Opening bank account in Canada from US (CITI Bank)
May 16th 2005, 10:06 am
#1
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Joined: Nov 2004
Location: Toronto, ON
Posts: 24
Opening bank account in Canada from US (CITI Bank)
Opening bank account in Canada from US (CITI Bank)
I have been researching a way to most effectively transfer funds from the US to Canada, so I can get quick access to funds without much hassle. I am now considering opening a CITI bank checking and savings account in order to seamlessly transfer money from the US to Canada.
The CITI accounts seems can be open in the US (there are branches around) and there is Toronto branch in Canada.
(Other options with travelers checks or wiring seem to be more expensive.)
It seems then there is no need to wait for several weeks to open bank account in Canada (SIN waiting) and transferring the funds from one bank to another.
It looks like that with this you avoid another thing to finish upon arrival to Canada and avoid paying fees for transfer (and wait)...
Did anyone have experience doing this? (exchange rates, any hidden fees, drawbacks,...)
Anyone?
I have been researching a way to most effectively transfer funds from the US to Canada, so I can get quick access to funds without much hassle. I am now considering opening a CITI bank checking and savings account in order to seamlessly transfer money from the US to Canada.
The CITI accounts seems can be open in the US (there are branches around) and there is Toronto branch in Canada.
(Other options with travelers checks or wiring seem to be more expensive.)
It seems then there is no need to wait for several weeks to open bank account in Canada (SIN waiting) and transferring the funds from one bank to another.
It looks like that with this you avoid another thing to finish upon arrival to Canada and avoid paying fees for transfer (and wait)...
Did anyone have experience doing this? (exchange rates, any hidden fees, drawbacks,...)
Anyone?
Last edited by Guro; May 16th 2005 at 11:04 am.
May 16th 2005, 12:30 pm
#2
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Joined: Nov 2003
Location: Western Canada
Posts: 448
Re: Opening bank account in Canada from US (CITI Bank)
as per my info , if you are going for checkin account then you really dont need SIN # so dont need to wait. However, Credit card or loan or saving account or any other tax related activity requires SIN number.
Few months ago when i received a pre-approved credit card offer from CITI bank, i called them and asked them if they will be able to transfer my credit card to their Toronto branch? their answer was NO. But checkin account is totally different thing.
You are right, other options are extremely expensive. I am surprised , many banks deduct fees in percentage ,like 1% or 2% of the total amount. It sucks.
Few months ago when i received a pre-approved credit card offer from CITI bank, i called them and asked them if they will be able to transfer my credit card to their Toronto branch? their answer was NO. But checkin account is totally different thing.
You are right, other options are extremely expensive. I am surprised , many banks deduct fees in percentage ,like 1% or 2% of the total amount. It sucks.
May 17th 2005, 4:16 am
#3
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Joined: Nov 2004
Location: Toronto, ON
Posts: 24
Re: Opening bank account in Canada from US (CITI Bank)
A bit of update on this..
I 've been checking more about this one and it seems that CITI is no exception according to bank people in Toronto. It seems that those two banks (US and Canadian branches) are two independant systems. Money can be drawn from ATM's (with all limitations and fees) in Toronto from an US's accounts but checking accounts are different.
Hmm... This sounded better before... (I just don't like paying hafty wiring and travelers check fees). I might opt to carry some cash for about two months and rest to wait usual 3-4 weeks while check from the US clears in Canada.
I 've been checking more about this one and it seems that CITI is no exception according to bank people in Toronto. It seems that those two banks (US and Canadian branches) are two independant systems. Money can be drawn from ATM's (with all limitations and fees) in Toronto from an US's accounts but checking accounts are different.
Hmm... This sounded better before... (I just don't like paying hafty wiring and travelers check fees). I might opt to carry some cash for about two months and rest to wait usual 3-4 weeks while check from the US clears in Canada.
May 17th 2005, 4:03 pm
#4
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Joined: Sep 2002
Location: Pickering, ON
Posts: 941
Re: Opening bank account in Canada from US (CITI Bank)
Check with TD Waterhouse Bank in New Jersey. They have a US checking account that you open up via mail and phone (they have no real branches) which can be tied to a TD/Canada Trust checking account in Canada. With this you can transfer money between the two for no charge by just making a phone call (they do apply the current exchange rate of course). I have had one since 2001 and never had a problem with it. You can call them at TD Waterhouse Bank 1-888-327-9962
May 17th 2005, 5:16 pm
#5
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Joined: Nov 2003
Location: Western Canada
Posts: 448
Re: Opening bank account in Canada from US (CITI Bank)
Well, another solution is to simply open a bank account with some canadian bank right now and send checks to them by mail. They will probably take 3-4 weeks to get them credited and by the time you land there, u will already have money in you account.
i will probably look for some Canadian bank that allows account holder to keep funds in US dollars.
i will probably look for some Canadian bank that allows account holder to keep funds in US dollars.
