ir1 proof of funds: Why open a U.S. dollar bank account?

[darth vader 131]

I have noticed that a lot of folks applying for ir1 from Canada transfer their Canadian funds to a U.S. dollar bank account to show proof of funds.

I wonder why is this done? Is there a benefit in showing funds in a U.S. dollar bank account vs say regular savings/checking account?

[geowrian 22,336]

If the petitioner is living in Canada, then this is likely to help address US domicile. Montreal is notoriously strict with domicile. Opening or using a US bank account is one way to help show intent to establish US domicile.

 

Or maybe it's because if they using assets for the I-864, they may believe having it in a US bank account will be viewed more favorably by the CO. I personally don't think it will help (a considerable history of sufficient funds is preferential IMO).

[darth vader 131]

1 minute ago, geowrian said:

If the petitioner is living in Canada, then this is likely to help address US domicile. Montreal is notoriously strict with domicile. Opening or using a US bank account is one way to help show intent to establish US domicile.

 

Or maybe it's because if they using assets for the I-864, they may believe having it in a US bank account will be viewed more favorably by the CO. I personally don't think it will help (a considerable history of sufficient funds is preferential IMO).

U.S. Dollar bank accounts are different than U.S. bank account. I understand the logic behind a U.S. bank account but a U.S. Dollar bank account is a Canadian bank account where your money is in U.S. Dollars.

But, thanks for your answer!

[geowrian 22,336]

3 minutes ago, darth vader said:

U.S. Dollar bank accounts are different than U.S. bank account. I understand the logic behind a U.S. bank account but a U.S. Dollar bank account is a Canadian bank account where your money is in U.S. Dollars.

But, thanks for your answer!

Ah, sorry for the mistake. I skipped right over that wording...

No idea on why a US dollar-based account would be preferred...maybe just the perception that it sounds better to a CO as noted before?

I'm following this thread as I'm curious as to the rational behind this action.

[Dualie 185]

I have a US dollar account at RBC, attached to a Canadian chequing/savings account. I am collecting CPP and it makes it super easy to convert. My CPP payment is direct deposited into the Canadian account. I can transfer whatever I wish to withdraw to the US dollar account. I have a Wells Fargo account linked to my RBC US dollar account, and I can move the money directly there. Quick and easy.  CRA also direct deposits tax refunds and it works the same way.

That's my reasoning for a US dollar account

 

[darth vader 131]

8 minutes ago, Dualie said:

I have a US dollar account at RBC, attached to a Canadian chequing/savings account. I am collecting CPP and it makes it super easy to convert. My CPP payment is direct deposited into the Canadian account. I can transfer whatever I wish to withdraw to the US dollar account. I have a Wells Fargo account linked to my RBC US dollar account, and I can move the money directly there. Quick and easy.  CRA also direct deposits tax refunds and it works the same way.

That's my reasoning for a US dollar account

 

Thanks for explaining!

I am still wondering if it has any other benefits besides convenience as I see a lot of folks here getting a U.S. Dollar bank account before they appear for their interviews.

[Mike445 28]

On 24/05/2018 at 7:30 PM, Dualie said:

I have a US dollar account at RBC, attached to a Canadian chequing/savings account. I am collecting CPP and it makes it super easy to convert. My CPP payment is direct deposited into the Canadian account. I can transfer whatever I wish to withdraw to the US dollar account. I have a Wells Fargo account linked to my RBC US dollar account, and I can move the money directly there. Quick and easy.  CRA also direct deposits tax refunds and it works the same way.

That's my reasoning for a US dollar account

 

Do you have a Royal Bank US dollar account from within Canada or do you have an RBC USA bank account that is linked to your Canadian account?  I've been using an RBC USA account linked to my Canadian account for years. After marrying  my USC wife the account is now joint.  Its physically a US account with a US VISA debit card and US checks and the billing address is where we'll be living in Arkansas.  I can transfer freely between the Canadian and US accounts.  It's so convenient!

[Dualie 185]

My RBC US dollar account is within my Canadian RBC chequing account. It was my main account when I lived in Canada, where my pay was direct deposited, my CRA refunds, etc. When I emigrated I set up the US dollar part, which I have checks for as well as a debit card (which I never use). I use the US dollar account to transfer my CPP and CRA deposits from my RBC Canadian account to our joint Wells Fargo account.  Very similar to how you do it.