Transfer money from USA to CAD

[canada_dream100]

Hello guys,

I have migrated to Canada from USA. I wish to bring (transfer) some money from USA chequing account to Canada chequing  account. I have explore online wire transfer (instant transfer) and depositing a USA bank account cheque (take 3-4 weeks to en-cash).

Although USA currency is slightly stronger than CAD, but I am not even getting equivalent CAD & loosing couple of amount.

Is there any way using which I can get equivalent CAD if not more?

Any suggestions?

thanks & regards.

[scylla]

All you can really do is wait for the exchange rates to move in your favour. Note that the exchange rates you see on currency sites are not the same rates as those you'll get at banks and other financial institutions (because banks and financial institutions take a cut for profits).

The two dollars have been moving quite a bit the last several months (sometimes one is higher - sometimes the other). So again, your only real option is to wait and convert the money on a day when the exchange rate is in your favour.

The best way to control the rate at which your money is coverted is to open a USD bank account in Canada (in addition to your CAD account at the same bank) and move the money to Canada in USD. Then when the exchange rates are in your favour, just transfer the money from your USD to your CAD account (if you set things up correctly, you'll be able to complete the transfer online and see what the exchange rate and resulting CAD balance will be before you process the transfer). 

[canada_dream100]

All you can really do is wait for the exchange rates to move in your favour. Note that the exchange rates you see on currency sites are not the same rates as those you'll get at banks and other financial institutions (because banks and financial institutions take a cut for profits).

The two dollars have been moving quite a bit the last several months (sometimes one is higher - sometimes the other). So again, your only real option is to wait and convert the money on a day when the exchange rate is in your favour.

The best way to control the rate at which your money is coverted is to open a USD bank account in Canada (in addition to your CAD account at the same bank) and move the money to Canada in USD. Then when the exchange rates are in your favour, just transfer the money from your USD to your CAD account (if you set things up correctly, you'll be able to complete the transfer online and see what the exchange rate and resulting CAD balance will be before you process the transfer). 

Thanks a lot for sharing this option... will try for same....

thank you +1

[scylla]

Thanks a lot for sharing this option... will try for same....

thank you +1

Any of the big banks should be able to open a USD account for you. My husband (American - now a Canadian PR) has a CAD and USD account with TD and is able to move money easily between the two accounts online.

[krae]

Hello Scylla,

How did TD account work for your husband. I am sorry to bother you. I went to TD Bank today and talked to the Bank Manager in New York City. He said, TD Bank and TD Canada doesn't have a way to transfer the money and even if I opened a new a/c here in US; there was no way for me to access my money once I reach Canada. I'd appreciate your input.

[scylla]

My husband opened both of his accounts in Toronto (not in the US). They are all accounts with TD Canada. He opened two accounts with the Toronto branch - one was a Canadian dollar account and one was US dollar. He transfers money by depositing a cheque from his US bank (in US funds) into his US dollar account in Canada. When the exchange rates are favourable - he then transfers the money from the US dollar account to the Canadian dollar account online.

To the best of my knowledge, you cannot transfer funds online from a bank account domiciled in the US to an account domiciled in Canada due to money laundering legislation (although I think the banks are hoping this will change for customer service reasons). However in my husband's case, both the CAD and USD accounts are domiciled in Canada so he can move money back and forth between the two accounts as he wishes.

Hope this helps and makes sense.