CanadaTrust employees tell me the online system is coming soon, so no more phonecalls. Looking forward to that!

I was specifically told by TD America that they would NOT set up my bank account unless I drove to NY to do it, so unless they have changed that in the last year... that's still the case.

[Flames9_RN 358]

I think I stated this on another thread---Just because a bank charges you NO FEES--does not mean your getting a good deal! Ensure you know what the exchange rate they are giving you. Not a big deal if your only transferring a small amount of $$$--a huge deal if it is a larger sum!!

[The Mean Lady 604]

I think I stated this on another thread---Just because a bank charges you NO FEES--does not mean your getting a good deal! Ensure you know what the exchange rate they are giving you. Not a big deal if your only transferring a small amount of $$$--a huge deal if it is a larger sum!!

Is the exchange rate not based on the national exchange rate?

RBCs always seems to be.

Which is currently losing me about 20-40 dollars when I pay my rent each month

[Darnell 8,478]

I vote for keeping it open, just in case a relative dies and leaves you some Canadien sheckles.

[Flames9_RN 358]

Is the exchange rate not based on the national exchange rate?

RBCs always seems to be.

Which is currently losing me about 20-40 dollars when I pay my rent each month

No, banks can charge you what ever exchange rate they want. Thats how they make $$$. Thast 1 benefit of having Custom house---Not saying they give you the best exchange rate, but its a nice option to have.

[Krikit 1,163]

I was specifically told by TD America that they would NOT set up my bank account unless I drove to NY to do it, so unless they have changed that in the last year... that's still the case.

I think you have misunderstood me. I was responding to a question about wire transfers..... not opening an account.

[Krikit 1,163]

Flames, for what it's worth..... I have transferred hefty amounts through both the bank and through Custom House. They have competitive rates. That was not the case prior to Western Union acquiring Custom House. It was worthwhile back then. Now it's not.

[Flames9_RN 358]

That may be true...but many people just assume the banks give the same exchange rate--which they do not! 1 should phone around and research it before transferring large sums of $$$