Business Moving money in and out of a US bank account?

[Thermosphere]

Preface: Canadian company, setting up a US Corp in Nevada, opening a US bank account...

The question is, when we have our US bank account how do we move money in and out of it to and from our Canadian accounts? We of course have Canadian US Dollar accounts so a currency exchange isn't a concern, I just don't know how to move money from our US account to our Canadian US Dollar account and vice versa.

I'm also concerned about how long it takes to get the money from one account to another. I'd like it to be instant but something tells me it's not that easy.

Anyone have any experience with this who would like to spread some light?

[Sly]

Can't you do a wire? Depending on your banks, they can be instant.

[Thermosphere]

I'm not sure, that's why I'm askin ;)

To do a wire do you still have to walk into the bank to get them to do it or can it easily be done online? I'm not a big fan of an international wire transfer fee every time I want to move money between accounts as wire's are expensive, but I supposed if I don't have to go into the bank to do them then it would be a good option.

[Sly]

Originally Posted by Thermosphere

I'm not sure, that's why I'm askin ;)

To do a wire do you still have to walk into the bank to get them to do it or can it easily be done online? I'm not a big fan of an international wire transfer fee every time I want to move money between accounts as wire's are expensive, but I supposed if I don't have to go into the bank to do them then it would be a good option.

Depends on the bank. I have Wells Fargo and Bank of America, very easy with both. I do them online, takes less than 2 min.

[Thermosphere]

Originally Posted by Sly

Depends on the bank. I have Wells Fargo and Bank of America, very easy with both. I do them online, takes less than 2 min.

That sir, is good to know! Both US Dollar accounts in the US I assume?

[shake]

If you are in the same situation I was in needing a US company / bank account to receive funds directly from billing companies like Epoch, we have never actually used our US bank account - it just had to be setup, then later you can have the funds deposited directly to your Canadian bank from the billing company.

[Thermosphere]

Originally Posted by shake

If you are in the same situation I was in needing a US company / bank account to receive funds directly from billing companies like Epoch, we have never actually used our US bank account - it just had to be setup, then later you can have the funds deposited directly to your Canadian bank from the billing company.

Close, but unfortunately we're actually going to be using the US account quite heavily... Probably will migrate to doing all business out of the US in time.

What company did you use to setup your corporation in the states?

[RummyBoy]

Originally Posted by Thermosphere

I'm not sure, that's why I'm askin ;)

To do a wire do you still have to walk into the bank to get them to do it or can it easily be done online? I'm not a big fan of an international wire transfer fee

Says who? You can even fax it to your relationship manager. Once they know you well enough they'll usually accept a signed TTA or faxed instruction.

Wire transfer fee is unavoidable, so best to wait until you send a large amount.

[Thermosphere]

Originally Posted by RummyBoy

Says who? You can even fax it to your relationship manager. Once they know you well enough they'll usually accept a signed TTA or faxed instruction.

Wire transfer fee is unavoidable, so best to wait until you send a large amount.

It's always 5 figures and we move money in and out 8-12 times p/month so at $40 to wire international plus the accepting banks fee of $15 you can see why I'd rather avoid the cost if it's possible.

$55 x 12 p/month is $660 * 12 (months) = $7920 p/ year if I use wires.

[scubadiver626]

5 figures 8-12 times p/month

Poor guy! I want your problems.

[Thermosphere]

Originally Posted by scubadiver626

Poor guy! I want your problems.

More money, more problems. It's not like it's all profit -offices, employees, printer ink, staples, stuff like that.

Any other options for moving money quickly and easily between a US account and a Canadian account?

[sadiedazzle]

It's simple to move money. You write a US check from your US bank account in the USA (under $10,000 - over this raises red flags) to your USD account in Canada and then exchange it to CDN $$'s. Wiring money costs too much $$$ and takes too long.

[Thermosphere]

Originally Posted by sadiedazzle

It's simple to move money. You write a US check from your US bank account in the USA (under $10,000 - over this raises red flags) to your USD account in Canada and then exchange it to CDN $$'s. Wiring money costs too much $$$ and takes too long.

The only concern there is the bank clearing it without a hold - Though I supposed the larger amounts being moved would be coming out of the US and into Canada so it would be up to our Canadian bank in terms of holding periods, but we have private banking so I can't imagine there would be an issue there. Any checks written to the US bank account is where we might have that bank wanting to put a hold on it but I think it would be rare we moved more than a couple hundred dollars a month into that account from Canada. Another foreseeable issue could be how to deposit a check into the US account without physically going to that bank - Do they have photo check deposits in the major American banks?

[shake]

Originally Posted by Thermosphere

Close, but unfortunately we're actually going to be using the US account quite heavily... Probably will migrate to doing all business out of the US in time.

What company did you use to setup your corporation in the states?

We used http://www.incorp.com/ - they were great with their support.

[2MuchMark]

There's nothing to it. You can easily wire funds from your American account to your Canadian account and vice-versa, and the funds arrive within 24 hours as long as the wire is done before 3pm or the bank closing time that day. Easy breazy.

[dready]

Just write a cheque. Most banks have mobile apps now that let you take a photo for deposits. It's cheap and works fine.

[Ramster]

I didn't read all the posts so if this has been posted sorry.

Royal Bank of Canada. Open an account then have them open an account in the US for you too, they have branches along the east coast. I use them for personal banking and you can tie the accounts together so you can transfer instantly between Canada and your US account. You can literally go online, transfer from Canada to the US then go to an ATM and take money out, no delays.

That is for personal accounts, for business it should also be doable as long as the accounts are both in the same name. Only issue I had is transferring large sums, $10K, couldn't do it. have to keep the transfers reasonable.