Money

[Jackssailboat]

How do Canadain sailors handle their money while going into the U.S. for a extended amount of time? As a non American I cannot open a bank account so it seems the only way to obtain access to my money in a Canadian account is through machines which cost a fortune.
I think that the Canadian dollar is going to dive to .60 cents U.S. before soon and would like to buy America and safely store it somewhere with easy acess.
Any thoughts?
Jack

[Island Time O25]

As a non citizen and not a permanent resident you will need to come to a US bank branch personally. The bank will fill out form W-7 with the IRS so that a tax ID # can be issued in your name. That and your Canadian passport should be enough to open an account. May be some local banks will want a US based address.

Also I believe TD Bank is Canadian and has many branches in US along the East Coast. So why not start with them. Or at least its US ATMs shouldn't charge fees for Canadian TD Bank customers.

[chris mac]

There are Canadian banks who have affiliate banks in the USA. (We use rbc)
In your Canadian branch, open an American fund account with an American credit card. That allows you to use the American cc and bank card throughout the states. You can do all the transfers online, so you can load up the American account when the rate is better. If you want cash, you either need to be at the affiliate bank, or pay a withdrawal fee. So pull the most you can, and have it last longer.

[FAST FRED]

Use a cash machine , they are least costly if you get say $500+ at one time.


The cash machine usually has the best conversion rate , a local bank wont have , and $5.00 to get $500 US is not that big a deal.

Private ,quick , no hassle ,, no paper work easily $5.00 worth

[BlueH2Obound]

Originally Posted by Jackssailboat

How do Canadain sailors handle their money while going into the U.S. for a extended amount of time? As a non American I cannot open a bank account so it seems the only way to obtain access to my money in a Canadian account is through machines which cost a fortune.
I think that the Canadian dollar is going to dive to .60 cents U.S. before soon and would like to buy America and safely store it somewhere with easy acess.
Any thoughts?
Jack

Not to hijack the thread, but who do you believe as above, highlighted in red?

[Chotu]

I know a lot of Canadians and go back-and-forth between the two countries often. I have heard TD Bank is the best because it has representation in both countries. It allows you to easily have an account in each denomination and move money between them.

You could also use bitcoin. Not to store your money or “invest”, But as a currency as it was intended. If you have money in Canadian dollars and you would like to get money in American dollars while you are in America, transfer Canadian dollars to Bitcoin, then use a bitcoin ATM in the United States to withdraw in USD.

[hpeer]

Originally Posted by chris mac

There are Canadian banks who have affiliate banks in the USA. (We use rbc)
In your Canadian branch, open an American fund account with an American credit card. That allows you to use the American cc and bank card throughout the states. You can do all the transfers online, so you can load up the American account when the rate is better. If you want cash, you either need to be at the affiliate bank, or pay a withdrawal fee. So pull the most you can, and have it last longer.

Interestingly enough the reverse is NOT possible. In order to get a Canadian credit card, even a credit card where you give them money in advance (say $5,000) you can NOT get a Canadian credit card unless you have a Canadian tax number.

I’m a natural Canadian citizen, not naturalized. I have property in Canada in my name, and my Wife in her name. We have checking and savings accounts with Scotia Bank. We have excellent credit scores. We were not allowed to open a Canadian Credit Card. HQ turned us down. I tried a different branch, not having been given a reason. That second lady tried hard to help us. She called HQ. Then we were read the rules out of the rule book. Our representative was reprimanded for her effort. And we found out they had computerized records of every call made to HQ on our behalf. They knew we had tried at a different branch, had applied, who we talked to, etc. it was really kinda scary.

[Belezar]

You seem to have asked 2 questions. There are plenty of ways to hedge your currency risk, either direct currency purchases or by investing in US companies that are largely US based. For access, RBC and TD Bank are good choices. Credit cards or ATMs generally provide as good exchange rates as you will get. I will say .6 exchange rate seems highly unlikely to me, but if you feel the need then put some funds here in the US. As stated, you will need to get a TIN (taxpayer identification number) , not that you will earn much interest now.

