transferring money to Canada

[Cassie 8]

So every month I've been electronically sending my credit card and student loan payments, totally about $450 US, no problems.

Next month when we get our tax return back, we plan on putting the bulk of it on my credit card (which would pay it off, yay!) and the remainder on my student loans. The total of the transaction will be in the range of $2500 to $3500.

My question is: do you guys know off the top of your heads if there is a maximum limit to the amount of money I can transfer out of the US at one time? Has anyone heard of anything like that? I will be doing my own research into the matter but thought I'd ask here too, maybe you have a website link or something in your back pocket or something.

[riblet 0]

Generally the only prohibition I know of you have to declare if you are bringing more than 10k in cash across the border. My understanding is that they are generally only concerned with large cash transactions, but if you are doing everything electronically I don't know of any problems that can arise.

[misa 2]

I could be wrong, but I don't think there's a limit since you're technically not "transferring" the money to say, a 2nd savings/chequing account in your name, you're paying off bills & debt that happens to reside in Canada.

[Cassie 8]

I could be wrong, but I don't think there's a limit since you're technically not "transferring" the money to say, a 2nd savings/chequing account in your name, you're paying off bills & debt that happens to reside in Canada.

But that's the thing -- I transfer the money to my bank account in Canada, then pay my bills online. Since the money temporarily "stops" in my bank account, I wonder about limits.

[misa 2]

Ohh... gotcha! I'll be doing the same thing too with my bills.

On thinking about this some more, I still don't think it'll be an issue as you're transferring money that's already been put through the US tax system (in this case your tax return). You're not laundering money that hasn't been declared, taxed, etc. It would be no different than if you say, wrote a cheque to your parents back home or something.

[CutienPurg 0]

Im not sure if this is pertinent here but ......a couple years ago I wrote my husband ( then finace) a check for $1000.00 from my US bank account and his bank (RBC) put a 25 day hold on the funds. Because of the amount after exchange being more than $1000.00 they said they were required to freeze his account.

We didnt know they did it and it caused him some real problems.......his child support check bounced....set his ex wife off the edge etc etc.

Also, when he has sent me money in the past, he occasionally would send an International money order , which my bank put a 10 day hold on as they didnt know what else to do with it. Now he sends personal checks which clear without a hold, although they don't give me the best exchange rate.

Good Luck!

[riblet 0]

That's crazy - I totally understand putting a hold on a cheque, but on the entire account?? Very bizarre.

Im not sure if this is pertinent here but ......a couple years ago I wrote my husband ( then finace) a check for $1000.00 from my US bank account and his bank (RBC) put a 25 day hold on the funds. Because of the amount after exchange being more than $1000.00 they said they were required to freeze his account.

We didnt know they did it and it caused him some real problems.......his child support check bounced....set his ex wife off the edge etc etc.

Also, when he has sent me money in the past, he occasionally would send an International money order , which my bank put a 10 day hold on as they didnt know what else to do with it. Now he sends personal checks which clear without a hold, although they don't give me the best exchange rate.

Good Luck!

[CutienPurg 0]

They said something about it not being part of his normal activity and therefor threw up a fraud flag or something stupid like that. Im wondering if calling ahead of time would be wise.

[Cassie 8]

We have to go to the bank on Tuesday, we'll double check with them then and report back.

[Flames9_RN 358]

I would be using Customhouse, much better exchange rate, no fees!!

[Cassie 8]

I would be using Customhouse, much better exchange rate, no fees!!

I tried that, but my husband was not impressed with the lack of information on the website or some other dumb reason. He wouldn't listen to me that it was a reputable company.

[Killer_Clown_2009 0]

I've never had any issues with transfers between my scotiabank account and my US bank of america account. They belong to the same international network. The money is transfer the very day I initiate it and accessible that day.

[Cassie 8]

I've never had any issues with transfers between my scotiabank account and my US bank of america account. They belong to the same international network. The money is transfer the very day I initiate it and accessible that day.

have you tried transferring more than $1000 at once?

[misa 2]

I've never had any issues with transfers between my scotiabank account and my US bank of america account. They belong to the same international network. The money is transfer the very day I initiate it and accessible that day.

Oh, this is good to know. I should find out if BMO is on that international network as well.

[Flames9_RN 358]

customhouse has been excellent to deal with. Their customer service has been top notch, through email and phone!! Nothing but professioanal