Moving US dollars to Canada

[Jameee]

Dear Members,

My wife moved from US to Canada as resident. However; she hasn't moved her US money to Canada. She was working is US and paid all her taxes in US.
1. If she moves money to Canada; will there be any taxes that needs to be paid in Canada?
2. She will move her US dollars to Canadian bank in US dollar account.
3. One of tax consultant; said there will be no taxes and she can wire her money from US Bank to Canadian Bank.

Please let me know on this and if anyone has goes through this process.

Thank you.
J

 

[Samoinp]

Dear Members,

My wife moved from US to Canada as resident. However; she hasn't moved her US money to Canada. She was working is US and paid all her taxes in US.
1. If she moves money to Canada; will there be any taxes that needs to be paid in Canada?
2. She will move her US dollars to Canadian bank in US dollar account.
3. One of tax consultant; said there will be no taxes and she can wire her money from US Bank to Canadian Bank.

Please let me know on this and if anyone has goes through this process.

Thank you.
J

Yup, no taxes. Just a fee that both banks would charge.

For me, RBC charges 17 USD per wire and Wells Fargo charges 45 USD per wire.

 

[Jameee]

Appreciate for clarifying Thank you so much.

One more query; is there any limit per wire transfer? I can check with banks as well. In case if you know; please let me know.

 

[Jameee]

Appreciate for clarifying Thank you so much.

One more query; is there any limit per wire transfer? I can check with banks as well. In case if you know; please let me know.

 

[dsanchez]

I believe limits on wire transfers vary from bank to bank.

I'd be much more inclined (if possible) to request a cashier cheque or cash from my US bank and just carry it over. There's nothing wrong with this as long as you answer honestly when crossing the border.

 

[Alex54321]

Appreciate for clarifying Thank you so much.

One more query; is there any limit per wire transfer? I can check with banks as well. In case if you know; please let me know.

That's what I did. As of now I am in US, but in process of moving back to Canada and planning to continue to work in US by commuting from Canada.

My US salary comes to US Chase bank with direct deposit. I've opened US checking account in TD Bank ($100 min to avoid fees) and connected it to Chase, so I'm able to transfer from Chase to TD bank online without any fees. I've opened USD ( $0 min) and CND ( $2000 min to avoid fee) checking accounts at TD Canada Trust in Canada - not online, but at the local branch. When my USD money are at TD Bank I call them and ask for wire transfer USD from TD Bank to USD account at TD Canada Trust. It's a free and takes 1 hour or so transfer using their cross-border service.
Now my USD dollars are in Canada in my USD checking account, but I do not want to pay 3.5% commission for the money exchange to TD Canada Trust (easy just a few mouse clicks), so I've opened an account with https://www.knightsbridgefx.com/ , gave them attributes of both my USD and CND accounts at TD Canada Trust. They charge ~0.5% commission, which is good to me. I can check exchange rate with them by phone and if I like it I can lock the rate and ask for USD-->CND exchange. They lock the rate and do it for free during 3-5 days. They take money from USD account (at Canada Trust) and return Canadian funds to CND account (at Canada Trust). That's all.

Fees/Limits.

From Chase to TD Bank online transfer is free, but there is daily (~$15,000 or less) and monthly ($30,000) limits.
From Chase to TD Bank wire - $25 outgoing, $15 coming to TD Bank, $25,000 a day limit.
From Chase to TD Bank wire in branch - $35 outgoing, $15 coming to TD Bank, $100,000 a day limit.

From TD Bank to TD Canada Trust wire - $100,000 daily limit - free, no charge, the same business day.
The https://www.knightsbridgefx.com/ exchange - ~0.5% commission, no limit for exchange as I know of, but will take up to 5 business days.

All of this maybe sounds complicated, but works for me. Other people have other ways, but I am OK with what I do.

 

[Samoinp]

Appreciate for clarifying Thank you so much.

One more query; is there any limit per wire transfer? I can check with banks as well. In case if you know; please let me know.

Checked with Wells Fargo and they didn't seem to have any limit.

 

[Alex54321]

Checked with Wells Fargo and they didn't seem to have any limit.

