Learn about cross-border banking for Canadians (2024)

FAQs

Is cross-border banking worth it? ›

Having all of your cross border banking services with Canadian financial institutions or banks and their U.S. affiliates is almost always a cleaner, easier and more cost effective option than opening additional bank accounts or credit cards in the U.S.

Long-term travellers may benefit from having both a Canadian-based U.S. dollar chequing account with TD Canada Trust and a U.S.-based checking account with TD Bank, America's Most Convenient Bank® so that you can easily transfer money to the U.S.¹ A U.S.-based checking account also allows you to withdraw cash at TD ...

CIBC, BMO, TD Bank, and RBC all offer cross-border banking solutions to allow Canadians to open a US-domiciled bank account.

You can send up to $2,500/day with Visa Direct and $6,500/day with TD Global Bank Transfer.

In cross-border financing, currency risk and political risk are two potential disadvantages. Currency risk refers to the possibility companies may lose money due to changes in currency rates that occur from conducting international trade.

Yes, non-U.S. citizens can open a bank account in the U.S. When you open a bank account at Bank of America, you'll need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and U.S. address.

Zelle is not currently available in Canada. According to its website, to use the Zelle payment platform, “the sender and recipient's bank account must be based in the U.S.” When sending money via Zelle to a mobile phone number, it must be registered in the U.S.

Yes, you can.

Can I use my Canadian debit card in the US? ›

Visiting the U.S. from Canada? Shop with your debit card* at millions of retail stores in the U.S. Welcome to the convenience of using your Canadian debit card* to purchase goods or services at more than 2 million retail stores across the U.S.

In Canada, you're not taxed simply for holding funds in a bank account. Rather, you're taxed on earnings generated from bank account deposits. So, there is no limit to the amount of money you can have in your bank account without being taxed in Canada.

TD Bank is TD Bank, N.A., a wholly-owned U.S. subsidiary of The Toronto-Dominion Bank. Member FDIC. Accounts issued by TD Bank, N.A. are not insured by Canada Deposit Insurance Corporation.

There is no TD Transfer Fee when using TD Global Bank Transfer to send money to the United States.

Yes. You can withdraw funds from your TD Canada Trust Canadian dollar account through any TD Bank, America's Most Convenient Bank^® ATM¹. Note that staff in the U.S. at TD Bank, America's Most Convenient Bank^® are unable to access your Canadian based account with TD Canada Trust and vice versa.

Investment risks in overseas markets often include political and economic instability, currency fluctuations, and issues related to compliance with local laws that are not present in domestic investments.

Political and Economic Risks: Cross-border financing transactions may be affected by political instability, economic volatility, sovereign risk, and other macroeconomic factors in foreign countries, which can impact the creditworthiness of borrowers or the stability of financial markets.

You can save on tax. If the nation you live in requires you only to pay tax on the money you remit into that country, you will get some tax benefits by keeping your money in an international bank account. International bank accounts come with maximum flexibility for their owners in terms of usage.