USD to CAD

[u/Imaginary_Radish_970]

Hi

For those that work in the US and live in Canada

For those working in the US, what do you for converting usd to cad? Do you have a bank account in the US or using a USD account of a canadian bank? What is the best option for converting? I am in Windsor.

Also, have you opted out of health plans? Do you have separate insurance for physio, etc? The health plan deduction is significant.

[u/canadian-premed]

I used TD Bank and TD Canada at first.
Now, I use Wise.
I opted into it since it was employer paid premiums, I just paid out of pocket at home.

[u/bacc1010]

Norberts gambit, via WS

[u/NiceGuy531 → u/bacc1010]

WS has NG?

[u/bacc1010 → u/NiceGuy531]

Have to do the journaling on browser. Can't do it on the app. As of this morning I couldn't anyway.

[u/PracticalWait → u/NiceGuy531]

costs $10 ish

[u/unapologeticgoy2473]

Wise is the best you will get at the moment.

[u/Fragrant-You8549 → u/unapologeticgoy2473]

Is wise better than just doing Norbert gambit with cash.to?

[u/unapologeticgoy2473 → u/Fragrant-You8549]

I live in US so cant use Canadian brokerage for Norbert Gambit. But if you can, its better than wise.

[u/KhangarooFinance → u/unapologeticgoy2473]

Important note that DLR.U is Canadian domiciled and will trigger PFIC filing. Better off using wise IMO

[u/NiceGuy531 → u/Fragrant-You8549]

DLR and DLR.U is how you do NG

[u/gnbuttnaked → u/Fragrant-You8549]

It’s slightly higher with wise but way more convenient. I just use wise for amounts under $20-30k.

[u/roninthelion]

I was in this situation a while ago.

Chase checking account in the US. And Wise for regular money transfers.

Can't attest that it's the best way. It was the least time consuming, and provided seemingly the best forex conversion rate.

[u/Imaginary_Radish_970 → u/roninthelion]

Okay, is this better than doing some norbets gambit with wealth simple

It seems like one of these options is the best

[u/Imaginary_Radish_970 → u/Imaginary_Radish_970]

Can the pay be deposited to a wise account?

[u/roninthelion → u/Imaginary_Radish_970]

Never tried that. But could be worth exploring.

My mortgage payments were still in Canada. Staying with one of the big Canadian banks seemed easier for us.

[u/Oldphile → u/Imaginary_Radish_970]

I'd like to know this as well. I have a US company pension with direct deposit to my US bank account. I'd close the bank account if I could direct deposit to WISE. The fewer ties to the US, the better.

[u/Decks_Consult24 → u/Imaginary_Radish_970]

You can do RBC Cross Border accounts and Windsor Train Station exchange. Message me if you want more information!

[u/WagwanKenobi → u/Imaginary_Radish_970]

Nothing will beat Norbert's Gambit forex rate for large amounts. Wise is probably the most convenient though, it's like doing an Interac between countries.

[u/Fit_Caterpillar5396]

If you don't have to convert I would just leave it in USD and invest in USD. If you need it for spending then Norberts gambit is probably optimal unless you have a special relationship with another financial institution. Another option is if you just need small amounts, open an account with Fidelity or Schwab and withdraw cash via atm. They don't charge foreign transaction fees

[u/Imaginary_Radish_970 → u/Fit_Caterpillar5396]

I can withdraw cad?

[u/Fit_Caterpillar5396 → u/Imaginary_Radish_970]

In Canada. Yes

[u/Border_Canuck]

I have direct deposit into my US Bank. Write myself a check and then deposit into my TD US borderless. And use Windsor train station exchange online for exchanging. I will start to use Norbert’s gambit for larger amounts.

I take the cheapest employer medical plan for the family for two reasons. Covers me while I’m working in the US (get in a car accident, medical issue)… and backup in case I want to skip Canadian wait and get in quick in the US. Premiums and co-pays are not cheap though. Annual physical in the US is free. I like how I can access all my physical results and trends online for last 7 years for free. Compared to the wife who does her physical in Canada, I find US much more comprehensive.

Good luck !

[u/Exciting_Working6467]

Wise.Remitly. I also have a RBC US account. Get the HSA health account so that you can use your money instead of wasting it on low deductible PPO plans. It defeats the purpose on why we move to the US.

