What is the best bank for a US student studying in Canada?
I am a US student that will most likely be studying at UBC in the fall of 2009. Is there a bank that I can use both in Canada and the United States that is FDIC insured?
Studying Abroad - 2 Answers
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1 :
Bank of Canada will be the best.
2 :
There are no banks that provide seamless services both in the US and Canada, to my knowledge. However, many Canadian banks own banks in the United States, the Royal Bank of Canada comes to mind, and I believe that there are easier ways to transfer money between RBC and its U.S. banks (for example, easier online banking transfers.) All Canadian retail banks offer U.S. dollar accounts. Canadian dollars accounts are insured by the CDIC (Canadian Deposit Insurance Corporation) for up to $100,000.00, much like the FDIC in the U.S. I would advise just opening up a Canadian bank account and when you want to transfer money to Canada from the U.S. don't use a retail bank because your rate will not be good. Rather use a currency exchange business such as Custom House and negotiate a good rate--the more you transfer, the better the rate, so move you money all at once (say for an entire school year). I don't know why the other answerer suggests the "Bank of Canada". It is not a retail bank but a Crown entity like the Federal Reserve in the U.S.
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