Moving to a different country, what to do with my money?

Jun 16, 2020 7 Comments

Relocating to Canada soon (from US). However, all my savings are in USD. Should I exchange all my savings to CAD at once? Not planning to come back to US.

Edit: exchange rate is pretty good now

#personalfinance #investments

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TOP 7 Comments
  • Lyric
    ofjsn

    Go to company page Lyric

    ofjsn
    Keep in usd. It is the only international currency
    Jun 16, 2020 0
  • Google
    dontbe3vil

    Go to company page Google

    dontbe3vil
    Yes. Convert it to cad - the exchange rate is pretty good right now. You can also keep some money in USD in Canada. Canadian banks will let you have a us denominated account. Curios; why the permanent move?
    Jun 16, 2020 1
    • OP
      Wanted to enjoy a slower lifestyle with more focus on my own well-being. Did my undergrad in US, not seeing any hope for getting picked in h1b lottery. Had a decent offer, Decided to take it
      Jun 16, 2020
  • Tableau / Eng
    TacW56

    Go to company page Tableau Eng

    TacW56
    I’d use transferwise to send to CA for best exchange rate. I recently saved $2000 over what the bank was going to charge for an international wire. Otherwise, you could end up paying capital-gains tax in Canada for any exchange rate changes that end up making you money (check Canadian income tax rules).
    Jun 16, 2020 0
  • Google / Eng
    5kids2feed

    Go to company page Google Eng

    5kids2feed
    Keeping them invested in stocks
    Jun 17, 2020 0
  • IBM
    xmPg62

    Go to company page IBM

    xmPg62
    Wouldn't an account like TD which is from Canada be able to be used in both countries? I'd assume that way you could just withdraw money from it and it would convert at the moment you withdraw. Unless you can convert without fees, this seems to be a good way. I know at least with Charles schwab bank account, you can withdraw at any international atm for no fees.
    Jun 16, 2020 0