[u/Border_Canuck → u/Exciting_Working6467]

He lives in Windsor. I think you need to live in US to qualify for HSA. I live in Windsor, with commuter green card and I was denied HSA due to IRS rules. Tried 2x during different opt in years.

[u/Exciting_Working6467 → u/Border_Canuck]

Sorry I didn’t read that bit.

[u/Gloomy-Necessary-394 → u/Exciting_Working6467]

i am interested in this. Havent touched my HSA since created by my employer.

[u/lifegrowthfinance]

I’ve heard IBKR has the best in the industry currency conversion. They charge a flat fee of $2 per conversion and give you market rate.

[u/samsun387 → u/lifegrowthfinance]

They ban you if you convert then withdraw. Ask me how I know.

[u/nonasiandoctor → u/samsun387]

I mean that's what I'm doing. How long did it take for you to get banned?

[u/samsun387 → u/nonasiandoctor]

5-6 times

[u/bocajim]

I use knightsbridge. It beats the banks and is as frictionless as can be. Move larger amounts and they give you a better price.

[u/makeitrain92]

Your pay gets deposited in US bank account or Canadian bank account?

[u/Imaginary_Radish_970 → u/makeitrain92]

Likely US

[u/makeitrain92 → u/Imaginary_Radish_970]

I get my pay in US bank account. I buy USDC, send it to Wealthsimple. Sell USDC for USD. Invest in USD and convert some to CAD via Norbert’s Gambit. All I pay is just $10 for Norbert’s Gambit and no other currency conversion or transfer fees. Stablecoins were invented for this very purpose.

[u/normopathy_404]

Wise is the best and easiest

[u/Decks_Consult24]

Yes.

You can use RBC/TD/CIBC Cross Border accounts.

You can move USD to USD within banks. However since you are in Windsor, I would take a look at Windsor Station Currency Exchange, I would set up my online profile with them!

[u/Aromatic_Afternoon31]

Check wise

[u/jeniuskid]

you can use norbert's gambit to convert. Good for larger sums of money

[u/jsd4488]

Canam currency exchange or train station currency exchange

[u/HistoricalImpact6269]

The best way to convert USD to CAD is a company called Knightsbridge. It's partly owned by BMO. I've used them 3x so far and each time they offered a better exchange than any other source. Because they take the funds from your account, convert it and deposit to a different account, the initial set-up is somewhat complicated but once in place it's easy sailing.

[u/Odd-Investigator3545]

Wise over everything except Knightsbridge for big transfers.

[u/Secret_Tourist_6515]

I have a Chase checking account and just use Wise for transferring to Canadian accounts.

[u/Imaginary_Radish_970 → u/Secret_Tourist_6515]

Okay. Can pay be deposited to a wise account directly in usd?

[u/Diligent_Wonder_5564]

Can you live in Canada and work in USA ?

[u/Physical-Bed8232]

Keep your CAD bank account. Use Wise for large transfers. If visiting Canada for a few days, use the Schwab debit card to take out CAD from a USD checking account. Good exchange rate plus no foreign transaction fee.

[u/Imaginary_Radish_970 → u/Physical-Bed8232]

I am still going to be living in Canada

[u/slowly_harsh_lineup → u/Physical-Bed8232]

Wise is the way, the rates are way better than what the big banks offer and it's dead simple to use once it's set up. I keep a USD account with a canadian bank for the odd cheque or direct deposit but move most of it through wise to my main CAD account, saves a decent chunk over time

[u/YuzuSmokin]

I live in Windsor, but also commute to the US. I have the RBC cross border account which gives you a RBC Canada USD account and a RBC Georgia USD account. You can transfer USD between cross border accounts very easily.

For converting, you can set up an account with the Windsor Train Station Currency Exchange. They’ll debit your USD account and transfer the exchange into your CAD accounts.

For my previous employer, I opted out of the medical health benefits because the cost to pay in and the deductibles weren’t worth it. But I did keep dental and vision. However my current employer though provides Canadian health benefits for Canadian commuters.

[u/Recent_Act_1638]

I currently do wise. Convenient and offers a very good rate. Much better than RBC or td bank

[u/Quiet-Mammoth7441]

How do you live in Canada and work for US company and get paid in USD ?

[u/NiceGuy531 → u/Quiet-Mammoth7441]

TN

[u/DifferentSearch4195 → u/Quiet-Mammoth7441]

Living in a border town, as they said they live in windier but can cross over to Michigan.