As a national bank in the U.S., RBC Bank is the premier provider of retail banking products and services for Canadians with cross-border needs. RBC Bank has offered cross-border banking solutions for more than a decade, helping make banking easier on both sides of the border.
August 2013 - In this Issue:
If you are planning a visit or extended stay in the U.S. in the coming months, now may be a good time to deposit funds into a U.S. bank account. The Canadian dollar (CAD) has moved lower recently as compared to the U.S. dollar (USD) and exchange rates could be volatile in the months ahead. Planning ahead and converting money now means you don’t have to worry about the CAD/USD exchange rates moving lower in the future and their potential impact on your purchasing power.
A checking account with online banking from RBC Bank makes transferring funds from Canada to the U.S. easy. It’s the simplest way for you to transfer funds - by linking your RBC Royal Bank (Canadian) and RBC Bank (U.S.) accounts. Funds can be transferred immediately and no additional foreign exchange transaction fees apply. Plus, if you have an RBC Bank Preferred Checking account, you’ll receive a discounted exchange rate, saving you even more.
The U.S. real estate market continues to present an opportunity for those seeking property – whether for an investment or for personal use. Housing values remain below peak values from that of several years ago, and U.S. mortgage interest rates remain low by historical standards. The time has never been better to pursue a U.S. mortgage!
Certain real estate markets in the U.S. have been heating up lately, but opportunities continue to exist whether you’re looking to make an investment, purchase a vacation getaway or plan ahead for your retirement.
According to Case Shiller home price data, key markets in Florida, Arizona, and California have seen home prices increase by more than 12% over the past year with San Francisco up 24% and Phoenix up 22%. Nationwide, the supply of existing homes for sale is below the historical average, fueling expectations for further home price increases. Despite the recent improvement, home prices still remain 25% to 40% below peak values in some markets.
As the only national mortgage provider specializing in serving the Canadian market, RBC Bank will let you know what to expect every step along the way. Securing a mortgage in the U.S. is more complex than securing a mortgage in Canada, all the more reason why you need a financial expert who can support you throughout the process.
The U.S. mortgage industry is highly regulated. That means securing a mortgage loan in the U.S. is more complex and will take longer than in Canada. For a Canadian borrower, the process is unfamiliar so working with a trusted partner like RBC Bank is beneficial to assist you in taking advantage of the many benefits associated with real estate financing opportunities in the U.S.
RBC Bank offers a Non-Recourse Mortgage that may help lower your U.S. estate taxes by reducing the amount of the taxable estate, dollar for dollar by the amount of the mortgage. This type of mortgage can be beneficial to Canadian who are not U.S. citizens.
If you are interested in a U.S. mortgage or would like assistance with banking solutions in the U.S., please call us today at 1-800-ROYAL 5-3 (1-800-769-2553). Our cross-border banking and mortgage specialists can help find the solution that's right for your particular situation.