Moving to a different country, what to do with my money?
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
Depends on if you’re moving for good or temporarily. For good, I mean are you going to settle there and buy a house etc etc Money is useless if you can’t spend it or don’t have a foreseeable means of spending
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.
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).
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?
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
Keeping them invested in stocks
Keep in usd. It is the only international currency