Where to transfer your money?

[Pupper 5]

Hi there, 

It's a bit hard to contact the banks as it conflicts with my working schedule/my home bank branch manager is on vacation and my fiancé and I really want to move when my 2 weeks is up. I was just wondering how do you go about switching banks? I know you'll need an ID to set up a bank account in the US. But I'm curious on how people are doing it? 

I saw a thread on what services you can use to transfer your funds but not how to actually do it. Do you keep your bank account open until you can go to the states and open a US bank, then call your bank and let them know? I've stayed with the same bank all my life so I'm not exactly sure how this process works. 

Thank you! 

[Adventine 3,196]

You don't have to close your Canadian bank account before you leave. In fact, it's probably to your advantage to maintain bank accounts in your home country and in the US.

 

You can either do wire transfers from your current bank to your US bank, or use a service like Wise.com to transfer  online. Both methods require an active CA bank account to successfully transfer to a US account.

[Pupper 5]

Just now, Adventine said:

You don't have to close your Canadian bank account before you leave. In fact, it's probably to your advantage to maintain bank accounts in your home country and in the US.

 

You can either do wire transfers from your current bank to your US bank, or use a service like Wise.com to transfer  online. Both methods require an active CA bank account to successfully transfer to a US account.

Thank you so much!! 

[Adventine 3,196]

Welcome! Also, I've moved this thread to the forum "Tax & Finances During US Immigration" where similar discussions can be found.

[Mike E 11,739]

31 minutes ago, Pupper said:

Hi there, 

It's a bit hard to contact the banks as it conflicts with my working schedule/my home bank branch manager is on vacation and my fiancé and I really want to move when my 2 weeks is up. I was just wondering how do you go about switching banks? I know you'll need an ID to set up a bank account in the US. But I'm curious on how people are doing it? 

I saw a thread on what services you can use to transfer your funds but not how to actually do it. Do you keep your bank account open until you can go to the states and open a US bank, then call your bank and let them know? I've stayed with the same bank all my life so I'm not exactly sure how this process works. 

Thank you! 

Sounds like you are asking how to transfer money from your bank account in Canada to your bank account in the USA.  
 

Without mentioning specific banks and services, 

 

* some  Canadian banks have online services that let you transfer a certain amount per day to US bank accounts.  My Canadian bank does.  
 

* some Canadian banks will let you do a wire transfer to your US bank account 

 

* you can ask for a US dollar bank draft from your Canadian bank.  Be careful you don’t lose the bank draft   . The bank will be loth to replace it. If you habd carry this draft by commercial aviation get to airport early if it exceeds $10,000 CAD as you must find the land side CBSA office to report it.  If it exceeds $10,000 USD you must report it to CBP at preclearance. There is an online finder form you download and fill out.  You can expect to be sent to secondary inspectio.  

 

* you can write a Canadian cheque to yourself in US funds, and take it to a US bank for deposit.  You can expect lots of head winds with this and you are best going to a down town branch that specializes in foreign currency transactions.  
 

* there are online services that do this.  Again I will not mention specific ones.  

 

* there are well known money transfer services operate in the USA, Canada, and nearly every country of the world in places like grocery stores and cinfneeicr stores.  They l will let you send and receive cash.  There are limits to how much cash one person can send to another per month.  
 

I’ve done it all. For 6 digit transfers I do wire transfers.  For 5 digits transfers I prefer online Canadian bank to US bank transfers.  
 

Another  option is crypto currency.  You buy crpypto while in Canada.  Email it to yourself.  And sell it in the USA.  Keep track of your basis in case the crypto goes up in value while enroute to the USA.  Then you pay US capital gains tax.  
 

My Canadian bank accounts are still open. If you have over $10,000 In foreign accounts you must make an annual FBAR report.  Looking forward to 2022 when I will go the entire year with under $10K and finally end my FBAR night mare.  
 

Also once your Canadian bank realizes you are living in the USA, they will want your US SSN. More FBAR hell.  
 

Oh and my Canadian bank forced 2 factor down my throat and online I could use my USA mobile phone number.  A call to my private banker allowed me to over ride that rule.  

Edited August 12, 2021 by Mike E