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Thread: getting money into Canada

  1. #11


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    Excellent post by blackjackFeign.
    2 points
    Not 10k per person or vehicle, 10k per family unit (husband and wife for example)

    U mentioned Vancouver. They are the meanest. Other ports are much better.

    Over 10k, you are always sent to secondary. It’s where the form is filled

  2. #12
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    Great thread: very informative and an OP and 10 relevant responses without devolving into sand lot ad hominem! Well done!


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  3. #13


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    A couple of other points, as a Canadian who goes to the US. This can be engineered by a US resident in reverse.

    1. With my regular day to day Canada Bank accounts (in my case, Royal Bank), I have a USD savings account. Attached to this is my Royal Bank USA USD savings account. The accounts are linked, so that I can easily transfer money between the 2.
    2. I also have, linked to Royal Bank USA, a debit card, with no charge ATM withdrawals.
    3. I have relaxed daily withdrawal limits. Though never used, the value is obvious.
    4. I have a Royal Bank USA issued USD Visa card.

    Though not germane to the OP, for those Canadians travelling with significant others, Royal Bank Westjet Elite MasterCard.
    CAD 119 annual cost. 1.5% westjet dollars back, 2% on flights, ANNUAL COMPANION PASS cad 99 return, whereever Westjet flies in North America, (299 Mexico Hawaii, 399 Europe) no charge checked baggage, medical insurance trip cancellation, car insurance etc. We have a family event across the country in October. Westjet dollars not spent can be applied to car rental and hotel. For anyone who travels, with family, and who racks up enough expenditures, the value is obvious.

  4. #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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  5. #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

  6. #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.

  7. #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.

  8. #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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  9. #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.

  10. #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.

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