[Rol1964]

What Chris Mac said....RBC.

[Lake-Effect]

Originally Posted by Jackssailboat

How do Canadain sailors handle their money while going into the U.S. for a extended amount of time? As a non American I cannot open a bank account so it seems the only way to obtain access to my money in a Canadian account is through machines which cost a fortune.
I think that the Canadian dollar is going to dive to .60 cents U.S. before soon and would like to buy America and safely store it somewhere with easy acess.
Any thoughts?
Jack

Just about all Canadian big banks allow you to have a US$ account, so you can set that up now. That's your hedge, if you think you need it.

I'm not as certain about which Canadian banks are easiest to access while in the US, but I suspect that if you shop around, you may find an account type or package that allows you to make bank machine withdrawals in the US without extra transaction charges. Presumably you could be drawing on that US$ account.


[edit - pretty much what chris mac said]

[chris mac]

Originally Posted by hpeer

Interestingly enough the reverse is NOT possible. In order to get a Canadian credit card, even a credit card where you give them money in advance (say $5,000) you can NOT get a Canadian credit card unless you have a Canadian tax number.

I’m a natural Canadian citizen, not naturalized. I have property in Canada in my name, and my Wife in her name. We have checking and savings accounts with Scotia Bank. We have excellent credit scores. We were not allowed to open a Canadian Credit Card. HQ turned us down. I tried a different branch, not having been given a reason. That second lady tried hard to help us. She called HQ. Then we were read the rules out of the rule book. Our representative was reprimanded for her effort. And we found out they had computerized records of every call made to HQ on our behalf. They knew we had tried at a different branch, had applied, who we talked to, etc. it was really kinda scary.

That's interesting, I never knew that. Before retiring, my wife worked at a bank so she set everything up for us. When I read your comments to her, she agreed with you. Primary residence or canadian income is necessary.
She did say you might be able to get a store level credit card. As in a Walmart or Canadian tire Mastercard. Some grocery stores offer them as well. Usable anywhere and the points are redeemable at that store. I don't know if it will work, but worth a try

[dougweibel]

I don't see much need for cash while cruising in the US. It is a pretty rare occurrence when you can't pay with a credit card. The most prevalent reason we have seen is to pay marine vendors for large repairs, but we never pay those with cash either. We cruised the northeast US coast and Nova Scotia last summer and fall, for example, and the only time I can remember using cash was twice at a farmer's market. In the US it is completely normal to pay with a credit card for something as small as a cup of coffee and it seemed the same in Canada. Get a smallish amount of cash by some expedient means and don't worry about it.

As far as the currency hedge, lots of ways to manage that from your home base in Canada.

[Jackssailboat]

Wow what a lot of wonderful advice! Thanks so much for it all and I will now weigh it out. I was suppose to sail off into the sunset this August but now with all this Covid uncertainty I will work one more year and put more cash into the boat kitty, just where to place this cat is undecided... I know there's a joke in there somewhere. Anyway thanks folks!

[redneckrob]

Late to the party but check out Transferwise as well. They let you open up accounts in a whole bunch of different currencies and have very good rates when transferring between currencies. They also have an ATM/debit card, with full chip and pin, that you can use in conjunction with their service to get good exchange rates when withdrawing cash.

Keep in mind that if you exchange currency at a bank, for example by moving funds between your CAD and USD accounts at RBC you'll get universally horrible rates, which I was disappointed to find out. Generally you get the interbank rate if you have the right credit card for credit card spend, but beware the actual exchange of currency at your friendly Canadian bank.

[Sanonivyu]

I would suggest you keep your money on the exchange. as for safety, it is 100% safe. you can simply store it on your account or buy some assets like stocks or other currencies. you should choose the least volatile unit so that the percentage of income only grows. just you will be able to cover the commission for withdrawing funds and earn extra money