Hi,

I am on H1B and my spouse is on H4 in US. We are moving to Canada in Feb 2007 as PR and plan to stay there for next 3-4 years and will plan for the later years after that.

Currently I have approx 175K USD in following US Bank Accounts, which I want to re-allocate due to my move to Canada.
DCU
MetLife Bank
NetBank
CitiBank
Bank Of America
Ameritrade

I have some in IRA and India Bank Accounts, which I am planning to leave as is for the time being.

Please advise what would be a good plan to relocate finances due to moving to Canada. USD to CAD exchange rate is not good now so I am not comfortable trasferring all US assets to Canada.

Also I have multiple credit cards and I have been using them a lot on internet for quite some time. Would it be a good idea to cancel all of them and get 1 or 2 new ones.

Anybody who has been in the same boat, please advise. If I missed something, please let me know that as well.

Thanks
Prash

Many banks and credit card companies send their statements to Canada free of cost. If you have future plans to go back to US, I would say you should keep a few credit cards so that it is easy for you to get started again over there.

Also when you are talking about 175K, any small difference in exchange rate makes a lot of difference. I would advise you to leave a large chunk of it in the US and transfer it when the Canadian dollar drops. Ofcourse, I can't say for sure if the Canadian dollar will drop in value so please plan this at your own risk

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India Canada Bhai-Bhai