RBC Access USA for Canadians

[LuvIllinois 1]

I made a post not too long ago about possibly opening up an account with either TD or RBC here (if you want to read it all). Since I ended up opening up an RBC account here in Canada before I POE, I will share something very valuable I found in one of their brochures.

(typed word for word here from Page 8 of the "RBC Access USA makes banking in the U.S. easy" brochure)

Credit for your good credit history

When you're an RBC Access USA client, your credit history can travel across the border with you. That means your Canadian credit history (previous loans, lines of credit and so on) is taken into consideration when you apply for personal credit in the U.S.

If you need a mortgage on a U.S. property, we offer a choice of mortgage products and home equity solutions for vacation homes, primary residences and investment properties. And you can borrow up to 80% of the purchase price at the same rates as U.S. citizens.

Edited August 22, 2011 by LuvIllinois

[Udella&Wiz 325]

Good to know - too bad not all US financial institutions take Canadian Credit history into consideration!

I made a post not too long ago about possibly opening up an account with either TD or RBC here (if you want to read it all). Since I ended up opening up an RBC account here in Canada before I POE, I will share something very valuable I found in one of their brochures.

(typed word for word here from Page 8 of the "RBC Access USA makes banking in the U.S. easy" brochure)

Credit for your good credit history

When you're an RBC Access USA client, your credit history can travel across the border with you. That means your Canadian credit history (previous loans, lines of credit and so on) is taken into consideration when you apply for personal credit in the U.S.

If you need a mortgage on a U.S. property, we offer a choice of mortgage products and home equity solutions for vacation homes, primary residences and investment properties. And you can borrow up to 80% of the purchase price at the same rates as U.S. citizens.

[hikergirl 277]

Thank you so much for your earlier post.

Went to the RBC the next day and opened a Canadian account and applied for & received my RBC US account the next day. It will simplify things for me and give me a head start.

[pocheros 101]

Does RBC allow you to transfer money between Canadian and American accounts online? One of the reasons I like TD is because their online banking is really easy to navigate and use, but there's no American TDs where I'm going...

[hikergirl 277]

You can link your two accounts and see both of them online at the same time. No fees to transfer between them. Even better is that you get a "check card" for the US account that works at US ATM machines. It was my understanding that the TD US funds accounts you can't do that.

[Rayoflight 10]

RBC - I have a Canadian and an American bank account and credit cards for both. Saw a forum on here awhile back and got on it right away. Easy to transfer money :-)

[pocheros 101]

Alas, it seems there's no RBCs in Nevada, nor HSBCs or TDs. Gonna keep checking as many banks as I can think of...

Edited August 24, 2011 by pocheros

[LuvIllinois 1]

Alas, it seems there's no RBCs in Nevada, nor HSBCs or TDs. Gonna keep checking as many banks as I can think of...

I am moving to suburbs of Chicago and the closest RBC is in Alabama! As long as you don't plan on actually going in a branch, you are fine. She did say a lot of things can be done online or via phone call.

For myself, since I have great credit, I really want that to follow me and just wanted any small help I could get. If I can get an online loan to get started then I can probably get credit faster in the state I'm moving in down the line. But if I HAVE to, I WILL make the 8+ hour drive to get to a branch to sign paperwork if we are unable to do so through a courier. Some people might think that's insane but I'd rather have *some* credit right away rather than waiting 1 or 2 years to get going. We don't want to live in DH's parents basement forever

[pocheros 101]

I am moving to suburbs of Chicago and the closest RBC is in Alabama! As long as you don't plan on actually going in a branch, you are fine. She did say a lot of things can be done online or via phone call.

For myself, since I have great credit, I really want that to follow me and just wanted any small help I could get. If I can get an online loan to get started then I can probably get credit faster in the state I'm moving in down the line. But if I HAVE to, I WILL make the 8+ hour drive to get to a branch to sign paperwork if we are unable to do so through a courier. Some people might think that's insane but I'd rather have *some* credit right away rather than waiting 1 or 2 years to get going. We don't want to live in DH's parents basement forever

I wonder how concerned I should be about this. I don't have much of a credit history (all I've ever had is a credit card and my phone contract- which I've always paid off on time, so I presume my credit is good)- I've never owned a house or anything. Mainly I just want to be able to pay off the last of my bills (phone, credit card, etc.) through my bank account online, but an American credit card would be nice. How am I supposed to deposit money into my american or canadian bank accounts when neither is close though? o_O Perhaps a roundabout way of doing it is through paypal... Sigh. I dunno if this is TMI but my fiance has poor credit (which we're working on fixing together) and eventually (in a few years) we do want to buy a house, and perhaps within a year I'll need to buy my own car. So I have a feeling my credit history is going to matter too... Fiance can't get a credit card, so I'd like to hold on to one because it's convenient (as in it's convenient for purchasing things online- not as in I spend money I don't have. I never do that )

There's an American BMO in Las Vegas, so I think I'll head on over to a BMO sometime soon to ask them some questions... I checked a whole bunch of other banks and their american branches all seem to be on the west coast.

[Udella&Wiz 325]

I am moving to suburbs of Chicago and the closest RBC is in Alabama! As long as you don't plan on actually going in a branch, you are fine. She did say a lot of things can be done online or via phone call.

For myself, since I have great credit, I really want that to follow me and just wanted any small help I could get. If I can get an online loan to get started then I can probably get credit faster in the state I'm moving in down the line. But if I HAVE to, I WILL make the 8+ hour drive to get to a branch to sign paperwork if we are unable to do so through a courier. Some people might think that's insane but I'd rather have *some* credit right away rather than waiting 1 or 2 years to get going. We don't want to live in DH's parents basement forever

You're assuming you'll alway do everything through RBC then (at least until your credit is established in the US)? What happens when you need a car loan or mortgage and you're not going through RBC....you may find yourself in the same boat as everyone else where your good Cdn credit doesn't matter and your US credit isn;t quite established

I think RBC is very helpful, but seems to me it's putting all the proverbial eggs in 1 basket.

[pocheros 101]

You're assuming you'll alway do everything through RBC then (at least until your credit is established in the US)? What happens when you need a car loan or mortgage and you're not going through RBC....you may find yourself in the same boat as everyone else where your good Cdn credit doesn't matter and your US credit isn;t quite established

I think RBC is very helpful, but seems to me it's putting all the proverbial eggs in 1 basket.

That's true, I guess what you're saying is you just open an account there so your credit is established. Don't most banks charge monthly fees just for letting your account sit though? It's not that I mind paying the fees, it's just making sure they can get paid.

Money is complicated! I think I see what the point of RBC is now though...

Edited August 24, 2011 by pocheros