Canadian Bank Account

[Mike Mercury]

I don`t think this has to do with Canadian law.
It has to do with the confidence the bank has in any individual (references, guarantees, credit history etc)

 

[Big Daddy]

Thanks for the information, Hydragoat. It makes sense as someone living in US and having a Canadian bank account with a credit card can max out the credit card and not pay. Clearly this is not what I had in mind, but I understand that Canadian banks are trying to protect against the losses.

I think this is one of the reasons why US banks and credit cards have started charging transaction fees. It is sad to see a lower exchange rate on US dollar and to pay transaction fees on top of that.

I think I will use Priceline for hotels (pay in US dollars) and withdraw large sum of money from Canadian ATM bank and pay for meals in cash.

 

[Lawless]

Our banking system is somewhat different from the one on the other side of the border.....we don't have those small private and often doubtfull banking institutions....
So.........don't be surprised of being asked for references from your US banking institutions!!!

 

[bond_james_bond]

On the other hand, I have often heard Canadians complaining about the lack of choice and competition amongst the handful of Canadian banks.

Big Daddy, I suggest that you shop around for the credit card that gives you the least (or none) foreign transaction fees. There are an almost infinte number of combinations of credit card/bank combinations. You may want to start with credit cards that are geared for international travellers, like American Express.

 

[500miles]

Doh!

With all the talk about Canadian banks, I got so tunnel vision and forgot to mention that there are other ways to hedge against the further strengthening of the Canadian dollar. You can do one of two things: Open a forex trading account or a foreign-denominated deposit account or CD using an online bank.

 

[500miles]

btgyer, that's what I said. Are you sure you don't want my money? I plan to put much much more in your bank.

Besides, a foreign-denominated internet bank account is the way to go. There's no outrageous wire transfer fees, and you can take advantage of favorable exchange rates in a more timely fashion.