Best Way To Move Money To US?

[Found Frolicking 1]

We're planning to leave the day after we get our visa in hand post-interview. There's a lot of options for moving CAD funds to the US. Which did you use and why? What did it cost? I'm tempted to wire everything directly from our bank account, but concerned about the cost since they won't even tell me the fee because it "depends on the amount." We could also withdraw it all from the bank and take the cash across the border and deposit right away (doesn't seem smart to travel with cash since we're driving). And last option I know of is to convert it all into traveler's checks and then deposit into my US bank account. Then of course there's exchange rate and currency exchange fees to consider. Would love anyone's input! Thank you!

[Dualie 185]

I am no where close to this step, but I opened an RBC account with an RBC US account. They are two separate accounts which are linked. The US account is administrated in the state of Georgia and the account is an American account. I simply transfer funds from one account to another, and the money is transferred instantly. I have also linked a Wells Fargo account to the RBC US account.

I would not withdraw all your money and carry it (regardless of the amount). It's just too risky, ie..theft, loss. You can only carry $10000 across the border legally also.

I know others have posted that the TD Bank also has US banking available. I would try those options. I know for me, the RBC has worked wonders so far, and that is how I am going to move my money. I can also receive Canada Pension and EI through RBC and transfer funds as I need them.

[GermanCanadian89 7]

Cash and Paypal.. Whatever route you go, someone will take their cut. Either the bank, exchange, wiring... They have to make their money some how...

[Dualie 185]

Cash and Paypal.. Whatever route you go, someone will take their cut. Either the bank, exchange, wiring... They have to make their money some how...

You are so correct! I have found that the fees with both RBC and Wells Fargo are minimal, a couple of dollars at most. I have the peace of mind knowing the money is within my small little network between Wells Fargo and RBC. The money is insured all the way.

Of course you should research and choose whichever way you feel most comfortable moving your funds.

[GermanCanadian89 7]

I actually found paypal the cheapest. I still have my student loan to pay off, and I send the money through paypal, and they don't take a cut if you're sending to family/friends. The only thing is their exchange is kind of crappy.

I did western union, and it was 50+ dollars to send 300. And the bank wanted way more since it's considered "international".

[Flames9_RN 358]

Actually u can carry zillions of cash across the border---u just have to declare it. If its a small amount of $$$, just leave it in ur Cdn account and then use ones debit card to take it out in the USA.......When its larger amounts of $$$, one should do their homework. Some banks will cash ur Cdn cheque (if you can find a competent bank teller,lol) some wont charge any fees, but give a sub-par exchange rate. Others may charge a fee, but give a superior exchange rate, which could actually be better. This has been discussed many times, so a search should come up with a fair number of hits! At one time CustomHouse--out of Victoria was awesome! But then they got bought out by Western Union, and the rates were no longer that great. Havent checked them in a long time, so not sure if their rates have stayed crappy. Best of luck

[Tater&Bugger 3]

I did a $60k wire transfer through ING Direct (now called orange or tangerine or something) once and it only cost $30. If the amount is less than $1000, I usually just write myself a cheque. They charge me a $2 fee and don't hold anything under $1000

[mrs thb 331]

i believe there was some talk about this in the nvc for canadians thread which is also found on this forum. you might want to check it out. as Flames_RN said, there's a lot of discussion on these forum about it.

i plan on leaving mine in my account and just withdrawing via bank card whenever. td canada trust is good with waiving debit fees if you ask. at least my branch is.

[Dualie 185]

Actually u can carry zillions of cash across the border---u just have to declare it. If its a small amount of $$$, just leave it in ur Cdn account and then use ones debit card to take it out in the USA.......When its larger amounts of $$$, one should do their homework. Some banks will cash ur Cdn cheque (if you can find a competent bank teller,lol) some wont charge any fees, but give a sub-par exchange rate. Others may charge a fee, but give a superior exchange rate, which could actually be better. This has been discussed many times, so a search should come up with a fair number of hits! At one time CustomHouse--out of Victoria was awesome! But then they got bought out by Western Union, and the rates were no longer that great. Havent checked them in a long time, so not sure if their rates have stayed crappy. Best of luck

Lol! Yes you are right, one can carry whatever amount you want as long as you declare it. Long day yesterday and I was tired when I posted, I should have elaborated. Thanks Flames, I was hoping someone like you would chime in with your wisdom!

OP, I guess I was trying to make the point that if you will be having recurrent payments from, say, CRA, EI or CPP, that (in my humble opinion) the most convenient way would be through automatic deposit into a Canadian account which is linked to a US account. But, as Flames9_RN has said, there is lots of discussion on here where you can pick up tid bits of info that will apply to you. Good luck!

[Rob & Monika 87]

Lol! Yes you are right, one can carry whatever amount you want as long as you declare it. Long day yesterday and I was tired when I posted, I should have elaborated. Thanks Flames, I was hoping someone like you would chime in with your wisdom!

OP, I guess I was trying to make the point that if you will be having recurrent payments from, say, CRA, EI or CPP, that (in my humble opinion) the most convenient way would be through automatic deposit into a Canadian account which is linked to a US account. But, as Flames9_RN has said, there is lots of discussion on here where you can pick up tid bits of info that will apply to you. Good luck!

Just remember that some of those recurring payments you become ineligible for once you move to the states, and if you continue to receive them, you may have to pay it all back. GST/HST tax credits is one of those things you will have to pay back if you don't notify the CRA of your departure immediately.

[kc247 22]

I have used Paypal when I need to transfer something to our US account. I have just kept my Canadian TD account, I didn't bother with the cross border one, I can use my debit here without any extra fees, other than the fact that it is Canadian $ I'm using to buy US stuff. I mainly kept it so I could use it for my EI payments, & my student loan.

[GermanCanadian89 7]

Just remember that some of those recurring payments you become ineligible for once you move to the states, and if you continue to receive them, you may have to pay it all back. GST/HST tax credits is one of those things you will have to pay back if you don't notify the CRA of your departure immediately.

Speaking of notifying them of depature.

I mailed them that form, and I still recieved a HST, I told my mother to mail it back but also. Do they mail anything back confirming that they received the form or that they're aware of the depature?

[Rob & Monika 87]

Speaking of notifying them of depature.

I mailed them that form, and I still recieved a HST, I told my mother to mail it back but also. Do they mail anything back confirming that they received the form or that they're aware of the depature?

I would call them and notify them as well at this point. Some people have complained that it takes multiple calls to get them to stop.

[GermanCanadian89 7]

Thanks! I don't understand why we have to pay the gst/hst back. I worked that previous year, I should still be entitled to that cheque. But, it's the govt, they'll take your money whenever they can.

[JustBreathe 22]

i transferred $70,000 from my CAN acct to my USA acct. via a wire transfer from my credit union. They just had me email them a letter requesting it...a with a digital signature attached. It was super easy and cost the daily exchange rate plus $25.00 fee

Now, I just leave the rest of whats left of my Candian money in my CAN acct and use my CIBC visa to pay for things and pay online for it. Works for me, and its easy!