Money transfer from the US

[bkbk8]

Hi all,

I will be moving to Canada in a few weeks and want to transfer all my life savings to a Canadian bank but would like to do it before moving out of the US.

Should I open up a US $ bank account from a bank that is also located in Canada (HSBC/TD/RBC/CIBC, etc..) and when I land, I open a CAD $ at the same bank and do a transfer? If so, which bank do you suggest if you've done the research? Are there any that would have better benefits for newcomers?

If it matters at all, I'm currently banking with Bank of America and use their services as my main bank.

It's all of my savings and I'm looking for the least expensive best way to do it but also looking at a good bank that i can continue banking with in Canada. Also, I don't care about my money arriving quick to my Canadian account as I will be carrying some cash.

Thanks!!

 

[bkbk8]

anyone has any suggestions?

 

[APPNOV2014NY]

Check Scotia's StartRight. Scotia would allow you to open account and transfer money while you are still in US if you have COPR in hand. After account is opened wiring instructions would be sent to you. Money would be available to you for use in Canada only after you finish pending formalities at one of their branches. Please note that this might not be the cheapest way to transfer money to Canada.

As far as I know Norbert Gambit, Transferwise and XE provide cheaper options to transfer money between USA and Canada.

 

[bkbk8]

Check Scotia's StartRight. Scotia would allow you to open account and transfer money while you are still in US if you have COPR in hand. After account is opened wiring instructions would be sent to you. Money would be available to you for use in Canada only after you finish pending formalities at one of their branches. Please note that this might not be the cheapest way to transfer money to Canada.

As far as I know Norbert Gambit, Transferwise and XE provide cheaper options to transfer money between USA and Canada.

Thanks for your response. I attempted to go through the process of StartRight but they do not allow it from the USA. Chatted with a customer service and they said its not possible.

 

[APPNOV2014NY]

Thanks for your response. I attempted to go through the process of StartRight but they do not allow it from the USA. Chatted with a customer service and they said its not possible.

Interesting. Bunch of people from India managed to open account before landing and transferred money. Please try your luck at other Canadian banks.

http://www.scotiabank.com/ca/en/0,,7193,00.html

 

[bkbk8]

Thanks for your helps @APPNOV2014NY !

Interested to hear what others have experienced.

 

[Mery_M]

Thanks for your helps @APPNOV2014NY !

Interested to hear what others have experienced.

Hi, we just moved from Chicago to Toronto a week ago and I’ve researched this topic a lot. The easier way, what we did, just simply brought cash and the very next day opened an account in Canadian bank in US dollars that’s it. Cause otherwise I believe you can open an account in USA at HSBC, than in Canada, then do the transfer, was too complicated. So we went this way!

 

[Samoinp]

Hi, we just moved from Chicago to Toronto a week ago and I’ve researched this topic a lot. The easier way, what we did, just simply brought cash and the very next day opened an account in Canadian bank in US dollars that’s it. Cause otherwise I believe you can open an account in USA at HSBC, than in Canada, then do the transfer, was too complicated. So we went this way!

By cash, did you mean travelers checks? If not, is there a limit to amount of cash?

 

[Mery_M]

By cash, did you mean travelers checks? If not, is there a limit to amount of cash?

As far as I understand since you are a new immigrant, there is no limit. You just need to declare it with customs once arrived, no fees applying. It’s cash

For the travel checks, I rejected this options since it has 1-2% commission,so would loose a lot.