Forum Thread

Looking for US Bank that has a Canadian Currency Account

4 10 December 24, 2019 at 12:20 PM
Deal
Score
0
434 Views

Thread Details

0 Deal Score
434 Views
I'm moving from Canada and I don't want to exchange the money from Canadian Dollars to US as I'm expecting the exchange rate to be more better in a few years.
In the meantime when I move back to the US I need to take the money out of the Canadian banks.
Is there a US Bank that has a Canadian Currency Account?

6 Comments

1

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Jul 2005
killroy was here
11,043 Posts
1,316 Reputation
#2
you are looking to transfer your candian pesos to an american bank and hold them there as candian pesos until the exchange rate is better and then convert it to american greenbacks? i'm not actually sure that is a thing.

why not just write yourself a check from her majesty's bank as needed to your/an american bank?
Reply Helpful Comment? 0 0
Quote from BiGspendr
:
Stick a milk bone us ur ass, and let the dog eat it. Works like a charm! http://i.slickdeals.net/images/smilies/emot-LMAO.gif
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2019
New User
4 Posts
10 Reputation
Original Poster
#3
https://www.marketwatch.com/inves...usd/charts

I want to take my money out of Canada but keep it in Canadian Dollars till the rate is more favorable. If it is in a US institution I can put it invest with it. In Canada I would be tax as a foreigner 25% then I'd pay Capital gain in the US. it's crazy.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2017
New User
1 Posts
10 Reputation
#4
I have a savings account denominated in CDN$ with TIAA Bank. They offer many other currencies, too.

https://www.tiaabank.com/investin...currencies

I won't vouch for their interest rates or other account features, but the accounts are FDIC insured and TIAA is a sizeable institution.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2019
New User
4 Posts
10 Reputation
Original Poster
#5
Thank you Jamesagardner.

Do you know if they allow you to transfer to a Canadian institution easily?
I know with Chase it takes 4-5 Days to transfer.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2014
L1: Learner
14 Posts
10 Reputation
#6
Quote from dayv
:
you are looking to transfer your candian pesos to an american bank and hold them there as candian pesos ...
Are you a Canadian to afford to make such bad joke?
F you! You know what is also "pesos"? Your US Healthcare CRAP!
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2014
L1: Learner
14 Posts
10 Reputation
#7
Quote from King_Chucky
:
I'm moving from Canada and I don't want to exchange the money from Canadian Dollars to US as I'm expecting the exchange rate to be more better in a few years.
In the meantime when I move back to the US I need to take the money out of the Canadian banks.
Is there a US Bank that has a Canadian Currency Account?
Open up a US checking account while still in Canada, with TD Canada Trust.
Then once you've settled to US and got either an ITIN or SSN (if able to secure work, and legally authorized to work in US), open up a checking account with TD bank (the US one). Then you'll be able to use the "TD Cross-border" feature which will allow you to see your US account from TD Canada Trust, also with td.com US bank. And then you'll be able to freely move US money between the 2 destinations.

And do the CAD => USD forex with a Canadian institution. Use the "Norbert's gambit" for large sums (> 10,000) or use smaller forex houses with online presence (KnightBridge, xe.com etc).

I am in a rather similar situation like you. And not willing to CAD=>US convert at this present rates. When I've left to U.S. at the end of 2013, CAD:US$ was at 1:1 parity. Unfortuantely I couldn't convert at that time, as I managed to sell my Canadian house only thereafter :-( And what a rip-off is the current exchange rate presently...
Reply Helpful Comment? 1 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Link Copied to Clipboard