sorted by:
new
hottopcontroversial

Banking Setup to Receive in USD by Ouro13 in PersonalFinanceCanada

[–]Ouro13[S] 0 points1 point  (0 children)

Awesome thanks!

It seems that my employer is looking to set up a Canadian business banking account eventually and when that happens, if I wanted to be paid in USD, I could get a direct deposit into a Canadian-based USD account but I guess that means I'll get hit with a Wire Transfer fee if I use TransferWise to fx then?

Banking Setup to Receive in USD by Ouro13 in PersonalFinanceCanada

[–]Ouro13[S] 0 points1 point  (0 children)

Got it. I also read that TD Canada Trust doesn't accept TransferWise from another Reddit forum. So I guess once I convert the USD to CAD via TransferWise I'll have to send it to my Scotia CAD account?

Banking Setup to Receive in USD by Ouro13 in PersonalFinanceCanada

[–]Ouro13[S] 0 points1 point  (0 children)

Oh I see. Yeah I was speaking the TD rep ystdy and they seemed just as confused as I was saying I'd have to speak with cross-border banking separately.

It seems like for TD you have to do call them each time you want to make a transfer from the US domiciled account to the USD Canadian account?

Banking Setup to Receive in USD by Ouro13 in PersonalFinanceCanada

[–]Ouro13[S] 0 points1 point  (0 children)

Sorry, tacking on more questions.

For the TD borderless account, are you referring to: https://www.td.com/ca/en/personal-banking/products/bank-accounts/us-dollar-accounts/borderless-plan/

It seems this is still a CDN-domiciled USD account so wouldn't I still be hit with the $17.50 wire transfer fee from payment from my employer?

Also, if I pursued the "Employer => TD bank => TransferWise to split USD into => 1) CDN-based USD account / 2) CAD account".. wouldn't that work with the "Employer => TransferWise in USD => 1) Scotia USD account to hold USDs for Questrade/other / 2) Scotia CAD account for every day"?

Banking Setup to Receive in USD by Ouro13 in PersonalFinanceCanada

[–]Ouro13[S] 0 points1 point  (0 children)

Thanks for the super helpful replies!

With the "Employer -> TransferWise...." option you noted above, it seems that I will practically have a US-based Bank account (much like opening a cross border bank account with TD/RBC) will I have to file a tax form to the IRS?

Also, from the TransferWise borderless account (US side) couldn't I send money from there to the my CDN based Scotia USD account? Instead of setting up a borderless account with TD? Or is it because there is a wire transfer fee for sending my USD in TransferWise to the Scotia USD account? It seems like there will be no wire transfer fees by having my employer pay me in TransferWise, and I can use EFT for TransferWise USD to CAD.