Canadian bank account
I looked into this, too, but never actually set up an account. I do not believe there are any restrictions, but would suggest calling the bank in Quebec.
If you already have the account then you should be able to wire transfer money there with no problem. I wire transfered $20,000 to the USA from Canada around 10 years ago with no problems. I believe the limited ability with bringing money into a country has to do with customs – and illegal money transactions… like say drug money or something. If the transaction is done through the banking system (and properly recorded) there should be no problems.
The problem is getting the Canadian Account. You will likely have to go there in person. I was living in Canada when I opened mine. I did not want to have Canadian dollars sitting in a Canadian bank account because the Bank of Canada is printing money in tandum with USA, as are all other world central banks. Canada doesn’t have the debt problems or entitlement program deficits that USA has and therefore you are safer there than here. In case inflation was to flare up I wanted a Canadian Brokerage account to move my money out of my Canadian account. Last December when in Canada I tried to open one up, but could not because because I wasn’t a Canadian resident and didn’t have a permanent Canadian address. I could have used a family address there, but seemed like a big hassle at the time to open the account.
I’m not sure of the hassle you may have trying to open a Canadian account without having a permanent Canadian address. Like I said, I believe you have to be there in person to open such an account.
I have a Canadian bank account. Just send it over to me.
If what you want to do is move currency in CAD and aren’t particularily worried about your bank failure you can perhaps try setting up a trading account that also lets you play the Canadian market. Not sure if it’s possible there but I have a trading account that is hooked up with my regular accounts. There I can move balances back and forth between my USD or CAD trading to my other regular checking/saving/LoC accounts.
thats a good idea (not wiring the money to you). I opened an account with the national bank of Canada. I believe you do have the option of swapping back and forth between US and Canadian dollars, but will need to investigate further
I already have an account in Canada. It was pretty easy setting up the account, but did require me to drive up to Canada. I still haven’t transferred any money but will do so in the future. Canada is printing money like mad just like the US, but they still may have the option of pulling their money out of circulation to save the currency (just like Paul Volkker did 30 years ago). The US cannot do that now. Plus the rest of the world (ie China, Japan, Saudi Arabia etc), could instantaneously dump their US dollars, crushing our currency. So I think having a Canadian bank account is one hedge against a crisis situation
Canada is much more sound than the U.S. I am originally from the states (born and raised). We have a home in Edmonton, Alberta near my wife’s parents’ home as well as a farm in the in southeastern Idaho. We travel back and forth quite frequently.
Banking in Canada is easy and is virtually no different than here. You simply wire money into the account. If the denomination is U.S. dollars, then when the wire hits your bank account, it will be transferred from U.S. dollars to the Canadian loonie.
Royal Bank of Canada (RBC), which is Canada’s largest bank, has branches all over the eastern U.S. states. If you bank with them, you can simply have them open a Canadian bank account for you while here in the U.S. and have your account(s) denominated in loonies. My wife and I did this a few years ago.
We have money in both U.S. banks and two different Canadian Banks (ATB – Alberta Treasury Branch, and RBC). We transfer money back and forth between the two countries all the time without any issues.
I am a Canadian living in the US since 1973. I continue to have real estate & other business accounts in Canada that are all handled through a Canadian Corporation so I have no personal tax issues in Canada and file all my personal tax returns (& pay) in the US.
If you are a US resident and open any foreign bank account, you will have to file a simple annual return detailing any foreign accounts that you have control over – other than that, there are no restrictions that I know of. I think there is an earning threshold above which you may get ensnarled in having to file a tax return in Canada if you earn income in Canada including interest – you’ll get a credit in the US for tax paid, but a lot of hassle in the filing procedure
I like the idea of opening a "Loonie" account at RBC in the US – could make life easier , but haven’t done that.
The best place where you could get this information would be the Canadian bank that had your account opened, just a call should solve this issue. As far as i know though there is no limit regarding this kind of transactions,. The transactions passing 10000 though will have to be reported to the federal authorities, but that’s all about them. Its some kind of measure against fraud, but as long as you are clean there is nothing to worry about. Helen at banks in Manchester