Canadian savings account

[it5five]

I'm trying to find information on a way to open a canadian savings account, or some way to start saving in Canadian dollars as a US citizen.

I plan on immigrating to Canada within two years, and it looks like the Canadian dollar will be worth more than the USD soon. I don't want to get screwed with the exchange rate in the future, so I figured I would just start saving in Canadian dollars now.

Is this even possible? Would it be a good idea?

 

[midtoad]

Speaking as a Canadian, I'm not even sure this is a good idea. Yes, the Cdn. dollar is at par right now, but the last time it did that was 30 years ago. There's far more downside risk than upside risk - the way I see it, anyway. Of course, if international investors stop financing the US government so they can rack up enormous debts fighting overseas wars, then the whole US economy craters, and all bets are off.

Best way to "lock in" to the Canadian economy might be to buy some real estate that you can rent out. That way you are guaranteed of moving along with the economy.

Good luck, and in the meanwhile learn the meaning of pogie and chesterfield.

 

[Abstract]

Well, I'm not sure. I had a bank account in the UK for years before I finally sent the bank a letter asking them to close my account. Yes, I did live in the UK, but I had that account for around 5 years and only had 2 quid in it.


Just buy up lots of Canadian currency and keep it in a suitcase underneath your bed. What could possibly go wrong?

 

[johnmartin78]

You can have a bank acct at any bank in Canada as a U.S. citizen.Theres no issue.Just remember the Canadian dollar is close to par now but it isn't really worth much more than it was 10 years ago.The Loonie isn't rising,the USD has just fallen.Theres other currencies in the world that would be far better to invest in.

 

[Abstract]

Really?

Out of the 17 (if I remember correctly) most traded currencies, the Canadian dollar has risen the most above the US dollar.

So.....it's probably still a good investment, although you're getting into the game a bit late.

 

[Iscariot]

While this was some time ago, I don't recall opening a Canadian bank account as an American* to be a particularly difficult affair. Worst case scenario, you get a friend or family member to cosign. At any rate, the best place to start is to find a major Canadian branch with good savings options, particularly one with robust online service, such as ING Direct, or Citizen's Bank.

*Note: I'm the Canadian that helped facilitate the transfer.

 

[it5five]

I've checked out HSBC Direct and ING Direct, and I believe both tell me I can't open an account online if I'm not a Canadian citizen, and that I need to go to a branch. Maybe this is where I get a Canadian friend to help me out.

On a related, I've noticed that most Canadian banks give the option of opening a savings account in a number of different currencies. I wonder why most major US banks don't offer something like that. It's a great idea.