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faxxaff

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#1

US$ checking account in Canada

05-21-2005, 03:47 AM

With all the hostility going on from the US administration towards foreigners I am thinking about moving my cash from the US to Canada.

Anybody know if Canadian banks cash US checks and what they charge for it?

PS: Would Mexico be an option? Do Mexican banks chash US checks for free?

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fris

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#2

05-21-2005, 03:52 AM

i have a business account, a us borderless account, and a personal account. i usally put my checks through the borderless account to get the better rate. then put them through to which ever account. or i just keep it in the us when the rate is better

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Quotealex

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#3

05-21-2005, 03:57 AM

Originally posted by faxxaff

With all the hostility going on from the US administration towards foreigners I am thinking about moving my cash from the US to Canada.

Anybody know if Canadian banks cash US checks and what they charge for it?

PS: Would Mexico be an option? Do Mexican banks chash US checks for free?

Sure they do cash US checks as well as many othe currencies. The charges can go as low as $0.00 (zero) if you have an account with them to more...
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faxxaff

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#4

05-21-2005, 04:02 AM

Thanks for the info. Looks like I will just fly to Canada rather then the US in the future :-)

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WiredGuy

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#5

05-21-2005, 05:48 AM

Originally posted by fris

i have a business account, a us borderless account, and a personal account. i usally put my checks through the borderless account to get the better rate. then put them through to which ever account. or i just keep it in the us when the rate is better

What's a us borderless account?
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sexyclicks

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#6

05-21-2005, 05:50 AM

no fees usually, but some banks may keep you check for 2-3 weeks until it clears especially for new customers
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Trixxxia

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#7

05-21-2005, 06:04 AM

Originally posted by WiredGuy

What's a us borderless account?
WG

I'm figuring it's a USD account that can be used to write checks to US companies and can be cleared the same way USD checks can *without special clearing*. When you have to issue checks to a US entity - best to have your checks with your banks' corresponding US clearing bank on them this way the check gets cleared as any other US check would - no holds, no special clearing and no extra fees - ask your account manager for this service.

Most USD accounts in Canada are cleared by the CAD bank - which incurs other charges *it goes in special clearing on collection - has to be replaced by a wire or a draft to the receiving bank*. These accounts are better for use between a Canadian issuer and a Canadian receiver in US funds.
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#8

05-21-2005, 06:39 AM

Ahh yes, my bank manager told me about these checks, they called them par crossing. Although they wanted a $20/month fee for this ability I recall.
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Bomber8888

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#9

05-21-2005, 07:04 AM

Originally posted by WiredGuy

What's a us borderless account?
WG

It's a TD U.S bank account where they give u a better rate becuz you transfer from your U.S to Canadian bank account frequently...

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#10

05-24-2005, 05:19 PM

Originally posted by WiredGuy

What's a us borderless account?
WG

It's the brand name of TD-CT's USD chequing account for Canadians.

As far as I know, the only bank offering what Trixxxia described is TD Waterhouse. It's a virtual bank and you make your cheque deposits by mail. In essence, it's an American bank account available to Canadian citizens.

I get cheques as well as a Visa Check card to access my funds. I can receive direct deposits from American companies, pay for sites using ACH, etc. It's great.

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#11

05-24-2005, 05:21 PM

Originally posted by Bomber8888

It's a TD U.S bank account where they give u a better rate becuz you transfer from your U.S to Canadian bank account frequently...

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#12

05-24-2005, 05:22 PM

Originally posted by faxxaff

With all the hostility going on from the US administration towards foreigners I am thinking about moving my cash from the US to Canada.

Anybody know if Canadian banks cash US checks and what they charge for it?

PS: Would Mexico be an option? Do Mexican banks chash US checks for free?

I have a US account and I'm canadian . The biggest problem is with the freeze . They charge about 3 $ per check but they freeze it for 21 open days (I worked this out with my bank ... but I've been banking with them since 98 and in all thoses years only ONE check bounced ... and it was a 30 $ check) . Most banks are really strict on this .

I must have a minimum of 1000 $ in founds avaliable at all time (need to give it to open the account) in the account too .

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#13

05-24-2005, 05:24 PM

Originally posted by faxxaff

Thanks for the info. Looks like I will just fly to Canada rather then the US in the future :-)

If you need help to get started I know a couple of friendly banks . Here the managers can take a good part of the decision 23606902

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Basic_man

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#14

05-24-2005, 05:26 PM

I don't use a US$ bank account, it all goes right in my canadian bank account.

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#15

05-24-2005, 06:11 PM

Royal Bank don't charge a thing for USD to CDN. same with CIBC.

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#16

05-24-2005, 06:23 PM

Originally posted by Wiggles

Royal Bank don't charge a thing for USD to CDN. same with CIBC.

think again. there might not be a service charge or fee, but they take a cut from the exchange rate they charge you.

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