Transferring money from the US to Canada with minimal fees?

[APPNOV2014NY]

How long did it take for the entire Transferwise process from sending to receiving?

2-3 business days. You will get to know date on which money will appear in the recipient account before you finish transaction.

Edited: Changed from 5-7 business days to 2-3 business days after checking my transferwise account

 

[dt12]

5-7 business days. You will get to know date on which money will appear in the recipient account before you finish transaction.

Thanks. That's very long. Do you have any suggestion for me if I need CAD fast to buy a new car a day or two after landing? Right now I don't have a Canadian bank account yet. Is it ok to bring a bunch of USD cash and then go to a store or something to exchange that to CAD immediately?

 

[APPNOV2014NY]

Thanks. That's very long. Do you have any suggestion for me if I need CAD fast to buy a new car a day or two after landing? Right now I don't have a Canadian bank account yet. Is it ok to bring a bunch of USD cash and then go to a store or something to exchange that to CAD immediately?

RBC, Scotia and other banks allow opening accounts from abroad to customer of few nationalities/countries. You can open account now, deposit funds and then activate account once you land.

Yes. You can carry USD and get it converted to CAD in some store/bank/exchange but you will most probably lose a lot in conversion fees.

 

[Mthornt]

How long did it take for the entire Transferwise process from sending to receiving?

It gives you the 72hr disclaimer, but for me it took 1 business day. This was USD to CAD, so it may be different depending upon the two countries/currencies/banks involved.

 

[dt12]

It gives you the 72hr disclaimer, but for me it took 1 business day. This was USD to CAD, so it may be different depending upon the two countries/currencies/banks involved.

Thanks. I've just tried to open an account with them. It says in order to send > $1k I need verification and it takes several days.

 

[APPNOV2014NY]

Thanks. I've just tried to open an account with them. It says in order to send > $1k I need verification and it takes several days.

Sorry for providing incorrect information earlier. After reading @Mthornt post, I opened my transferwise account and checked transactions. Transferwise takes 2-3 business days for USD to CAD conversion. Here are the timelines of the very first transaction I made with transferwise.

• 10th June
  You set up your transfer
  
  
• 10th June
  We received your USD
  
  
• 11th June
  We paid out your CAD
  
  
• 12th June
  Your transfer’s complete
  

 

[dt12]

Sorry for providing incorrect information earlier. After reading @Mthornt post, I opened my transferwise account and checked transactions. Transferwise takes 2-3 business days for USD to CAD conversion. Here are the timelines of the very first transaction I made with transferwise.

• 10th June
  You set up your transfer
  
  
• 10th June
  We received your USD
  
  
• 11th June
  We paid out your CAD
  
  
• 12th June
  Your transfer’s complete

Thank you. I just got verified immediately. I'll use this after opening a Canadian bank account when landing. They don't have the best rate I see online but their website is the most user-friendly. Has anyone used knightbridgefx? How long does it take? Their rate is better.

 

[Mthornt]

Thank you. I just got verified immediately. I'll use this after opening a Canadian bank account when landing. They don't have the best rate I see online but their website is the most user-friendly. Has anyone used knightbridgefx? How long does it take? Their rate is better.

Does Knightsbridge have an app? What's the difference in rate information you found?

 

[dt12]

Does Knightsbridge have an app? What's the difference in rate information you found?

No app. Check out yourself the rate. If you try them please report back. I am not in Canada yet so it’s difficult.

 

[APPNOV2014NY]

No app. Check out yourself the rate. If you try them please report back. I am not in Canada yet so it’s difficult.

Last time I checked, Knightsbridge was a bit difficult to work with. One has to talk over phone with Knightsbridge to confirm conversion rate. Also, one has to sign and mail/fax multiple documents before initiating first transaction. Things might have changed since I checked Knightsbridge 1.5 years ago.

 

[bkbk8]

Last time I checked, Knightsbridge was a bit difficult to work with. One has to talk over phone with Knightsbridge to confirm conversion rate. Also, one has to sign and mail/fax multiple documents before initiating first transaction. Things might have changed since I checked Knightsbridge 1.5 years ago.

That's still the case. I called today and had to go through all of that; you can however reply back in the body of the email (if you're ok with that) with all your bank details etc... instead of faxing/printing scanning.

I do find that they give you better rates in comparison to Transferwise and XE. I'd use Knightsbridge for large transactions $50k and above, and Transferwise for smaller transactions.

The only thing I hate about Knightsbridge is that when you call in and confirm the rate, it's locked. Even when you want to perform the transaction at a later time in like 3-4 hours (when the rate is slightly higher), they do not allow it as they won't give you a revised quote. With Transferwise, I find it easier to check the rates online and go back and forth to lock a rate that I am comfortable with.

Hope this helps a bit

 

[Skystar701]

Hi
If I transfer money to my Canadian bank account using transferwise, is it required to report it to the tax authority or any other gov body?

Thanks

 

[APPNOV2014NY]

No. You are not required to report transferwise transactions to CRA.

 

[fasoola7321]

Try banking with Charles Schwab Bank. They have been amazing! I have been with them 8 years, all ATM's around the world free and reimbursed fees at the end of the month

 

[Alex54321]

The only thing I hate about Knightsbridge is that when you call in and confirm the rate, it's locked. Even when you want to perform the transaction at a later time in like 3-4 hours (when the rate is slightly higher), they do not allow it as they won't give you a revised quote.
Hope this helps a bit

You do not have to lock their rate if you do not like it. Just call another time when rate is better.