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Terry Ritchie on Sending Money Between the U.S. and Canada

October 5, 2020 By Cardinal Point Wealth

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.

Check out the article here to learn more.

Filed Under: Articles Tagged With: Canadian banks with U.S. affiliates, cross border transfers, Cross-border tax planning, OFX

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"Cardinal Point" is the brand under which the dedicated professionals within the independent Cardinal Point Group of Companies collaborate to provide financial and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point comprises two legally separate companies: Cardinal Point Wealth Management Partners, LLC, a U.S. registered investment advisor and Cardinal Point Capital Management ULC is a U.S. registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where the independent Cardinal Point firms and its representatives are properly registered or exempt from registration. Each firm enters into client engagements independently. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.