Banking in the US

[Murph44 0]

Hi all,

I have an RBC US Bank account and I can transfer that money between that and my RBC Canada account instantly without any fees.

The problem is my company in the States does not recognize the account and routing numbers of my RBC US account and I can't do direct deposit. Therefore, I am looking at opening a basic checking account at a US bank (Bank of America).

Has anyone opened a US account and then transferred money to their Canadian account to pay Canadian bills, etc? What's the fastest and cheapest way to do this? I've been looking at using a service such as XE Trade. Is anyone familiar?

Thanks!

[watdog 8]

Normally banks won't transfer between countries very easily. I've transferred between countries but the only option was a wire transfer. Costs about $35 each wire. You said you have a RBC US bank account that allows you to transfer between the US and Canada without fees. What I would do is open a BofA/Chase/Wellsfargo (pick one) and have my direct deposits in that. Then do a withdrawal and walk to the RBC US and deposit the money. Depending on how much you are sending the wire may or may not be worth it.

[Murph44 0]

watdog,

The only problem is with that is there are no RBC US bank locations anywhere near where I will be residing in the US.

Is it possible to write myself a check from my BoA/Chase/Wellsfargo account and deposit it into my RBC US account? They have an app that let's you deposit checks from anywhere.

[REHollier0626 4]

I opened a US bank account with Bank of America.

I utilize a facility that the Royal Mail (post office in the UK) offer.

As long as i send between £250 and £30,000 i pay no fees on this end.

I do however have a $20 wire fee from Bank of America associated with the wire transfer.

Does your post office or Bank establishments (I am unaware of Canadian banks as i do not use them) offer any similar service?

Due to the limitations on the account I could open at Bank of America without a valid social security number i also have a $9 monthly fee linked to the account.

Just thought i would throw out what was on offer here so you can look for similar stuff your end.

Regards

[ricnally 258]

Don't know where OP is in the US, but I'm in California and have the linked RBC US and Canadian accounts and there are no brick and mortar RBC branches here. I get my physical paycheck and use the RBC remote deposit app on my iPad/iPhone (just take a pic of the cheque and boom, it's deposited!) and it's brilliant! From there, just transfer money needed in Canada to my Canadian account for free.

[Murph44 0]

Don't know where OP is in the US, but I'm in California and have the linked RBC US and Canadian accounts and there are no brick and mortar RBC branches here. I get my physical paycheck and use the RBC remote deposit app on my iPad/iPhone (just take a pic of the cheque and boom, it's deposited!) and it's brilliant! From there, just transfer money needed in Canada to my Canadian account for free.

ricnally,

I did this exact procedure when I was in the states this past summer on a TN. I'm headed back soon and would like to be able to get my checks via direct deposit at a major US bank for 1. Ease and 2. To establish myself a bit at a major US bank as I will likely be moving to the States long term.

May I ask if you have a US credit card? Using a major US bank (BoA/Chase, etc) is also a way for me to quickly build credit in the states if I'm approved for a card.

Doing what you have done with RBC is no doubt super easy, and I've done it, I'm just wondering if there is a way to do something similar with a major US bank.

Edited September 17, 2014 by Murph44

[templeton 120]

Many banks will put a hold on foreign cheques, so you'd want to ask before you do that. I'm pretty sure the eDeposit apps don't let you deposit foreign cheques anyway (at least not with CIBC or Tangerine). BMO has Canadian and American branches and I'm pretty sure you can transfer directly between those accounts, but unless there's a branch near you, it's the same problem you have with RBC.

There's no easy answer here and a lot depends on how much money you intend to transfer. Less than a thousand at a time, maybe get Canadian and US Paypal accounts so you can send yourself money from each? If it is going to be more than that, a service like http://www.usforex.com/our-services/transfer-money/canada might be a good bet. Their fees are much less than a normal bank. I used the Canadian version when I was still back in Canada to send money to my then Fiance, and it worked very well.

[ricnally 258]

Yes, I have a US credit card through RBC. They even used my Canadian credit rating and gave me a huge credit limit, and I expect to have a US credit rating in a few months. I find the whole RBC situation to be easy-peasy and all I need. Rather than pay fees to withdraw cash at other banks, I get my cash when I go to the grocery store.

[ricnally 258]

Many banks will put a hold on foreign cheques, so you'd want to ask before you do that. I'm pretty sure the eDeposit apps don't let you deposit foreign cheques anyway (at least not with CIBC or Tangerine). BMO has Canadian and American branches and I'm pretty sure you can transfer directly between those accounts, but unless there's a branch near you, it's the same problem you have with RBC.

