Transferring Money from US to Canada?

[chd2canada]

Hello,

I am trying to figure out the best way to transfer money from my US bank accounts to Canada. I have looked into sites like OANDA and XE Trade. I have also considered the option of wire transfer from one bank to another (which is expensive) or writing a US check to Canadian bank (which can be super slow).

When I move to Canada I will take some cash with me but I guess there is a limit of $10,000. For now, I am trying to figure out if I can transfer money to Canada before moving there (in the most convenient and cheaper way).

I will appreciate any advise you can give.

Thanks!!!

 

[enfield]

Hello,

I am trying to figure out the best way to transfer money from my US bank accounts to Canada. I have looked into sites like OANDA and XE Trade. I have also considered the option of wire transfer from one bank to another (which is expensive) or writing a US check to Canadian bank (which can be super slow).

When I move to Canada I will take some cash with me but I guess there is a limit of $10,000. For now, I am trying to figure out if I can transfer money to Canada before moving there (in the most convenient and cheaper way).

I will appreciate any advise you can give.

Thanks!!!

Hi,

There is no so called limit to carry cash upto $10,000. A person can carry more thn $10,000 provided;

I quote,


If you arrive in Canada with more than C$10,000, you must disclose this information to the CBSA officer. If you do not disclose this information, you could be fined or put in prison. These funds could be in the form of:

•cash
•securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
•negotiable instruments in bearer form, such as bankers' drafts, cheques, traveller's cheques or money orders.


Crossing the border with $10,000 or more?

http://www.cbsa-asfc.gc.ca/publications/pub/bsf5052-eng.html

 

[scylla]

Do you by any chance live in a part of the US where TD Bank operates? If so, go into a branch and talk to someone there.

 

[chd2canada]

Thanks so much enfield! That's good new for me. I hope they won't trouble me at the US border since I will be taking money out of US I will look into the US policy as well (regarding leaving US with large amount of cash).

Scylla, thanks for the advise! A friend of mine moved to Montreal in Sept and he put his money in TD bank in US thinking it will be easy to transfer to TD bank in Canada. But he told me he had trouble with that. TD bank told him that US TD bank is "different" than Canadian TD bank and hence the process wasn't any simpler for him. BUT since I haven't experienced it first hand and there is a TD bank close by, I will visit them and ask for my options. Thanks again!

Any other bank you know that operates in both countries? It might be worth comparing different bank policies.

 

[scylla]

Thanks so much enfield! That's good new for me. I hope they won't trouble me at the US border since I will be taking money out of US I will look into the US policy as well (regarding leaving US with large amount of cash).

Scylla, thanks for the advise! A friend of mine moved to Montreal in Sept and he put his money in TD bank in US thinking it will be easy to transfer to TD bank in Canada. But he told me he had trouble with that. TD bank told him that US TD bank is "different" than Canadian TD bank and hence the process wasn't any simpler for him. BUT since I haven't experienced it first hand and there is a TD bank close by, I will visit them and ask for my options. Thanks again!

Any other bank you know that operates in both countries? It might be worth comparing different bank policies.

Hmmm... I have a friend who was able to open both a US side and Canadian side account with TD and move money under the same bank card (I think?). I'll see if I can find out how she did this. Seemed to be no problem for her...