Transferring Money to/Paying Bills in Canada

[twin810s 23]

I know there are topics that have covered this, but most, if not all, seem to be quite out of date (5-7 years old), and I'd like a fresh perspective.

Transferring money to pay me Canadian debts hasn't been an issue thus far, as I have both Canadian and American TD accounts, and I can transfer oodles of cash back and forth for free (less premium bank exchange, of course), and usually receive it same day (next business day at the latest). The issue now is that I've just started a new job, and this dude still pays by paper pay cheque (who doesn't use direct deposit nowadays anyway? He actually asked if I preferred cash...). The closest American TD Bank branch where I could deposit said cheque is hundreds of miles and several states away, so that's not feasible. I could open another, more local bank account and deposit there, then transfer from that account to Canada, but that generally costs big money and takes 3-5 business days or more. Transferring from local US account to US TD account is possible, but there are 3-7 day wait times, and I'd imagine that it would cost as well, albeit less than sending direct to Canada.

Does anyone have experience with this? I need to be able to transfer money fast and free(ish) from an American account back to Canada. I know processing times don't seem like much, but it could be the difference between a payment being made on time or late, and I can't afford, nor do I have any desire to burn my financial bridges back home.

[Rob L 3,811]

He prefers to pay in cash? Interesting

RBC allows deposit by phone app or scanner, that might work

http://www.rbcbank.com/help-and-faqs/about-making-deposits/u-s-remote-deposit/index.html

Make deposits using your smartphone
or computer and scanner.

U.S. Remote Deposit is an easy way to make deposits no matter where you are. It is a convenient, secure, and free way to use your smartphone — or your personal computer, scanner, and internet connection to deposit U.S. dollar checks drawn on U.S. banks into your RBC Bank checking or savings account.1

[Sylea 30]

I'm not sure where you are, but I think RBC's cross border account links to PNC bank as their correspondent bank. You may be able to deposit in a PNC bank account and then transfer to your RBC CAD account, but I'm not sure.

I'm in the process of investigating the RBC Cross Border account for myself, as I'd be in the same position as you.

Do you have trusted family or friends who would deposit to your Canadian account for you if you sent them a cheque drawn on your US bank account?? That might be another option, though would take longer with snail mail.

There's always Paypal too, though of course there's associated fees, but I think they're less than wiring money.

[twin810s 23]

He prefers to pay in cash? Interesting

RBC allows deposit by phone app or scanner, that might work

http://www.rbcbank.com/help-and-faqs/about-making-deposits/u-s-remote-deposit/index.html

Make deposits using your smartphone

or computer and scanner.

U.S. Remote Deposit is an easy way to make deposits no matter where you are. It is a convenient, secure, and free way to use your smartphone — or your personal computer, scanner, and internet connection to deposit U.S. dollar checks drawn on U.S. banks into your RBC Bank checking or savings account.1

Interesting, indeed...

I was hoping to avoid opening another Canadian account, or abandoning the bank I've been with my entire life in Canada. This is, however, an appetizing solution, and one I'll weigh. Thanks!

[twin810s 23]

I'm not sure where you are, but I think RBC's cross border account links to PNC bank as their correspondent bank. You may be able to deposit in a PNC bank account and then transfer to your RBC CAD account, but I'm not sure.

I'm in the process of investigating the RBC Cross Border account for myself, as I'd be in the same position as you.

Do you have trusted family or friends who would deposit to your Canadian account for you if you sent them a cheque drawn on your US bank account?? That might be another option, though would take longer with snail mail.

There's always Paypal too, though of course there's associated fees, but I think they're less than wiring money.

I could mail cheques to my mom and have her do it, but a) I don't want to risk them getting lost, delivery times, etc; and b) I don't want to put her out for the next several years doing that. I thought about PayPal too (even for my company to pay me in a 'direct deposit' manner) but it comes down to fees and processing times. I'd rather not get hung up on all that.

I called around last night and discovered that I can actually link my Chase account (once I open one this weekend) to my American TD account, transfer money between them, and then do the TD cross-border wire transfer from there. It's all done online (or smartphone), free, and, if I can get it it done in the morning, all should be taken care of same day. Worst case scenario, I'm looking at next business day. I think this is my best solution, as my wife already banks with Chase, so we can get our joint banking taken care of, and it seems to be a simple solution for the Canadian banking.

[twin810s 23]

Oh, and FYI: One can wire directly from their US bank account to their Canadian bank account, however the latest info I found on here said, in regards to Chase, it was $20 per transaction. It is actually $40 (online or via Chase smartphone app) or $45 (in branch, in person) now. I think some Canadian banks may even charge a fee to receive the funds too. They'll get you wherever they can...

[Sylea 30]

Thanks for the info on the TD account, I may investigate that as well. My husband banks with PNC, so we're in a similar situation.

And yes on the fees - the receiving (or correspondent bank) takes a fee off when wired funds come in, usually $10 - $15. And the outgoing charge is usually between $30-$50. Wires are same day (depending what time you send them) provided you have all the correct routing numbers.

And yes, I've been working for one of the 'Big 5" Canadian banks for over 28 years, (not TD or RBC) and ran the foreign exchange desk for over 10 years. LOL

Peace.

[chunky 2]

Use something like xe.com

I use it transfer money between cdn and us bank accounts. Takes about 2-3 days and you get the live rate, not the daily rate plus 1.5%+ most banks charge. You can choose there options to transfer: ach, wire or eft. Eft is free. Pretty straighforward.