New Banking Option for Canadian cross-border banking

[hikergirl 277]

I saw an announcement when I logged in to TD Canada Trust today about Cross-border banking.

http://www.tdcanadatrust.com/products-services/banking/north-american-banking-services/index.jsp

They've changed the transfer amount to $25k and added in the ability to link your Canadian based and US based accounts as well.

Just thought I'd pass the info along.

I may just sign up for a TD account my next visit South.

[jazzly 3]

I opened an account last week over the phone 1-877-700-2913. Saved trip to the East coast.

[JensJrny2Ray 367]

I'll be opening an RBC US account - apparently it'll be easy to transfer monies back and forth between accounts.

[Krikit 1,163]

I see you still have to pick up the phone to do the transfers. Oh well. Maybe some day. Will be nice to view both Canadian and US accounts on the same page, though. Too bad I have to visit a branch to set it up.

[jazzly 3]

You can call the number I posted and apply for TD US account. They will send you application to sign on your Canadian mailing address. You sign it and return it within 15 days. Once they receive it, your account is open. Then you can take the account number and call EasyWeb and they will link it to the same online account. Now you can manage both Canadian and US accounts at the same page and do transfers.

[Krikit 1,163]

Thanks Jazzly. I already have the TD US account.

[The Mean Lady 604]

I'll be opening an RBC US account - apparently it'll be easy to transfer monies back and forth between accounts.

So easy.

I do it all of the time.

[hikergirl 277]

Opened my TD Bank account today over the phone. The accounts person said it'll take about 3 weeks until it's completely up and running.

They can't open accounts for minors or people with no credit rating over the phone so I'll have to open my daughter's account when we're down south next.

I'm still very happy with my RBC accounts. It seems more convenient than TD so far.

[jazzly 3]

I received the package from TD with the account number. They sent me a letter, a check list which asks to complete W8-BEN form and New Personal Account form.

I called TD Cross-border and asked them whether I should complete W8 form or W9. The guy asked the supervisor and came back and said fill out both and send them.

I think its going to be a mis-statement one way or another. W9 is for US citizen or resident alien individual (which I think I am now) and I should be filling that one only.

Can someone confirm this.

W-8BEN is for Foreing status of beneficial owner for US tax withholding. And it says if your USC or resident alien indvidual, complete W9 form.

In my case I will be filling my tax with IRS for my month of Dec only as foreign resident. Since I am paying all my tax on my Canadian income uptil Dec 31 in Canada. Though I POE'd on Dec 1, but I am still in Canada till Dec 31 and employee of Canadian company, earning and taxing in Canada.

[freem 0]

"Apply for U.S. credit

You can apply for a U.S. mortgage4 or credit card5 products through TD Bank based on your Canadian and U.S. assets, income and credit history."

I just moved to the US and am trying to build credit to get a credit card. Does this mean the US TD would be willing to issue me a credit card based on my Canadian credit history?

[hikergirl 277]

"Apply for U.S. credit

You can apply for a U.S. mortgage4 or credit card5 products through TD Bank based on your Canadian and U.S. assets, income and credit history."

I just moved to the US and am trying to build credit to get a credit card. Does this mean the US TD would be willing to issue me a credit card based on my Canadian credit history?

Can't hurt to try... I know when I called to open my account they linked into a Canadian credit agency.

[hikergirl 277]

"Apply for U.S. credit

You can apply for a U.S. mortgage4 or credit card5 products through TD Bank based on your Canadian and U.S. assets, income and credit history."

I just moved to the US and am trying to build credit to get a credit card. Does this mean the US TD would be willing to issue me a credit card based on my Canadian credit history?

Also, check out this thread for ideas: http://www.visajourney.com/forums/topic/391084-recommend-some-good-banks-in-the-states/page__pid__5871218__st__30#entry5871218

[jazzly 3]

"Apply for U.S. credit

You can apply for a U.S. mortgage4 or credit card5 products through TD Bank based on your Canadian and U.S. assets, income and credit history."

I just moved to the US and am trying to build credit to get a credit card. Does this mean the US TD would be willing to issue me a credit card based on my Canadian credit history?

That is the whole idea of the Cross-border division that TD US and TD Canada Trust created. Until both banks integrate their system entirely in 2014 (pending some law I guess), they have created this division that basically helps Canadians (TN visa and new retirees in FL mostly) to open a TD US account with or without SSN and get a US Credit Card by pulling Canadian credit history and combined assets in both countries. The way they do in the background currently is that, this cross-border division is registered in Canada, therefore it allows them to query Canadian credit bureau regarding a Canadian Citizen/PR, once that is done, then they issue a credit card in US and inform US credit bureau of the credit rating and new card information. Once the US credit bureau updates its record with the rating for a SSN, then opening new credit cards or auto loans or mortgage is as easy as you used to do it in Canada. The financial institutes might ask you for employment letter or pay stub etc, but thats a regular check.

[freem 0]

My Canadian TD is in my maiden name still and I would plan to open a TD US in my married name. Do they have to be under the same name to be linked? I don't know if it would be a hassle to change my name on my Canadian account while in the US (I'd need new credit cards sent to me too).

[Krikit 1,163]

My Canadian TD is in my maiden name still and I would plan to open a TD US in my married name. Do they have to be under the same name to be linked? I don't know if it would be a hassle to change my name on my Canadian account while in the US (I'd need new credit cards sent to me too).

Mine is the same. Canadian TD account in my former name and American TD account in my married name. The Canadian branch took a copy of my marriage certificate but I didn't change the name in the account.