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Email this5:28 pm
December 23, 2011
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Transfer funds to your BMO Harris U.S. dollar account
Transferring money from Canada to the U.S., has never been easier. Now seamlessly transfer funds from your BMO U.S. dollar account to your BMO Harris account at no additional cost1 through Online Banking. Simply select ‘Add your U.S. Account with BMO Harris Bank’ from the ‘To’ dropdown.
You can transfer up to $25,000 U.S. per transaction and funds will be credited to your BMO Harris account within two business days2.
9:29 pm
November 4, 2014
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Kanaka, thanks for the information but I guess the same rules apply about this and any other U.S. dollar accounts in Canada not being CDIC insured.
It should save time and should be more secure than other options. Thanks again, Kanaka.
8:55 am
February 22, 2013
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I have only looked at this with a cursory glance due to the "2 day" transfer delay. My RBC accounts are "instantaneous" other than for a small window in the middle of the night.
CDIC insurance isn't an issue as the account is FDIC insured, as this is US$ in a US Bank as opposed to US$ in a CDN bank.
GS
9:33 am
December 23, 2011
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Also US funds are covered in BC when deposited in a credit union.
9:39 am
October 27, 2013
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kanaka said
Transferring money from Canada to the U.S., has never been easier. Now seamlessly transfer funds from your BMO U.S. dollar account to your BMO Harris account at no additional cost1 through Online Banking. Simply select ‘Add your U.S. Account with BMO Harris Bank’ from the ‘To’ dropdown.
.
The statement seems to assume one already has a BMO Harris account, i.e. it is not clear whether you can actually open a BMO Harris account remotely from Canada with a Canadian address. That would be good if one could do so.
5:07 pm
December 23, 2011
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Correct. I do a little banking at BMO and when I logged to my account I found the message. I thought it might be helpful to some. I don't understand how a Canadian can obtain a bank account in the USA nor do I understand the American tax implications, if any.
5:15 pm
October 27, 2013
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kanaka said
Correct. I do a little banking at BMO and when I logged to my account I found the message. I thought it might be helpful to some. I don't understand how a Canadian can obtain a bank account in the USA nor do I understand the American tax implications, if any.
There are no implications for a Canadian holding a bank account (not BMO) in the USA. I kept mine after returning to Canada in 2006 along with a Visa card, and still use both. Just don't know how one would open one remotely.
1:44 am
November 4, 2014
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Kanaka, I did not know that U.S funds in a B.C. credit union are covered by deposit insurance. I am guessing that there is a certain limit or it is fully, 100% covered.
If I am correct, this applies to everyone that has deposits in bank accounts with a B.C. credit union. It should not matter where you reside in Canada.
Thanks, Kanaka for the info.
7:25 am
December 23, 2011
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Greg Franklin said
Kanaka, I did not know that U.S funds in a B.C. credit union are covered by deposit insurance. I am guessing that there is a certain limit or it is fully, 100% covered.
If I am correct, this applies to everyone that has deposits in bank accounts with a B.C. credit union. It should not matter where you reside in Canada.
Thanks, Kanaka for the info.
Yes 100%. Keep in mind most credit unions in BC only allow BC residents as customers.
8:48 am
November 4, 2014
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Kanaka, thanks for the new information as it makes sense to first check with each financial institution and the general rules regarding U.S. deposits, deposit insurance and their accounts and who is eligible to have these accounts depending where one lives.
9:05 am
December 23, 2011
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Greg Franklin said
Kanaka, thanks for the new information as it makes sense to first check with each financial institution and the general rules regarding U.S. deposits, deposit insurance and their accounts and who is eligible to have these accounts depending where one lives.
Here you go. http://www.cudicbc.ca/pdf/cudi.....CGuide.pdf
Includes all currencies and interest.
10:01 am
June 24, 2014
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AltaRed said
kanaka said
Correct. I do a little banking at BMO and when I logged to my account I found the message. I thought it might be helpful to some. I don't understand how a Canadian can obtain a bank account in the USA nor do I understand the American tax implications, if any.
There are no implications for a Canadian holding a bank account (not BMO) in the USA. I kept mine after returning to Canada in 2006 along with a Visa card, and still use both. Just don't know how one would open one remotely.
Yes, I opened a BMO Harris Everyday checking account through http://www.bmoharris.com. Just input you are a Canadian Resident, then the form asks for Canadian SIN. You need $1000 USD balance to avoid monthly administrative fee. You can use any credit card to fund the $100 USD opening balance. I also opened TD Bank (America's most convenient bank) checking account, which requires only $100 minimal balance.
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