US Dollar Accounts at Canadian Banks

[mr_s_p 1]

Thank you all (y'all? ) for all your insights...

The RBC US account thing sounds similar to what I'm thinking about... Mine would be with TD Canada Trust. It's accessible by bank card in the US, though from what I understand even TD Canada Trust has accessibility in the US by affiliated branches, but of course, in small town Kansas, this is not an option. I do realize that every time I withdraw cash using my TDCT bank card through a US bank machine, this will incur bank fees and ATM fees. So, for that reason alone, there's merit to the thought of opening a US Bank Account (Probably Bank of America) and transferring the money to there.... (I think there's even means to do it via online banking transferring to other banks.)

Colin has a good point, as well... I'd have to transfer this money over to a US Bank account, anyways, so it could be used as part of the assets on the I-864 form, come the AOS.

Thanks,

Scott.

[Cassie 8]

Bren has always mantained a USD account with a credit union in Edmonton - what we are planning on doing is, come time to move (let's all pray September ok?) we will transfer most our CAD funds to the USD account and close it - asking for certified check. Leave the CAD account open for future deposits (i.e. tax refunds, Canada Pension Plan gimme-my-money-back, etc). Hope this works - but I will tell him about customhouse!!!

Thanks for all the informatio - you are all fabulous!!!

L.

One nice thing about RBC Centaur US account, you dont need a SSN to open it, they setup a temp. # for you.

Another thing to think about ( and I only comment here) there are tax repurcussions on leaving a Canadian Bank account open. see information on this link I found months ago..

http://www.americanlaw.com/ustxperm.html

Good Info here to..

http://www.canadatotwincities.com/banking_canada.html

Great Journey

Colin

There are repercussions if it's open and collecting interest. I just keep my Canadian account open to transfer money into every month, which is soon swept out by the nice student loan people!

[Flames9_RN 358]

For the most part I leave next to nil in my CDn acct to avoid that interest problem!

[Tinker 0]

Has anyone used the BMO US accounts?

[~Nini~ 2]

Ooo, I just caught this thread and the mentions about RBC Centura. I know when I discussed my bank accounts with an officer at my local RBC branch they mentioned US banking, but this makes it so much more clearer. Definitely an option for helping to pay off my student loans, even though the nearest branch from PA is in Virginia.

[Tinker 0]

Just spoke to a rep from RBC Centura, he told me how to go about getting an account. He asked me if I was in the US or Canada, and told me my Canadian credit rating will be used Waiting on a call for an appt with RBC now.

[~Nini~ 2]

I managed to snag some time at my local RBC branch today, and spoke to an incredibly helpful financial services officer there who talked to me about RBC Centura. Even though he admitted that he didn't know a lot about the service, he managed to score some info for me.

Amongst other things, it's a $3.95/month fee for their RBC Access USA Service package, unless you maintain a $700 minimum monthly balance in the account. You also don't have to be a US permanent resident in order to qualify for the service. And of course, no fee to transfer cross-border funds.

I haven't quite managed to swim through the pile of information, but he also suggested that I check into HSBC as they do have a global package as well, which might be more convenient for me since their closest branch is in Philadelphia proper.

[mwinburn 0]

I managed to snag some time at my local RBC branch today, and spoke to an incredibly helpful financial services officer there who talked to me about RBC Centura. Even though he admitted that he didn't know a lot about the service, he managed to score some info for me.

Amongst other things, it's a $3.95/month fee for their RBC Access USA Service package, unless you maintain a $700 minimum monthly balance in the account. You also don't have to be a US permanent resident in order to qualify for the service. And of course, no fee to transfer cross-border funds.

I haven't quite managed to swim through the pile of information, but he also suggested that I check into HSBC as they do have a global package as well, which might be more convenient for me since their closest branch is in Philadelphia proper.

Let me know if you guys have questions on the RBC thing. I did it and even ended up having to explain how it works to the RBC rep at my local branch

[Tinker 0]

I was told that I set up an account here (RBC) I'm not sure if I have to have a Canadian and a US fund account. Then I request my branch to send an application to RBC Centura? Does that sound right?

