Us dollar Canadian account to move money from US

Moving Here
#1

Folks -

I am looking to open a US dollar account in Canada so that I can transfer money from my US bank account without paying any exchange rate. I opened TD’s US daily and borderless account and both of them didn’t provide me with a routing number which would be needed to transfer money from US bank account. Can you guys let me know which account type should I open and how to transfer my money from US bank account to a US dollar Canadian account?

Also, I am assuming I will have to pay exchange rate when I move it from that account to CAD. Would that have to be through that bank where I will maintain my account or can I use Transferwise/etc. at that time?

#2

US dollar account is what’s used to transfer USD from your US bank account to a Canadian bank.

The routing number is typically “Institution Number” + “Transit Number”. If this turns out to be less than 9 digits, you need to pad a zero at the beginning. Example: TD Bank institution number is 004. Let’s say your transit (or your branch number) is 00102. The routing number in this case would be 000400102.

You would also need the SWIFT code for international transfers. For TD, it is TDOMCATTXXX. Make sure to give your full account number when you do the transfer.

To find your branch’s details, refer to: https://bank-code.net/transit-number/the-toronto_dominion-bank

To your second question, the USD to CAD exchange rate is determined by your US bank at the time of transfer, and they may or may not charge a fee based on how much you are sending. They make money off of the exchange rate spread, so they won’t charge a fee for higher amounts. You could do this through Transferwise for better exchange rates.

However, if you are wire transferring in USD, most US banks charge about $40 or so, and there is a $25K limit per transaction. The beneficiary bank (Canadian) also would charge you a transfer fee, typically $15 or so for receiving the wire.

Hope this helps.

#3

I’m using RBC to maintain a US based dollar account, a Canada based US dollar account, and a Canada based Canadian dollar account.

I directly linked my previous US bank thru online banking to electronically transfer money to my RBC US based account as it’s basically like a domestic transfer in the US. (You can find US routing and account numbers here.) No fees were involved. Then, I have the option to either transfer funds from my American RBC account to my RBC Canada dollar account, or transfer them to my Canada based US dollar account which doesn’t require any currency transfers so prevents any loss there.

Hope this helps!

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#4

I am using exactly the same setup. Works well for my needs.
RBC US USD account , RBC Canada USD account, RBC Canada CAD account

#5

Did you open the RBC US account (not Canada USD account) while you were still in the US?

#6

Check deposits from US Account to Canada USD accounts are free. Only downside is it may take about 2 weeks before you can access your find.

Reiterating on one part of the question that I’m curious about. Can you use transferwise to send money from Canadian USD account to Canadian CAD account?

#7

Thanks everyone. I guess depositing a check would be a safe bet.

#8

I did it while in Canada.
RBC allows the US USD account to be opened from both US and Canada.

#9

Gotcha. I missed the boat on this. The $40 annual fee after the first year is a bit of a bummer though.

#10

Hi @jaysdesk, I am currently in the US and want to open an RBC USD account. Did you open Direct checking account which does not have annual fees and requires only $50 to open?

#11

Hi there @sagarp30 , yes, it is exactly the Direct Checking Account with RBC U.S. Bank. Required only a $50 deposit to open.

#12

Thanks for this information! Just a quick follow up on this query, Does RBC require US address to maintain “USD” account or a Canadian address will do?

Thanks
Appy

#13

RBC USD account can be opened and maintained with a Canadian address only .

#14

Thanks much! Appreciate the response!

#15

Are the rates that they provide to convert USD to CAD quite competitive? Is it whatever is mentioned at https://online.royalbank.com/cgi-bin/tools/foreign-exchange-calculator/start.cgi ?

#16

Dont use rbc to transfer your usd to cad.
Use Transferwise or google Norbert’s gambit.

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#17

When you convert your USD to CAD, RBC will rip you off. They don’t give you the best exchange rates. Go with OFX, one of the best money transfer website for converting your USD to CAD

#18

Norbert’s gambit is your best bet for USD to CAD.
If you want to keep it simple get a quote from https://www.knightsbridgefx.com/ and stick it up to your bank, they will likely match it.

#19

@lamba.satbeer
You need to pay taxes on the profit you get with Norbert’s gambit. Are you aware of it or not?

Btw were you able to open a USD account for it in your Canadian bank online or you had to visit the branch?

#20

if you are transferring 100K+ USD , RBC rates are pretty comparative to transferwise/xoom.
for 250K+ , RBC is better than them.