Most advantageous bank for Canadian Expats?

[CanadianSLP 0]

Hi all,

 

Planning a move to the US (Maine) for work soon (E2 Visa) I'm looking to hear from fellow Canadians about the most advantageous US bank to open an account with. I've even considered continuing to use my BMO US Dollars account, as my stay in the US may only be a year. I've looked at Charles Schwab for its exceptional ATM flexibility, but Capital One is also looking good for foreign exchange. Any thoughts?

[NikLR 13,227]

I used RBC.  You can open Canadian and US accounts.  They will allow you to open an unsecured credit card in the USA based on your Canadian credit as well. 

 

Others have used TD. 

[Lemonslice 4,859]

American bank with no international transaction nor ATM fee will beat any Canadian bank and actually pay some interests on top of it. The ones you've listed are good picks. 

 

My credit union is giving me 3.9% on my checking account until $10k.  So I use that when in the USA, credit when abroad.

[CanadianSLP 0]

Thanks! Much appreciated

Edited August 20, 2017 by CanadianSLP

[Udella&Wiz 325]

On 8/19/2017 at 9:56 PM, NikLR said:

I used RBC.  You can open Canadian and US accounts.  They will allow you to open an unsecured credit card in the USA based on your Canadian credit as well. 

 

Others have used TD. 

This is the single biggest sticking point many of us find.....being able to open a credit card when you have no US credit. It may be advantageous to your future if you do. presumably you'll need to write checks for rent or other items...and Canadian checks won't be easily accepted, if at all.

 

Hands down - US banks in my experience have fewer fees (or rather none depending on your situation) and you can use debit literally everywhere (hello $1 egg mcmuffin!)....so ATM flexibility may not be as huge as you think (depending on how you bank). I deposit checks online with a banking app - literally never set foot in a physical bank. 

[NikLR 13,227]

I only go into banks in the usa for work, never for personal banking.  We use usaa as our joint bank and I use RBC usa as my personal savings and credit card.  I couldnt walk into either one if I wanted! 

[dburnt 59]

I use TD (Canada Trust) (always did use it in Canada anyway).  TD bank is, however, limited to the east coast in the US.  I like the convenience of being able to transfer money back and forth between the countries by phone (I get reimbursed for family business and they still do it in CDN dollars).  I have my RRSP there as well, and some investments.  TD USA gave me a credit card based on the TD Canada history which was a huge benefit, and I've had no issue with bill payments or pulling from PayPal.

 

What I dislike about the US bank is  1) that it has limited branches and I have to drive 20 minutes to the closest, but the one I deal with has amazing staff.  2) unlike the Canadian bank, the US one does not deal in any investment accounts (i.e. no mutual funds) (I don't know if this is just them, or if that is true of all banks in the US).

 

I would also suggest checking into the extra fees...that is different down here.  Example, I was shocked that I was charged a fee for direct deposit from my insurance company reimbursements at the Credit Unit my husband uses.  Perhaps regular DD is different, but my pension goes into the TD without any fees.