Writing a Check from my CND account to my US account

[Piefre 15]

I've got over 15k sitting my CND bank account that I need to move into my US bank account. I've transferred smaller amounts before by just writing a check to myself and dealing with the exchange rate on it, but I was wondering if there's any magical IRS form or taxes I need to worry about if I write a check for over 15k from my CND account to my US account.

[NikLR 13,227]

Anytime you bring over 10k across the border you need to declare it. I'm surprised you can cash a cdn cheque in the USA, I always have had a great deal of trouble with it so I've never bothered (I use my RBC Canada and USA accts to move money across the border.) The option could be to put in a money order in USD before bringing it to the USA, it might save you a bit in exchange.

[Piefre 15]

I bank with JP Chase and they are usually fine with taking a Canadian check. I think one time a teller mentioned that it only goes to collections if the amount is over 4k or 5k (can't remember). Does anyone happen to know the form I would need to declare my transfer?

[S & P 10]

The only information I can find is a form you fill out with customs when you are entering the country with more than 10K (FinCEN 105), but seeing as you are already in the US that may not be the correct form. You would be best to speak to a bank manager and JP Morgan Chase. They should know the proper forms you will need to fill out as THEY have reporting to do when large amounts of foreign currency are processed through their bank. BUT as NLR suggested, you may want to find out if you will fare better by moving US funds from your bank or CDN funds as the exchange rate may vary a LOT.

Good luck!

edit to add: You will maybe want to speak to a tax accountant about how you will report this with you income taxes.

Edited December 30, 2013 by S & P

[Flames9_RN 358]

Writing a Cdn cheque can be a real hassle, I know it was for me back in 2005 whenever I dealt with Wachovia. I had to deal with 1 teller at 1 branch, otherwise it was a nightmare. There are online services that can tx your $$$. Used to use Customhouse.com and it was great, no fees--they made their $$$$ on the exchange rate, which was still better that what the bank would give you. But a few years back it was bought out by Western Union and the exchange rate they gave wasn't as beneficial as CH. And now I think they do charge a $5 fee! But for $15000, it is something you want to check into. Right now CH (western union) is quoting me this:

15,000.00 CAD = 13,926.28 USD 1 CAD = 0.9284 USD// 1 USD = 1.0771 CAD

http://www.westernunion.com/Home The banks or Western Union should fill out the forms on ur behalf, I know Customhouse did for me.

[NigeriaorBust 4,087]

There is a 10K point where you have to declare the source of the income ( an attempt to track drug related money ) There are no taxes on money brought in.

[Piefre 15]

Thank you for the responses! I think I can call up the accountant we've been using to ask about this. I have been declaring the funds according to FBAR. Got tired of having to declare it every year and not even really use that money so I was going to move it. I was hoping it would be easier.

[Flames9_RN 358]

Thank you for the responses! I think I can call up the accountant we've been using to ask about this. I have been declaring the funds according to FBAR. Got tired of having to declare it every year and not even really use that money so I was going to move it. I was hoping it would be easier.

Was super easy with customhouse--now Western union! Took a bit to set up the account, as tey had to phone and verify I was a real person--not sure if western union does that! But it was super easy!

[Flames9_RN 358]

As well I think banks can make wire transactions......So there are many methods of doing this. I know some have opened bank accounts with TDCanadatrust as they now have banks in the USA (or did) same with RBC. I think the bigger issue is finding the method that gives you the best exchange rate. Wasn't too long ago the Cdn $$ was at par or slightly above the US $$$.....So 1 has to take that into consideration. cheers

[chunky 2]

This is the easiest way to move money:

http://www.xe.com/xetrade/

I linked up my US and CDN accounts from there. And you wire money from one to the other by doing a "bill payment" from the CDN bank (I've done it from both BMO and ING direct). Do it in two <$10K transfers and you're done. better exchange rates than banks will give you and less holds. Usually funds are available for use within 48 hrs.

[Flames9_RN 358]

This is the easiest way to move money:

http://www.xe.com/xetrade/

I linked up my US and CDN accounts from there. And you wire money from one to the other by doing a "bill payment" from the CDN bank (I've done it from both BMO and ING direct). Do it in two <$10K transfers and you're done. better exchange rates than banks will give you and less holds. Usually funds are available for use within 48 hrs.

Yep thats another 1 many use---and probably better than Western Union but I believe works under the same principal---so do ur research

[NikLR 13,227]

OOO that's a great idea... two under 10k transactions gives you a lot more leeway than one big 15k jump.

[Flames9_RN 358]

OOO that's a great idea... two under 10k transactions gives you a lot more leeway than one big 15k jump.

One just has to report the $$$$, thats it, its not a big deal and if you do it via financial institution---they are the ones reporting it, not you. Breaking it up into small amounts, may just mean ur paying more fees on it

[NikLR 13,227]

It's possible... I was thinking if you change it into US cash and bring it over in two bouts.. LOL no declaration needed... Doesnt really work tho if you're not already travelling. LOL

I really wouldn't know tho, I have never had over 10k in the bank.

[JustBreathe 22]

I stressed out about this ALOT before I moved and what I ended up doing was a wire transfer from my Canadian credit Union acct to my joint acct with my husband here in America. I just had to write and sign a letter saying that I wanted to transfer the funds from the CDN acct. It only cost me $25 to do it too ( plus the exchange)