How did you bring in your $ when entering the USA? (I'm a K1 if relevant)

[Jared&Roxy 20]

Was it in USD or CAD? 

Was it in bills or check or other?

Did you take all of it or leave some in Canada?

What did you do with the money you left in Canada?

ETC

[Loren Y 2,755]

You are more than welcome to bring all your money in US dollars, Canadian, gold, silver, diamonds, check, any negotiable instrument. If the value is over 10,000 US dollars you just have to declare it on the entry form ( There is a specific question about this). I have brought 10's of thousands of dollars in cash back into the US with no problems, Just declare it if over 10,000 US. If you don't feel comfortable bringing large amounts with you ( Not sure how much you have) bring just some of it to get started, and then do a wire transfer of the rest after you set up a US bank account, or you could wire it in advance to your significant other if he/she has a US bank account. expect to pay from 20-50 dollars to do this. The best way would be to bring some cash to get started ( Say a few thousand) then bring a cashier check payable in US funds in your significant others name, and as soon as you get here deposit it into their account. will take 5-7 days for the funds to be available, but it will be the most cost effective way to do it other than just carrying the money with you. A cashier check is usually free at some banks, or 7-10 dollars or so.

 

As a note it may be a good idea to keep your old bank account open for a few months with some money in it in case there are final bills you need to pay, it will be easier from your local account. then you can just call and have them close the account, and send you a final balance check to your new address.

Edited January 19, 2020 by Loren Y

[Jared&Roxy 20]

2 minutes ago, Loren Y said:

You are more than welcome to bring all your money in US dollars, Canadian, gold, silver, diamonds, check, any negotiable instrument. If the value is over 10,000 US dollars you just have to declare it on the entry form ( There is a specific question about this). I have brought 10's of thousands of dollars in cash back into the US with no problems, Just declare it if over 10,000 US. If you don't feel comfortable bringing large amounts with you ( Not sure how much you have) bring just some of it to get started, and then do a wire transfer of the rest after you set up a US bank account, or you could wire it in advance to your significant other if he/she has a US bank account. expect to pay from 20-50 dollars to do this. The best way would be to bring some cash to get started ( Say a few thousand) then bring a cashier check payable in US funds in your significant others name, and as soon as you get here deposit it into their account. will take 5-7 days for the funds to be available, but it will be the most cost effective way to do it other than just carrying the money with you. A cashier check is usually free at some banks, or 7-10 dollars or so.

Thanks! Any fees from customs for bringing over 10K?

[Loren Y 2,755]

1 minute ago, Jared&Roxy said:

Thanks! Any fees from customs for bringing over 10K?

There is no fees to bring over 10,000 US dollars. Just to be safe, and I have only been asked for proof of where the money came from once, keep your withdrawal slip from you bank account at your old bank so you can show where the money is from easily( If they ask). It will be pretty apparent you are obviously moving here to live with a K1, so having your money with you is expected, and shouldn't raise any questions.

[Lemonslice 4,841]

Depending on how much money you want to transfer, using a broker might be worth it. 

A few points on the exchange rate can end up costing you a big chunk... 

Take the time to compare the rates, service fees, etc.

-

 

Personally, kept some in Canada, transferred the rest electronically. 

[Loren Y 2,755]

1 minute ago, Lemonslice said:

Depending on how much money you want to transfer, using a broker might be worth it. 

A few points on the exchange rate can end up costing you a big chunk... 

Take the time to compare the rates, service fees, etc.

-

 

Personally, kept some in Canada, transferred the rest electronically. 

If you are looking for low fees and a good rate for the exchange and transfer as mentioned. I recommend Transferwise. Google it up, you can do a one time transfer, or I actually set-up an international account with them. no cost, and I can transfer and convert money into 100's of different currencies in any amount with the click of a button. But they are probably the best rate for exchange and transfer of money I have found.

[Lil bear 4,216]

28 minutes ago, Jared&Roxy said:

Was it in USD or CAD? 

Was it in bills or check or other?

Did you take all of it or leave some in Canada?

What did you do with the money you left in Canada?

ETC

Transferred using OFX/Forex

Left less than $10,000 USD in home country bank, thus avoiding FBAR filing 

[Crazy Cat 41,865]

Bank wire of some kind to a US bank is the safest way, imo.......avoids carrying around a lot of cash.......

[geowrian 22,337]

For "little" amounts, carrying it by hand is probably best. As noted, if it's over $10k, it must be declared. Declaring it has no fees or fines or taxes...they just want to be sure it isn't from illegal purposes.

After that, bank transfers are usually the best way to go.

If you have a "lot" of money to transfer, using an agent may be best to get the best rate.

[skaratso 84]

My wife has a RRSP that she is leaving. It doesn't have a whole lot in it, but it is several thousand. She also has a small savings account left in Canada for her student loans and a Canadian credit card that gets payments deducted from regularly. Her bank is with Royal Bank of Canada because they have a US bank called RBC Bank. She has a personal account on the US side with them and they can do "North to South" and "South to North" transfers (with less of a spread between interest rates and saving a little money that way). Once the loans are paid off she'll probably close the Canadian savings account and then just maintain the RRSP until she gets to retirement age and can withdraw the money without penalty.

[NikLR 13,227]

27 minutes ago, skaratso said:

My wife has a RRSP that she is leaving. It doesn't have a whole lot in it, but it is several thousand. She also has a small savings account left in Canada for her student loans and a Canadian credit card that gets payments deducted from regularly. Her bank is with Royal Bank of Canada because they have a US bank called RBC Bank. She has a personal account on the US side with them and they can do "North to South" and "South to North" transfers (with less of a spread between interest rates and saving a little money that way). Once the loans are paid off she'll probably close the Canadian savings account and then just maintain the RRSP until she gets to retirement age and can withdraw the money without penalty.

Leaving an RRSP has it's own tax implications you'll have to look into as well. 

[skaratso 84]

3 minutes ago, NikLR said:

Leaving an RRSP has it's own tax implications you'll have to look into as well. 

Yes. She explored all of her options with an accountant familiar with both US and Canadian tax law, both before and after she moved here and she decided to just leave it be for now. 

 

For instance, both her RRSP plus her Canadian savings account together have amounted to more than $10,000 US the last two years, so we've had to do an FBAR. But as her loans get paid off her savings balance has declined and this year the combined balance has finally gotten to below $10,000, so this should be the last year we'll need to file an FBAR.

Edited January 21, 2020 by skaratso

[dlmb 5]

I bank with RBC and have had a US-based account with them for years (went to school in US back in 2012-2015). RBC in the US is a virtual bank, but I can withdraw at PNC Bank when I am stateside. TD CanadaTrust also has the same US banking availability and they do have physical banks in some states. All you need to do is transfer from your Canadian account to your US account. This makes it safer than carrying a lot of cash with you when you move.