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As for the banking you WILL have to open a Canadian bank account since a Canadian employer cannot deposit a cheque into a foreign (American or any other country) account -- you WILL need to pay wire transfer fees to move money from your Canadian account to your US account since you will NOT be able to set up online bill pay from a Canadian chequing account to a US payee.
I pay my US bills by transfering money from my Canadian chequing to my US chequing and then paying my US bills online from the US account.
It's a pain in the a__ and costs 30 bucks every time I move money from Canada to the US but I have found no way that is a) faster b) safer (bank wires are protected) and c) convenient (I can just pop in to my local TD Canada Trust branch)
I did that for 4 years when I lived in the US, but I avoided wire transfer fees (though you need a bit more planning). I opened a US$ account at my Canadian bank (National Bank), then sent my local (Canadian) branch an e-mail whenever I needed to transfer money. They'd usually make the transfer (from National Bank C$ to National Bank US$) within the same day, always at no cost. Then I'd deposit a US$ National Bank check to my US bank (PNC Bank) account, again without fees -- clerks would usually say there were fees for foreign checks but would waive it once they'd realize the check was not in a foreign currency.
Edit: that obviously takes longer than a wire transfer because funds were frozen for about a week in my PNC bank account, just like for any other deposit.
Out of curiosity, since it has been 4 years since the last post........can someone give me an update. I am considering moving to Canada so that I can marry my boyfriend, but my college dept will be about $26,000. Will that affect me getting a residence visa or being able to get a job in Canada? Also how would I pay the US from Canada? Will the transfer fees be high?
Out of curiosity, since it has been 4 years since the last post........can someone give me an update. I am considering moving to Canada so that I can marry my boyfriend, but my college dept will be about $26,000. Will that affect me getting a residence visa or being able to get a job in Canada? Also how would I pay the US from Canada? Will the transfer fees be high?
Why would having US debt affect your ability to get a residence visa or to get a job in Canada? As long as you intend to pay that debt, then there should be absolutely no problem. Is there something I am missing here?
Make sure you follow the right procedures and time things right so that you are actually eligible for a residence visa (presumably to be granted due to your change in relationship status from single to married).
I did that for 4 years when I lived in the US, but I avoided wire transfer fees (though you need a bit more planning). I opened a US$ account at my Canadian bank (National Bank), then sent my local (Canadian) branch an e-mail whenever I needed to transfer money. They'd usually make the transfer (from National Bank C$ to National Bank US$) within the same day, always at no cost. Then I'd deposit a US$ National Bank check to my US bank (PNC Bank) account, again without fees -- clerks would usually say there were fees for foreign checks but would waive it once they'd realize the check was not in a foreign currency.
Edit: that obviously takes longer than a wire transfer because funds were frozen for about a week in my PNC bank account, just like for any other deposit.
This is good advice. Using the same bank that has branches in both countries if you find one and make it work. The key for someone in this situation is to minimize fees. Be it transaction or exchange rate fees. You will always get dinged on exchange rate fees (and can ask what they are) but if you can eliminate transaction fees it will be less costly. Given that this is only a year though, you'd have the weight the convenience of opening and tracking new accounts though. You might want to consider email money transferring cash to a US account. The fees might not be too onerous to do this (couple of dollars for domestic, not sure what international is). Although old school, I've also written cheques to myself but you'd have to find out how long it takes to clear and if this is logistically possible, probably not monthly but if you plan visits back, maybe it will work.
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Thinking about Canada!
