Personal Finance

Unique Situation - Finished consumer proposal - Need to open USD account in US

  • Last Updated:
  • May 30th, 2020 8:43 pm
[OP]
Member
Nov 12, 2009
225 posts
47 upvotes

Unique Situation - Finished consumer proposal - Need to open USD account in US

Hello RFD'ers,

I have always come to RFD when I needed help and this time is no different.

Background:
  • Previous filed a consumer proposal and finished it successfully. Banks included: All but NBC, RBC, Tangerine, CT etc. Also included is RBC Georgia via (RBC counter part in US)
  • Currently backing with RBC with good relationship for the last 7 years. Have credit card, checking account, USD savings account with them all is good. Also Tangerine, and Alterna.
  • Accounts with Payoneer (US), transferwise etc, TD USD account (but they have restrictions, I can not transfer money to any account in or outside US, except bill payments)
At the moment, I am earning from Amazon.com in US, earnings paid in US by ACH to my Payoneer (1% fees by Payoneer). Payoneer also sent me a MC debit card in USD (30$/yr), which I did not activate yet.

If I wanted to withdraw USD from Payoneer to Canada on a monthly basis, there are fees everywhere. I am trying to find a solution to minimize the fees. If everything is like before consumer proposal, I could pay 0$ fees for the above. However, the following is the current situation/scenarios:

Scenario 1:

Amazon to Payoneer (1% fee), then withdrawal all to RBC Canada USD savings account (2% fee), incoming wire transfer fee at RBC of 17$ USD. = Total fees for say 500$ = About 33$ USD

Scenario 2:

Just like above, but I withdraw 50$ at a time. No limit on withdrawals or deposits in RBC = Total fees = 1% +2%+0$ = Total fees for say 500$ = About 15$ USD+ I need to make 10 different withdrawals.

Scenario 3:

Activate MC debit card from Payoneer = 30$. About 2.50$ USD per month
Then take the debit card to RBC teller and withdraw all the money once and see if that works. For this, 1$ Payoneer deposit fees + Payoneer one time fees: 3.25$ USD + prorated MC fees = Total fees for say 500$ = 5$ $+ 3.25$ +2.5$ = $10.75 USD. Can I go to a teller and withdraw funds from a Mastercard (albeit prepaid)?

Scenario 4:

Best case scenario, however, TD Canada denied me to open an account last year although my CP was finished 3 years ago. So they are out, although they allowed me to open a TD US account.

Next best thing is to open RBC Georgia USD account. However, RBC Georgia USD Visa was included in CP, and they did not get paid as they are outside Canada. Question is: Can I try to open a savings USD account with RBC Georgia again? RBC Canada removed my access US access at CP time, but otherwise RBC Canada does not show me anywhere that they know about RBC Georgia US Visa issue.

Can I try to open a savings (no credit) account with RBC Georgia? Or would be waking the beast? Unfortunately, I can not pay them back, I am not earning that much just yet.

Even, if I am able to open successfully, would they confiscate payments from Amazon? The debt was more than 5 years old.

Is there any other bank, that similar set up like RBC for a US account? I know BMO has it, but BMO was also in CP. I tried with TD which denied to open account, did not try with BMO.

If a such a scenario works, I will be paying 0$ fees as below:

Amazon to RBC Georgia (free), RBC Georgia to RBC Canada USD account (free).

Any advice from you all is very much appreciated as I don't want to pay all these fees. Another way is to get a check from Amazon in USD. It takes 15 days to arrive and 30 days to clear. 45 days more and Amazon already pays out after 2 months after earning.

Thank you so much in advance, sorry for the long post.

Appreciate your time.
Last edited by youtube101 on May 28th, 2020 9:11 pm, edited 2 times in total.
7 replies
Member
May 4, 2010
260 posts
246 upvotes
Ottawa
Amazon ACH to TD US, deposit TD US cheque to your RBC Canada USD account. Or use TD US debit card to withdraw USD from a USD-dispensing TD ATM in Canada.

Opening an IB account is another option.
[OP]
Member
Nov 12, 2009
225 posts
47 upvotes
I could take this route, although I do not know if there is a fees also involved with cashing a USD check drawn on a US bank. I can live with the processing times as I would not need the money right away. Amazon cheques some times get lost and using my own TD checque would avoid that problem. Thanks for your insight, really appreciated.
introspect wrote: Amazon ACH to TD US, deposit TD US cheque to your RBC Canada USD account. Or use TD US debit card to withdraw USD from a USD-dispensing TD ATM in Canada.

Opening an IB account is another option.
[OP]
Member
Nov 12, 2009
225 posts
47 upvotes
In my search to find TD ATM that dispenses USD, I found the following. This maybe useful to anyone.

