Switching CAD to USD

[Maizie 3]

Hey guys, I should be getting my passport returned next week and am planning my immigration to the states for January! I have decided to keep my Canadian bank account open for the time being because I think it makes the most sense but obviously I am going to transfer almost all of my money to a new account when I open one in the USA. Does anyone know what the easiest way would be to transfer all of my CAD to USD? should I do anything before I make the move or wait till my new account is opened? thanks 🙂

[JeanneAdil 6,511]

when u get the SS # u can be added to account (or open one)  and then transfer easier than sending to your spouse

[RPete 73]

3 hours ago, Maizie said:

Hey guys, I should be getting my passport returned next week and am planning my immigration to the states for January! I have decided to keep my Canadian bank account open for the time being because I think it makes the most sense but obviously I am going to transfer almost all of my money to a new account when I open one in the USA. Does anyone know what the easiest way would be to transfer all of my CAD to USD? should I do anything before I make the move or wait till my new account is opened? thanks 🙂

Pay pal to your husband is the easiest. I still have a CAD account for trips back home 

[Maizie 3]

21 minutes ago, RPete said:

Pay pal to your husband is the easiest. I still have a CAD account for trips back home 

I was thinking this might be the way I have to do it, thanks!

[WeekendPizzaiolo 47]

On 12/17/2021 at 12:22 PM, Maizie said:

Hey guys, I should be getting my passport returned next week and am planning my immigration to the states for January! I have decided to keep my Canadian bank account open for the time being because I think it makes the most sense but obviously I am going to transfer almost all of my money to a new account when I open one in the USA. Does anyone know what the easiest way would be to transfer all of my CAD to USD? should I do anything before I make the move or wait till my new account is opened? thanks 🙂

Try researching TransferWise (Wise.com). They have pretty competitive currency conversion rates.

[mel4 9]

I would suggest using Wise formerly known as Transferwise. They have an app that is simple and transparent to use. 

[mam521 2,063]

On 12/17/2021 at 2:22 PM, Maizie said:

Hey guys, I should be getting my passport returned next week and am planning my immigration to the states for January! I have decided to keep my Canadian bank account open for the time being because I think it makes the most sense but obviously I am going to transfer almost all of my money to a new account when I open one in the USA. Does anyone know what the easiest way would be to transfer all of my CAD to USD? should I do anything before I make the move or wait till my new account is opened? thanks 🙂

Which Canadian bank do you bank with?  RBC and TD offer full service, cross border banking packages.  I highly recommend taking advantage of this option for a couple of reasons: 

1. You have no credit history in the US. You can often qualify for a US credit card from your Canadian credit and then add your SSN once you receive it. It will allow you to have a CC with a higher credit limit (barring good credit in Canada) without having to rely on your partner to gain credit. 

2. You can have a US bank account before you enter the US.  Some people have been harassed by US banks if they don't yet have their physical green card or SSN.  It's usually the social that causes issues.  

3. You can easily transfer money across the border without fees.  My child support is paid to me in Canada and I cross border transfer it with no fees.  It makes it easier for family to give my kids gift money, too.  

 

If you move more than $10K at a time, the banks are going to call you and ask what's up.  

 

Don't forget to file your FBAR if you have retirement savings accounts or other Canadian savings and investments.  

[waterlooengineer 30]

Has anyone tried opening up a bank account without SSN while being in the USA on visit?

[mam521 2,063]

On 1/10/2022 at 11:01 PM, waterlooengineer said:

Has anyone tried opening up a bank account without SSN while being in the USA on visit?

B1/B2 visitor?  Unlikely to happen.  Bank will ask to see your passport or green card and will want to see that you have legal status beyond a visitor. 

 

Maybe a small bank or credit union might, but the IRS wants you to pay up and the US doesn't want any funky money laundering going on (The Patriot Act).  

[waterlooengineer 30]

On 1/12/2022 at 10:27 AM, mam521 said:

B1/B2 visitor?  Unlikely to happen.  Bank will ask to see your passport or green card and will want to see that you have legal status beyond a visitor. 

 

Maybe a small bank or credit union might, but the IRS wants you to pay up and the US doesn't want any funky money laundering going on (The Patriot Act).  

 

Information for everyone. I went to TD yesterday. Showed them my Canadian Drivers License and Passport and was able to open a bank account with no issues. 

They even linked my TD Canada Trust with TD US bank account. 

[Leeching Spouse 87]

1 hour ago, waterlooengineer said:

 

Information for everyone. I went to TD yesterday. Showed them my Canadian Drivers License and Passport and was able to open a bank account with no issues. 

They even linked my TD Canada Trust with TD US bank account. 

Yup I was going to suggest TD as I was able to open an account with them over the phone. Only drawback is that they are primarily based in the Eastern parts of USA only.

[Leeching Spouse 87]

On 12/17/2021 at 3:22 PM, Maizie said:

Hey guys, I should be getting my passport returned next week and am planning my immigration to the states for January! I have decided to keep my Canadian bank account open for the time being because I think it makes the most sense but obviously I am going to transfer almost all of my money to a new account when I open one in the USA. Does anyone know what the easiest way would be to transfer all of my CAD to USD? should I do anything before I make the move or wait till my new account is opened? thanks 🙂

I am going to suggest looking into performing Norbert's Gambit, especially if you are looking to convert large amounts of money.

 

For a short delay of <5 days, you could potentially save yourself thousands of dollars. Search Google or YouTube if you are unfamiliar with this concept.