Transfer Savings in Canada to US funds?

sarah88 · Post by **sarah88** » Tue Feb 10, 2015 12:15 am

I have a small savings sitting in a Canadian savings account. I just moved to the USA for a job, and plan to be here for at least the next 5 years, but do not know what I will be doing after.

Does it make sense to transfer that CDN money to a USA account (or (Roth)401k)?
It seems like I'll get dinged pretty hard with the dollar conversion, and transferring fees.

I don't see myself buying a house in the next 5 years, unless I plan on staying here longer term.

nelsona · Post by **nelsona** » Tue Feb 10, 2015 9:03 am

You;ll always need some money in Canada (a checking acct would be more useful), so I wouldn't bother transferring.

You can only transfer it to a bank or investment firm/Your Roth401(K) is funded only through payroll deductions.

sarah88 · Post by **sarah88** » Tue Feb 10, 2015 11:09 am

What a bummer - seems like a bit of a waste to have 30,000$ just sitting in a chequing account!

nelsona · Post by **nelsona** » Tue Feb 10, 2015 11:24 am

Well, 30K is a bit much to be in any low-interst account of course. You could do much better with it in US, even if it just meand freeing up your money so that you can have more withheld for Roth from your paystub.

If you think the C$ is going lower, bring almost all of it down now. If you think C$ is going higher, then bring less of it down.

But don't just leave that monety sitting there, US or Cdn.

erald34 · Post by **erald34** » Fri Feb 13, 2015 7:54 am

Hey sarah88!! I completely understand your concern. I think you should get advice from a person who has knowledge about Canadian/American accounting systems. You might want to contact to Dr. Aloke Ghosh at http://ce.columbia.edu/Postbaccalaureat ... -Biography He is a member of Member of both American Accounting Association and Canadian Accounting Association.

nelsona · Post by **nelsona** » Fri Feb 13, 2015 8:47 am

Really?!
An accounting professor will know something about exchange rate fluctuations? he can proabaly multiply the 2 numbers that are listed in the paper, by that is about it.

Seriously?!

petitwall · Post by **petitwall** » Mon Feb 16, 2015 1:13 am

Nelsona, I'm in the same situation and have funds in a Canadian GIC and a savings account. Can't I just leave that money in such GIC and savings accounts while I'm in the US?
I guess I'm confused on whether these are considered properties, etc.
Thank you for your feedback.

nelsona · Post by **nelsona** » Mon Feb 16, 2015 11:23 am

No one says you had to move it.