Albany, NY · Member since 2019 · 60 posts · 25 votes
Hi, I found a partner in the US to buy some rentals. I want to transfer the money from Canada to USA so he can pay for the cash down and all the fees. Anyone have tried online money transfer cie to send money from Canada to USA ? Which one can be trusted ? Some have really high fees compare to other (especially banks unless negotiated). And how long before the money get accessible in the US? So recap:
1. Bank to bank vs online transfer cie to bank ? Or something else easier to transfer the money quickly ?
2. Reasonable fees for amount between 20 000$ and 100 000$ ?
3. How long to get the money accessible in the US ?
Try Knightsbridge foreign exchange , if you need to convert cad to usd and send it to a US based bank account . There is no fee to send the money and their foreign exchange rate is pretty good compared to the major banks .
@Jonathan Leblond Several Canadian banks have US affiliates. You can open joint accounts and move money back and forth as needed. RBC (Canada) and RBC Bank (USA), for example, have this set-up. You can also set-up a USD bank account on the Canadian side so that you can better control exchange rates.
It was indeed the easiest way to transfer from one account to another. With my bank they charge a 15$ fee for a SWIFT transfer or 4$ for direct deposit. The first one takes from 0 to 24 hr and the second one from 0 to 48 hr.