US Social Security deposit to US vs Canadian bank

[nelsona]

Indeed the exchange rate you get thru a forex company will beat the Cdn banks (and the US banks of course). However the exchange rate the SSA offers may be actually better than even forex, and it means you don't have to worry about transfers (or having a US bank).

[ND]

RE the Cdn bank charging your dad for each incoming wire transfer, I bank with TD and their NJ USA bank charges USD$15 for each incoming wire transfer and Toronto branch charges CAD$17.50 for each incoming wire transfer. However, when payers use my ACH info to make direct deposits into my accounts there is no charge.

Another life hack I use is getting US people to write a check and e-mail pictures of front and back. Then I use TD bank app to deposit by reading those pics. No mailing of check required, writer can destroy it.

[MaggieA]

Clever about the check pictures, ND. I don't have people sending me personal checks from the US, but it seems like an excellent tip for those who do.

Just to reiterate nelsona's extra comment about not needing to have a US bank (if you get US SS direct-deposited to a Canadian account). After helping my late parents in their 80s, I think everyone should know that it's important to simplify financial and other affairs as people get really old. It's fine to rely on doing ad-hoc online transactions to move money between currencies every month when you're a sharp 60-something, but even seniors who aren't suffering cognitive decline tend to become less capable with their devices in their later years. (I expect awareness of this problem will increase as boomers get into their 80s). If you are living in Canada and need your US SS to pay your Canadian bills, eventually, if you are long-lived, it will be a blessing to have the US SS showing up automatically in your Canadian bank account. At that point you likely won't be traveling, and your US and foreign exchange accounts will fall into disuse. If you or your kids are smart, you'll get rid of the ones you don't need. It'll reduce your fraud risk and make life a whole lot simpler for your eventual heirs.

[nelsona]

That is a very good point Maggie. Those who have earned an SS check, likely have US pensions, too. Most US pensions won't direct deposit to Canada, so those will need need a US bank account.

But, I will note that for my spouse, so she can do that 30 years from now, when she's in her 80's ;o)