Do you have ATMs that dispense U.S. cash?
These ATMs dispense U.S. funds:

Alberta

1905-4th Street SW, Calgary, Alberta
280-10th Street NW, Calgary, Alberta
317 7th Ave SW, Calgary, Alberta (Convenience Centre)
7 Mahogany Plaza SE, Calgary, Alberta
8560 8A Ave SW, Calgary, Alberta

British Columbia

103-10835 City Parkway, Surrey, British Columbia
3308 Shrum Lane, Vancouver, BC
15110 North Bluff Rd, White Rock, BC

Ontario

450 Garrison St, Fort Erie, Ontario (Int'L Gateway Centre)
101-123 Pioneer Dr, Kitchener, Ontario (Pioneer Park Plaza)
380 Wellington St, London, Ontario (City Centre)
8110 Birchmount Rd, Markham, Ontario (Birchmount & Enterprise)
5-7 4188 Living Arts Dr, Mississauga, Ontario
44 Great Northern Rd, Sault Ste. Marie, Ontario (Cambrian Mall)
1042 King St W, Toronto, Ontario (King & Shaw)
1870 Bayview Ave, Toronto, Ontario (Bayview & Broadway)
475 Front St E, Toronto, Ontario
55 King St W, Toronto, Ontario (TD Centre)
65 Front St W, Toronto, Ontario (Union Station)
100 New Park Place, Vaughan, Ontario (Vaughan Metro Centre)
2110 Wyandotte St W, Windsor, Ontario (Wyandotte & Rankin)
3281 Dougall Ave, Windsor, Ontario

Quebec

1235 Notre-Dame St W, Montreal, Quebec (Griffintown)

At least, there is one in Quebec where I am from.

Thanks,
Member
User avatar
Nov 23, 2014
490 posts
464 upvotes
Toronto, ON
youtube101 wrote: In my search to find TD ATM that dispenses USD, I found the following. This maybe useful to anyone.

Do you have ATMs that dispense U.S. cash?
These ATMs dispense U.S. funds:

Alberta

1905-4th Street SW, Calgary, Alberta
280-10th Street NW, Calgary, Alberta
317 7th Ave SW, Calgary, Alberta (Convenience Centre)
7 Mahogany Plaza SE, Calgary, Alberta
8560 8A Ave SW, Calgary, Alberta

British Columbia

103-10835 City Parkway, Surrey, British Columbia
3308 Shrum Lane, Vancouver, BC
15110 North Bluff Rd, White Rock, BC

Ontario

450 Garrison St, Fort Erie, Ontario (Int'L Gateway Centre)
101-123 Pioneer Dr, Kitchener, Ontario (Pioneer Park Plaza)
380 Wellington St, London, Ontario (City Centre)
8110 Birchmount Rd, Markham, Ontario (Birchmount & Enterprise)
5-7 4188 Living Arts Dr, Mississauga, Ontario
44 Great Northern Rd, Sault Ste. Marie, Ontario (Cambrian Mall)
1042 King St W, Toronto, Ontario (King & Shaw)
1870 Bayview Ave, Toronto, Ontario (Bayview & Broadway)
475 Front St E, Toronto, Ontario
55 King St W, Toronto, Ontario (TD Centre)
65 Front St W, Toronto, Ontario (Union Station)
100 New Park Place, Vaughan, Ontario (Vaughan Metro Centre)
2110 Wyandotte St W, Windsor, Ontario (Wyandotte & Rankin)
3281 Dougall Ave, Windsor, Ontario

Quebec

1235 Notre-Dame St W, Montreal, Quebec (Griffintown)

At least, there is one in Quebec where I am from.

Thanks,
If you are using your US TD Bank ATM card,it does not matter if your use TD or Non-TD ATM
There are many other banks that has ATMs which dispense USD bills
I think the fee will be same if it is TD or non -TD ATM , but ATM withdrawal fee varies from bank to bank

There are two Fees,one charged by your bank and other by ATM operating provider/bank
Even if you are using TD USA bank ATM card and withdrawing money from TD Canada ATM..there will be two fees charges (typically max $5 USD +$3 CAD)
[OP]
Member
Nov 12, 2009
225 posts
47 upvotes
True, I confirmed this as well. There is no fees if I withdraw from a TD ATM in Canada.

So for now, that is what I am going to do.

Amazon to TD Bank, then I will withdraw USD at ATM and deposit it into RBC Canada USD account. Making the total fees 0$.

Thanks
introspect wrote: Having never tried it myself, according to https://www.tdbank.com/accountguides/Convenience.pdf there are no ATM fees For using TD ATMs in the U.S. and Canada
[OP]
Member
Nov 12, 2009
225 posts
47 upvotes
Well, I tried to withdraw USD at the TD ATM that was supposed to dispense USD.

The machine did not work at the last step of the withdrawal. It can not be used with international visa cards. Basically, I believe it is meant for Canadians to use CAD cards to withdraw USD.

Nevertheless, called TD Bank in USA and they could not explain. TD cross border team was surprised there was only one machine in Quebec.

For now, I just ordered cheques from TD bank USA and going to use them to transfer money to RBC USD savings account. 4 weeks of processing time is no issue for me.

I want to avoid even 1$ fees as it is not easy to earn on Amazon or anywhere else in the Internet Marketing world these days.

Thanks for all the support.

Best regards,

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