How do I bring my funds with me to USA? Moving in few weeks, have no idea how to bring my money....

[mika__ 50]

Hi everyone

 

 

I am moving to the USA to California near the end of November here on my IRI visa I just got recently. Ill be moving there from Canada.

 

 

My question is that I am completely  confused on how to go about doing is:

 

• How do I bring my funds with me to America? Im currently with RBC bank in Canada here and I dont know how to bring my money when I move. 

 

• I obviously dont have a bank down in California yet so when I cross the border to the USA do I open up a bank account down there asap and then wire transfer myself from my RBC bank (while im in the USA) all my money to my new bank ill have in America? (if I can do that?) Can I do that/should I do that?

 

• Should I leave my RBC bank account open/leave some money in there for awhile while im living in the USA?

 

 

Im curious to know what some of you did/experiences

any advice would be highly appreciated because I have no idea what to do in this area at all. (I have an appointment with my bank coming up but I just want some advice off here too)

 

Thanks!

[Loren Y 2,755]

Bring the money across in cash. If possible get a good rate and have it converted to US dollars before you leave. This is the easiest way and the best way to avoid any wire transfer fees, and any bad exchange rates you will get during the transfer. Bring as much as you want, Just make sure on the Declaration form you fill out, that any amount over 10,000 US dollars is declared. I have crossed the boarder into the US many times with large sums of cash, and as long as it is declared you will not have a issue. As a safety precaution keep your withdraw slip from your bank account in case they ask where the money came from( you have proof, but doubtful they will ask, as you are entering on a immigrant Visa and obviously not coming back to Canada for a while, so it makes sense you are bringing your money with you). I would keep a little money in your Canadian account in case any final bills or anything comes up after you move that you may need to pay ( It will be much easier if you do it from your Canadian account). Then a few months after moving here you can call ( Some may require a e-mail or fax) and request to close your account and have them send you a check for the remaining balance. By then you will have a US bank account you can deposit it into.

Edited October 24, 2020 by Loren Y

[SusieQQQ 11,586]

Well, it partly depends what level of bank account you have. Some people have way too much cash to feel comfortable doing what the post above describes and traveling with mounds of hard cash (then walking around to take it into a bank) to save a couple of basis points. People can and do get lots of money stolen this way. There are currency exchange services like Xoom that many people use that are much cheaper than banks to transfer cash. If you are a at a private client or similar type level at a bank, then they usually do not charge international wire fees. On the other hand if it is say only a few thousand dollars then you may feel ok just taking it in cash. Don’t let it out of your grip though.
Totally up to you whether to leave the old account open. I did because I pay for all my mom’s expenses back ‘home’ and it’s easier that way. If you won’t have anything to use it for in Canada probably no reason to leave it open.

bottom line the right answer depends on your individual circumstances. 
 

 

Edited October 24, 2020 by SusieQQQ

[mika__ 50]

36 minutes ago, mika__ said:

Hi everyone

 

 

I am moving to the USA to California near the end of November here on my IRI visa I just got recently. Ill be moving there from Canada.

 

 

My question is that I am completely  confused on how to go about doing is:

 

• How do I bring my funds with me to America? Im currently with RBC bank in Canada here and I dont know how to bring my money when I move. 

 

• I obviously dont have a bank down in California yet so when I cross the border to the USA do I open up a bank account down there asap and then wire transfer myself from my RBC bank (while im in the USA) all my money to my new bank ill have in America? (if I can do that?) Can I do that/should I do that?

 

• Should I leave my RBC bank account open/leave some money in there for awhile while im living in the USA?

 

 

Im curious to know what some of you did/experiences

any advice would be highly appreciated because I have no idea what to do in this area at all. (I have an appointment with my bank coming up but I just want some advice off here too)

 

Thanks!

I have about $46k in Canadian I need to bring.....I dont really feel comfortable bringing all that cash with me. But im not sure if this is what people do, pull out all there money in cash, convert it and then bring it to america to deposit in there account when they open up a bank account there.

