USD Canadian credit card and account questions...?

[laur150]

Hey everyone,
I know there are a few threads on this but I get confused with all of the information. I'm hoping someone knowledgeable can give me some advice based on my situation.

I currently have most of my banking in RBC with just a few investments in Meridian. I have a US dollar account because I have a US-based job and get royalties where I get paid in American funds, and I frequent the US often enough to not exchange the money, especially at the poor rates.

I was booking a trip recently (having not paid, though, just a deposit) and my TA suggested I get a US credit card from a Canadian bank so I can use my US cash (which would be lovely). I did some research and think that RBC might be my best choice, since I purchase the Travel Insurance anyway from them, and it works out to around the same cost.

My questions are, what do you think my best bet might be? Am I missing anything? Should I take this a completely different route? Any advice would be helpful.

Thanks!

[tabcola]

RBC is great and the most integrated US / Canadian Banking package.

RBC Bank USA is similar to PC Financial as there are no branches at all. However it is a complete bank that offers checking and savings, debit cards, lines of credit, credit cards and mortgages.

It is integrated with RBC Royal Bank - so you can move funds between Canada & the US in either direction on your own through online banking. I move money every month to the US and love being able to do it online by myself.

You can open one up in Canada at a Royal Bank Branch or by calling. The costs for the account is 2.95 USD per month to have the account with online statements.

There are no RBC banking machines in the US - but you can you use any PNC Bank machine for free and they are quite abundant from PA south to FL and in the upper midwest.

I've been banking with them for 2 years - and have had zero problems. I have the checking, debit card, Signature VISA, and a line of credit. They will use your Canadian history experience to be able to issue you a credit card. It has been a great experience.

TD has branches in the US - but you have to visit a store to open the account and there is zero online integration between TD Canada Trust & TD Bank. You are able to call to have funds moved. They do have a free checking account with a minimum balance of $ 100.00

BMO has banks in the US called Harris Bank and they allow you to open it online - but I'm don't believe there is any online integration.

Good luck!

[laur150]

I'm not sure I am looking for a US bank, though. Is that an advantage?

[tabcola]

RBC, TD and BMO all have US Dollar cards!

I believe RBC Royal Bank's US card is about $65.00/year - TD's is about $ 39.00/year and BMO's is $ 20.00/year - and they rebate the fee if you spend a $1000 a year. The RBC USA credit cards are free for both plantinum and signature - with upgrades for additional points.

I misread - I thought you were getting paid in US funds in the US.

I have property in the US - plus have enjoyed being able to pay US credit cards such as Macy's, Target & Kohl's easily where you get additional savings from using the store card.

I know that some online retailers only accept US Based Credit Cards - I'm not sure which ones though!

[laur150]

Hi tabcola,

I do get paid US funds but I put the funds in a Canadian US dollar account (that I have at RBC in Canada).

One thing I noticed about RBC's Visa card is that it includes travel insurance, which I buy yearly from them anyway. Do you know if it is the same? (I will call them, anyway, but thought I would ask, too). I am not sure what you mean about the platinum and signature, though - can you explain that? Sorry I'm still learning all the ins and outs, here.

[tabcola]

The US cards I don't believe have travel health insurance!

Platinum / Signature cards are the type of cards - Signature Visa cards are called Infinite Visa in Canada - it's like the top of the line card. Having a US based credit card is important to me and has helped create a credit rating in the US. I also order things that require a US credit card - and the US dollars ones from Canada don't cut it all the time with address verification systems!

You might want to stick with the Canadian based card if you get some travel health insurance - if that is what you need.

[Innis]

If you have a US SSN and a US mailing address I would suggest opening a US account at Charles Schwab. They offer free checking (with free checks) and savings accounts (if you open a matching brokerage account) both with interest rates and a PLATINUM Visa Debit Card that rebates all ATM withdrawal fees worldwide... even here in Canada AND you can deposit your Checks via your Smartphone and Mobile Deposit.

Downside? Well they have no real retail banks... only brokerage outlets in the financial areas of major downtown cities. This is why you have to use their brokerage services to get the checking. Afterall, they are a brokerage firm...not a bank. They have a very posh setup too... private offices and free food and drinks when you go to visit them. But with no fee ATM withdrawals worldwide...any ATM can be your bank! But a US SSN and US mailing address are a must!