Is there a charge when transferring funds from Canada into a US account?

[Jennifer Roth]

Hi there,

I was wondering if anyone would be able to answer my question. I am looking to borrow money from one of my investor friends who live in Canada. My attorney stated that this investor should be able to transfer money right into the attorneys escrow account with no problems. However, do we need to consider the currency exchange or are there any other fees we will have to pay from transferring this from Canadian account to American Account?

Any help would be greatly appreciated!! Thank you so much! 

[Roy N.]

Originally posted by @Jay Hinrichs:

@Jennifer Roth 

  are you really worrying about wire fee's  ???? this seems strange... its at most 50 bucks at your bank and about the same at the Canadian bank.. look on line for the exchange rates. I think the Loony is not at par with the US dollar.. I have not checked recently.. but say its at 90 cents and you need 10k  well then your Canadian friend would have to send 11k Canadian.. Or most banks in Canada will do the exchange in the bank there before they send the funds.. I used to have a home in Kelowna and they did this all the time when I brought money in and out of BC...

 The Loonie is presently floating around 0.88USD - a far cry from the 1.04 a year ago ... ah, the life of an oil-covered bird.

As mentioned before, you friend would be better off setting-up an FX account to exchange CAD => USD rather than at the bank - could be 3/4 - 1 point difference.

The other thing to keep in mind is all the lovely, not-so-new-anymore Homeland paperwork involved if you wire larger amounts (ie. >10K in some cases).