Like are you saying , we need to have an account with Charles Schwab in US and transfer money to a Canadian bank with no extra fees or wire transaction fee with better rates ?
Transferring money from the US to Canada with minimal fees?
- Thread starter Mthornt
- Start date
No, the Charles Schwab checking account allows you to do withdrawal free from ATM charges around the world. For example I transfer my funds (USD) from my regular Chase account to my Charles Schwab checking account and later can use Schwab debit card to get Canadian dollars from any ATM in Canada. No fees for withdrawal, but the exchange rate is setup by Schwab bank and that's the question as far as what rate they setup. It would work fine for traveler, let say in Panama, the country which use the same currency - US dollar, so there you can get your US dollars from Schwab without any ATM fees and without setting account in the local Panamanian bank.
You are not transfering money to a Canadian bank - you just get your money in Canada in local currency with exchange rate set up by Schwab bank.
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: thanks for your response. Thats great! Is it multiple withdrawals with no fee anywhere in the world? Even if they do not give us a better rate, we can be free from this transfer headache everytime!
Personally I used my Schwab card in Canada once, for like $50, so even did not check exchange rate, and ATM fees were charged by Canadian ATM and reimbursed by Schwab later, but as of multiple withdrawals I am reading a blog of US family in Panama and they are using Schwab bank debit card for about two years. They do not have a local bank account there and just withdraw US funds monthly to pay their rent in cash and other living expenses.
Make sure you open account with them before you move to Canada. During account opening they also set up a Schwab brokerage account without asking you to put any money in that brokerage. Another thing is I am keeping with them my US address ( as US tax resident / US citizen), but that is different topic...
But i am already in Canada, may be i can open an account when i re-enter sometime next month
I feel they want to see an account holder to be "All account holders must be either U.S. citizens or U.S. resident aliens, reside in the U.S. or one of its territories, and provide a U.S. mailing address. • Note: Schwab Bank will initiate an inquiry with a Consumer Reporting Agency (e.g., “credit check”) in order to evaluate your High Yield Investor Checking Account application. "
It may be the cheapest and most convenient way to use HSBC global transfer. Here are some steps:
1. Contact HSBC Canada to ask about the requirements for opening an HSBC Premier account, there may be a minimum amount balance required in order to enjoy the free global transfer.
2. Open an account in HSBC Canada.
3. Ask the manager for help opening an account in the US. Note: as long as you meet the min balance in one country, you will be able to enjoy the services in other locations for free.
4. After the accounts are set up in both countries, you will be able to see all of the account information by logging in to one country. Also, you can move the money in real time without any fees between the two countries.
Keep in your mind HSBC doesn't have many branches in the US, and there are more branches in GTA and Vancouver. But as long as you have the accounts set up, you don't need to go to the branch anymore and everything can be done online.
Hopefully, the above information can be helpful. Good luck.
1. Contact HSBC Canada to ask about the requirements for opening an HSBC Premier account, there may be a minimum amount balance required in order to enjoy the free global transfer.
2. Open an account in HSBC Canada.
3. Ask the manager for help opening an account in the US. Note: as long as you meet the min balance in one country, you will be able to enjoy the services in other locations for free.
4. After the accounts are set up in both countries, you will be able to see all of the account information by logging in to one country. Also, you can move the money in real time without any fees between the two countries.
Keep in your mind HSBC doesn't have many branches in the US, and there are more branches in GTA and Vancouver. But as long as you have the accounts set up, you don't need to go to the branch anymore and everything can be done online.
Hopefully, the above information can be helpful. Good luck.
Looking at https://www.us.hsbc.com/checking-accounts/products/premier/
That's the US side... and I am not sure many Canadians will be able to open US HSBC Premier client account.
What you need to become a Premier client:
Option 1: Deposits and/or investments
Have at least $75,000 in total deposits and/or investments
Option 2: Direct deposits
Have at least $5,000 in total direct deposits per month.
Option 3: Mortgage loan
Maintain a U.S. residential mortgage loan with an original loan amount of at least $500,000.
Basically, the policy to be the premier of HSBC is similar worldwide. As long as a qualified premier in one country, you will be a premier in other countries which are used by many expats working for multinationals, and also for the people who need to transfer funds between countries regularly. But it's not necessary to be very strict for maintaining the premier status. Suggest finding a branch close by and speaking to the manager for more details and flexibilities.
I am happy with my TD Bank NA checking account ( to keep min $100, no other fees) and my TD Canada Trust $US account ( no fees). Easy free transfer US funds between both US account in USA and US account in Canada. Even better, I can deposit by walking to branch my personal check from Chase bank NA ( $US) to my TD Canada Trust $US account. As far as conversion $US to $CAN I am using Knightsbridgefx. It takes ~5 days for a transfer , but very very low conversion fees.
Yes, TD Canada Trust which used to be Canada Trust is my first favourite bank here and I still use it now. But as for the globe transfer HSBC with some advantages which might be the only reason I still have it.