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:
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.
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)
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.
