Canada-to-America Banking (Revisited)

[Wyatt's Torch 45]

Hi all,

This morning I had an appointment with the main branch of the Royal Bank in my area to discuss the options available for when I move to the U.S. As mentioned in an earlier thread, I was told by not one, but TWO separate RBC agents that there was no interplay between the American "RBC Bank" and the Canadian "Royal Bank of Canada". Fortunately, when I was getting a money order for my medical last week, I happened to chit-chat with another teller who asked me if I'd be interested in the RBC Access program. He gave me some basic information and set up an appointment for me to meet with an account manager to discuss things...which leads me to this morning.

As it turns out, there IS a link between the Canadian and American versions of the Royal Bank, and the RBC Access USA account allows you complete interplay between the two. In other words, for a $3.95 monthly fee (which is waived if you keep over $700 balance in your account), you get to have a U.S.-based checking account that appears when you do your online banking. You also get a U.S.-based bank card that has no ATM fees at any Cirrus, Interlink or Star sponsored ATMs (which is most of them). Best of all, transferring money from one account to another is free. Obviously the bank will ding you its usual 2% (it may be 2.5%) on the exchange rate, but the convenience of having Canadian and American accounts tied together, while also having INSTANT money transfers is a huge benefit.

So yes, there is a cheap and convenient way to keep a Canadian account while living and working in America. I'm extremely happy that I found this out!

Edited February 2, 2010 by Wyatt's Torch

[trailmix 77]

Very good info!

This system has been in place for several years - it's a good system for those that want to bank in both countries/have a link between the two.

[Wyatt's Torch 45]

Very good info!

This system has been in place for several years - it's a good system for those that want to bank in both countries/have a link between the two.

Yeah, I was a bit surprised when the account manager said it had been around for awhile. As I mentioned earlier, two other RBC people didn't know this sort of account existed! I consider myself very fortunate that I found out about it when I did. Since I do ALL of my banking online, and am quite meticulous about my accounts (I check them at least once a day), this is by far the best option for me. There are virtually no drawbacks.

Oh! And I forgot to mention: you can get an RBC Gold credit card through the U.S., and they WILL factor in your Canadian credit history. I'm obviously not going to apply for one until I get working down there...but knowing that it exists is quite comforting!

[brightskte 18]

Mathew and I found out about this a few months ago when we were wanting to set up an account that would allow easy transfers for money. But then I totally forgot!!! Thanks for mentioning this!

[kizza 1]

So yes, there is a cheap and convenient way to keep a Canadian account while living and working in America. I'm extremely happy that I found this out!

Interesting! thanks for the post, that will be useful.

[trailmix 77]

Yeah, I was a bit surprised when the account manager said it had been around for awhile. As I mentioned earlier, two other RBC people didn't know this sort of account existed! I consider myself very fortunate that I found out about it when I did. Since I do ALL of my banking online, and am quite meticulous about my accounts (I check them at least once a day), this is by far the best option for me. There are virtually no drawbacks.

Oh! And I forgot to mention: you can get an RBC Gold credit card through the U.S., and they WILL factor in your Canadian credit history. I'm obviously not going to apply for one until I get working down there...but knowing that it exists is quite comforting!

Plus they will take your Canadian credit history in to account if you want them to, for a mortgage for instance.

[sdhiman 0]

I dont bank with RBC. Can I open an account now, a month and a half before moving or is that not an option?

[brightskte 18]

I dont bank with RBC. Can I open an account now, a month and a half before moving or is that not an option?

I don't see why it wouldn't be an option. People open up new bank accounts all the time. But to sign up for the other one I'm pretty sure you have to go to a branch to do it.

[sdhiman 0]

I don't see why it wouldn't be an option. People open up new bank accounts all the time. But to sign up for the other one I'm pretty sure you have to go to a branch to do it.

Another thing added to my "To Do List" for this weekend....it keeps growing

[Hugglebuggles 60]

Wow, that's great Wyatt. I wish I would have known about that when I made the move.

[J&K 0]

I have this as my dad knew about the program before I moved down here.

I'm able to see both my RBC and RBC Bank accounts with the same log in (whether I log in from RBC or RBC Bank online).

Can transfer money without waiting...it's instant.

[Wyatt's Torch 45]

Yeah...glad it works well for you, J&K.

We had a thread here a couple of weeks ago that delved into the possibilities, but it looks like some folks didn't know about this, which is why I created the thread. Hopefully it will help some others who haven't made the move yet.

And Sdhiman, I really don't see why this wouldn't be an option for you too. I think you'd have to have money in both your Canadian and American account, but yes...it should be fine. It's just an account. I don't think there are any limitations that would apply to you.

[neiks 19]

As it turns out, there IS a link between the Canadian and American versions of the Royal Bank, and the RBC Access USA account allows you complete interplay between the two. In other words, for a $3.95 monthly fee (which is waived if you keep over $700 balance in your account), you get to have a U.S.-based checking account that appears when you do your online banking. You also get a U.S.-based bank card that has no ATM fees at any Cirrus, Interlink or Star sponsored ATMs (which is most of them). Best of all, transferring money from one account to another is free. Obviously the bank will ding you its usual 2% (it may be 2.5%) on the exchange rate, but the convenience of having Canadian and American accounts tied together, while also having INSTANT money transfers is a huge benefit.

So yes, there is a cheap and convenient way to keep a Canadian account while living and working in America. I'm extremely happy that I found this out!

Yep, I have been using RBC Centura for years. It's really convienient for me. My Canadian pay check is deposited into the Royal Bank and I can transfer money online to my Centura account. Only con for me is that there isn't a Centura branch anywhere near me. I live in North Dakota and my "branch" is actually in Sunside Florida. It is Ok for me b/c I don't have to do any deposits into my US Centura. I have another local bank account I use as well for that stuff.

[Wyatt's Torch 45]

Yep, I have been using RBC Centura for years. It's really convienient for me. My Canadian pay check is deposited into the Royal Bank and I can transfer money online to my Centura account. Only con for me is that there isn't a Centura branch anywhere near me. I live in North Dakota and my "branch" is actually in Sunside Florida. It is Ok for me b/c I don't have to do any deposits into my US Centura. I have another local bank account I use as well for that stuff.

Yeah, that IS one drawback, now that you mention it. There are branches in Southern Virginia, the nearest being about an hour and a half away from where I'll be, so that's not TOO bad for me...but I figure that if I have to cash a check, I'll just do it into my wife and I's joint account, then transfer it over online, either via Paypal or via the bank's own transfer system.

[sdhiman 0]

Yeah...glad it works well for you, J&K.

We had a thread here a couple of weeks ago that delved into the possibilities, but it looks like some folks didn't know about this, which is why I created the thread. Hopefully it will help some others who haven't made the move yet.

And Sdhiman, I really don't see why this wouldn't be an option for you too. I think you'd have to have money in both your Canadian and American account, but yes...it should be fine. It's just an account. I don't think there are any limitations that would apply to you.

Yes, I'll definitely go check it out at the bank close to my house to see what my options are.