How did you move your money after POE?

[Andy and Kayla 45]

Just wondering how others have done this in the past.

My interview and, assuming we're approved, POE are approaching in the next month or so. I currently have an account with TD Canada Trust and I also have a VISA with them. I have a decent amount of savings in my account that we plan on using to help with expenses before I have my EAD and a job or to help with the wedding.

When you moved, did you transfer any funds in your Canadian bank account to a new account with a bank in the US? Or did you leave things as they were and just continue using your Canadian account? I just wonder because, since I've only visited for a few months at a time in the past, I'm not sure if there are fees for using your debit/credit cards internationally. I've also had issues with people being confused over my debit card. *facepalm* Usually that ends up in me putting everything on my VISA and then transferring the money from my chequing account to my VISA online when I get home. The problem with that is that there's not really much point in continuing to build credit on my Canadian VISA and so it really just becomes a cumbersome process for me to buy anything.

[N&S 32]

I found the by far cheapest way / best rates for GBP to USD was using www.xetrade.com - on the other hand my mother managed to get even better deals using her German bank to wire money to the US. It's definitely worthwhile checking around for good rates if you want to transfer a high-ish amount of money.

[S/B 0]

The fee to withdraw funds in the US from your canadian bank account is $3 unless you have a chequing account package that waives the fee. If you don't want to convert all of your CAD funds to US because of the current exchange rate, I would recommend opening up a US dollar bank account at TD Canada Trust and transferring funds as needed, you could then write cheques from your US dollar account in Canada and deposit to your account in the US. The other option would be to open a bank account at TD Bank (in the US)and you would be able to transfer the funds by calling a number from TD Canada Trust to TD Bank.

[Flames9_RN 358]

If you do a search on here for Customhouse on here you will find some info! If ur doing small amounts of $$$, no big deal, but if ur talking thousands, you want to investigate further. Sure a bank may only charge you a $3 withdrawal fee, BUT thier exchange rate may be subpar. Customhouses EFT option is free, and usually offers a superior exchange rate. Western Union bought them out last yr, and I think the rates they offer may not be as competitive as they once were. CH takes a bit to set up, but its free. Good to have when you need it. I tx $$$ back and forth from USA to Canada wil ease with CH. Their CH office is in Victoria.

[SapphireDreams 71]

I found customhouse.com to be the easiest and best option. TDCanadaTrust does not offer the option of transferring directly to a TDBank account in the US yet.

Once you move to the US, I would open a US checking account and then look into setting up a customhouse account where you can use EFT to transfer money into the US. I needed my SSN to get a US account here, so I had to wait about a month or so. They require scanned/faxed copies of your IDs to confirm your identity and require things to be set up over the phone. It's really easy to do, just takes some time to get it all going.

You'll then be able to transfer funds at decent exchange rates within about 4-5 business days for free.

I prefer not to write cheques to myself because it can sometimes take up to 20 business days to get them cleared and its just too long of a wait!

When I first moved I just charged things to my Canadian credit card until I got the customhouse stuff worked out. Or, I'd withdraw like $500/time and just deposit the cash in my US checking account.

The exchange is in your favor right now, so it wouldn't hurt to transfer it all to the US but there is a limit on customhouse transfers (mine is around $2000, but it used ot be a lot lowers, around $900).

[Andy and Kayla 45]

Thanks so much for all the replies!

The exchange is in your favor right now, so it wouldn't hurt to transfer it all to the US but there is a limit on customhouse transfers (mine is around $2000, but it used ot be a lot lowers, around $900).

So when you say there is a limit, is it sort of a per day/per week/per month limit? Or is it just per transfer (e.g. Could I transfer $900.00 (or whatever the limit may be) and then let that finish and then start another transfer for the same amount?)

[Flames9_RN 358]

When you first set up ur CH acct they put a $$$$ limit, if u need it raised, just call them!! I was going to tx a large amount of $$$, I just called them and they raised the limit for me, only took a few minutes to do it.

Doing it the "free way", a transaction takes between 3-5 BUSINESS days! if u want it faster, they offer a wire service, but of course costs $$$

Edited July 19, 2011 by Flames9_RN

[SapphireDreams 71]

Thanks so much for all the replies!

So when you say there is a limit, is it sort of a per day/per week/per month limit? Or is it just per transfer (e.g. Could I transfer $900.00 (or whatever the limit may be) and then let that finish and then start another transfer for the same amount?)

That's a good question. I have no idea. I'm going to guess it's per transaction. You could always ask them when you set up an account.

[S/B 0]

I found customhouse.com to be the easiest and best option. TDCanadaTrust does not offer the option of transferring directly to a TDBank account in the US yet.

Once you move to the US, I would open a US checking account and then look into setting up a customhouse account where you can use EFT to transfer money into the US. I needed my SSN to get a US account here, so I had to wait about a month or so. They require scanned/faxed copies of your IDs to confirm your identity and require things to be set up over the phone. It's really easy to do, just takes some time to get it all going.

You'll then be able to transfer funds at decent exchange rates within about 4-5 business days for free.

I prefer not to write cheques to myself because it can sometimes take up to 20 business days to get them cleared and its just too long of a wait!

When I first moved I just charged things to my Canadian credit card until I got the customhouse stuff worked out. Or, I'd withdraw like $500/time and just deposit the cash in my US checking account.

The exchange is in your favor right now, so it wouldn't hurt to transfer it all to the US but there is a limit on customhouse transfers (mine is around $2000, but it used ot be a lot lowers, around $900).

they actually do offer the option but only through telephone and and both accounts would have to registered in your name, it is free under $5000. I have personally used this service

Edited July 19, 2011 by S/B

[Flames9_RN 358]

I have transferred much more than $5000 and its still free. you just have to phone them to get them to raise the limit.

[S/B 0]

I have transferred much more than $5000 and its still free. you just have to phone them to get them to raise the limit.

Sorry for not being clear, i was talking about TD Bank and not CH

[Flames9_RN 358]

What you could do is set up CH and TD and see at the time who offers the best rate!! Not a big deal for smal amounts of $$, but for large sums, very worth it.

[SapphireDreams 71]

Good to know, S/B. Do you know the name of the service? Was it through telephone banking or a specific department? Did you do it though a US account at TDCanadatrust?

I'm intrigued!

[Andy and Kayla 45]

Thanks, this has been super helpful!

I hadn't looked much into the US TD banks and whether or not there was a way to work that because there are no TD banks in the state we'll be living in, anyway.

The customhouse service sounds wonderful, though.

[Flames9_RN 358]

Thanks, this has been super helpful!

I hadn't looked much into the US TD banks and whether or not there was a way to work that because there are no TD banks in the state we'll be living in, anyway.

The customhouse service sounds wonderful, though.

It takes a bit to set up--if u have a scanner, its very easy! In some way or manner (snail mail, scan then email, or fax) you have to get them 1 or 2 pieces of ID. As well they set up a very quick phone interview(to ensure you are who you say you are) They have a secure server to scan and email your stuff in!! I think I provided them the info 1 day, did the phone interview the next, and within a few hrs after that, the acct was set up! That was 2005, things may have changed.