question about currency transfer Canada/USA

[JustBreathe 22]

I am just wondering how I would go about transferring my money from my Canadian bank account when I move to the USA. I will have sold my house and will have the money from that as well as whatever else I am bringing from other accounts.

How do people do this?

Thank you

[Dallas47 2]

you need to have a US social security number to open a bank account here. once you have it you can do a wire transfer but it will cost money to do that, I would just open the new account and write a check to yourself and deposit it in the new account. after it clears close the old account.

[ricnally 258]

you need to have a US social security number to open a bank account here. once you have it you can do a wire transfer but it will cost money to do that, I would just open the new account and write a check to yourself and deposit it in the new account. after it clears close the old account.

cheques can take forever to clear from Canada (could be months). I'm bringing mine as a bank draft. Ask your bank about it.

[carocaro 22]

I got a *way* better exchange rate using the Western Union Business dollar exchange for my money after my Canadian house sold, compared to what TD Bank offered me. Like talking 3% better!! Who would have thought? My mortgage broker in Calgary gave me the contact. Ask around.

[ricnally 258]

I got a *way* better exchange rate using the Western Union Business dollar exchange for my money after my Canadian house sold, compared to what TD Bank offered me. Like talking 3% better!! Who would have thought? My mortgage broker in Calgary gave me the contact. Ask around.

and then how did you bring it over the border?

[carocaro 22]

They can either give you a US bank draft which is accepted immediately at any bank here in the USA or if you had an account you are wiring it to, ie. husband, you can send it directly in a day that way. Talk to Western Union Business.

and then how did you bring it over the border?

[carocaro 22]

Oh - should have clarified that I stopped and went in to USA Customs and Immigration figuring that I had over $10000 and had to declare it just like the forms at the border crossing say...and no, they were clear that I didn't have to in this case. Bank drafts are traceable unlike cash. But it made me feel better that I had the discussion with them. I had to put up with their humour "oh if you needed a husband, you should have picked me!" hardy har har *gag* but for what I saved not playing the bank rip off exchange rate it was all worth it.

[ricnally 258]

Oh - should have clarified that I stopped and went in to USA Customs and Immigration figuring that I had over $10000 and had to declare it just like the forms at the border crossing say...and no, they were clear that I didn't have to in this case. Bank drafts are traceable unlike cash. But it made me feel better that I had the discussion with them. I had to put up with their humour "oh if you needed a husband, you should have picked me!" hardy har har *gag* but for what I saved not playing the bank rip off exchange rate it was all worth it.

so you just brought in a stack of cash?

[hikergirl 277]

you need to have a US social security number to open a bank account here. once you have it you can do a wire transfer but it will cost money to do that, I would just open the new account and write a check to yourself and deposit it in the new account. after it clears close the old account.

This isn’t true. You don’t need a SSN to open a US account.

OP: You can open a US TD Bank Account and/or an RBC USA account from Canada. TD you can do over the phone and RBC at your local Canadian Branch.

Both banks give you the ability to just transfer the money across the border either way.

You’ll want to leave at least one Canadian account open for your government refunds and/or EI payments.

[TrevorK 0]

RBC can open a US bank account for you and you can even link the US and Canadian accounts (single sign on between the accounts when you bank online) seamless instant transfer back and forth electronically at very reasonable rates.

[JensJrny2Ray 367]

I am just wondering how I would go about transferring my money from my Canadian bank account when I move to the USA. I will have sold my house and will have the money from that as well as whatever else I am bringing from other accounts.

How do people do this?

Thank you

I haven't scrolled down, so not sure if someone mentioned this, but get a Royal Bank account and then get a RBC USA account. You can manage your money online and have all your accounts linked so you can easily transfer money with no waiting periods. Just give them a call and they'll hook you up. I should add, you do NOT have to have a SSN to do this. I just did it last week, and I'm planning to move at the end of the month.

Edited March 8, 2013 by JensJrny2Ray

[carocaro 22]

lol NO way on carrying cash. I brought back a bank draft for the whole amount and got a way better rate than any of the banks offering US accounts. Do some work, talk to your bank and call around.

Best of luck :-)

so you just brought in a stack of cash?

[Krikit 1,164]

Moving from K-1 Process to the Canada Regional Forum. Lots of threads on this there.

[ricnally 258]

This isn’t true. You don’t need a SSN to open a US account.

OP: You can open a US TD Bank Account and/or an RBC USA account from Canada. TD you can do over the phone and RBC at your local Canadian Branch.

Both banks give you the ability to just transfer the money across the border either way.

You’ll want to leave at least one Canadian account open for your government refunds and/or EI payments.

Good to know. I was not aware RBC had this option. thanks!

[Flames9_RN 358]

At 1 time I would have recommended Customhouse--but since they have been bought out by Western Union----I'm pretty sure the rate of exchange has decreased. But if your transferring a large sum of $$$ it is in your best Interest to see who offers you the best rate--which can probably be done over the phone.