That's not accurate: "For your security, we restrict the amount of money you can send to recipients. Your limits are shown below the Wire amount field when sending a wire transfer. To request higher limits for online wires, please visit your local branch."

Also "Outgoing international U.S. currency/foreign currency (both one-time and repetitive) - Fee disclosed at the time of transaction"

 

[Samoinp]

That's not accurate: "For your security, we restrict the amount of money you can send to recipients. Your limits are shown below the Wire amount field when sending a wire transfer. To request higher limits for online wires, please visit your local branch."

Also "Outgoing international U.S. currency/foreign currency (both one-time and repetitive) - Fee disclosed at the time of transaction"

Yes, i meant at the branch location. The online one had a very low limit, 5000 or something.

 

[chikoo1985]

Open TD bank account in US and Canada. Transfer all money to TD US and then connect with Canada TD Account. No fees charged. The conversion will be as per the exchange rate.

Plus
you can use TD US card Debit/credit, with out any fees in canada.

 

[Samoinp]

Open TD bank account in US and Canada. Transfer all money to TD US and then connect with Canada TD Account. No fees charged. The conversion will be as per the exchange rate.

Plus
you can use TD US card Debit/credit, with out any fees in canada.

They don't seem to have branch in west coast.

 

[chikoo1985]

They don't seem to have branch in west coast.

Maybe you can open an account online or by calling customer care.

Also check out RBC - royal bank of canada.

 

[night1234]

You can use transferwise. They charge about 0.7 to 0.8% in fees and exchange rate is usually the live exchange rate when the transfer is initiated.
Below is my referral link for free first transfer
transferwise.com/u/harshan2

 

[summerxx]

That's what I did. As of now I am in US, but in process of moving back to Canada and planning to continue to work in US by commuting from Canada.

My US salary comes to US Chase bank with direct deposit. I've opened US checking account in TD Bank ($100 min to avoid fees) and connected it to Chase, so I'm able to transfer from Chase to TD bank online without any fees. I've opened USD ( $0 min) and CND ( $2000 min to avoid fee) checking accounts at TD Canada Trust in Canada - not online, but at the local branch. When my USD money are at TD Bank I call them and ask for wire transfer USD from TD Bank to USD account at TD Canada Trust. It's a free and takes 1 hour or so transfer using their cross-border service.
Now my USD dollars are in Canada in my USD checking account, but I do not want to pay 3.5% commission for the money exchange to TD Canada Trust (easy just a few mouse clicks), so I've opened an account with https://www.knightsbridgefx.com/ , gave them attributes of both my USD and CND accounts at TD Canada Trust. They charge ~0.5% commission, which is good to me. I can check exchange rate with them by phone and if I like it I can lock the rate and ask for USD-->CND exchange. They lock the rate and do it for free during 3-5 days. They take money from USD account (at Canada Trust) and return Canadian funds to CND account (at Canada Trust). That's all.

Fees/Limits.

From Chase to TD Bank online transfer is free, but there is daily (~$15,000 or less) and monthly ($30,000) limits.
From Chase to TD Bank wire - $25 outgoing, $15 coming to TD Bank, $25,000 a day limit.
From Chase to TD Bank wire in branch - $35 outgoing, $15 coming to TD Bank, $100,000 a day limit.

From TD Bank to TD Canada Trust wire - $100,000 daily limit - free, no charge, the same business day.
The https://www.knightsbridgefx.com/ exchange - ~0.5% commission, no limit for exchange as I know of, but will take up to 5 business days.

All of this maybe sounds complicated, but works for me. Other people have other ways, but I am OK with what I do.

Thanks for sharing. it's very helpful.
So the 3.5% commission you mentioned is between TD Canada USD and TD Canada Trust CND?

 

[Alex54321]

Thanks for sharing. it's very helpful.
So the 3.5% commission you mentioned is between TD Canada USD and TD Canada Trust CND?

Yes, may be a bit less, but at the time www.knightsbridgefx.com gave me rate like 1.29 the TD Canada Trust showed ~1.26. On $10K USD exchange that was $300 CND saving.