American Banking

[Piefre 15]

Basically, my situation is this, I want to move a large-ish sum of money down the United States into an American bank account prior to filing for the K1 Visa. Is this going to send up any red flags about me when I do file? And how do you get an American bank account anyway as I always thought they required an SSN in order to give you one. Though some sources say you can argue with them over that, I really don't want to spend a whole lot of energy having fits with banks across the border. Thanks for any insight.

How did everyone else bring their money down to the US when they moved? Were there any hassles when you did it?

[trailmix 77]

Basically, my situation is this, I want to move a large-ish sum of money down the United States into an American bank account prior to filing for the K1 Visa. Is this going to send up any red flags about me when I do file? And how do you get an American bank account anyway as I always thought they required an SSN in order to give you one. Though some sources say you can argue with them over that, I really don't want to spend a whole lot of energy having fits with banks across the border. Thanks for any insight.

How did everyone else bring their money down to the US when they moved? Were there any hassles when you did it?

No red flags. As you are not a resident yet and you have no SSN, you might have a hard time finding a bank that will give you an account - I assume you want a joint account with your wife/husband?

He or she will need to shop around for a bank that will.

Many people here use http://www.customhouse.ca/ to transfer funds.

[Piefre 15]

No red flags. As you are not a resident yet and you have no SSN, you might have a hard time finding a bank that will give you an account - I assume you want a joint account with your wife/husband?

He or she will need to shop around for a bank that will.

Many people here use http://www.customhouse.ca/ to transfer funds.

Thanks for the quick response!

I am, indeed, looking for a joint account. So I guess that means he has to go do some investigating. But it's a relief that it won't impact my filing. Thank you again. :-)

[astronaut 3]

A few others here on VJ recently talked about RBC banks having US branches, where the CDN and US sides actually work together, enabling you to transfer funds and do cross border banking. In checking out the RBC banks in the US, most are on the east coast.

My husband recently talked to our banker at TD bank, and she said they are also working on some sort of partnership with a US bank chain, which would also enable easier cross border banking as well.

I believe the banks have to report to the IRS anything over 10,000 in transfers.

One idea we were thinking of looking into as well, is paying cash for our house in the US directly from our CDN account with a cashier's check in US funds. That would aleviate having to transfer anything and would be a direct purchase.

Hope that helps.

[Brenda2010 1]

Thanks for the quick response!

I am, indeed, looking for a joint account. So I guess that means he has to go do some investigating. But it's a relief that it won't impact my filing. Thank you again. :-)

Edited March 8, 2010 by Brenda2010

[Brenda2010 1]

oops - was trying to post, something happened - anyway...met with my fiances branch manager at Bank of America in Baltimore, MD - apparently it's not problem for them, just bring your passport, $$s to be deposited if you wish, and you're good.

[Kimbear 53]

if you have an RBC accoutn yes your lucky you can do that. for me i'd have to get an irs tax number first before chase or bank of america would let me have an account let alone a joint one with David, as there are no TD banks in illinois and the us versions are not associated at all with the CDN ones.

*gah! bad spelling

Edited March 8, 2010 by Kimbear

[Piefre 15]

Thanks for your responses everyone. :-)

I believe the banks have to report to the IRS anything over 10,000 in transfers.

One idea we were thinking of looking into as well, is paying cash for our house in the US directly from our CDN account with a cashier's check in US funds. That would aleviate having to transfer anything and would be a direct purchase.

Now I'm a bit concerned. I have over 30,000 to transfer, how will the IRS get involved in this situation?

I'm also interested in putting in a down payment on a house in the US with my US fiance. I have no idea how that would even work so I'm looking to deposit first and go from there but would it just be easier to slap a down payment on from Canada? As if immigration wasn't complicated enough. Heh.

if you have an RBC accoutn yes your lucky you can do that. for me i'd have to get an irs tax number first before chase or bank of america would let me have an account let alone a joint one with David, as there are no TD banks in illinois and the us versions are not associated at all with the CDN ones.

I don't have an RBC account either so I'm in the same boat it sounds like. No wonder I thought this money moving might bring up a red flag, it's got intricate details within other intricate details.

Edited March 8, 2010 by Piefre

[astronaut 3]

Yeah, I'm really wondering about the possibility of using a Canadian check in US dollars for a downpayment. My Dad used to be in management for a car dealership in the US. He said if someone paid cash for a car over $10,000 they had to report it to the IRS, but if a Canadian had a check from Canada for over $10,000, it was no problem at all and there was nothing they had to notify to the IRS.

All of these details! If the immigration and visa docs aren't enough, trying to get a house ready to sell, figure out health insurance in the US, setting up a company in the US, thinking about our new house, school for the kids and being close to family again...It's hard to not think about it a lot. I try not to let it distract me too much each day...but they're always on the back of my mind at least. I just need to focus on all of the blessings I have today, so I don't waste it wishing all the details of our move were handled already.

[Wis-Can 0]

I opened an account at JP Morgan Chase with my passport, I-94 and my canadian drivers license.

[trailmix 77]

Thanks for your responses everyone. :-)

Now I'm a bit concerned. I have over 30,000 to transfer, how will the IRS get involved in this situation?

I'm also interested in putting in a down payment on a house in the US with my US fiance. I have no idea how that would even work so I'm looking to deposit first and go from there but would it just be easier to slap a down payment on from Canada? As if immigration wasn't complicated enough. Heh.

I don't have an RBC account either so I'm in the same boat it sounds like. No wonder I thought this money moving might bring up a red flag, it's got intricate details within other intricate details.

They are concerned with money funding terrorists and money laundering I imagine, if you are not laundering the money and you are not a terrorist, shouldn't be a problem!

Open an account or just transfer the money to your fiance - either will work.

[Kimbear 53]

I opened an account at JP Morgan Chase with my passport, I-94 and my canadian drivers license.

Really? ..grr they told me impossible when i was in illinois last month.

[Piefre 15]

Thanks for all your help and suggestions, everyone. My fiance is going to talk to some banks soon and I will report back with answers to some of the questions he asks if anyone is interested.

[BriCar 0]

Yeah, I'm really wondering about the possibility of using a Canadian check in US dollars for a downpayment. My Dad used to be in management for a car dealership in the US. He said if someone paid cash for a car over $10,000 they had to report it to the IRS, but if a Canadian had a check from Canada for over $10,000, it was no problem at all and there was nothing they had to notify to the IRS.

All of these details! If the immigration and visa docs aren't enough, trying to get a house ready to sell, figure out health insurance in the US, setting up a company in the US, thinking about our new house, school for the kids and being close to family again...It's hard to not think about it a lot. I try not to let it distract me too much each day...but they're always on the back of my mind at least. I just need to focus on all of the blessings I have today, so I don't waste it wishing all the details of our move were handled already.

It will be worth it all!!!

[Brother Hesekiel 2,236]

I answered that question many times before, but you can live in the United Arab Emirates, and open bank accounts in Liechtenstein, Monaco, Paris, London, New York, and even Podunk Holler, Nebraska without ever having visited any of those countries. People do it all the time. Minutes later you can transfer hundreds of millions of dollars between those accounts.

What needs to be done when transferring or transporting funds in excess of $10,000, is filling out the appropriate form. The banks will take care of that for you.

Many people, myself included, have taken a multitude of $30,000 in cash with them when moving to the US. Again, you'll have to declare that in order to satisfy Uncle Sam's fears of drug laundering, but it's perfectly legal and -- dare I say -- normal.

Edited March 8, 2010 by Just Bob