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mika__

How do I bring my money to USA? and paying off previous debt?

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Posted (edited)

Hi everyone

 

Please forgive me if these are ridiculous questions, however im unsure and I dont have and family I can turn to to ask advice on about this. Im more so curious on what you all did and to share your personal experience so I can get some idea.

Im currently in the middle of doing the CR-1 visa. Me and my husband are just waiting for NVC to get back to us so we can setup the interview part.

Im Canadian living in Canada so when we get approved in the interview (hopefully) and I can finally move to the USA to California (Sanfrancisco), these are some questions im unsure of:

 


1.) How do I transfer all my money and savings to the USA when I move there? We dont have the same banks in the USA (I use RBC) and im just not sure how to go about bringing all my money to the USA. What did you do? share please?

 

3.) My goal is to pay off any remaining debt I have in Canada before I move to the USA, however if I dont get it completly paid off before I move, how do I go about doing that and pay it off gradually while im living in the USA? 
> like can I still pay off my Canadian credit cards online (my only debt is on 2 credit cards) with my new bank account ill have in the USA and it will just convert to Canadian when I pay it online?
can you give me an example how you paid off any remaining debt?

 

 

 


Thanks!
(sorry if these are obvious answers I just dont know exactly how to go about them)
 

Edited by mika__
forgot to add something

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4 minutes ago, mika__ said:

Hi everyone

 

Please forgive me if these are ridiculous questions, however im unsure and I dont have and family I can turn to to ask advice on about this. Im more so curious on what you all did and to share your personal experience so I can get some idea.

Im currently in the middle of doing the CR-1 visa. Me and my husband are just waiting for NVC to get back to us so we can setup the interview part.

Im Canadian living in Canada so when we get approved in the interview (hopefully) and I can finally move to the USA to California (Sanfrancisco), these are some questions im unsure of:

 


1.) How do I transfer all my money and savings to the USA when I move there? We dont have the same banks in the USA (I use RBC) and im just not sure how to go about bringing all my money to the USA. What did you do? share please?

 

3.) My goal is to pay off any remaining debt I have in Canada before I move to the USA, however if I dont get it completly paid off before I move, how do I go about doing that and pay it off gradually while im living in the USA? 
> like can I still pay off my Canadian credit cards online (my only debt is on 2 credit cards) with my new bank account ill have in the USA and it will just convert to Canadian when I pay it online?
can you give me an example how you paid off any remaining debt?

 

 

 


Thanks!
(sorry if these are obvious answers I just dont know exactly how to go about them)
 

1.  Bank to bank wire is most popular way....Can be different banks.


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Retired 20 year US Air Force Missileer

Retired Registered Nurse with practice in Labor/Delivery, Home Health, Adolescent Psych, Adult Psych

Retired IT Professional, Software Developer, Database Manager

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
  • I751 mailed to Dallas PO Box: 3/28/2019
  • I-797 extension letter  for ROC dated 4/2/2019  MSCxxxxxxxxxx received: 4/6/2019
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My husband kept his RBC account open for paying off things and for taxes and then closed it out when everything was paid off. Most things are done online, it shouldn't matter where you are.

He didn't move ALL of his money over though, what he did send over he sent to me through Paypal or brought in cash with him, But there is a limit to how much you can bring over before you need to pay taxes on it and fill out a form.


*More detailed timeline in profile!*
 
Relationship:     Friends since 2010, Together since 2013

The K-1 Process:    Done in 208 days                                               
 

Spoiler

04/27/15- NOA1 Recieved                                                    
06/02/15 - NOA2 Recieved
09/22/15 - Interview       (221g for more documents (a SECOND cosponsor), see profile for more details!)                                            
11/09/15 -  ISSUED!!                                                              
11/10/15 - Passport received                                                
02/20/16 - Wedding!              


                                                
 AOS   Done in 77 days                                                                            
 

Spoiler

04/08/16 - I-485, I-765, I-131 AOS Application recieved by USCIS
04/12/16 - 3 NOA1's received in mail
05/14/16 - Biometrics for AOS and EAD
06/27/16 - I-485 Case to changed to "New Card being produced"  (Day 77)
06/27/16 - I-485 Case changed to Approved! (Day 77)
06/30/16 - I-485 Case changed to "My Card has been mailed to me!"
07/05/16 - Green Card received in mail! 

