Paying off debt/loans after immigrating to the U.S.- legal?

[Cindo and Joe 0]

Is it legal if you become a U.S. greencard holder to send money you have earned back to Canada in order to pay off an existing debt/loan?

Are there limits on how much money you can send abroad?

If everything is legal, based on your experience, what is the best way to send money back? Wire transfer?

Thanks

-Joe

[JillA 2]

Is it legal if you become a U.S. greencard holder to send money you have earned back to Canada in order to pay off an existing debt/loan?

Are there limits on how much money you can send abroad?

If everything is legal, based on your experience, what is the best way to send money back? Wire transfer?

Thanks

-Joe

Yes, that's legal! Many people move with credit card debt, or auto loan, etc.

Well limits are usually anything over $10,000 is considered suspicious so I'd keep it under that!

www.customhouse.com is the best money transfer service, and it's completely free! I use it often and it's a really good system. Or, you could pay whatever debts you have online, if that's possible in your case. I still have a Canadian credit card and pay it online.

[Cindo and Joe 0]

I'm thinking Paypal would be the easiest option here... even though their fees aren't the cheapest, neither is wiring!

[Emancipation 2]

I'm thinking Paypal would be the easiest option here... even though their fees aren't the cheapest, neither is wiring!

An EFT transfer with custom house is free.. (as in free)

[Reba 2]

yep, most folks around here use Custom House to transfer funds to Canada to pay bills and loans.

[StaceyG 0]

Ok Im going to reverse the question , I'm assume its the same answer but you do know.. I receive child support from my ex so I kept my bank account up there in Canada where he deposits the money and I just take it out down here. Is this still ok as long as its up 10k?

[Carlawarla 1]

The $10,000.00 limit is about reporting it, if you take it out or transfer it at one time. Not if you took it out say over year period.

I wouldn't even consider Paypal. Not only is it not really secure, you have to pay for it. Go to customhouse.com and set up your account and then you're good to go.

Whether you're moving to the US or Canada, everyone should keep a bank account open in their home country.

[Udella&Wiz 325]

I just get an international money order at the post office for about $5-7 and send it to my dad or brother. They deposit it into my TD Canada Trust acct. Just a couple weeks ago I sent $2000 to finish paying my CC and get some $$$ in the bank for when I come up to visit.

I've also paid my Cdn taxes last year using an international money order - the Canada revenue Agency just did the conversion when they cashed it. I assume you could send any company one as a payment.

StaceyG Posted Today, 08:29 AM

Ok Im going to reverse the question , I'm assume its the same answer but you do know.. I receive child support from my ex so I kept my bank account up there in Canada where he deposits the money and I just take it out down here. Is this still ok as long as its up 10k?

Sure, why not ? You're just going to a bank machine to get it out, right? I assume you have to report this as income on your taxes in some way, shape or form?

Edited May 6, 2009 by Udella&Wiz

[SapphireDreams 71]

We opened up a US Funds TD Canada Trust bank account. Then what we can do is send my mother US cheques and she can deposit them straight into the account for us. Or since I plan to visit every couple of month, I can just do it myself. Since it's US funds, we don't loose any money on the deposit. Then we can transfer the money online to our Canadian account and the online exchange is better and we don't have to pay any fees or anything.

We also plan to set up CustomHouse to do smaller transactions here and there more quickly.

[Krikit 1,163]

Just as an FYI..... the 10k reporting mechanism is taken care of during the EFT or wiring of the funds through Custom House so there is no additional action on your part. The financial institution originating the transfer verifies that the funds are legal. There are no limits to the amount of funds being transferred, however, if you are transferring large amounts you will want to speak directly to a trader to ensure you receive a preferred exchange rate.

An EFT transfer with custom house is free.. (as in free)

[DeadPoolX 9]

There are a number of options, most of which have already been stated:

1. PayPal - Open both an American and a Canadian account. Transfer money from one to another.

2. Custom House - I haven't used them, but many people highly recommend the service.

3. Bank Transfer - Some banks will allow you to transfer money from one bank to another. I know this works with the Canadian and U.S. versions of RBC and TD (although the American branches are very geographically limited).

I don't know about Bank of America and ScotiaBank. Supposedly there's a deal worked out between the two so that if you use a BoA debit card on a ScotiaBank ATM, you won't get charged and vice-versa. Maybe their partnership extends to checking accounts, but I'd find out first.

4. ATM - You can pull cash out from an ATM and then physically transfer it to your current bank. This is a somewhat long process since you need to carry the cash over to your current bank and there's usually a withdrawal limit placed on your checking account.

[sly_wolf 199]

Also important to note is the filing requirement for any foreign account with more than $10K.

See previous post:

http://www.visajourney.com/forums/index.ph...t&p=2793223

Sly

[Cindo and Joe 0]

Man you guys are the best. CustomHouse it is.

[FormelyCA 0]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

[SapphireDreams 71]

I can't believe I have never heard of Customhouse! I went on website but I didn't see anywhere to apply. Do you apply online? How do you set up an account?

Thanks

An FYI - I know my bank at home, President's Choice, said that technically you are not allowed to have a bank account if you don't live in Canada. Of course, I doubt no one listens to that. But, I wouldn't make a note of telling them. Perhaps things have changed as I found this out a few years ago. But that's as far as I know. Maybe each bank is different too.

Perhaps PC Banking doesn't let you have an account, but any other bank will let you have an account you just have to tell them you are NOT a resident of Canada so that they can tax you on your interest more. My US fiance and I just opened a new Canadian account last week and they had no problems with him being from the US and even opened it up with only his Driver's License and a credit card # (no passport or SSN).