Money Transfer from Canada to US Using TD?

[lilacvioletiris 11]

That is a bummer! I guess my DH hasn't paid attention to the emails from CustomHouse. I guess we will have one more free transfer as we will do it before April 1st.

[letitgo 3]

On 3/13/2013 at 4:08 AM, __caitlin said:

So we are looking for the fastest and cheapest way for my Canadian husband to be able to transfer money to me (a USC). In searching the forums I saw that a lot of people recommended CustomHouse, which at the time of the postings was described as having no fees. But I've recently looked at CustomHouse's website and saw that they do have fees - $5 for an EFT, which isn't that much, but I will use it if there are no better options.

My husband and I both have TD bank accounts in our respective countries. My questions are:

 

1. Can I add my name to his Canadian account to turn it into a joint account even though I'm not a Canadian citizen?
2. What is the best way (if possible) to transfer funds from the Canadian account to the American?
3. How long does it take? Are there fees?

 

Thank you!

Hello,

I was wondering if you had to pay tax after transferring the amount in US? Do you know when you transfer a big amount you pay tax for that in US?(As a new immigrant)Thanks!

[acidrain 325]

As someone else has already mentioned I wire transfer from a Canadian bank account to an American one. It depends on the time of day you transfer funds as to when the other party receives it. It might be same day or next day. I was told the transaction goes out east and the people doing the transaction might have gone home for the day. I don't remember what the fee was but felt the transaction was secure. Due to money laundering the bank manager will ask what the transaction is for and who you are sending it to.

Edited September 9, 2017 by acidrain

[skyzee 182]

I can speak definitively on this subject given my wife and I are in the same boat. TD Bank US to TD Canada Trust transfers do work, and on either end regarding transfers, they are effectively free as long as you call into the cross border banking line.

 

The stipulation is that to take advantage of the free transfers between the two banks, the sender and receiver need to be on the account (ie. likely means a joint account). In order to setup a joint account, you need to physically visit a TD branch in person, whether it's on the Canadian side or the US side, and talk to an account manager there to add you after checking your ID. I was able to get myself added as a joint account holder in TD US using my Canadian passport only, and likewise for my wife who used her American passport to get added to my TD Canada Trust account. For awhile, we only had a joint TD account in Canada since we were living here, and I was still able to perform cross border transfers from her US TD account to our joint Canadian TD account, but not the other way around since my name wasn't on her TD US account.

 

If you can't visit a branch physically to setup the joint account, your only option is to use a wire transfer.