I have accounts in both U.S. (several banks) and Canada (BMO). I have $500,000 in my U.S. account. If I am now leaving U.S. permanently and moving to Canada, what is the best way to transfer all of them to my Canadian account?

(Once I leave, I will not be permitted to re-enter the U.S. due to visa situations.) Here are some difficulties I thought about:

  1. Bad exchange rates charged by banks
  2. Transfer Fees
  3. If I transfer that large amount, will either U.S. or Canada government get me into trouble?
  • 1
    Item 3 is really a separate question
    – Fattie
    Nov 5, 2018 at 5:36

1 Answer 1


First of all, Fattie's answer cover the essentials. Ofx is indeed a popular and ''cheap'' way to send money from USA to Canada. I also think this is the cheapest way to transfer this amount of money. Since question 1 and 2 are already covered, I'll go to the next one.

Question #3 is the tricky one. We can't know if you are gonna get some trouble with either the US or Canadian governements, since we don't know where that money is coming from. On the other hand, BMO will certainly report the 500k transfer to the Canadian governement. And by certainly I mean 1000%. Under normal conditions, the banks in Canada have the obligation to inform the governement when there are deposits over 10 000$ Cad.

If you want more specific informations on the process, I suggest you to call BMO, they will tell you how they handle those kind of transfers.

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