cheapest way to fund account from usa to canada

Hey any tips on best method to fund accounts, can you send remittance to canada instead, how about an rbc usa account?, could they send it cheaper or something.
i have chase rn, its free wire if they change to cad and send 5000, buts its like 200$ in the exchange rate conv. if not is 40$ to send usd.
just a simple man, trying to get by.

thnx i appreciate your time and work.
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  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    If you can get a Canadian bank account you could use EFT which would be free or nearly so. I don't think foreign banks want US customers any more though--we cause them too much paperwork.
  • TerryTerry Posts: 22 Tin ✭
    Yeah, I don't know why about a year and half ago things changed dramatically and it became really difficult to buy gold. I once had my US Credit Union setup to transfer money directly into my gold account.

    It may be that they are concentrating on high ticket customers. Customers who are buying in pounds and not grams. IDK.
  • Claudio_SantanaClaudio_Santana Posts: 11 Tin ✭
    RocketDog said:

    If you can get a Canadian bank account you could use EFT which would be free or nearly so. I don't think foreign banks want US customers any more though--we cause them too much paperwork.

    thank, found it very interesting, one last thing i spoke with rbc, in my case i would have to GO to canada to open account there, did you do something similar?
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    I don't have a Canadian account myself, but I know other Americans who have tried to get them and have had trouble. It would make sense based on the Know Your Customer rules that you would actually have to go there and present a passport, evidence of your permanent address, and information about source of income.
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    edited August 29
    Somebody on this board (I am too lazy to go check who right now) has been suggesting using Transferwise to move funds. After getting frustrated with Bank of America for their high fees I canceled my account. I was running out of International Bank Wire options, so I decided to try Transferwise. I just set up my account and have to wait a couple days to be verified. I should be able to transfer money into my Transferwise account using ACH from a US bank. Then Wire Transfer using SWIFT codes to RBC Toronto (Goldmoney). The fees look fairly low. You might go check that out. I will let you know how it well it works in about a week. Transferwise has a lot of capability to convert currencies from one country to another. It has a different set of features and fees that allow you to send USD to accounts in different countries.
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