Canadian $-US Exchange-Transfer

[ricky and elaine 8]

Hi was wondering if anyone has a suggestion for exchange and transferring to the US. Does anyone know if you need any documentation for the sale of a principal residence in Canada...so its not taxable. My bank is charging horrible fees to exchange and transfer to my account in the US.

[ricnally 258]

I have linked Canadian and US bank accts through RBC. They do the transfers for free but you have to go with their exchange rate. For a really large amount, I used Canadian Forex. So RBC Canada to Canadian Forex to RBC US. There was a $15 wire fee for the Forex to US RBC part, but it seemed reasonable for the amount I was exchanging.

[ricky and elaine 8]

I have linked Canadian and US bank accts through RBC. They do the transfers for free but you have to go with their exchange rate. For a really large amount, I used Canadian Forex. So RBC Canada to Canadian Forex to RBC US. There was a $15 wire fee for the Forex to US RBC part, but it seemed reasonable for the amount I was exchanging.

When you say RBC US...you mean a US dollar Account at RBC Canada?? Who is RBC's partner in the US?

Do you mean the RBC US account is domiciled in Canada?

This is the hard part..if you want to be able to put money in an account in Canada (while in the US) I understand emailing money but doesn't help you if its US Bank to Cdn Bank.

[ricnally 258]

Don't think I quite understand your question. I have a Canadian $ acct with RBC in Canada and it is linked to a US$ acct in the US. There are no service fees for transfers between the two. The affiliated US bank does not actually have brick and mortar branches where I live in California (I think it's and east coast bank), but I get cash usually via cash back with my debit card at the grocery store (no service fee) and I can deposit my US cheques into my US acct using the cool iPhone/iPad app.

Edited July 10, 2014 by ricnally

[ricky and elaine 8]

Don't think I quite understand your question. I have a Canadian $ acct with RBC in Canada and it is linked to a US$ acct in the US. There are no service fees for transfers between the two. The affiliated US bank does not actually have brick and mortar branches where I live in California (I think it's and east coast bank), but I get cash usually via cash back with my debit card at the grocery store (no service fee) and I can deposit my US cheques into my US acct using the cool iPhone/iPad app.

Ok im clueing in....But you cannot deposit actual money into a bank in California and it be transferrable to a Cdn acct. Just the app for deposits. That is good isn't it!!

Wonder why you can't cross border email money? Then it would be simple. (from us to Canada)

I am firstly trying to figure how not to loose a bunch on exchange (Forex i will investigate)

.

[chiggins82 87]

I am struggling with this too. I have savings here in Canadian Dollars that I plan to bring to the US. I have heard great things about TD and Royal Bank cross border banking. Neither have branches in Minnesota (where I am going). I also looked at moving over to ING/Tangerine in Canada as they have a US Savings account and no bank fees, but you can only withdraw US cash from one of their Cafes.

I am booking an appointment with Royal soon to see if moving everything to them will be easiest. What I want is to be able to quick transfers of Canadian to US funds so that I can benefit from the exchange rate and then then have access to the US funds in the US... They do not make it simple!

I have never heard of Forex. If you find out anything, can you post it on here? I am going to look into it too.

[ricky and elaine 8]

I have linked Canadian and US bank accts through RBC. They do the transfers for free but you have to go with their exchange rate. For a really large amount, I used Canadian Forex. So RBC Canada to Canadian Forex to RBC US. There was a $15 wire fee for the Forex to US RBC part, but it seemed reasonable for the amount I was exchanging.

Thank you RICNALLY! I got on the phone with RBC US(RBCbank.com) ...a very very long phone call. But all arranged! Do you know you can even link a regular US bank (eg. Bank of America, Chase, US Bank) to your RBC US bank (so you could physically go to a brick and mortar bank) and deposit cash if you so chose and just transfer it to RBC US then transfer to RBC Canada(RBCroyalbank.com) then you could email or interac it anywhere in Canada!! WHEW!

It also helps to establish credit in the US!!

Again thanks for the tip!

I have linked Canadian and US bank accts through RBC. They do the transfers for free but you have to go with their exchange rate. For a really large amount, I used Canadian Forex. So RBC Canada to Canadian Forex to RBC US. There was a $15 wire fee for the Forex to US RBC part, but it seemed reasonable for the amount I was exchanging.

Thank you RICNALLY! I got on the phone with RBC US(RBCbank.com) ...a very very long phone call. But all arranged! Do you know you can even link a regular US bank (eg. Bank of America, Chase, US Bank) to your RBC US bank (so you could physically go to a brick and mortar bank) and deposit cash if you so chose and just transfer it to RBC US then transfer to RBC Canada(RBCroyalbank.com) then you could email or interac it anywhere in Canada!! WHEW!

It also helps to establish credit in the US!!

Again thanks for the tip!

[ricnally 258]

I am struggling with this too. I have savings here in Canadian Dollars that I plan to bring to the US. I have heard great things about TD and Royal Bank cross border banking. Neither have branches in Minnesota (where I am going). I also looked at moving over to ING/Tangerine in Canada as they have a US Savings account and no bank fees, but you can only withdraw US cash from one of their Cafes.

I am booking an appointment with Royal soon to see if moving everything to them will be easiest. What I want is to be able to quick transfers of Canadian to US funds so that I can benefit from the exchange rate and then then have access to the US funds in the US... They do not make it simple!

I have never heard of Forex. If you find out anything, can you post it on here? I am going to look into it too.

Read my post about Forex. I use it for large amounts because they have a better exchange rate.