[SusieQQQ 11,586]

7 minutes ago, mika__ said:

I have about $46k in Canadian I need to bring.....I dont really feel comfortable bringing all that cash with me. But im not sure if this is what people do, pull out all there money in cash, convert it and then bring it to america to deposit in there account when they open up a bank account there.

As a general rule, no they don’t, they will look around for the cheapest way to transfer the funds bank to bank.

Edited October 24, 2020 by SusieQQQ

[payxibka 10,045]

6 minutes ago, mika__ said:

I have about $46k in Canadian I need to bring.....I dont really feel comfortable bringing all that cash with me. But im not sure if this is what people do, pull out all there money in cash, convert it and then bring it to america to deposit in there account when they open up a bank account there.

Bank to bank transfer would be easiest 

[JeanneAdil 6,539]

you will not have a SS # immediately to open an account or add your name to his account

safer way is to let your bank know you will transfer the funds when your ss # comes and you can be added to his account

otherwise,  you have no access to your own money and are totally dependent on him putting in his account 

i am sure you trust but its hard to not be in control of things yourself

money transfers are safe 

[SusieQQQ 11,586]

1 minute ago, JeanneAdil said:

you will not have a SS # immediately to open an account or add your name to his account

safer way is to let your bank know you will transfer the funds when your ss # comes and you can be added to his account

otherwise,  you have no access to your own money and are totally dependent on him putting in his account 

i am sure you trust but its hard to not be in control of things yourself

money transfers are safe 

Not all banks require a SS number to open an account. Many foreigners have local bank accounts. I had one before I immigrated.

[JeanneAdil 6,539]

Just now, SusieQQQ said:

Not all banks require a SS number to open an account. Many foreigners have local bank accounts. I had one before I immigrated.

i had Adil on mine with ITIN but i would hate to bring that much money and find it can't be deposited

and i wouldn't bring it in cash /  it would be in Certified check if i was doing this  

[SusieQQQ 11,586]

15 minutes ago, JeanneAdil said:

i had Adil on mine with ITIN but i would hate to bring that much money and find it can't be deposited

and i wouldn't bring it in cash /  it would be in Certified check if i was doing this  

I would never bring anything substantial in cash. Asking for trouble.

 

I didn’t need any itin anything, just a passport and proof of address. Some banks require more information than others. BoA was always easy to do with no US SSN etc.

[carmel34 3,639]

Having lived in Canada and the US, back and forth for many years, I suggest that at least initially, you keep your RBC account in Canada and just use your debit card to withdraw cash in the US as needed until you get situated and open a bank account in California.  Debit card withdrawals typically get a very good exchange rate so that's what I would do at first.  Check with your RBC branch and know the current ATM withdrawal exchange rates and fees, if any, locations of ATMs you can use in the US, and maximum daily withdrawals, so you know before you decide.  Then before you open a bank account in the US, you can visit or call the various banks and ask about wire transfer fees, exchange rates, etc. and pick an account type and bank with the cheapest fees so that later you can wire transfer the remaining money when and if you decide to close your RBC account.  Good luck!

[JFH 12,190]

*~*~*moved from “IR-1/CR-1 spouse visa process and procedures” to “moving to the USA”*~*~*

[Boiler 45,656]

I do my banking online, assumed such an option would be available for you.

[Sarasota 178]

I used the website transferwise

 

Sent to my wife's bank

 

Worked well for me

Edited October 24, 2020 by Sarasota

[yoda one for me 322]

55 minutes ago, Sarasota said:

I used the website transferwise

Same.

 

Left my money in my UK bank account which I just administered online for a few months until I had a US bank account set up. Used TransferWise to move from UK bank to US bank as it was cheaper than a direct bank transfer from my UK bank. It was pretty hassle free.

 

edit: I also left my UK bank account open with a small amount of money for when we return to visit. Figured it'd be easier than having to convert $   Also, I had a UK pension which can only be paid out to a UK account once it becomes payable - if you have a similar situation it's worth keeping an account open. 

Edited October 24, 2020 by yoda one for me