Banking question

[pegbert64 0]

Does anyone know, off the top of their head, if there is a bank in the southeast (NC) that offers a foreign currency (ie: $CAN) account? I've put myself in a bit of a pickle and need to find a way to park my RRSP check ($CAN) for a while until the exchange rate improves.

Thanks!

[J&K 0]

I don't know if this will help you now, but RBC Bank (Formally RBC Centura) has their head office in NC and many branches throughout the state. If you have a Royal Bank account up in Canada, you can transfer money back and forth freely through the two banks. So in a sense, you could keep your RRSP in the Canadian account and whenever the rate changes, transfer to the US.

If you don't have a Royal Bank account, I don't know how easy it would be to open one now.

But just so you know

[pegbert64 0]

I don't know if this will help you now, but RBC Bank (Formally RBC Centura) has their head office in NC and many branches throughout the state. If you have a Royal Bank account up in Canada, you can transfer money back and forth freely through the two banks. So in a sense, you could keep your RRSP in the Canadian account and whenever the rate changes, transfer to the US.

If you don't have a Royal Bank account, I don't know how easy it would be to open one now.

But just so you know

That's actually exactly what I'm trying to do!! Here's the problem: I had my RRSPs with RBC (Canada), and also a few savings/checking accounts. I openned a Royal Embassy Account at RBC Centura here in NC, which is where I do all my banking. In an effort to "sever tax ties", I went ahead and closed the savings/checking accounts in Canada, since I haven't used them since I moved here. A couple weeks ago, I cashed in one of my RRSPs, and I *wanted* to reopen an account an have it deposited, but was told that since I'm a non-resident, they just mail a check. Well, since mid-July the exchange rate has continued to deteriorate, so when the paper check arrives I don't want to deposit it into a $US account right away. I went to RBC Canada online, and tried to open a simple savings account, but was told that I have to have at least one sole-ownership account at RBC Canada in order to open another account.... and the only holdings I have left in Canada is a spousal RRSP. Hence, now I am kicking myself for closing those accounts, as I really wanted to park the RRSP $$ in a $CAN account until the exchange improves. I definitely want to have the $$ in a US account before the end of the year, but it gives me a few months to play with in hope that I can get a better rate.

Another question: can a Canadian Citizen non-resident open a bank account in Canada, without actually living there? Or am I stuck hunting for a foreign currency account at some bank here in the US?

L

[GregS 0]

What rate are you waiting for?? 97 cents is pretty good compared to the 62 cents five years ago. If you wait the rates may go up a couple cents but more likely they will go back down at some point.

[pegbert64 0]

What rate are you waiting for?? 97 cents is pretty good compared to the 62 cents five years ago. If you wait the rates may go up a couple cents but more likely they will go back down at some point.

Well, mid-July the dollars were pretty much on par. I realize there is no guarantee, but I'm hoping to not loose $300-$500 on the exchange just from being lazy and not watching the rates. I'm thinking positively!!

[trailmix 77]

What rate are you waiting for?? 97 cents is pretty good compared to the 62 cents five years ago. If you wait the rates may go up a couple cents but more likely they will go back down at some point.

Well, mid-July the dollars were pretty much on par. I realize there is no guarantee, but I'm hoping to not loose $300-$500 on the exchange just from being lazy and not watching the rates. I'm thinking positively!!