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Abby62

Banking system CDN vs. USA

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I have a CDN Car and a loan through BMO on it.

I want to import it into the USA when I move.

Importing looks easy enough. I called BMO and they said as long as I pay for the vehicle, they don't care if I import it into the USA or not.

My question is: How do I get money into my CDN bank account to pay for my vehicle? Can I go into any bank in the USA and deposit funds into my CDN bank account so there is money in it to pay for the vehicle?

If anyone can help here, I sure would appreciate it. If I can't get money into my CDN account from the USA, them I'm hosed and I need to start looking into selling my car soon.

Thanks


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You would have to wire transfer from your US bank to your Canadian bank, expensive and has to also be done with currency change.

Some people use CUSTOM HOUSE. To transfer funds.

Can also mail bank drafts to family in Canada and have them deposit it to your account.

This is not an IR/CR issue, should be in the Canada forums.


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Check to see if the state you're living in has an RBC - I'm not certain, but if you open an RBC in canada, you can open one in the states, and then transfer funds between those two accounts (I think). RBC is only in a handful of states, however - so this might not help too much.

Good luck!

You would have to wire transfer from your US bank to your Canadian bank, expensive and has to also be done with currency change.

Some people use CUSTOM HOUSE. To transfer funds.

Can also mail bank drafts to family in Canada and have them deposit it to your account.

This is not an IR/CR issue, should be in the Canada forums.

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Only somewhat related to the OP's post (sorry in advance), but can you actually import a car you're still making payments on? The answer will have a huge impact on what I buy next month!

I always read the car has to be paid off. ?

Edited by JlovesA

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I sent money back to my parents occassionally using an international money order at the PO and my dad went in and deposited it for me back in Canada. I paid my outstanding credit card balance that way. Worked out fine

I don't know what the fees are at Custom House, but I imagine they're comparable to their fee - whatever you're comfortable with.


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Only somewhat related to the OP's post (sorry in advance), but can you actually import a car you're still making payments on? The answer will have a huge impact on what I buy next month!

I always read the car has to be paid off. ?

It appears the OP's bank says they're fine with it, but in most situations it has been a no go.

I don't know what the fees are at Custom House, but I imagine they're comparable to their fee - whatever you're comfortable with.

CH doesn't charge any fees when you do the 3 business day electronic transfer. It's a pita to set up the account, though. Not to mention that since they've been taken over by Western Union, it's not as good as it used to be. I send cheques from the US to my bank in Canada every month. It's pretty simple.


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There are NO fees at customhouse if you EFT (electronically file) they make their $$$ off the exchange rate. I can't recall the exact terminology---but the "posted" exchange rate is "that" and what CH gives u is a tad less---they make their money on the difference! In the past I have found CH to have better rates than the banks! If your just transferring small amounts of $$$$, not a big deal! start transferring thousands of $$$, it makes a big deal!! I just like it for the convenience of transferrign $$ to my Cdn acct when I visit--and $$$ back to my USA acct!

I'm niot exactly sure how it goes as I sold my car prior to moving, but if you have a lien against it in Canada (not paid off) soemtimes one can not register it in the usa,thus get insurance. I'm sure others will chip in!~

lol----oh Krikit! lol Its not a huge pain inthe butt to sign up--at leat it wasnt back in 2005. Wel it isnt if you have a scanner. If you dont have a scanner--ya then it would be a pain!

And I have to agree with krikit, I think now since Western Union has taken over--the exchange rate has gone more into their favor!

But it is free to set up and nice to have it ready to go just in case you need to use it, but always best to check the rates out

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It appears the OP's bank says they're fine with it, but in most situations it has been a no go.

Ugh, so I guess I'm buying a used car next month. Oh well, I assumed as much. Thanks for the info!

Edited by JlovesA

"There are no shortcuts to anywhere worth going."

