Moving large sum between Canada and US

Vexos
ironman3

Vexos

ironman3
Dec 10, 2021 14 Comments

Hello,

Asking for some assistance. I may sell my home in Canada and move funds to the US. Can someone recommend the best way to move large sum >500K CAD? Want to get best exchange rate and minimize fee.

Yoe:13
TC: ~300K
#relocation
#currency
#moneygram #canada #forex

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TOP 14 Comments
  • Apple
    lgXH61

    Go to company page Apple

    lgXH61
    How did I get on cartel blind?
    Dec 10, 2021 0
  • Financial Service Company
    beepboop_

    Financial Service Company

    beepboop_
    Do you have a bank account in both countries? You could find a crypto currency with a favorable rate between the two currencies
    Dec 10, 2021 0
  • Apple
    lgXH61

    Go to company page Apple

    lgXH61
    I opened usd and cad accounts in Canadian bank. I wired money to that account from us bank. I move money within my Canadian accounts when exchange is best.
    Dec 10, 2021 3
    • Apple
      lgXH61

      Go to company page Apple

      lgXH61
      Idea is to move when the benefits you. You won’t get any good exchange rates at any bank if you do direct
      Dec 10, 2021
    • Vexos
      ironman3

      Vexos

      ironman3
      OP
      Thank you
      Dec 10, 2021
  • Norbert's gambit is the best option. There's plenty of articles online explaining how to do it and which brokerages are best. It'll take more work to set up if you don't already have a brokerage account and it might be intimidating if you're not familiar with stock trading but for 500k it'll probably save you a good amount of money.
    Dec 10, 2021 1
  • Splunk
    pkoko

    Go to company page Splunk

    pkoko
    Trasnferwise or do nortbits gambit if you understand that well.
    Dec 10, 2021 2
    • Vexos
      ironman3

      Vexos

      ironman3
      OP
      I will look into this. Does transferwise offer good rates?
      Dec 10, 2021
    • Splunk
      pkoko

      Go to company page Splunk

      pkoko
      I’d say yes. Just be wary of wire fees that banks will charge.
      Dec 10, 2021