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!!!

 

[steaky]

At HSBC Premier Banking, you can enjoy free transfer funds your account from one country to the other instantly. Daily max. limit is US$100,000. So for CAD 300,000, I might need to transfer 3 to 4 times depending to the exchange rate.

Talk to your local HSBC branch in the US to open a Canadian HSBC Premier account. After you set up the link between the accounts, you can start transferring.

 

[toby]

Even if you don't want to keep enough wealth in HSBC to qualify for Premier status, you can still transfer cheaply from your USA HSBC account to your Canada HSBC account.

But what's the rush?

If you're taking $10K with you, you can take your time and make a wire transfer of the rest (one transaction) once in Canada. The wire won't cost more than $60 - $100 max.

 

[Jonboy]

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).

There is no limit. However, if you are carrying more than $10,000 you must declare this to customs. It is not a tax issue but a measure to detect money laundering and to track proceeds of crime.

It is easy to wire money between bank accounts. If the amount is more than $10,000 your bank will make the declaration on your behalf.

 

[agrisiva]

I am with TDCanada Trust. I have both Select Service Checking account and US Borderless account. I deposited a big amount into the US account from my bank in US, then moved small chunks from US account to Canadian whenever rates went up.

Their website says......Preferred exchange rates every time you change Canadian dollars for U.S. dollars (or vice versa) on amounts up to US$25,000.

 

[gooseinc]

You can actually overpay your credit card here in Canada and go to the bank and cash that money. The whole process takes 3-4 biz days. You can also write a check to yourself from you American bank and deposit into your Canadian bank. It will take some 21 biz days.