CR-1: Texas Service Center and Montreal Consulate

Wedding: 2015-04-11

NOA1: 2015-12-18

NOA2: 2016-04-28

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DS-260 completed: 2016-07-27

Mailed AOS & IV package to NVC: 2016-10-24

Scan date: 2016-10-31

Sent for supervisor review: 2016-12-16

Case complete email: 2016-12-30

Medical (Dr Zatzman in Toronto): 2017-01-16

Interview: 2017-02-13 (approved!)

POE: 2017-04-13 (Detroit/Windsor tunnel)

Received 10yr GC: 2017-05-20

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It appears the OP's bank says they're fine with it, but in most situations it has been a no go.

CH doesn't charge any fees when you do the 3 business day electronic transfer. It's a pita to set up the account, though. Not to mention that since they've been taken over by Western Union, it's not as good as it used to be. I send cheques from the US to my bank in Canada every month. It's pretty simple.

How does sending checks work? I need to do something similar for my husband's car. Do you just grab deposit slips and mail them to the bank? Do the recognize the check is in USD and they do a change to CAN?

Thanks!

J-


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I'm niot exactly sure how it goes as I sold my car prior to moving, but if you have a lien against it in Canada (not paid off) soemtimes one can not register it in the usa,thus get insurance. I'm sure others will chip in!~

When you fill out the form to register the vehicle in the US there are some fields there where you have to enter the lienholder information. The registration gets sent to them and not to you. Once the car is paid off you have to get a letter from the lienholder releasing the vehicle and you take that to the tag office so they will issue a new registration in your name.

lol----oh Krikit! lol Its not a huge pain inthe butt to sign up--at leat it wasnt back in 2005. Wel it isnt if you have a scanner. If you dont have a scanner--ya then it would be a pain!

It was a much easier process when I first signed up, also, back in 2006. Then, last year, I had to make a couple of fairly hefty wire transfers. The first one was relatively small so I tried to use the EFT. There was a problem with my account so when I called them they told me that my account had been closed and that I had to open a new one. That became a gigantic farce to the point where I had to keep escalating the problem up the ladder until I finally got in contact with my broker at CH and he had to intervene. It turns out my account wasn't closed at all and I had gone through this nightmare for no reason. Due to the time limitation I had on the transfer I ended up having to do a wire transfer instead of a straightforward EFT. And even that process had changed where it was no longer simple.

And I have to agree with krikit, I think now since Western Union has taken over--the exchange rate has gone more into their favor!

When it came time for me to do a major transfer a few months ago, I checked the rate with my CH broker. Their rates have become so high that I used another process which did not involve CH. I no longer recommend them as I used to.

How does sending checks work? I need to do something similar for my husband's car. Do you just grab deposit slips and mail them to the bank? Do the recognize the check is in USD and they do a change to CAN?

If it's a cheque made out to me from another source I just sign the back with "For Deposit Only" and enter the account # I wish it to be deposited to. If it's a cheque from myself (married name) to myself (former name), I make it out to myself and enter the same information on the back. I then write a short note to accompany it noting that the cheque(s) are in US funds and mail it directly to my bank.


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Check to see if the state you're living in has an RBC - I'm not certain, but if you open an RBC in canada, you can open one in the states, and then transfer funds between those two accounts (I think). RBC is only in a handful of states, however - so this might not help too much.

Good luck!

How ironic!!! We just did this last week!! LOVED the RBC people!


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Check to see if the state you're living in has an RBC - I'm not certain, but if you open an RBC in canada, you can open one in the states, and then transfer funds between those two accounts (I think). RBC is only in a handful of states, however - so this might not help too much.

Good luck!

You can still use RBC even if the state you live in does not have RBC branches. You just have to do everything on-line. I have this set up and it is really convieneint since I can transfer back and forth from my Can/US accounts with no fees (I think I pay $4 a month for my account fee), and you get the current exchange rate at the time. You can just set up your car loan as a payee through RBC Canada and make the payments on-line. I get my maternity leave benefits deposited into my RBC account then just transfer as needed. It is also nice because when I travel back to Canada, I can use my interac card from my Canadian account and I don't get charged any cross border fees.

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