Tips on updating Canadian address with US banks

1

Hi folks,

I have moved to Canada but would like to keep some of my US bank accounts. However, I’ve met trouble updating my Canadian address with them. Usually they don’t allow an international address to be updated online automatically, so I would need to call in and sometimes they still don’t update my address correctly. I’m banking with BofA, Discover, etc.

Any tips you might be able to share?

Thank you!

2

Hello there,
Yes, we looked into this and found out that TD bank allows you to keep your US bank account with Canadian address. Try exploring this option.

Thanks

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3

Well in our case, we opened a savings and checking account with RBC here and with their help, we were able to get a cross-border checking account in RBC US. Once our US account is opened, transferred all our funds from other US accounts to RBC. They have this nice feature that you could transfer funds between US and Canadian accounts without hidden fees and hassle. Hope this helps

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4

Hello,

I was able to update my Bofa address to a Canadian address by logging into their internet banking application. In addition, other banks like Chase and HSBC also allow international addresses including Canada.

I hope it helps.

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5

Does these US based bank accounts have to be reported to CRA while filing taxes?

6

For those banks that don’t allow you to change your address to international/Canada, I would advise getting a US mailing address that can forward your mail. This is a good idea anyways cuz you will probably have mail keep coming for various reasons. We got ours at US Global Mail.

Both RBC and CIBC have US$ accounts that help you transfer $ between US banks and Canadian accounts. You transfer $ from/to US banks to the RBC/CIBC account, then internally. Helps avoid wire fees. I found CIBC to be the better bank.

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