BNN Bloomberg recently featured the expertise of Cardinal Point’s Partner and Director of Cross Border Wealth Services, Terry Ritchie, in an article on the costs and conveniences of sending money between the U.S. and Canada. Regularly splitting his time between Calgary and Phoenix, Arizona, Terry has decades of first-hand experience in cross border transfers.
Topics discussed in the article include:
- The convenience of transfers through traditional banks, which can carry higher currency conversion and transfer fees.
- Canadian banks with U.S. affiliates that allow Canadians to open accounts without U.S. addresses or social security numbers.
- Lower cost wholesale transfers using go-between services, such as Knightsbridge Foreign Exchange Toronto or OFX, which can take longer.
- Documentation required to move large sums of money between Canada and the U.S.