Author Topic: Canada to US USD transfer?  (Read 7366 times)

Offline Thingywingy

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Re: Canada to US USD transfer?
« Reply #20 on: June 17, 2020, 12:54:21 PM »
Anyone try using TD transferwise to TD US account with other account holder? I spoke to TD Canada rep. who said that they would still refund the wire fee but I'm not confident she knew what she's talking about.
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline Alexsei

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Re: Canada to US USD transfer?
« Reply #21 on: June 17, 2020, 01:25:18 PM »
Anyone try using TD transferwise to TD US account with other account holder? I spoke to TD Canada rep. who said that they would still refund the wire fee but I'm not confident she knew what she's talking about.
I doubt it
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Offline Yehudaa

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Re: Canada to US USD transfer?
« Reply #22 on: June 17, 2020, 01:42:09 PM »
I doubt it
+1.

But if you're sending less than $2500 (?) you might be able to use Visa Direct. I've never used it but I think it's cheaper than paying wire fees.

Offline Thingywingy

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Re: Canada to US USD transfer?
« Reply #23 on: June 24, 2020, 04:36:32 PM »
But if you're sending less than $2500 (?) you might be able to use Visa Direct. I've never used it but I think it's cheaper than paying wire fees.
Visa Direct transfer fees are as follows:

$8.95 for international transfers up to $1,0002
$12.95 for transfers from   $1,000.01 to $2,5002
CAD$1.50 for domestic transfers
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline Yo ssi

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Re: Canada to US USD transfer?
« Reply #24 on: April 11, 2021, 10:56:33 AM »
Is (Transfer) Wise still the best option?
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Offline myi

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Re: Canada to US USD transfer?
« Reply #25 on: April 11, 2021, 03:47:33 PM »
Is (Transfer) Wise still the best option?
TD bank is all one in Canada and the US. So not quite sure what or if there's any fees involved.

 But whenever I'm in Toronto i take and deposit cash in my TD account.

 So as long as the cash is in the TD account you should be able to pull it out in the US.
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Offline AsherO

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Re: Canada to US USD transfer?
« Reply #26 on: April 11, 2021, 04:02:24 PM »
TD bank is all one in Canada and the US. So not quite sure what or if there's any fees involved.

 But whenever I'm in Toronto i take and deposit cash in my TD account.

 So as long as the cash is in the TD account you should be able to pull it out in the US.

For significant transfers exchange rate is much more significant than fees. Transferwise is great in this regard in that they give you the same mid-market rate whethere you're transferring x-to-y or y-to-x, vs. most other banks and platforms that offer one buy rate and another sell rate where the spread between the two can typically be 5-10%.
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Offline Yo ssi

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Re: Canada to US USD transfer?
« Reply #27 on: April 11, 2021, 07:34:56 PM »
For significant transfers exchange rate is much more significant than fees. Transferwise is great in this regard in that they give you the same mid-market rate whethere you're transferring x-to-y or y-to-x, vs. most other banks and platforms that offer one buy rate and another sell rate where the spread between the two can typically be 5-10%.
Gotcha I was considering the rate as a fee, so I guess transfer wise is still the best.
Alternatively they say stack credit card doesn't have any fees, and TD I'm still unsure if there is a good rate / no fees.
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Offline AsherO

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Re: Canada to US USD transfer?
« Reply #28 on: April 11, 2021, 07:57:56 PM »
Gotcha I was considering the rate as a fee, so I guess transfer wise is still the best.
Alternatively they say stack credit card doesn't have any fees, and TD I'm still unsure if there is a good rate / no fees.

“Stack credit card”?

When you use credit cards abroad you get the midmarket rate, the only thing is many cards hard a 3-5% fee, so you have to find a card that doesn’t charge one.

Also, beware of merchants who offer to charge you in CAD (or in USD if you’re using an American credit card in Canada), they’ll give you a poorer exchange rate. Always charge your your card in the local currency.
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Offline Ds12

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Re: Canada to US USD transfer?
« Reply #29 on: April 11, 2021, 08:10:29 PM »
I use TD to transfer money from my Canadian TD to my American TD account. Its free but a little bit of a hassle because I have to call up Canadian TD to do the transfer. Can't do it online anymore. (FYI, for some reason they do this shtick where they charge you but refund that money so comes out to free)

Offline Yehudaa

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Re: Canada to US USD transfer?
« Reply #30 on: April 11, 2021, 08:41:01 PM »
Is (Transfer) Wise still the best option?
I use Transferwise and I like it. I've heard from people who are also happy with Revolut. I think they're very similar.

Stack is very good if you have a USD ATM around to withdraw from (I.e. not useful if you're trying to move money electronically or if you're in canada) and if you'll stay below their limits. IIRC the limits are maybe $500/withdrawal, max 2x daily and max $2k monthly. No fees and IIRC they give you the mid market rate.

TD-TD is a pain in the neck IMHO and you have to have the money in USD in on the TD Canada side already. If you use TD to convert CAD-USD and then transfer that USD to TD US then you get ripped off with their rates.

