Bank Account Questions

[ss0592]

Hi Guys,

I hope I'm posting in the right forum. Please let me know if another forum area is more appropriate.

So I recently got PPR and am currently in the US. I plan on moving to CA and am just beginning to come to terms with all the logistics. So my question is, what do people do about their bank accounts while moving from US to Canada?
Do you open a TD Bank account in the US and transfer everything there and then open one after landing in Canada? What's the general route people follow? I believe TD is the only option right?
I currently have a BOFA account. Any and all guidance will be greatly appreciated!! PS I am NOT a citizen of the US, but of India.

Thanks a lot

 

[DEEPCUR]

I haven't moved to Canada, but how about using the usual money transfer services like Xoom, Ria etc similar to how you do for India. I do see option to transfer to Canada along with an exchange rate in those sites.

 

[ss0592]

From India yes maybe. But there are Canadian banks in the US and I have heard people using those but I do not have details on how they have done it.. hence the post

 

[DEEPCUR]

From India yes maybe. But there are Canadian banks in the US and I have heard people using those but I do not have details on how they have done it.. hence the post

But what difference would that make? Both would be different entities anyway. If fact that constrains you from getting competitive exchange rates and you need to rely on bank rates. You anyways need to stop by the Canadian bank to open an account. You could just do that when you land and transfer money online.

 

[ss0592]

Umm I just want to know if I can open the bank account from the US for Canada before moving there or not. I am not talking about transfer rate
Keeping an account open in the US is an option too.. thereby having 2 accounts with TD Bank, RBC etc and utilizing crossborder banking.

ETA - got my answer in another thread thanks

 

[harirajmohan]

Hi Guys,

I hope I'm posting in the right forum. Please let me know if another forum area is more appropriate.

So I recently got PPR and am currently in the US. I plan on moving to CA and am just beginning to come to terms with all the logistics. So my question is, what do people do about their bank accounts while moving from US to Canada?
Do you open a TD Bank account in the US and transfer everything there and then open one after landing in Canada? What's the general route people follow? I believe TD is the only option right?
I currently have a BOFA account. Any and all guidance will be greatly appreciated!! PS I am NOT a citizen of the US, but of India.

Thanks a lot

As DEEPCUR said you can use those money transfer sites - any site that allows to transfer from US to Canada. There is no difference in using those sites to transfer money out of US (to India or else where).
I dont know if TD allows you to open CAD account. If so then it will be easier.
I opened it initially with RBC before moving and transferred some money using these sites and then opened some other free chequing account and did transfer the rest of the money.
Opening account before moving does have constraint on not able to withdraw money unless you go the branch in Canada to activate the account first.
I too have bank of america account.
Doesnt matter which citizenship you hold on money transfers.

 

[ss0592]

Thanks.
My q was just about ease of opening a CAD account from US itself. I probably phrased it incorrectly if it's making people think it's about fund transfer.
I will enquire with TD, RBC.

 

[APPNOV2014NY]

You can open an deposit only account with RBC and then transfer money to it before moving to Canada. Once you are in Canada then you can activate this RBC account to withdraw money.

But why bother. Open an account with one of the big 5 banks once you are in Canada and then use transferwise or XE to move money from BOFA to Canadian account.

PM me your phone no. if you want to be added to a whatsapp group of people moving from USA to Canada on PR.

 

[Samoinp]

RBC has US dollar account too. I opened deposit only account from USA, submitted a form and they got in touch for documentation and sent instructions to wire either in canadian dollars or US dollars. TD might work better if you are in east coast. I was in California and opened the account a bit late and didn't have enough time to transfer minimum funds before the landing date. So i flew with 12k USD in cash and visited RBC after landing formalities. If you are planning to carry cash above 10k, make sure to declare in US customs.

Besides, RBC has a newcomer program. 1 year no fee banking, credit card, auto loan approval. I got a 2000 dollar credit card with no history.
http://www.rbc.com/newcomers/