I just opened a US account at BMO, then was told I can't use the stupid thing anyway. That I have to use my US Mastercard and just pay it online. I can't even make ATM withdrawals. I can't figure out exactly what the point was in setting it up for me, UGHHHH

[neiks 19]

I set up my Centura account from my local Royal bank branch. They send the paper work to centura. The Royal branch bankers were not up to speed with Centura but we muddled through it. If you phone the Centura help line they are very helpful and I think I got someone out of a call center that was formerly from Winnipeg.

It's so extremely easy to transfer your money back and forth online. Your Centura accounts are just in a separate tab at the top of you RBC online banking page. My Centura branch is out of someplace in Florida - I'm in North Dakota, but that's not really hasn't been a big deal for me as I don't have any need to visit a branch when I can do everything online, have a Visa checkcard and checkbook.

I was told that I set up an account here (RBC) I'm not sure if I have to have a Canadian and a US fund account. Then I request my branch to send an application to RBC Centura? Does that sound right?

You will need a Canadian account with the Royal bank and the account you set up with Centura will be a US account. When you transfer funds they do the exchange rate conversion for you.

[mwinburn 0]

I was told that I set up an account here (RBC) I'm not sure if I have to have a Canadian and a US fund account. Then I request my branch to send an application to RBC Centura? Does that sound right?

I just opened a US account at BMO, then was told I can't use the stupid thing anyway. That I have to use my US Mastercard and just pay it online. I can't even make ATM withdrawals. I can't figure out exactly what the point was in setting it up for me, UGHHHH

Yes, you open the Canadian side first. You will fill out the application for both at the same time. They will open the Canadian one while you wait, then fax the Centura ones to an office in the States. It took about three weeks for our Centura account to be active, but it's usually faster. You will need to bring your passport to sign up for Centura, as it's required by the US.

The Canadian account is in CDN and the Centura one is in Dollars. The CDN will always have the $4 fee, no matter how much of a balance you maintain. The Centura one will charge you $4 only if your balance is below $700. Currency exchanges are instantaneous and they show you the exchange rate prior to submitting it. There is no fee for it.

Also, you will create two logins for RBC. One for the US site and one for the Canadian site. You can then link them such that when you log into one you can see both accounts. The Centura login is a nice and friendly username. The Canadian login is the number on your card.

You will get cards for both accounts. So you'll get a Debit card for the Centura account that is on the US Debit system and also works as a Visa card. Then you'll get a card for the Canadian account that is on the Interac system.

I'd recommend against doing a joint account, unless that's important to you. My fiance and I have had a number of hurdles to deal with because of this. For instance, I can't call and order her a new Debit card.

Other than that quirk, the customer service has been top notch and the set up is very convenient. I routinely deposit money into the Centura account, transfer it to the Canadian one, then use online billpay to take care of our Canadian credit cards or just to buy coffee when I'm visiting Ontario.

Hope my long winded post was useful!

Edited August 22, 2007 by mwinburn

[~Nini~ 2]

Curiously, how hard is it to transfer money into the Centura account if a branch isn't near you? I guess that's more of a general question than anything, but I'm just concerned about receiving cheques from work or transferring money from our (eventual) joint account to the Centura account.

[Tinker 0]

mwinburn, your post was EXTREMELY helpful!!

I emailed them a similar question and the reply I got from them was to check out their Centura site

It sounds like exactly what I want. What I thought I was getting with BMO

Thanks!!

Nini and Bee, I figure it's going to have to be all ATM or online banking anyway. I'll be in AR and the nearest for me will be in Alabama. At least it will be an actual American account and I won't have to play around sending things to Canada.

Neiks...thought I would be far from a branch,

Edited August 22, 2007 by Tinker

[Jeremy + Kristy 0]

I think that will be one nice thing about being close to the border. I have a feeling I'm going to have to trudge across the bridge once and while whence Kristy is waiting for her AP to deposit or withdraw from her ATM, although I guess we'd have to figure out what would cost more, the toll or the bank fees.

Although, my aunt works at Chase, so when we get to that point, I'll ask her about what her bank can do, and maybe have some other options for the rest of you. The Centura thing seems mostly tailored to the Florida snowbirds.

[Tinker 0]

I just got back from RBC, everything is done and taken care of. It had to be the simplest thing to do yet.