Cross-Border Discover & Learn

Are you a new resident of the U.S.? Or perhaps a snowbird looking to enjoy a warmer winter south of the border? Whatever your reason for spending an extended amount of time in the States, there are a few key things to know that will make your financial life a little smoother while you’re there.

Here are our top 10 U.S. banking tips to help ease your transition to the States:

• You can only pay your U.S. bills in U.S. dollars. Setting up a U.S. bank account is a must, as Canadian checks—regardless of the currency—are generally not accepted in the U.S. Typically, only checks drawn on a U.S. financial institution can be used for bill payments. And having a U.S. bank account avoids the need to pay for a bank draft to pay any U.S. bills you might have – such as a department store credit card or the electricity bill on the condo you’re renting.
• Use your U.S. Visa^‡ Debit card to get cash back. When you make debit card purchases at many retailers—typically, larger retail merchants such as grocery stores—you can ask for cash back before you complete your purchase. It saves you a trip to the ATM! 
• Transfer money instantly online. With RBC Bank Online Banking, you can securely transfer funds between your U.S. and Canadian accounts—instantly, and for free¹. You can also pay bills and access account information through Online Banking, all from your desktop, tablet or mobile device. 
• Use a U.S.-based credit card⁴. When you use a Canadian-based credit card for your U.S. purchases, you’ll be charged a 2.5% foreign transaction fee with every purchase you make—on top of foreign exchange costs. That means that you pay an extra $25 for every $1,000 you spend in U.S. dollar purchases. With a U.S.-based credit card, you avoid foreign exchange costs as well as the foreign transaction fee. What’s more, our Visa Signature Black card comes with no annual fee²⁰, and RBC Bank will use your Canadian credit history to qualify you for a credit card!
• Enroll in eStatements. The eStatements option is a safe alternative to having paper statements piling up in your mailbox while you're traveling. It also allows you to access account statements anytime, anywhere through Online Banking.
• Deposit U.S. checks remotely. Use Online Banking to remotely deposit U.S. checks.  It’s a fast, secure and very easy way to deposit U.S. checks to your account.
• Go ahead, buy your dream property in the U.S.! If your dream is to purchase property in the U.S., you don’t have to wait. Choose a financial partner who understands Canadians and the unique challenges you face when buying property the U.S. Only RBC Bank will look at your Canadian credit history and your RBC Royal Bank history to help you secure a mortgage⁸ – and we do it in all 50 states.   Our dedicated team of Cross-Border Mortgage Advisors will walk you through each step of the process (which is different than what you may have experienced in Canada).
• Eliminate wire transfers. Did you know? An international wire transfer between the U.S. and Canada costs around $30 per transaction. With a checking account from RBC Bank, you’ll enjoy instant transfers between your RBC Canadian and U.S. accounts, virtually eliminating your need for U.S./Canada wire transfers. If you choose a Direct Checking account, that means the savings you’ll get from only two international wire transfers will more than cover the monthly fees you’ll pay over an entire year!
• Choose the right financial partner. The best financial partner is one who is dedicated to helping Canadians in the U.S. and is thoroughly knowledgeable about the unique needs associated with banking on both sides of the border. RBC Bank is a wholly-owned subsidiary of the Royal Bank of Canada, Canada’s largest bank and one of the largest banks in the world, based on market capitalization. For more than a decade, RBC Bank has offered U.S. cross-border banking solutions to fulfill Canadians’ stateside banking needs.
• Equip yourself with all the right tools. An on-the-go lifestyle needs a complete set of the best financial tools: a U.S. checking account; Online Banking & Bill Pay; eStatements; U.S. Remote Deposit; free, instant transfers between your U.S. and Canadian accounts; and credit and debit cards accepted worldwide.