Transferring Canadian funds to an American account

[Melyssa 0]

It cost me $20.04 CDN to get $20 USD yesterday. Four cents! (I had $80 USD - needed $20 more for the visa.)

Does anyone know a way I could transfer my funds to my fiance's account without it costing a ridiculous amount of money (or anything, in fact)? I don't see a point in holding a Canadian bank account anymore. I suppose I could take it all out of the bank and just cancel my account, but I would prefer not to have that amount of money on hand or be asked about it at the border. It's not really that much I suppose, in one sense (compared to what most people might have) but in another, it kind of is... I don't even like having $100 on hand!

Five days until my interview!

Edited October 12, 2007 by Melyssa

[Reba 2]

empty the account and have the bank give you a certified cheque or a bank draft for the amount, rather than carry cash.

Or you can have them transfer the funds to your US account, but there will be a wire fee.

[Mephys 2]

I don't know how your bank works, but if you are planning on getting employment insurance (EI) I would suggest you keep your canadian account for direct deposit.

That's what I did, and it cost me like 1.20$ right now to withdraw amounts like 200-300$ and I withdraw the money with my canadian account debit card with no problems here with american banks.

I dunno how others do it, but I found it pretty easy to do it that way

[Melyssa 0]

I don't know how your bank works, but if you are planning on getting employment insurance (EI) I would suggest you keep your canadian account for direct deposit.

That's what I did, and it cost me like 1.20$ right now to withdraw amounts like 200-300$ and I withdraw the money with my canadian account debit card with no problems here with american banks.

I dunno how others do it, but I found it pretty easy to do it that way

That's interesting. I haven't even thought about employment insurance though and don't know if I'll be working or not. I plan to eventually, probably, but the money I earn will be totally shared with my (soon-to-be) husband so that's kind of why I figured it would make sense just to convert it to American funds and put it directly in his account right away since I'm not going to be using it anymore anyway

What are the benefits of employment insurance? I've always withdrawn money of that amount in American banks with my debit card with no problems as well...

Edited October 12, 2007 by Melyssa

[derekkj 0]

Derek still has a car loan back in Canada so we have to transfer $$$ up there every month for the payment. I have found the best (and free!) method for us to be Custom House. http://www.customhouse.com/ Takes a few days to set up, but is completely free, no fees, and offers a decent exchange rate. And let me tell you the rate is killing me right now!

Edited October 12, 2007 by derekkj

[Mephys 2]

I don't know how your bank works, but if you are planning on getting employment insurance (EI) I would suggest you keep your canadian account for direct deposit.

That's what I did, and it cost me like 1.20$ right now to withdraw amounts like 200-300$ and I withdraw the money with my canadian account debit card with no problems here with american banks.

I dunno how others do it, but I found it pretty easy to do it that way

That's interesting. I haven't even thought about employment insurance though and don't know if I'll be working or not. I plan to eventually, probably, but the money I earn will be totally shared with my (soon-to-be) husband so that's kind of why I figured it would make sense just to convert it to American funds and put it directly in his account right away since I'm not going to be using it anymore anyway

What are the benefits of employment insurance? I've always withdrawn money of that amount in American banks with my debit card with no problems as well...

Well it depends if you are eligible, but if you leave a job in Canada to move to the US to get married or be with your spouse, if you were eligible for EI through your job in Canada, you can receive benefits while looking for a job in the US. On a K-1 its for the for 90 days and when you receive your EAD, and for the K-3 it's once you receive your EAD. Only thing is they pay you only in Canadian funds, and I've heard it's more trouble to have them send you cheques in the US and trie to exchange them in a US bank. I found it easy just to have it deposited directly in my Canadian account and withdraw the money myself for a low fee.

I also have some canadian debts that I need to finish to pay, so I am also keeping my account opened for that reason.

[Jeremy + Kristy 0]

I just want to add that I was at an ATM at CIBC yesterday, and in the list of services above it, it said "Deposits" and had a Canadian flag and an American flag. So, I'm assuming that meant it would allow you to deposit into a US account. I have no idea what kind of fees would be involved, and Kristy and I also straddle the border, so that might be why, too.

Also, you can cross the border with less than $10,000 without extra paperwork.

