Moving all your money to canada. How to do it?

[nishantmr]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

 

[Hurlabrick]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

Loads of different ways.

Personally I use TransferWise and have moved more than you plan to direct from a UK bank account to my Canadian bank account for much better rates than through a conventional bank.

Whether you SHOULD move all your money to Canada kinda depends on if you plan to live in Canada for good or not, very much your decision.

 

[harirajmohan]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

It not wise to move all of them. No one is going to take your money. You can still keep invested in US and move the needed money for investment/spending to Canada.

Migration doesnt require to move assets/cash unless its profitable.

Do not close the trading accounts if you plan to continue trade here. You cant easily open it again unless you are resident here as residential proof required to be submitted during account opening. But tax to be paid though in US.

 

[Samoinp]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

RBC helps open a deposit only USD account while being in US, helps retain funds in USD. If you are in east coast, TD has branches that should make it easier.

 

[Samoinp]

RBC helps open a deposit only USD account while being in US, helps retain funds in USD. If you are in east coast, TD has branches that should make it easier.

 

[justinline]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

You can open TD accounts in US and Canada, can set up transfers with just phone call. There is no charge for that. Are you planning to convert to CAD? Keep in mind Canadian banks do not insure USD deposits.
I would also not suggest moving everything. Before you move talk to each bank regarding....what the process for log back in if you are locked out or forget your password. For example some banks will set up verbal key words for phone or others will have pin or for example chase will only send pin to only US numbers no Canadian numbers allowed.

 

[Hurlabrick]

You can open TD accounts in US and Canada, can set up transfers with just phone call. There is no charge for that. Are you planning to convert to CAD? Keep in mind Canadian banks do not insure USD deposits.
I would also not suggest moving everything. Before you move talk to each bank regarding....what the process for log back in if you are locked out or forget your password. For example some banks will set up verbal key words for phone or others will have pin or for example chase will only send pin to only US numbers no Canadian numbers allowed.

You can of course open up a multi currency account with TD or RBC etc. BUT when you move money from a USD acooubt to the CAD account, you will get the bank FOREX rate. For larger sums, the better the rate, the more money you get etc. If you want a real eye opener, I suggestyou compare the amount of CAD you will get after all charges between a bank and TransferWise. You will see why I use TW while still holding my old UK bank account.

 

[Mirapakay]

I would suggest to keep in US as much as you can unless you are trying to invest in Canada. IMHO, banks in Canada aren't that great at all.

Xoom seems to be giving pretty good rates as well for exchange. I feel that Tranferwise is only good if you are transferring more than 10K at a time.

 

[AjeyaGupta]

I have about 300k when i leave USA. What are the ways to move it to canada?

Is it wise to move all of them to canada?

Looking for thoughts

Hi @nishantmr Did you resolve this? I am also in a similar position and was wondering whether to use Xoom or TransferWise or TD bank to move funds from USA to Canada. Can you please shed some light if you were able to draw any conclusions out of your USD-->CAD transfer study or if you were able to find an optimum way to transfer funds?

Thank you for your help
Ajeya Gupta

 

[nishantmr]

Hi @nishantmr Did you resolve this? I am also in a similar position and was wondering whether to use Xoom or TransferWise or TD bank to move funds from USA to Canada. Can you please shed some light if you were able to draw any conclusions out of your USD-->CAD transfer study or if you were able to find an optimum way to transfer funds?

Thank you for your help
Ajeya Gupta

Hello,

I did not move full amount but for some of the chunk I transferred I used TransferWise as they gave the best rate. I did compare multiple products but transfer wise was the best for rates.

 

[AjeyaGupta]

Hello,

I did not move full amount but for some of the chunk I transferred I used TransferWise as they gave the best rate. I did compare multiple products but transfer wise was the best for rates.

Thanks for your reply. I was asking more in terms of permanent solution to this. In the sense that my employment is in USA (and hence my salary is in USD). Is using Xoom / TransferWise a good option if I have to transfer money from US to Canada (from USD to CAD) on regular basis? Because, people have recommended to use TD bank, which seems slightly complicated as multiple accounts are required to be opened.

 

[sk987]

Thanks for your reply. I was asking more in terms of permanent solution to this. In the sense that my employment is in USA (and hence my salary is in USD). Is using Xoom / TransferWise a good option if I have to transfer money from US to Canada (from USD to CAD) on regular basis? Because, people have recommended to use TD bank, which seems slightly complicated as multiple accounts are required to be opened.

https://www.millennial-revolution.com/invest/norberts-gambit-how-to-exchange-money-without-paying-fees/

 

[tweedledum08]

I moved my investments (& cash, in USD) from my Vanguard (US) brokerage to Questrade in Canada. In hind sight I wouldn't move cash through a brokerage transfer as it took months as they actually mailed a cheque, assets were transferred within a couple of weeks. I don't think you can trade in your US investment accounts if you don't have any tax status in the US (I might be wrong). I still have the US accounts but don't trade through those nor do they have any assets. I've setup a RBC cross border account for moving money between US & Canada. It is very convenient for paying US credit cards and such bills. They do charge an annual fee of $40 (Canadian banks are notorious with fees). After trying various ways of converting USD<->CAD norberts gambit as mentioned by @sk987 is very cost effective although it takes a few days to journal over the assets so you might get a different rate. If you're planning on active trading, I would highly recommend Interactive Brokers, their trade commissions are the lowest (especially for options) and you can even do forex transactions at market rates (& negligible commissions) without having to do norberts gambit.

 

[Mirapakay]

Thanks for your reply. I was asking more in terms of permanent solution to this. In the sense that my employment is in USA (and hence my salary is in USD). Is using Xoom / TransferWise a good option if I have to transfer money from US to Canada (from USD to CAD) on regular basis? Because, people have recommended to use TD bank, which seems slightly complicated as multiple accounts are required to be opened.

I always used Xoom in the past. They gave a better rate than TD or RBC.

 

[AjeyaGupta]

I always used Xoom in the past. They gave a better rate than TD or RBC.

I've compared Xoom, TransferWise, WesternUnion and TD Bank. I found TW to give the best rate (although they have some fees associated with every transfer, the overall CAD output is higher than the other three)