[BANKING] Moving to Canada

Apr 7 18 Comments

What’s the best way to manage credit cards, bank accounts and brokerage accounts that are in the US while moving to Canada? I’ll be moving temporarily / permanently to Canada (unsure at the moment). Schwab told me that I wouldn’t be able to keep my checking / savings account open without a US address which also implies that I can’t keep my credit card autopays working through Schwab either.

Are there more accommodative banks? What’s your strategy if you have moved abroad from USA?

#personalfinance #investments

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 TOP 18 Comments
  • Shopify
    gui_guy

    Go to company page Shopify

    gui_guy
    Use a friend/family members’ address for your US bank?
    Apr 7 1
  • Amazon / Creative
    Mr. Purple

    Go to company page Amazon Creative

     Mr. Purple
    For credit cards get an Amex well before you move and use their global transfer program. It's something. Amex not widely accepted in Canada but it'll help you boot strap your credit. You will have no credit history in Canada and be starting from zero.

    At least get some US credit card with no foreign transaction fee to tide you over until you can get going with Canadian cards. You need a year to build history.

    Everyone should have at least 1 Amex to have access to Global Transfer. They are the only card issuer that helps you get started in a new country based on your worldwide history with them.
    Apr 7 1
  • Amazon / Creative
    Mr. Purple

    Go to company page Amazon Creative

     Mr. Purple
    Transfer all your non registered investments to a Canadian brokerage. You don't have to sell, you can transfer in kind between US and Canadian brokerages. Only keep tax free accounts like 401k/IRA, the Canada tax treaty still makes them tax free. Get rid of any college 429 plan, you can transfer it to any US resident or find a way to spend it. It's not covered by the tax treaty and you will get soaked

    Doing taxes without the correct tax documents is a nightmare, you want Canadian tax slips, not US slips.

    You can transfer it all back to the US if you move back. The transfer will take maybe two weeks to go through and isn't difficult.
    Apr 7 7
  • Amazon
    deadwind

    Go to company page Amazon

    deadwind
    I have Chase, BofA and DCU. All three allowed me to keep my accounts open and update to a Canadian address.
    Apr 7 1
    • Amazon / Data
      HRPufnstu

      Go to company page Amazon Data

      PRE
      Allianz, Altria, Bank of America, Truist, Southern States Cooperative
       HRPufnstu
      Yeah BofA will allow you to do that. The sister bank is Scotia bank and you can use that just like BofA.
      Apr 7
  • NVIDIA
    Qlxs56

    Go to company page NVIDIA

    Qlxs56
    Check banks that have a Canadian and USA presence such as TD Waterhouse
    Apr 7 1