Transferring Funds

[mitch.snyder 0]

I know that this has been discussed before but I just can't seem to find it. What is the best way to send funds from a Canadian bank to my U.S. bank? I know there was a service that was part of the Western Union family that people have recommended on VisaJourney but I can't for the life of me remember what it was called!

Thanks!!

[Flames9_RN 358]

http://www.customhouse.com/ which is NOW owned by Western union!! Have used Customhouse since 2005 and it has been super. Used it a few times since Western Union has taken over, with no problems.

[mitch.snyder 0]

http://www.customhouse.com/ which is NOW owned by Western union!! Have used Customhouse since 2005 and it has been super. Used it a few times since Western Union has taken over, with no problems.

Thank you!

[nickbits 43]

Do a wire transfer from your CDN bank.

[knnth 0]

If you bank with Scotiabank, you can access your CDN account and withdraw USD funds from any Bank of America ATM. There is no charge, other than the normal difference from exchanging between CDN and USD (whatever that may be at the time)

[Flames9_RN 358]

Now a days, if ur just withdrawing small amounts, ur ATM is probably suffice. But if ur transferring large amounts of $$$, you def want to check around. Few yrs I did a decent sized transfer, phoned the banks and CH was better, and it did make a difference. CH is free to set up, its nice to have in case you need it. If you do it electronically (EFT)its Free, takes 3-4 BUSSINESS days to go thru, and they do offer a wire service as well, but it costs $$$. Of course the EFT is not truly free, they make their $$ on the exchange rate difference.

I keep 1 Cdn bank acct open with a near zero balance! As I occasionally get Cdn Cheques. Soem banks will charge you fees up the wazoo, or they won't charge u a fee, BUT give u a sub-par exchange rate! Again not a huge deal on a small amount, but sure sucks on the larger ones! So i just mail my cheques back to my folks, who have my Cdn bank debit card, and they deposit it into my Cdn account. Then I use CH to tx the $$$. I also TX funds from the USA back to Canada when I head back home! Nice to have when i send $$ to my relatives, just write a cdn cheque then too

[qcmeetsnc 1]

I bank with the RBC and it easily allows me to transfer funds back and forth between my two accounts.

[HisGirl 0]

I used Custom House. It is easy but kind of nerve wracking the first time you do a transfer, at least for me it was!

[Flames9_RN 358]

CH staff was great, they will talk you thru it step by step as well. But now that a few Cdn banks have entered the USA market, as others have stated their is other options now. If ur transferring large amounts of $$$$, its good to check around to see what exchange rate ur going to get! and keep in mind it takes a day or 2 to set up a CH account

[Krikit 1,163]

I used to espouse Custom House but recently had such a bad experience with them that I not only stopped using them, I also refuse to continue to endorse their services. In addition, I was able to get a much better rate (granted, this was under special circumstances) just using the bank-to-bank wire transfer. Since their takeover by Western Union, CH's rates are no longer competitive.

Whatever you do, don't cash a Canadian cheque at an American bank!!!!!

Link to how Custom House works

[Krikit 1,163]

Just to add..... if you are transferring smaller amounts and don't require a wire transfer (meaning same day service) then your best bet is to use the EFT at CH or find a Canadian bank (RBC and soon TD) with cross-border banking.