izzi81

Canadian banking could do with tidying up what it presents on its websites.

TD:
TD Canada Trust | Banking | Cross-Border Banking | Benefits
Cross border banking! USD account! Visa debit card!
But wait, according to their support, "Only Canadian Dollar chequing accounts are accessible via the TD Visa Debit. For customers who travel or use Cross Border Banking the Visa Debit offers them the flexibility to make purchases in both countries; however, the funds are withdrawn from the chequing account and not a US Dollar account. While you can have these accounts (USD), they will not be accessible to make purchases through."

What about Scotiabank?
http://www.scotiabank.com/ca/en/0,,59,00.html
US dollar account! Giant pic of a visa debit card!
Actually, you don't get a visa debit card with that account.

Given that there doesn't seem to be any way to spend your cash in a USD account, I'm not quite sure of the point of them! I think it's time to re-think my model, things are not as accomodating as they first seemed...

Simon Legree

Could it be that in order to get a US$ debit card you have to have a US address ? My billing address for the US$ account in the US is my AZ place. I opened the accounts at my local branch here years ago and have never had any sort of problem. Maybe that's the reason.

izzi81

Simon - I think that must be the case, because the answer I'm getting everywhere (including RBC) is that I can't get a visa debit card attached to a US dollar account. No options, no possibilities, just no. I don't quite understand why, but then again visa debit seems relatively new here anyway.

Perhaps I can connect a paypal account to a USD account, that might help a little with USD payments. The rest will have to be into a CAD account first...

Steve_

Well I can understand it being too expensive and time consuming, just trying to point out in the USA section of the forum how much of a pain it can be actually, because doing it on-line if you live abroad is basically impossible, you have to go to a branch.

But if all you want is a visa debit card, you can do that. The only tax paperwork is the W-8BEN when you sign up and if it's interesting bearing you'll get a 1042-S so you just put that down on your tax return (in CAD) like you would with a T5, that bit is simple.

I thought CIBC did USD visa debit cards anyway?

scrubbedexpat091

RBC is very much up to the discretion of the teller in my experience, what one teller decides another may do the opposite.

Its like my girlfriends pay check, she is paid by paper check (her employer says direct deposit costs too much for 2 employees.) and most tellers wont put on a hold, but there are a few older ones who will and they use the line we don't know who you are or where this cheque came from, so we have to hold it, so we leave when that happens and go back and try another teller.

We have complained but the manager says the same, at the tellers discretion.

We don't have large funds, and don't carry a balance, so they (all the banks I have dealt with) don't really care about your business or try to keep it if your not carrying a decent balance month to month.

Quinna

As another poster suggested TD might work for you because they are located in the North Eastern states. I see that you have looked into them already but I wonder if you actually go to the US and open an account there I wonder if you will get the benefits you seek...

MarylandNed

Not just the north eastern states. TD are now present along the entire east coast from Maine to Florida. In fact, they now have more branches in the US (about 1300) than they do in Canada.

izzi81

Going to the US isn't an option, it's too far too travel and I don't have the funds spare.

I have however found 2 possible solutions. RBC - although they don't advertise it on their Canadian site - have a US bank which can do accounts for Canadians, which come with all the usual things like debits cards etc. And it seems I can open one from a branch here.
Also, Steve was right, CIBC accounts *do* come with visa debit! I finally got a response from their customer support.

I'll probably pick the bank that has the best CAD savings account, so I can transfer money from one to the other easily.

Fingers crossed! Thanks for the assistance

Simon Legree

Isn't that what I said in the beginning ?
It's called RBC Bank (Georgia) N A. All the paperwork comes from North Carolina and monthly statements from Cranberry Township PA for some reason. As I said, I opened mine years ago and had no problem doing so.

Quinna

Hi Simon,

Just re-read your original post - great solution guys.

What are the exchange rates like when you convert CAD to USD in Canada?

Simon Legree

Not too bad comparatively. I don't worry about that too much. It isn't significant enough and if it costs me a couple of bucks it's worth it for the seamless convenience. I do all my transactions on the net. When I originally opened the accounts RBC was by far the best as regards ease of operation. I don't know what the others have nowadays.

Steve_

It's not a wise move to use a US address on a US bank account if you are in fact non-resident because the IRS can deem you resident for tax purposes. What normally happens is the bank screws up and sends in a W-9 instead of a W-8BEN. There's a bank regulation that requires the bank to provide a legal explanation as to how you're a non-resident alien using a US address. If they've never asked you then they probably filed a W-9.

If they send you a 1099-INT each year to report the interest instead of a 1042-S, you need to get it sorted out, the IRS and CRA share records.

There's no particular reason why they can't give a card to a non-resident alien, you just have to explain their job to them.

Simon Legree

I don't see it as a problem. I have filed a Form 8840, Closer Connection Exception Statement for Aliens, for several years now so I fail to see how the IRS could deem me to be a resident for tax or any other purpose.

missieleah

I have a USD bank account with TD for the past year or so, found them to be good

Steve_

Because you've filed W-9, which is only for residents. If you file a W-8BEN with a US address you usually get a nasty letter. Says on W-9 that you declare yourself to be a US person.