Evening everyone.
Retired last month and spending first winter in south Florida.
Have joined Canadian Snowbirds Association (CSBA), hoping to take advantage of their bulk purchasing of US money.
One of the requirements of CSBA is that you MUST have an account in a US bank and your exchanged money will be wired directly to your account.
I understand that there can be NO interest paid on the account or I may have dealings with IRS.
Had been told about an account that met all requirements at Bank of America.
Unfortunately, when I went in today to get this set up I was told they stopped that account in Jan.
It was an account that all transactions were done through ATM and there were no fees.
The new account requires I keep minimum US $1500 on deposit at all times to be free of service charges.
(Presently, that $1500 equates to almost $2000. in Canadian money and that?s more than I would like to tie up)
My question is for the Canadians out there.
1. How do you folks handle the exchange/purchase of US money?
2. Do you deal with a US bank?
3. If there are service charges at he bank, what are the fees? Do you think they are reasonable.
I am definitely a rookie at this and am hoping to get some guidance from the seasoned snowbirds.
Thanks
Bob
Retired last month and spending first winter in south Florida.
Have joined Canadian Snowbirds Association (CSBA), hoping to take advantage of their bulk purchasing of US money.
One of the requirements of CSBA is that you MUST have an account in a US bank and your exchanged money will be wired directly to your account.
I understand that there can be NO interest paid on the account or I may have dealings with IRS.
Had been told about an account that met all requirements at Bank of America.
Unfortunately, when I went in today to get this set up I was told they stopped that account in Jan.
It was an account that all transactions were done through ATM and there were no fees.
The new account requires I keep minimum US $1500 on deposit at all times to be free of service charges.
(Presently, that $1500 equates to almost $2000. in Canadian money and that?s more than I would like to tie up)
My question is for the Canadians out there.
1. How do you folks handle the exchange/purchase of US money?
2. Do you deal with a US bank?
3. If there are service charges at he bank, what are the fees? Do you think they are reasonable.
I am definitely a rookie at this and am hoping to get some guidance from the seasoned snowbirds.
Thanks
Bob