 



ROC 

05/09/18 - Mailed out ROC to CSC

05/10/18 - CSC Signed and received ROC package
06/07/28 - NOA1 

06/11/18 - Check cashed

06/15/18 - NOA received in the mail
08/27/18 - 18 month extension received (Courtesy Copy)

09/18/18 - Request for official 18 month extension
10/22/18 - Official 18 month extension received 

02/27/19 - Biometrics waived 

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3 hours ago, Ash.1101 said:

My husband kept his RBC account open for paying off things and for taxes and then closed it out when everything was paid off. Most things are done online, it shouldn't matter where you are.

He didn't move ALL of his money over though, what he did send over he sent to me through Paypal or brought in cash with him, But there is a limit to how much you can bring over before you need to pay taxes on it and fill out a form.

Not aware of paying taxes on more than the $10,000 in cash brought into the US, but one option is to open a US Dollar account in Canada, and just write yourself a check for any additional funds once you've paid the debts and no longer need a Canadian account.

 


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Understanding the big picture is priceless. Anonymous

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14 minutes ago, pushbrk said:

Not aware of paying taxes on more than the $10,000 in cash brought into the US, but one option is to open a US Dollar account in Canada, and just write yourself a check for any additional funds once you've paid the debts and no longer need a Canadian account.

 

I may have misunderstood someone once but I def could be wrong on it!


*More detailed timeline in profile!*
 
Relationship:     Friends since 2010, Together since 2013

The K-1 Process:    Done in 208 days                                               
 

Spoiler

04/27/15- NOA1 Recieved                                                    
06/02/15 - NOA2 Recieved
09/22/15 - Interview       (221g for more documents (a SECOND cosponsor), see profile for more details!)                                            
11/09/15 -  ISSUED!!                                                              
11/10/15 - Passport received                                                
02/20/16 - Wedding!              


                                                
 AOS   Done in 77 days                                                                            
 

Spoiler

04/08/16 - I-485, I-765, I-131 AOS Application recieved by USCIS
04/12/16 - 3 NOA1's received in mail
05/14/16 - Biometrics for AOS and EAD
06/27/16 - I-485 Case to changed to "New Card being produced"  (Day 77)
06/27/16 - I-485 Case changed to Approved! (Day 77)
06/30/16 - I-485 Case changed to "My Card has been mailed to me!"
07/05/16 - Green Card received in mail! 

 



ROC 

05/09/18 - Mailed out ROC to CSC

05/10/18 - CSC Signed and received ROC package
06/07/28 - NOA1 

06/11/18 - Check cashed

06/15/18 - NOA received in the mail
08/27/18 - 18 month extension received (Courtesy Copy)

09/18/18 - Request for official 18 month extension
10/22/18 - Official 18 month extension received 

02/27/19 - Biometrics waived 

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I've personally done this many times (moved back and forth between Canada and the US, paid off student loans, car loans, etc. on both sides of the border).  Just keep your RBC account in Canada open for as long as you need it.  You can even do this with a US address after you move.  Use the RBC account to pay off your Canadian debts, then after you feel you don't need it anymore, close it.  I believe RBC also has bank branches in the US, at least a US-based bank so you could open one of those accounts after you move to the US for easier transfer of funds between the two accounts.  Check out this RBC link for cross-border banking:

 

https://www.rbcbank.com/cross-border/us-bank-accounts.html#new

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As others have stated, you can always keep a bit of money in your Canadian savings accounts. This can be especially handy when/if you go back to visit.

 

For transferring money over (for both the initial move and for paying off debt), as missileman has said, bank to bank wire transfer may be the most straightforward option, depending on your bank. When I moved back to the US from New Zealand last year, I used a service called TransferWise, as they had the best rates I could find at the time (better than my bank). There are other services that do transfers, like CurrencyFair and Curexe, but I haven't used them and so can't vouch for them. I'd check out a few different options, figure out which has the best conversion rate AND transfer fees, and go with whatever is simplest for you. :) (Alas, more research!)


