Transfer money from USA to Canada

[umangsk]

Open a US Dollar account with your bank in Canada. Transfer your USD from US to your USD account in Canada. Convert them
later when the exchange rate is best.

I know it's an old post, but just wanted to check how do you transfer USD from US bank account(Chase etc) to USD in Canada bank account? I checked with my bank in US, and they said international transfer is not allowed, not even wire. I would like to keep them in USD in Canada

 

[vshiva212]

Hi, I am living in US (not a US citizen) and will be landing in Canada next few weeks. Currently I only have US bank account, I was wondering how I can transfer my fund to Canada (prob. after landing)?
Is it possible to first move and then transfer the money from US to Canada when I am in Canada ? (Likely I cant go back to US due to Visa etc). What is the least risky path?
Best

Hi,

I am caught in a similar situation and trying to figure out the best way out. Would you mind sharing your experience?

Thanks,
Shiva

 

[divyanshu]

Yes. What you wrote in your last paragraph is Correct. There may or may not be transfer fees from USA account to your Canada US $ account depending on your bank and type of your account.
But there is no exchange rate issue since the transfer is from US $ in USA to US $ in Canada.

My experience is with HSBC. It is pretty good. I have an HSBC account in USA opened as a Canadian resident with a Canadian address. In Canada, I have two HSBC accounts , one CA $ checking and one US $ checking.
With Global view of HSBC, you can view all your world accounts with HSBC on one page and transfer money between your accounts on-line. The transfer is free for me because of the type of account I have with HSBC. For other types of accounts they do charge small fees.

I do online transfers from USA account to US $ account in Canada. For converting US $ to CA $ in Canada , I just call HSBC Canada to get the exchange rate and do the
conversion over the phone ( HSBC offers the best exchange rate of all the Canadian banks).

I have a HSBC account in Canada, and a Chase account in the USA, I can probably open a HSBC account in the USA to transfer my USA savings, but I will end up paying the wire transfer fees to send money from my USA chase account to the USA HSBC account right? What's the benefit going this route then?