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Thread: getting money into Canada

  1. #14
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    That is a good card - the points do add up quickly.

    Freight man - with the US ATM card could you deposit cash while in the USA to avoid carrying cash back home (assuming you don’t mind depositing it) or that trigger negative events?


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  2. #15


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    According to this thread, yes, Americans can open Canadian bank accounts. You will need a passport and drivers license.

    https://www.td.com/to-our-customers/...1|vid=33534256

  3. #16


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    Quote Originally Posted by Red Green View Post
    That is a good card - the points do add up quickly.

    Freight man - with the US ATM card could you deposit cash while in the USA to avoid carrying cash back home (assuming you don’t mind depositing it) or that trigger negative events?


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    No on depositing cash, (I know that Toronto dominion has a similar scheme). One of the flaws is a poor presence if Royal Bank physical locations. What you can do, if you convert the cash into a bank draft or cheque, is to deposit via your phone or iPad. Though I have never done this from the US, I would deposit into royal bank Usa versus royal bank Canada. The clear reason is that intra USA cheque transactions will clear much more quickly than US cheques deposited into a Canadian bank account. Then, once cleared, the transfer between Royal Bank USA and Royal Bank Canada is instantaneous.

    Now, a point that I am not clear about, is WHEATHER the deposited cheque, not really endorsed as such, is deckarable. I would simply ask the customs agent upon return.

  4. #17


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    Quote Originally Posted by Meistro123 View Post
    According to this thread, yes, Americans can open Canadian bank accounts. You will need a passport and drivers license.

    https://www.td.com/to-our-customers/...1|vid=33534256
    Then, I am in error, as I stated contrary. I am the Canadian address for 2 out of continent residents. One is my sister, the other is an AP on this board. Regarding my sister, I hold POA on her Canadian bank accounts and stocks.

  5. #18
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    Interesting. According to this link you actually need to report when leaving and entering Canada with >$10K CDN.

    https://www.cbsa-asfc.gc.ca/travel-v...d-vdd-eng.html



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  6. #19


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    Quote Originally Posted by Red Green View Post
    Interesting. According to this link you actually need to report when leaving and entering Canada with >$10K CDN.

    https://www.cbsa-asfc.gc.ca/travel-v...d-vdd-eng.html

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    This is absolutely correct.
    1. I always carry less than 10k Canadian when leaving my local point of departure. My gate, and Canada customs are a fair distance apart. I have access to cash, so no big deal.
    2. When returning, I arrive in an "international area" and customs are conveniently located, as in, you can't get out unless they allow you out. Secondary is also conveniently located.

    A few scenarios upon returning to Canada. Keep in mind that one of the examples is from when CAD was worth more per dollar than USD.

    When 10k USD is with more than 10k CAD (as it is now), declare to both US and Canada customs
    When 10k USD is worth less than 10k CAD, declare to US customs.
    When less than 10k USD is worth more than CAD 10k, declare only to Canada customs.
    If you're close, and not sure, possibly even that close as to be dependant on that days Bank of Canada USA exchange rate, declare.

    A record of your declarations are maintained by both cad and Usa customs.

    A nexus card makes things a shitload easier.

  7. #20
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    Far from home? In another country? Do you have a Starbucks Card?
    You can deposit US$500 (per day) (per card) at any Starbucks Cafe.
    The conversion is done at the actual (bank) conversion rate.

  8. #21


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    Quote Originally Posted by ZenMaster_Flash View Post

    Far from home? In another country? Do you have a Starbucks Card?
    You can deposit US$500 (per day) (per card) at any Starbucks Cafe.
    The conversion is done at the actual (bank) conversion rate.
    That is absolutely hilarious. This reminds me of my mother, and what we referred to as Berkienomics - a play on her maiden name and her unusual investment techniques.

    She would overpay her Visa card when she got the bill, concerned that the bank (Canadian banks being extraordinarily profitable) should have to do without. She did the same thing with utility bills. What we didn't realize, and I don't she did either, at a time when Bank interests were very low, regulated utilities were paying, I think, 8% on overpayments.

  9. #22


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    One last point as to what constitutes seizure of funds.

    You're a bad boy, haven't been entirely truthful, as in not declaring 10k. They've determined you are not a criminal terrorist etc. First level of enforcement action is a note on your file along with a probable $250 penalty. In other words, all funds seized, and returned back to you on payment if penalty.

    Second level if enforcement - you've pissed them off - I don't know what that constitutes, but penalty us like above, except it's a lot more. They might even send you back to where you came from if your not a Canadian resident.

    Third level of enforcement - kiss your money goodbye. There's also a good opportunity if receiving no charge accommodation, courtesy of local law enforcement.

  10. #23
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    When the exchange rate is fluctuation - real life (not so smart) example...

    http://nationalpost.com/news/canada/...e-from-country



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  11. #24


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    Quote Originally Posted by Red Green View Post
    When the exchange rate is fluctuation - real life (not so smart) example...

    http://nationalpost.com/news/canada/...e-from-country



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    [QUOTE=Red Green;239457]When the exchange rate is fluctuation - real life (not so smart) example...

    http://nationalpost.com/news/canada/...e-from-country

    Extreme, but he fucked with customs. He tried to structure. Ask our American friends what structuring means, and the potential penalties that go along with that.

    When you're not sure, declare. I once had a sum of money that equated close to 10k cad, wasn't sure, so, I declared. The actual sum after conversion was 9500 or 9800. Oh, I said, to the customs agent - I guess I didn't gave to declare. He simply told me that when you're not sure, simply declare. It saves a lot of hassle.

    These guys are trained well, and have a pretty good nose for chicanery. Be straight with them, you shouldn't gave any problems.

    One last point, just thought of this - there must be something on my profile. Was entering US (US customs situated at my local airport) with under 10k USD, and was asked by the customs agent if I was carrying over 5k USD. Surprised, I told him exactly what was in my (cargo) pants, and approx what was in my wallet.

    Over and out, was on my way.

  12. #25


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    Quote Originally Posted by Three View Post
    Wow. The Canadians sure seem to want to grab the guys money. Any reasonable person would se he intended to be within the law and was unaware the currency exchange rate went up to make what he intended to be under the limit yesterday no longer was under the limit. You would think a warning or minimal fine would be in order rather than a seizure and subsequent forfeiture after what is laughably due process.
    Yankees would likely have done something similar - he structured. The question is why. The penalty was extreme - maybe he srpcrewed up the interview process.

    There is a dirty word when it comes to certain activities - STRUCTURING. Yankees are big on it.

  13. #26


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    To OP. Vancouver is burnt. To a crisp! If you come to play you won't need more than 7k as spreading more than 25 to 200 will result in being dealt 35 cards at DD. TD America has many branches on the East Coast, easy to transfer and open new account if you have one on either side of border.

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