US Banking with Canadian Banks

[mdusa 0]

Hi fellow Canadians!

I'll be moving to the US soon and started researching into US banking accounts through Canadian banks. I thought I would post here as all of you are the real experts in all areas of moving south! I know that RBC has a US account for Canadians and also TD Canada Trust. This appeals to me because you automatically get 'credit' since you have a US account and the transfer of Canadian funds to American seems easier since it's through your Canadian bank. Only problem is that there aren't very many branches and locations and they're all located on the east. In the end I would set up a US account anyways but for the initial time being does this seem like a good option?

Does anyone have any info, stories or advice to share!?

Thanks!

[Rose416 1]

Excellent question!

From my research I figure I'll have to open a new account with a US bank. I'm a TD banker and there aren't any branches in California (my soon to be new home too).

I know that Paypal allows the transfer and conversion between banks, but has a 10% service charge.

I have an ING savings account and apparently I can add a US bank account to it and transfer money to and from my Canadian bank for free.

I am going to hold onto my Canadian bank account as well.

As for earning credit, I don't know how I'll go about this. My fiance and I plan on opening up a joint account as well as my own independent account.

Hope this helps!

[Flames9_RN 358]

Many of us use Customhouse.com to transfer $$ between a USA acct and a Cdn account. I have been since 2005. They are now owned B Western Union! No fees if you file electronically. Not a huge deal if ur exchanging small amounts of $$$, but if ur transferring larger sums it sure does!!

[mdusa 0]

Thanks for all the advice! I'll continue to do research and let you know what I find!

[Peachey 10]

I use the RBC USA to link to my Canadian account. Very easy to transfer money, done almost instantly too if you do it during business hours. They were also so nice to offer me 6000$ credit as well (none of it that I have used).

Only problem is there is no branches near me. But if you're moving to the south then you should be ok. Their headquarters is in NC.

[Colleens 40]

I use RBC/RBCusa. It was good when I was in Georgia since there were branches near me, but now that I am in Tennessee, no so good. However, I have had no issues with calling and having money transferred out of investments, and it is really easy to transfer funds from your canadian account to your US one. I also figure it will come in quite handy when I get my EAD and can start recieving EI (and then maternity benefits in October) so that it can be direct deposited and then transfered. Some people have had a hassle getting a US bank account set up without a SSN, so this is one thing that you can get done and set up prior to leaving Canada, and you will save yourself a lot in fees by having a US debit card rather than using your canadian one for the first little while!!

[Hendea3 4]

I was able to open up a joint HSBC accoutn with my fiance in NY. We actually did it over a year ago. Even though I was not a resident or a citizen all I needed was my passport and I think my drivers liscence. Beware they will do a type of credit check through the banking system. For me it brought about a snag as I used to be a cosigner on a lease that defaulted. The bank manager couldnt quite see what teh issue was and it was a Saturday so he couldnt call teh Canadian bank. Once I explained the situation adn that I had paid the loan off in full the month prior they were ok with it and opened up the account for us. as for a credit card I don't believe I was allowed to get a US one without a SSN (not a 100%) so all we did was make me an authorized user on his credit card.

Oh and just an fyi even if there's a bank in canada that is in teh usa apart from RBC they do not necessarily interconnect. I tried to go to a local HSBC branch here in MIssissauga and pay my Fiancé's HSBC mastercard (i had the bill in hand) adn they said they couldnt do it. You also couldnt transfer funds between a canadian branch/usa branch etc.