USD management and USD exchange

[wyho007]

Will be landing in a few months. Plan to bring both USD and CAD bank drafts when entering. Thinking CAD will fall further so don't want to exchange all into CAD yet.

1. Which bank offers good USD banking? In terms of USD checking, USD credit card and applicable fees.
2. When I need to exchange from USD to CAD later (buying a car, for example), which bank offers the best rate?

 

[Snowisland]

Will be landing in a few months. Plan to bring both USD and CAD bank drafts when entering. Thinking CAD will fall further so don't want to exchange all into CAD yet.

1. Which bank offers good USD banking? In terms of USD checking, USD credit card and applicable fees.
2. When I need to exchange from USD to CAD later (buying a car, for example), which bank offers the best rate?

On December 14 the Feds will decide whether or not to raise interest rates in the US. If they do, it will make your USD worth more for the exchange. My suggestion is open a bank account in Canada with a Canadian checking account and a US savings account. Then when you want to exchange currency you can do it online. RBC does this, I don't know about the other banks. When you look at the exchange rate online, subtract three cents per dollar because the rate on most calculators shows the rate for those who exchange a million or more. As far as a US credit card, try to get visa travel rewards from Bank of America before you move. They do not charge fees for foreign purchases and you get the exchange rate, although not as high as exchanging currency.
Some banks offer new immigrants a credit card with value of 2000.00 and no credit check to help you establish credit in Canada. That would be a Canadian credit card.
I am not a professional, just a person who has done these things. When I sold my US house I had the proceeds wired to my US savings in a Canadian bank. Then did the exchange.

 

[wyho007]

How about for the USD cash you have in hand? Do you just put in the savings account? I heard it's not CDIC insured but not sure.

I don't want to invest those USD cash I have with anything risky.

 

[justinline]

CDIC doesnot insure USD accounts in the banks. Most of credit unions offer insured USD accounts but it is through statutory provincial bodies.