Paying off debt/loans after immigrating to the U.S.- legal?

[JillA 2]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

Go to: http://www.customhouse.com/login/ click on "create account". You can begin the application process online, but they will need to call you and discuss some things over the phone. Also you will have to fax them some ID.

I informed RBC of my new address in the US so they could update my profile, etc. there was no issue there at all. I plan on keeping my account open for a long time there.

Edited May 6, 2009 by JillA

[FormelyCA 0]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

Perhaps PC Banking doesn't let you have an account, but any other bank will let you have an account you just have to tell them you are NOT a resident of Canada so that they can tax you on your interest more. My US fiance and I just opened a new Canadian account last week and they had no problems with him being from the US and even opened it up with only his Driver's License and a credit card # (no passport or SSN).

Yeah maybe it is just PC?? I kept it open anyway, have for years and never had a problem. The address is my parent's but I don't foresee me using it THAT much. I haven't thought much about banking. Ugh another thing to think about

Oh thanks Jill! I don't know if I'll overly need to use it. I just paid off my $35,000 student loan a few weeks ago WAHOOOO!!!!!!!!!!!!! But man I could have used this in Korea!! $50 a pop to send money home. Ah well. Good to know now!

[JillA 2]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

Perhaps PC Banking doesn't let you have an account, but any other bank will let you have an account you just have to tell them you are NOT a resident of Canada so that they can tax you on your interest more. My US fiance and I just opened a new Canadian account last week and they had no problems with him being from the US and even opened it up with only his Driver's License and a credit card # (no passport or SSN).

Yeah maybe it is just PC?? I kept it open anyway, have for years and never had a problem. The address is my parent's but I don't foresee me using it THAT much. I haven't thought much about banking. Ugh another thing to think about

Oh thanks Jill! I don't know if I'll overly need to use it. I just paid off my $35,000 student loan a few weeks ago WAHOOOO!!!!!!!!!!!!! But man I could have used this in Korea!! $50 a pop to send money home. Ah well. Good to know now!

Carrie, will you be applying for EI? Because EI gets deposited into your Canadian account, and I transfer it when needed via CH to my US account. It comes in handy for that!

Congrats on paying off your student loan!

[FormelyCA 0]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

Perhaps PC Banking doesn't let you have an account, but any other bank will let you have an account you just have to tell them you are NOT a resident of Canada so that they can tax you on your interest more. My US fiance and I just opened a new Canadian account last week and they had no problems with him being from the US and even opened it up with only his Driver's License and a credit card # (no passport or SSN).

Yeah maybe it is just PC?? I kept it open anyway, have for years and never had a problem. The address is my parent's but I don't foresee me using it THAT much. I haven't thought much about banking. Ugh another thing to think about

Oh thanks Jill! I don't know if I'll overly need to use it. I just paid off my $35,000 student loan a few weeks ago WAHOOOO!!!!!!!!!!!!! But man I could have used this in Korea!! $50 a pop to send money home. Ah well. Good to know now!

Carrie, will you be applying for EI? Because EI gets deposited into your Canadian account, and I transfer it when needed via CH to my US account. It comes in handy for that!

Congrats on paying off your student loan!

i don't know...will I!? You mean unemployment insurance? No, I haven;t been a legal resident (for tax purposes) of Canada for the last 4 years, so, no tax benefits for me Thanks for the heads up tho

[JillA 2]

^^Ahhh ok, just checking! Lately K-1s have had trouble getting approved for unemployment insurance anyhoo.

[Texanadian 10]

I don't think you can have a Canada and US Paypal account. When I went to sign up for a US paypal account, it wouldn't let me until I closed my old one first.

[Cassie 8]

We used to use PayPal until the fees just ticked me off, and for some reason my hubby didn't trust the idea of CustomHouse (don't ask!). So we came with an alternative solution -- I put my father on my chequing account, and then sent him a year's worth of cheques on my American account at a time to cover my student loan and life insurance payments. Every month he would deposit my cheques (made out to him) and then the payments would auto-debit from the account. We paid off the last of my student loan this week yay!!!!!

The best part about it for me is getting the exchange rate added on the cheque amount which has added up! It has been convenient for us to keep open the Canadian account when we travel back to Canada -- we don't need to worry about carrying traveler's cheques or running around exchanging money, we just use my debit card.

[Mephys 2]

Is it legal if you become a U.S. greencard holder to send money you have earned back to Canada in order to pay off an existing debt/loan?

Are there limits on how much money you can send abroad?

If everything is legal, based on your experience, what is the best way to send money back? Wire transfer?

Thanks

-Joe

I still have my account with Caisse populaire for a Visa card balance and a student loan. I created a paypal account with my canadian bank account and I use my husband's paypal account that is link to our US account and I send myself the amount I need each month for my payments.

And there is no fee

ETA: Well I just read that some people are getting fees from Paypal....going to have to explain me that because I don't have any, and I actuall make money because of the exchange rate....

Edited May 8, 2009 by Mephys