How to transfer money from US bank account to Canada

[varunpositive]

Greetings,

We have to move to Canada on PR in a couple of weeks. Now, I am in the US and working here since last 4 years on H1b visa. I have to transfer all my savings from US Bank accounts to Canada.

Now, the problem is, I have not visited Canada before and hence I have no bank accounts in Canada Yet. Also, I want to take all my savings to Canada, before I leave the US. Because, once I quit my Job and my H1b will be gone, after that I can have a tough time in coming back to US. So, I don't want to take chances.

Can some one help or suggest me some legal ways to transfer my savings (it is much more than the transfer limit of $10k) from the US to Canada?

Thanks in Advance.

 

[Buletruck]

There is no limit on how much money you can bring to Canada. The only requirement is that you report amounts over $10,000 to CBSA on arrival. There is no tax to be paid on the funds you bring. You can carry cash (though I don't recommend it), a bank draft or cashiers cheque. If your bringing everything, I would bring a mix of cash and a bank draft. Banks here will hold the draft until the funds clear. Go talk to your bank for the best non-cash solution (draft, cheque, money order).

 

[Buletruck]

As an after thought, make sure you bring some evidence the money is legitimate. Bank statements, deposits, payroll documents. Just saves some of the hassle.

And fill out the B4 (or whatever the new one is called) for goods that you are bringing with you. Again, any single item up to $10K is tax free. If you have jewelry in excess of that, list each item individually.

 

[cram2017]

We opened a td bank account here in the us. We plan to open a Canadian td account after landing. Transfer of funds between the 2 is free

 

[asohoni]

@cram2017 What is a td bank account?

 

[cram2017]

Toronto dominion bank
https://m.tdbank.com/

 

[Mthornt]

We opened a td bank account here in the us. We plan to open a Canadian td account after landing. Transfer of funds between the 2 is free

Have you been able to try the free money transfer option, I've heard it's not free between TD accounts in the US and Canada, and you get charged an exchange fee. Are you able to verify?

 

[cram2017]

Yes there is a currency exchange fee. That is something that cannot be avoided at all, this is transferring to different currencies. there is no other additional fees. And as a standardized bank they give the

 

[Kirmani]

Hi, I have sponser my wife for Canada , after two months they send a mail to my wife Signing of contract (Principal Applicant) don't know what kind of contract they are asking cause marriage certificate I have already given them please help on this one

 

[Mthornt]

Hi, I have sponser my wife for Canada , after two months they send a mail to my wife Signing of contract (Principal Applicant) don't know what kind of contract they are asking cause marriage certificate I have already given them please help on this one

You may want to check the family sponsorship area of the site.

 

[CanadianPRbeku]

You may want to check the family sponsorship area of the site.

i noticed from your signature that your copr and landed date has two month gap..

i was wondering how did you receive your PR card..did you get it couriered to yourself in USA or did you setup a UPS or did you do the PRTD?

 

[Mthornt]

I had a problem with UPS, and had to switch to FedEx. That's why it took so long, FedEx is what ended up working.

i noticed from your signature that your copr and landed date has two month gap..

i was wondering how did you receive your PR card..did you get it couriered to yourself in USA or did you setup a UPS or did you do the PRTD?

I don't have my PR card yet, but I used FedEx to get my COPR

 

[CanadianPRbeku]

I had a problem with UPS, and had to switch to FedEx. That's why it took so long, FedEx is what ended up working.



I don't have my PR card yet, but I used FedEx to get my COPR

same here man..UPS refused to do it..Fedex agreed to do it and i have couriered our passports yesterday..

so you will be receiving the PR card when you are already in Canada..that doesnt help me..

i am wondering if i can ask my relatives to courier the PR card to us in USA once we reach that stage..

 

[Mthornt]

Yes, many others have done it that way. My cards are being sent to a relatives address.

 

[CanadianPRbeku]

Yes, many others have done it that way. My cards are being sent to a relatives address.

oh cool..so i can do that also..will ask family in canada to courier the PR cards to us in Chicago..thanks man