How you guys bring money to Canada from your country ?

[volodyalysak]

So i have bank account here in US and in case if i get ITA and furthermore get to move there how do i bring money there etc ? If i'll be leaving US i would close all accounts here, and wondering if there's a way to get account opened in Canada while in US. I'm just worried on what do you show as POF when you land ?

Thanks

 

[g126]

Errr.... seems like a trick question this, but it's really quite simple. Open an account in CANADA and get you current back to wire over the funds.

If it's not a lot of money you could always withdraw and carry it over yourself, but remember to declare to the authorities if you're travelling with more than 10 000 dollars!

If you have an account in a bank that has operations in the US and in Canada you may be able to open an account in Canada from the US. I know HSBC will do this, but I'm afraid I don't know of other banks that work in the US and in Canada.

 

[bellaluna]

The bank I wanted only allows new accounts to be created within Canada, so I had a bank draft made. It got cleared as soon as I deposited it, with the receipt.

It's really no big deal to declare over 10k of funds at the PoE. Just takes about 5 mins.

 

[mgnlky]

Royal Bank of Canada has a great cross-boarding checking program for US to Canada banking, including unlimited free cross-boarder transfers.

 

[mf4361]

RBC, TD both have large presence in US.

Or any kind of wire transfer, money order, cash would work. Just declare to CBSA if over $10000

 

[volodyalysak]

Well i'll be bringing around 30K to Canada, don't have any banks here in Colorado that have branches in Canada, but i will figure it out once i need it i think

 

[mgnlky]

Well i'll be bringing around 30K to Canada, don't have any banks here in Colorado that have branches in Canada, but i will figure it out once i need it i think

Unless you're near the border you won't find a US bank that has Canada branches...however, check into RBC-Georgia. It's the US division of RBC, which is basically RBC's answer to those who cross the boarder frequently. It's a simple process to open up a RBC-Georgia and RBC account from the US, so that you can move money freely between.

 

[bestofluck]

If it's not a lot of money you could always withdraw and carry it over yourself, but remember to declare to the authorities if you're travelling with more than 10 000 dollars!

Only if it is in form of cash, you need to worry and declare or else most of us will have that much amount.

 

[jes_ON]

Well i'll be bringing around 30K to Canada, don't have any banks here in Colorado that have branches in Canada, but i will figure it out once i need it i think

EDITED: Ah, what they meant was 10K + , valued in CAD - currently about 7,600 USD - needs to be declared in customs.

 

[jes_ON]

Other options - Bank of America and Scotia have an arrangement where you can use each other's ATMs without a fee (probably not the best exchange rate, but probably not the worst either.). So in other words, you can withdraw CAD at a Scotia ATM from your BOA acct, and vice versa. Last I saw there was a daily limit of $400 CAD.

I currently use XE.com to transfer funds between my accounts in Canada and the USA. Better exchange rate than the banks. Takes a bit of paperwork to set up the account, but I've been happy with the service.

There is always Paypal, but there's an "international" fee and a less than stellar exchange rate.

If you are moving a large sum (e.g. 30K) all at once, then it is probably worth paying the fee for a wire transfer once you get your Canadian account open.

 

[mf4361]

Ah, what they meant was 10K + , valued in CAD - currently about 7,600 USD - in CASH needs to be declared in customs. If you have a cashier's check or bank draft, that does not need to be declared.

This is wrong. It is $10000 in CAD in any type of financial instrument, includes cash, cheque, money order, bank draft, etc.

Wire transfers into Canada are all tracked by FinTRAC so it doesn't need to be declared

 

[jes_ON]

This is wrong. It is $10000 in CAD in any type of financial instrument, includes cash, cheque, money order, bank draft, etc.

I stand corrected - thanks!
http://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html