Our journey so far:

  • 03/07/2019: Sent i-130 package
  • 03/08/2019: Packaged received by USCIS Phoenix
  • 03/15/2019: NOA1 received (e-notification)

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4 hours ago, Ash.1101 said:

I may have misunderstood someone once but I def could be wrong on it!

There can be issues with corporations moving foreign profits to the US, but US Citizens, as individuals report and file tax returns based on their worldwide income.  There is no basis to "TAX" a foreigner just for money in their pocket when they cross the border.  The simply track large amounts of cash a person or family traveling together are bringing in.  I brought $15,000 back with me from China once because it was the easiest way to get my niece and nephew's college expenses from their parents to the US at the time.  It was a 30 minute inconvenience but all it cost was time, to fill out a form and answer some questions.

 

They are worried about illegal proceeds, drug money etc.

 

You heard somebody say something about something, but either you misinterpreted it, or they were just wrong.


Facts are cheap...knowing how to use them is precious...
Understanding the big picture is priceless. Anonymous

Google Who is Pushbrk?

A Warning to Green Card Holders About Voting

http://www.visajourney.com/forums/topic/606646-a-warning-to-green-card-holders-about-voting/

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Moved from IR-1/CR-1 Process & Procedures to Moving to the US and Your New Life In America forum.


Our journey:

Spoiler

September 2007: Met online via social networking site (MySpace); began exchanging messages.
March 26, 2009: We become a couple!
September 10, 2009: Arrived for first meeting in-person!
June 17, 2010: Arrived for second in-person meeting and start of travel together to other areas of China!
June 21, 2010: Engaged!!!
September 1, 2010: Switched course from K1 to CR-1
December 8, 2010: Wedding date set; it will be on February 18, 2011!
February 9, 2011: Depart for China
February 11, 2011: Registered for marriage in Wuhan, officially married!!!
February 18, 2011: Wedding ceremony in Shiyan!!!
April 22, 2011: Mailed I-130 to Chicago
April 28, 2011: Received NOA1 via text/email, file routed to CSC (priority date April 25th)
April 29, 2011: Updated
May 3, 2011: Received NOA1 hardcopy in mail
July 26, 2011: Received NOA2 via text/email!!!
July 30, 2011: Received NOA2 hardcopy in mail
August 8, 2011: NVC received file
September 1, 2011: NVC case number assigned
September 2, 2011: AOS invoice received, OPTIN email for EP sent
September 7, 2011: Paid AOS bill (payment portal showed PAID on September 9, 2011)
September 8, 2011: OPTIN email accepted, GZO number assigned
September 10, 2011: Emailed AOS package
September 12, 2011: IV bill invoiced
September 13, 2011: Paid IV bill (payment portal showed PAID on September 14, 2011)
September 14, 2011: Emailed IV package
October 3, 2011: Emailed checklist response (checklist generated due to typo on Form DS-230)
October 6, 2011: Case complete at NVC
November 10, 2011: Interview - APPROVED!!!
December 7, 2011: POE - Sea-Tac Airport

September 17, 2013: Mailed I-751 to CSC

September 23, 2013: Received NOA1 in mail (receipt date September 19th)

October 16, 2013: Biometrics Appointment

January 28, 2014: Production of new Green Card ordered

February 3, 2014: New Green Card received; done with USCIS until fall of 2023*

 

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Canada monitors movement of money in excess of $10,000 CAD. The USA monitors movement of money in excess of $10,000 USD. When this money is hand carried across the border (cash, check, money order, bank draft etc), it must be declared to each country’s border force regardless of direction.  

 

Moving the money electronically (either through wire transfers which has higher  fees and can be tedious or simpler methods which have daily limits and cost less) will result in automatic reporting. Do not deliberately move amounts of $10,000 CAD or less to avoid reporting as this is called structuring and is illegal.  

 

I keep a Canadian bank account and it is pretty easy to move money out of it. It isn’t RBC.  

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