Personal Finance

Sending $ to a US bank account from a USD account based in Canada

  • Last Updated:
  • May 23rd, 2020 3:33 am
[OP]
Deal Addict
User avatar
Jun 30, 2005
2124 posts
22 upvotes
Toronto

Sending $ to a US bank account from a USD account based in Canada

I need to pay someone in the US about $5,000 USD. I don't have any accounts located in the US, but I do have a small business account denominated in USD with TD Canada that I want to send from. My question is, what's the best way (i.e. cheapest and easiest) to send this money. It doesn't look like Transferwise allows me to withdraw from my Canada-based USD account. Hopefully I can do this online via TD's EasyWeb but it's not exactly easy to figure out what's going on and I really don't want to go the Western Union route.

Thanks in advance.
10 replies
Newbie
Jan 21, 2018
26 posts
12 upvotes
What I did was open a savings account at RBC's US bank online at rbcbank.com, then asked RBC to link to my Canadian RBC's accounts to enable cross-border transfers. Transfers of US dollars are instant and there is no conversion fee. From there you can send the payment through the US banking system in any number of ways (e.g., Venmo, google pay).

I parked $1000 USD in the savings account to avoid fees. I went with RBC out of convenience since I already had a USD savings account with them. You can probably do something similar with TD.
[OP]
Deal Addict
User avatar
Jun 30, 2005
2124 posts
22 upvotes
Toronto
Ah, unfortunately I need to send this money ASAP. Probably won't have time to open a new account, but that's good to know for the future. Thanks :)
Jr. Member
Jul 17, 2018
197 posts
109 upvotes
IBOPM wrote: Ah, unfortunately I need to send this money ASAP. Probably won't have time to open a new account, but that's good to know for the future. Thanks :)
Wire transfer? Paypal (not sure if paypal can do this)?
Member
User avatar
Nov 23, 2014
490 posts
464 upvotes
Toronto, ON
IBOPM wrote: I need to pay someone in the US about $5,000 USD. I don't have any accounts located in the US, but I do have a small business account denominated in USD with TD Canada that I want to send from. My question is, what's the best way (i.e. cheapest and easiest) to send this money. It doesn't look like Transferwise allows me to withdraw from my Canada-based USD account. Hopefully I can do this online via TD's EasyWeb but it's not exactly easy to figure out what's going on and I really don't want to go the Western Union route.

Thanks in advance.
I am not sure if it works in your case

I have Bank accounts in US.
When ever i need cash urgently deposited into my US bank account,I go to BMO and buy a USD Bank draft
Using mobile deposit ,I deposit the draft into my US account and will have the amount available for use in my account instantly

(In case of BMO,when you buy a USD draft,they basically issue you a BMO Harris Check and US Bank's recognize as local check and process immediately )

BMO charges %7.50 CAD for USD drafts
Newbie
Nov 13, 2019
26 posts
7 upvotes
In OP's case , since the amount is huge , wire transfer will be your best bet. Bank draft may work - but fees seem to be on higher side and again since OP does not have a US based account , may not work at all.
Deal Addict
Dec 9, 2003
4925 posts
764 upvotes
Calgary
Have you thought of mailing a check? Or calling TD?
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Deal Addict
Jun 24, 2015
4524 posts
1335 upvotes
Woodbridge, ON
does RBC USA have a different FI and Transit numbers than RBC in Canada?
Hi
Jr. Member
Jan 24, 2013
194 posts
167 upvotes
Rainy River
RBC Bank Georgia has a 9 digit US routing number (as do all US domiciled bank accounts do) instead of a transit and financial institution number. RBC Bank Georgia's routing number is 063216608.
Member
Jan 28, 2010
297 posts
40 upvotes
Montreal
As you mentioned you would prefer TD's EasyWeb, did you check the Visa International Money transfer, which is right built into EasyWeb. Surely it has fee and the exchange rate markup, but that is definitely the easiest.


you said that you need to do it asap, but for future, you can open TD Bank US account (not US$ account in TDCT) and then you will have an option to use their "Bill Payment" option free of charge (which mails the cheque to recipient). Same with RBC bank USA (Georgia)

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