[Melyssa 0]

I just want to add that I was at an ATM at CIBC yesterday, and in the list of services above it, it said "Deposits" and had a Canadian flag and an American flag. So, I'm assuming that meant it would allow you to deposit into a US account. I have no idea what kind of fees would be involved, and Kristy and I also straddle the border, so that might be why, too.

Also, you can cross the border with less than $10,000 without extra paperwork.

Ohh, that's good to know. I wasn't sure if it was $1000 or 10 000. $1000 is still a lot to carry around though

[Allie 5]

I don't know how your bank works, but if you are planning on getting employment insurance (EI) I would suggest you keep your canadian account for direct deposit.

That's what I did, and it cost me like 1.20$ right now to withdraw amounts like 200-300$ and I withdraw the money with my canadian account debit card with no problems here with american banks.

I dunno how others do it, but I found it pretty easy to do it that way

What Mephys suggests is a good idea. My first EI payment was a cheque because I figured a Gov. cheque shouldn't cause a problem getting cashed. Was I wrong! The banks here wouldn't touch it. I then set up direct deposit with the EI online in my bank in Canda and no problems since doing so.

As for the cheque I had to send it to Canada and get it deposited in my bank

[Marilyn. 340]

i kept my account open in Canada but just kept it has a savings account, so I only have fees when I use the account..... I put my mom on the account too.... my mom likes it because it is an easy way for her to send us money for gifts etc.... then I just take the money out here with my ATM card....

[Carlawarla 1]

i kept my account open in Canada but just kept it has a savings account, so I only have fees when I use the account..... I put my mom on the account too.... my mom likes it because it is an easy way for her to send us money for gifts etc.... then I just take the money out here with my ATM card....

I too kept a Canadian Bank Account open. I use it to deposit my EI into. I use it, well, I did use it until I paid it off...to pay my Visa bill with. (Visa in Canada). I still have my Canadian Visa card as well. I have a debit card still too for that account. I might travel to Canada once or twice a year, and I think it will save time and money to still have an account open up there in case I need or want anything to do with banking or money.

Carla

[lynamon 0]

I also left my Canadian account open. EI deposits funds directly into it and once my mastercard is payed off I will transfer the funds into my American account via custom house (not to mention my child support is also deposited into it) .. cashing a Canadian cheque into an American account costs a whole lot more than changing Canadian money into American in Canada. The banks here definitely do gouge.

Just in case anyone is wondering .. I qualified for the maximum amount for EI which is 423 per week less the 106 tax deduction for 36 weeks. I believe that the rules are 55% of your earnings or 423 per week whichever is the lessor of the two.

And also for those single Moms with US fiances ... Child tax credit and GST stop at point of entry

[Zaurok 0]

I don't know how your bank works, but if you are planning on getting employment insurance (EI) I would suggest you keep your canadian account for direct deposit.

That's what I did, and it cost me like 1.20$ right now to withdraw amounts like 200-300$ and I withdraw the money with my canadian account debit card with no problems here with american banks.

I dunno how others do it, but I found it pretty easy to do it that way

That's interesting. I haven't even thought about employment insurance though and don't know if I'll be working or not. I plan to eventually, probably, but the money I earn will be totally shared with my (soon-to-be) husband so that's kind of why I figured it would make sense just to convert it to American funds and put it directly in his account right away since I'm not going to be using it anymore anyway

What are the benefits of employment insurance? I've always withdrawn money of that amount in American banks with my debit card with no problems as well...

Did you still get the fees from the banks (outgoing and beneficiary[spelling])

[Emancipation 2]

I recently went home to Canada and did a few things at my local CIBC branch to make keeping the CDN account open a little easier:

I brought them a copy of my marriage license and had them update the names on all my accounts -

I paid off/combined as many accounts into one as I could

I lowered the unlimited account that I had (like 12$ / month) to a 10 transactions/month account for like $3.50.

Simple, and the whole time they were like - are you SURE you don’t want to talk to a personal banker?? I couldn't seem to make them understand that I LIVED in the US, and really didn't want any more CIBC products

I'm sure you could do a lot of this on the phone as well, i just happened to be home. A few days later they called me in the US and confirmed all the changes, and voila it was done!

I use Custom House to transfer between my US & CDN accounts without any problems!