Transfer money from usa to canada

[ExpressoEntry]

Hello Everyone,

I will moving from US to Canada soon. I already have PR and PR card. I am currently on H1B in usa so once I move to canada, it would be hard for me to go back to US as I would no longer have a visa. What would be the best way to transfer money from my US banks to canada? I dont have a canada back account yet and plan to open one once I move there permanently. I was reading about cross border accounts? Does anyone have experince with those when it comes to moving your money from US banks? Thanks for your replies!

 

[expressca]

RBC & TD banks have branches in the US through which you can do cross border transfers. There was a person who opened an account with TD bank of Canada while being in the US and the bank mailed the card to the US. I would recommend checking with the bank first.

 

[joeskc]

Same here. I opened my bank account in TD while in US by providing SSN and as I had already booked my rental apartment in Toronto, I gave that address. But be aware that lot of banks offer promotions like waiving off monthly maintenance fees, etc... to newcomers but for that you have to be physically in Canada.

 

[ExpressoEntry]

Same here. I opened my bank account in TD while in US by providing SSN and as I had already booked my rental apartment in Toronto, I gave that address. But be aware that lot of banks offer promotions like waiving off monthly maintenance fees, etc... to newcomers but for that you have to be physically in Canada.

Thank you for your reply. So just to clarify you opened TD us bank account , a TD Canada bank account correct ? So two accounts in total ? I was planning on opening a TD us bank account, TD us dollar Canada bank account , and TD Canada CAD bank account.. what I found out was , in order to move money from usa to Canada, first I move my money from us bank account to TD USA bank account..then I use cross border banking facilities to move the us dollars from TD USA to TD Canada us dollar account..then finally I can use local Canadian money transfer websites like transfer wise or do something like Norbert's gambit to move the money to TD CAD account. Does that make sense ?

 

[wisetrack]

I moved to Canada, opened bank accounts, then used (transfer) wise to send money from the US accounts to Canadian accounts. Wise will do the ACH withdrawal from your US bank accounts (just that they might charge some minimal fees), and then choose Interac to send money to Canada accounts quickly and free of cost.
Still much cheaper that doing interbank transfers/wire transfers.

 

[ExpressoEntry]

I moved to Canada, opened bank accounts, then used (transfer) wise to send money from the US accounts to Canadian accounts. Wise will do the ACH withdrawal from your US bank accounts (just that they might charge some minimal fees), and then choose Interac to send money to Canada accounts quickly and free of cost.
Still much cheaper that doing interbank transfers/wire transfers.

Gotcha .thanks for your reply ! I will definitely look into that

 

[joeskc]

Thank you for your reply. So just to clarify you opened TD us bank account , a TD Canada bank account correct ? So two accounts in total ? I was planning on opening a TD us bank account, TD us dollar Canada bank account , and TD Canada CAD bank account.. what I found out was , in order to move money from usa to Canada, first I move my money from us bank account to TD USA bank account..then I use cross border banking facilities to move the us dollars from TD USA to TD Canada us dollar account..then finally I can use local Canadian money transfer websites like transfer wise or do something like Norbert's gambit to move the money to TD CAD account. Does that make sense ?

No.. I only opened TD account for CAD. In my case I used WesternUnion to transfer USD from my US bank into TD bank as CAD. U can use any such service.

 

[fionamabe]

Once you have set up your Canadian bank account, you can use a few options to transfer money from the US to Canada. Cross-border accounts are an excellent choice for people moving between countries, as they let you quickly transfer funds without hefty fees. Many US banks, like Chase or Bank of America, offer cross-border accounts that can link to Canadian banks.

 

[SyedMorales]

If you want to send money from the USA to Canada, there are a few good options. One that I use and recommend is Owners Club FX. They offer competitive rates, and the process is straightforward. Plus, the transfer is usually pretty quick, so you won’t wait too long for your funds to arrive.
Another option could be PayPal if you're familiar with it, but I’ve found the fees can add up. Bank transfers are also an option, but they can sometimes be a bit slow, and the costs vary depending on your bank.
Ultimately, it comes down to your preference—whether you want something fast, easy, or with the lowest fees. I’ve had no issues with ownersclubfx.com , so give them a try!