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Orginally posted by noypi
This may be off-topic but does US credit history count in Canada?

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

The short answer was YES in my case.

I financed a new car two months after arriving to Canada using my US credit history. I only provided SSN to car dealer. The car loan happened to be from BMO where I opened a chequing account and few thousand dollar GICs 6 weeks ago. One month after the loan, I also received the 'unsecured' credit card from BMO.

But I think there was more than just US credit history that facilitated all this credit as I also had secured a job with good pay a month before I bought the car.

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Orginally posted by noypi


This may be off-topic but does US credit history count in Canada?

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Again, I'm in the USA and planning to migrate to Canada soon. I was originally planning to open a US$ and CN$ account in Canada but I just found out that bank deposits in non-CDN currencies are not insured by CIDC (Canada Deposit Insurance Corporation).

At the same time, I was also told by my bank here in the US that I cannot maintain my US$ savings account here since I would not be a US resident anymore once I move to Canada.

This is my dilemma now. I just don't want to convert ALL my US savings into CDN. What are my options? Any feedback would be highly appreciated.

Hi noypi,

I can understand your concern reg US $ act not covered by CDIC. But chances of any major bank declaring bankruptcy are slim to none. But you do have a valid point.

There is no other option that I can think of. Either convert your US$ in CAD $ or keep it in US$ uninsured. You might want to open US$ tern deposit to earn higher int.

Take care.

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Let's help each other to grow & prosper in Canada

Why are you so paranoid about Deposit Insurance? I am guessing from your concern, that you never opened an investment account in US either as they are not FDIC insured.

There is no restriction in having a US bank/investment account even if you are not US resident. Your bank just doesn't want the hassle of paperwork or dealing with you. Find another bank or move your money to an investment account. Of course Investment Accounts and total bank deposit greater than 100k are not going to be covered by deposit insurance.

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Orginally posted by noypi

Again, I'm in the USA and planning to migrate to Canada soon. I was originally planning to open a US$ and CN$ account in Canada but I just found out that bank deposits in non-CDN currencies are not insured by CIDC (Canada Deposit Insurance Corporation).

At the same time, I was also told by my bank here in the US that I cannot maintain my US$ savings account here since I would not be a US resident anymore once I move to Canada.

This is my dilemma now. I just don't want to convert ALL my US savings into CDN. What are my options? Any feedback would be highly appreciated.

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Orginally posted by AnilKG

Why are you so paranoid about Deposit Insurance? I am guessing from your concern, that you never opened an investment account in US either as they are not FDIC insured.

There is no restriction in having a US bank/investment account even if you are not US resident. Your bank just doesn't want the hassle of paperwork or dealing with you. Find another bank or move your money to an investment account. Of course Investment Accounts and total bank deposit greater than 100k are not going to be covered by deposit insurance.

Quote:

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Orginally posted by noypi

Again, I'm in the USA and planning to migrate to Canada soon. I was originally planning to open a US$ and CN$ account in Canada but I just found out that bank deposits in non-CDN currencies are not insured by CIDC (Canada Deposit Insurance Corporation).

At the same time, I was also told by my bank here in the US that I cannot maintain my US$ savings account here since I would not be a US resident anymore once I move to Canada.

This is my dilemma now. I just don't want to convert ALL my US savings into CDN. What are my options? Any feedback would be highly appreciated.

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