Transferring funds between RBC account and US credit union

[ashoparkes 14]

Hello everyone!

I moved from Canada to the US on a K1 visa at the end of January 2022. Before I left, I set up a cross-border banking account and credit card with RBC (has worked great so far, definitely recommend as an option for moving funds from Canada to US and vice versa).

 

Last week I went with my husband to set up a joint bank account so that we can pay bills etc., from that account. We set it up at the credit union where he has his chequing/savings accounts set up Safe CU in California).

I'm looking for advice on how people have handled moving funds from a cross-border banking account to a US account such as the joint account I set up with my husband. From what I understand, e-transferring isn't an option as it is in Canada (at least, with the same level of simplicity?). I think I can set myself as a payee in each account as if I was setting up for paying a bill, but I'm not sure if that's the best approach. Any advice is appreciated! Thank you in advance!

[Mike E 11,739]

Can’t speak for RBC but CIBC has specific services for letting one transfer money to a U.S. bank account. It works well for up to 5 figures.  For 6 figure transfers I just call my CIBC banker to wire the money.  

[JP John 65]

Not sure but TD I am able to do it online from a Cdn TD to TD Bank here in a matter of a minute or so.

[ruagod 0]

Up until a few years ago, when the US implemented new regulations governing international ACH (bank-to-bank) transfers it was easy to do normal transfers from a US-based bank to a foreign bank (in my case from my E*Trade bank account to my Bangkok bank account in Thailand using the routing number of the New York Bangkok bank branch and my Thailand Bangkok bank account number).  I *assume*, but do not know for sure, that those new rules apply for transfers in the opposite direction.  In order to do such transfers, the bank/credit union/brokerage needs to support the "International ACH" format.  As of the last time I checked, E*Trade does NOT support International ACH transfers.  You'll have to contact RBC to see if they do (or maybe it's not required for transfers coming *into* the US).  In any case, wire transfers work quite well, but at a cost (E*Trade charges $25 per transfer), whereas ACH transfers are free.  It would probably be easy to try doing an ACH transfer for a small amount ($1) from your RBC account to your joint account here in the states.  If it works, you're golden.  If it doesn't, then you'll know.

 

One other thing.  The first time I did an ACH transfer from my US bank to my Thailand bank it failed because the name on the two accounts didn't match exactly (one had middle initial, the other had middle name).  I had to go to the bank in Thailand and sign a form stating that both names were for the same person (me).  I subsequently changed the name on my US bank account to match the name on my Thailand bank account so that wouldn't ever be a problem again.