Hi everyone ,
I have plan to moved to vancouver in Jan 22 . i already received my PR approved through family sponsorship to Canadian citizen. currently reside in US and has a USD bank account… i wish to know how can i transfer money to a Canadian account (any suggestion on bank , process involved etc)
any suggestion will be helpful. !!!
You can use any 3rd party platforms like Xoom, Western Union, Transferwise, Remitly etc.
I primarily use Transferwise as their exchange rates are higher than banks even after their transfer fees.
Or you can open a USD bank account in any of the major Canadian banks (BMO/TD etc.) and just deposit a cheque/bank draft from your US account into your USD based account in Canada.
Or just go to your US based bank and they can initiate a wire transfer. Make sure to negotiate the currency exchange rate when leveraging the last option.
Wire transfers work but fees are expensive (For example CIBC charges CAD$50 for up to $50K transfer).
The cheapest I found is to set up a Canadian bank account with both CAD and USD accounts. You can then just deposit a US check into the USD account. Then, somebody local like CIBC they can get the banks’ best rate for you. (At CIBC they set you up with a personal advisor who can get you much better rates than just using the app).
I didn’t know about Wise. Wise looks really good.