“Stack credit card”?
https://www.getstack.ca/

Offline Yo ssi

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Re: Canada to US USD transfer?
« Reply #31 on: April 11, 2021, 10:53:04 PM »
Thanks, so I assume for one large transfer, transfer wise is the best bet, stack would be good for small here and there purchases.

I assume Revolut is also for here and there purchases?
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Offline Yehudaa

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Re: Canada to US USD transfer?
« Reply #32 on: April 11, 2021, 10:59:19 PM »
Thanks, so I assume for one large transfer, transfer wise is the best bet, stack would be good for small here and there purchases.
Yup. Stack is also good for withdrawing local currency from CAD in any county when travelling (not just USD).

I assume Revolut is also for here and there purchases?
I don't know much about Revolut but I think people use it for big transfers too.

Offline Yehudaa

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Re: Canada to US USD transfer?
« Reply #33 on: April 11, 2021, 11:23:55 PM »
Stack is very good if you have a USD ATM around to withdraw from (I.e. not useful if you're trying to move money electronically or if you're in canada) and if you'll stay below their limits. IIRC the limits are maybe $500/withdrawal, max 2x daily and max $2k monthly.
Just to clarify, these are the ATM withdrawal limits. The limit for POS transactions is much higher, maybe $1k/day and $20k/month or something.

Offline David61

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Re: Canada to US USD transfer?
« Reply #34 on: February 01, 2023, 01:53:02 AM »
FYI - Quick comparison of fees, on large amounts: to convert CAD $100,000 into USD

Ranked from best to worst

--Google finance currently reports “USD/CAD” 0.7510, implying value of USD $75,100
--https://bendixfx.com/ does not have quotes online. Got a verbal on the phone for USD$74,962 (implied conversion cost of USD $138, relative to google finance market quote),
--https://wise.com/us/ (after a wire charge of $560.28 CAD, which varies based on the amount), It offers a rate of 0.751061, resulting in  USD $74,685.30.  (implied cost of USD $415),
--https://www.revolut.com/en-US/currency-converter/  offers a rate of 0.7506, but then charges CAD $494, implying USD $74,691. (implied cost of USD $409). And It sounds like there are some incremental transfer fees (possibly $10) to transfer/wire a bank account
--https://www.xe.com/send-money/   offers a rate of 0.7443, i.e. USD$74,430.  (implied cost of USD $670),
--TD Bank – got a verbal quote for USD$74,134 (implied cost of USD $966)


P.s. TD bank and Bendix quotes were almost at the same time, and both a little earlier in the day, than the other quotes, and may reflect some movement of currency
« Last Edit: February 01, 2023, 02:25:56 AM by David61 »

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Re: Canada to US USD transfer?
« Reply #35 on: February 01, 2023, 02:23:14 AM »
    FYI - Quick comparison of fees, on large amounts: to convert CAD $100,000 into USD

    Ranked from best to worst

    • Google finance currently reports “USD/CAD” 0.7510, implying value of USD $75,100,
    • https://bendixfx.com/ does not have quotes online. Got a verbal on the phone for USD$74,962 (implied conversion cost of USD $138, relative to google finance market quote),
      • https://wise.com/us/ (after a wire charge of $560.28 CAD, which varies based on the amount), It offers a rate of 0.751061, resulting in USD $74,685.30.  (implied cost of USD $415),
        https://www.revolut.com/en-US/currency-converter/  offers a rate of 0.7506, but then charges CAD $494, implying USD $74,691. (implied cost of USD $409). And It sounds like there are some incremental transfer fees (possibly $10) to transfer/wire a bank account
      • https://www.xe.com/send-money/   offers a rate of 0.7443, i.e. USD$74,430.  (implied cost of USD $670),
        • TD Bank – got a verbal quote for USD$74,134 (implied cost of USD $966)

        P.s. TD bank and Bendix quotes were almost at the same time, and both a little earlier in the day, than the other quotes, and may reflect some movement of currency

Did you check out VFEXGS.com?
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Offline David61

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Re: Canada to US USD transfer?
« Reply #36 on: February 01, 2023, 02:31:16 AM »
Did you check out VFEXGS.com?

Just requested a quote.

P.s. With regard to all these options, and others, it's prudent to be wary about transferring money to entities without confirming they are legitimate. 

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Re: Canada to US USD transfer?
« Reply #37 on: February 01, 2023, 02:40:06 AM »
Just requested a quote.

P.s. With regard to all these options, and others, it's prudent to be wary about transferring money to entities without confirming they are legitimate.

I've used VFEXGS. Excellent service. Great rates. Once they set you up it's an online platform.

Will you be doing transfers on a regular basis or is this a one-off? With higher volume come better rates.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Alexsei

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Re: Canada to US USD transfer?
« Reply #38 on: February 01, 2023, 06:41:15 AM »
There's also Norbert's gambit
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Offline David61

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Re: Canada to US USD transfer?
« Reply #39 on: February 01, 2023, 04:31:29 PM »
There's also Norbert's gambit

You would need a brokerage account that allows trading in TSX based securities and allows for cash to be held in multiple currencies.
It seems not all US-based brokerage accounts allow that.