Which US bank should I use in Canada? (student loans, transfer)

[doctormike]

So my US internet-only bank of 11 years told me yesterday that because of Canada's new anti-spam laws, they are afraid to do business with anyone who lives in Canada, and so they will close my accounts (and those of their other limited number of customers here) in 30 days.

In Canada, I'm banking with TD. Nowhere near the service I received in the US, and fees for everything, but that seems to be what there is here.

I still need a US bank to repay student loans, etc. Is it a no-brainer to set up an account with TD in the US (easy electronic transfer of funds from TD here to TD there), or is there another bank that I should consider in the US?

Thanks.

[Olivierad]

Originally Posted by doctormike

So my US internet-only bank of 11 years told me yesterday that because of Canada's new anti-spam laws, they are afraid to do business with anyone who lives in Canada, and so they will close my accounts (and those of their other limited number of customers here) in 30 days.

In Canada, I'm banking with TD. Nowhere near the service I received in the US, and fees for everything, but that seems to be what there is here.

I still need a US bank to repay student loans, etc. Is it a no-brainer to set up an account with TD in the US (easy electronic transfer of funds from TD here to TD there), or is there another bank that I should consider in the US?

Thanks.

Consider Bank of America; largest in America. But they do more business with Scotia Bank in Canada.

[marc3565]

Originally Posted by Olivierad

Consider Bank of America; largest in America. But they do more business with Scotia Bank in Canada.

Bank of America is in an ATM Alliance with Scotiabank so there are no fees for using each others ATMs if that matters..

[botticelli]

Canadians banks usually charge a fee for everything. It is Canada.

[TiredOfyycCold]

I use Bank of America for my US bills.... although transferring money from my Canadian bank to Bank of America incurs a charge.

I usually go to Calforex in Calgary, as they have a good exchane rate, withdraw a few thousand dollars and take it with me to the US and deposit it through a B of A ATM machine in the US.

I have the B of A mobile app on my phone and between that and internet banking I can perform any other transaction for zero fees from anywhere in the world.... B of A will only charge me if I do physical "in-branch" transactions... which I have never found a need to do.

[Olivierad]

Originally Posted by marc3565

Bank of America is in an ATM Alliance with Scotiabank so there are no fees for using each others ATMs if that matters..

Correct

[doctormike]

Thanks, everyone.

Somewhere else (don't remember if I saw it on this forum or elsewhere), I have seen recommendations for xe.com for exchanging and sending funds. Anyone have any experience with them?

[TiredOfyycCold]

Originally Posted by doctormike

Thanks, everyone.

Somewhere else (don't remember if I saw it on this forum or elsewhere), I have seen recommendations for xe.com for exchanging and sending funds. Anyone have any experience with them?

I have used their site for YEARS to monitor the exchange rate (they also have an app), but have never used them to transfer money. I would be fairly confident that they offer a rate which is superior to the banks (which is why I use Calforex) - but I doubt the actual "transfer" or "wire" charges are any less.

I think my Canadian bank charges $35 a transaction (B of A charges nothing to recieve it), which is why I just take the cash across the border with me and deposit it myself.

Edit: I just had a look at the TD site and if I were you I would stick with them. All banks offer crappy exchange rates though VS. Calforex or XE.... so if you are dealing with relatively large amounts, do your exchange through one of these sites (I do mine in person in Calgary) and deposit it in your US account through TD. If I wasn't so eternally committed to my bank, I would use TD.... they mention no fee transfers from Canadian to US accounts.
http://www.tdcanadatrust.com/product...g/benefits.jsp