There's no easy answer here and a lot depends on how much money you intend to transfer. Less than a thousand at a time, maybe get Canadian and US Paypal accounts so you can send yourself money from each? If it is going to be more than that, a service like http://www.usforex.com/our-services/transfer-money/canada might be a good bet. Their fees are much less than a normal bank. I used the Canadian version when I was still back in Canada to send money to my then Fiance, and it worked very well.

There IS an easy answer. It's spelled RBC.

[Murph44 0]

Yes, I have a US credit card through RBC. They even used my Canadian credit rating and gave me a huge credit limit, and I expect to have a US credit rating in a few months. I find the whole RBC situation to be easy-peasy and all I need. Rather than pay fees to withdraw cash at other banks, I get my cash when I go to the grocery store.

I absolutely agree that the RBC situation is simplicity at it's finest. I'd just like to have direct deposit and to establish myself at a major US bank.

Perhaps my best option is to open an account at BoA/Chase, get direct deposit at that account, write myself a personal check from it and deposit into my RBC US account so I can tranfer funds back to Canada free and instantly. I'm not sure if that makes sense to anyone else haha.

Can you write personal checks from your RBC US account and have them cashed by Americans at major banks?

Also - did you apply for your RBC US credit card while in the states or did you have to be physically present at an RBC Canadian branch?

^^^ The reason I asked the last question is that I'm trying to establish credit in the US as well. I didn't know you could get US credit with an RBC US credit card. I know the account is US, but isn't the parent bank Canadian?

[templeton 120]

There IS an easy answer. It's spelled RBC.

Well, it's not spelled RBC if the OP wants direct deposit, it seems.

Edited September 17, 2014 by templeton

[ricnally 258]

Yes, I write checks from my RBC US account which are cashed in the states, and yes I applied for the RBC US credit card here in the states. You will have difficulty getting a credit card from a major US bank without a credit rating. The only one you can get will be a secured one (as in, you give them $500 and they give you a credit card with a $500 limit). You will eventually get a US credit rating from it, but I think the RBC credit card will get you there faster.

[Lemonslice 4,590]

I've used xe trade without any problem, takes a few days. Also sent cheques to family, as needed, in different countries, again, not super fast, but free. For larger amounts, I compared exchange rate to bank fees and their exchange rates.

You can find better than BoA though, check

www.findabetterbank.com

Edited September 17, 2014 by Boston~Montreal

[Sylea 30]

Yes, I write checks from my RBC US account which are cashed in the states, and yes I applied for the RBC US credit card here in the states. You will have difficulty getting a credit card from a major US bank without a credit rating. The only one you can get will be a secured one (as in, you give them $500 and they give you a credit card with a $500 limit). You will eventually get a US credit rating from it, but I think the RBC credit card will get you there faster.

Interesting thread. I just met with an RBC rep last weekend to get details of the cross border account. He told me I could NOT get the US VIsa as I would have to be a Canadian resident to do so.

He also did NOT mention anything about mobile banking and being able to e-deposit cheques to the RBC US account, nor did he tell me I could write cheques on the US account.

It seems I need to get some clarification around this. I thought that their cross border package seemed like the most sensible way to get myself started once I'm stateside. I already have a BoA account with my husband, but I don't think it starts my credit history down there.

[ricnally 258]

I absolutely agree that the RBC situation is simplicity at it's finest. I'd just like to have direct deposit and to establish myself at a major US bank.

Perhaps my best option is to open an account at BoA/Chase, get direct deposit at that account, write myself a personal check from it and deposit into my RBC US account so I can tranfer funds back to Canada free and instantly. I'm not sure if that makes sense to anyone else haha.

Can you write personal checks from your RBC US account and have them cashed by Americans at major banks?

Also - did you apply for your RBC US credit card while in the states or did you have to be physically present at an RBC Canadian branch?

^^^ The reason I asked the last question is that I'm trying to establish credit in the US as well. I didn't know you could get US credit with an RBC US credit card. I know the account is US, but isn't the parent bank Canadian?

When I called to get the US credit card, they assured me that I would be able to establish a US credit rating with it. RBC uses an affiliated bank in the states that handles the US part of their business. Can't remember the name since I'd never heard of it and the branches are only on the east coast (I think).

Edited September 17, 2014 by ricnally