Top 10 U.S. banking tips
Key things to know that will make your financial life run a little smoother when you’re in the States.
- You can only pay your U.S. bills in U.S. dollars, so setting up a U.S. checking account is a must. Generally, Canadian checks, regardless of the currency, are not accepted in the U.S. Typically, only checks drawn on a U.S. financial institution are accepted.
- In the U.S., you can 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.
- With RBC Bank Online Banking you can securely transfer cross-currency funds between your U.S. and Canadian accounts, pay bills, and access account information — all from your desktop, tablet or mobile device.
- Enrolling in eStatements is a safe alternative to having paper statements piling up in your mailbox while you're traveling. It allows you to access account statements anytime, anywhere with Online Banking.
- Use Online Banking to remotely deposit1 U.S. checks.
- If your dream is to purchase property in the U.S., don’t wait. Choose a financial partner who understands Canadians and the unique challenges you face in the U.S. Only RBC Bank will look at your Canadian credit history and your RBC Royal Bank history to help you secure a mortgage2. And 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.
- Your 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.
- 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 instant3 transfers between your RBC Canadian and U.S. accounts, virtually eliminating your need for U.S./Canada wire transfers. For Direct Checking clients, 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! Let's do the math.
- Two International Wire Transfer (one-time) = $60
- RBC Bank Cross-Border Transfer = $0
- One Year Direct Checking Fees (with eStatements) = $47.40
- TOTAL CLIENT SAVINGS AFTER TWO TRANSFERS = $12.60
- Run with the leader. 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.
- An on-the-go lifestyle demands a complete set of the best financial tools: a U.S. checking account; Online Banking & Bill Pay; eStatements; U.S. Remote Deposit1; free, instant3 transfers between your U.S. and Canadian accounts; and credit and debit cards accepted worldwide.
‡ All other trademarks are the property of their respective owners.
1 Limits apply. A maximum of three deposits per day totalling no more than $3,500 in deposited items applies. You may transmit a maximum of nine deposits over any five consecutive business days totalling no more than $7,000 in deposited items. Contact us for higher limits if needed.
2 Mortgages are subject to approval, including verification of acceptable income, credit worthiness and property valuations. Minimum and maximum property values and maximum loan-to-value ratios apply. Homeowner’s insurance is required for all loans and lines of credit, and flood insurance is required if the property is located in a Special Flood Hazard area. Escrows may be required. There are closing costs associated with these products.
3 Standard account charges may apply. Maximum transaction limits may apply and are subject to change. Availability of the money will depend on the time when it is sent from RBC Royal Bank or RBC Bank. Transaction may not appear on your RBC Bank (U.S.) account transaction history until the following day but will reflect the date of transfer.