What would be the best way to send USD into Canada ?
Is there any limit on the max amount that can be sent at once ?
Arey there any tax/legal implications?
RBC US is the US brank of the Canadian RBC they are a great option to bank with if you need to transfer money. Also, TD has a similar setup or you can just use wire transfers. Check with the bank if they have some kind of limit for safety. It’s legal to transfer your own money.
ok cool. Will check them out.
After you open a bank account with a Canadian bank you can transfer money from your bank to their using wire transfer like you would do from US to any other country (using SWIFT code, account number etc.). Usually there’s additional fee for this. Alternately you could take cash or cash equivalent instruments such as cashiers check, MO etc into Canada yourself and deposit. You have to declare any cash/cash-like instruments if they’re over CAD 10,000.
Has anyone heard about opening US$ bank account in Canada and then transfer money in USD, where a person can deposit a USD check or wire transfer the amount from his/her US account.
any idea how this works ?
@avj@vik
Edit: found this link
What you’re looking for is a Canadian bank account for US persons?
Yes. I know I can always open a checking.savings account with Canadian bank and transfer money from US. However, I came across the above mentioned information and wanted to know more about it. How US$ bank account in Canada is different from regular account with Canadian bank.
I have a US $ account at a Canadian bank, I think it’s for accessing my Canadian money in the US, not the other way round.
I wanted to put this out in this thread about transferring money from US to Canada. The cheapest way I have found when moving funds from US to Canada is by creating a USD account with a Canadian bank and then simply write yourself a check and deposit into that account. This actually costs zero dollars. Your money will have a hold on it for few weeks for large amounts for security purposes.
You can then exchange the USD to CAD whenever you want using a service of your choice. Or you can directly invest in stocks or mutual funds etc in USD itself using any Canadian stock broker.
Also a side note, if you are exchanging large amount of USD to CAD from one account to another at one of the big Canadian banks, their exchange rate will be very good and would probably beat something like transferwise (including all fees) ; let me stress that this is the case only for large amounts.
2 Likes
Curious to know what’s considered as large amount.
Even Transferwise lets you auto transfer based on a certain exchange rate, so you can set it and forget it, and transfer goes through the moment your desired exchange rate occurs. But this again is for large transfers (I think above 20K). I haven’t used this option.
This is good information, if you are trading/investing and you have funds to release from your US bank account this saves money with Conversion fee and transaction fees.
I meant large amounts greater than 100K or 200K USD; the transfer fee is quite a bit for transferwise and the exchange rate given by big banks are pretty good at that range such that the difference is very small, sometimes better. Again I am talking about transfer from USD accounts to CAD account within a Canadian bank, not cross border wire transfers.
Which Canadian did you opened the account to transfer funds from USD TO CAD?
Hi, I’ve come across the arguments for opening USD accounts in Canada in this thread and some others but I’m still quite confused as to why somebody moving from the US would need it. I plan to keep at least one account open along with USD debit and credit cards for when I visit the US after moving to Canada. Also, after calling some Canadian banks to open a CAD account, some banks allow lower transfer fees or RBC allows 2 free per month. Am I missing something?
@Reyrey Opening a USD account in Canada has the benefit of decoupling moving money from the US and converting to CAD- you don’t have to wait for the best exchange rates to move your money, for those of us who plan to close US bank accounts. Secondly, you can make investments in USD in Canada.
1 Like
You might need to pay off some bills or receive some money (in tax returns for eg) in your US account.
1 Like
Isn’t Xoom better option to send money from USA to Canada within few minutes?