Quick answer
Moving from the US to Canada means rebuilding your financial life in a parallel system that looks familiar and behaves differently. Your US bank accounts, your US credit score, and your US cards do not follow you north. The good news is that the move is well trodden, the cross-border banking tools are mature, and if you prepare before you leave you can land with a Canadian account open, money transferred at a fair rate, and your first Canadian credit product on the way. This checklist walks the whole thing in order.
What transfers and what does not
Start with the hard truth, because most of the wasted time on this move comes from assuming things carry over that do not.
| Thing | Transfers to Canada? | What to do about it |
|---|---|---|
| US bank balance | Not automatically | Transfer it yourself through a low-cost service |
| US credit score | No | You start a Canadian file from zero |
| US credit cards | They keep working, but build US credit, not Canadian | Keep one open, use it lightly |
| US bank accounts | They stay open if you keep them | Keep at least one for US bills and US credit |
| Social Security Number | Stays valid for US tax and US credit | You also need a Canadian SIN |
| US tax obligations (if you are a US citizen) | Follow you forever | File US returns from Canada, report foreign accounts |
The single most important line in that table: your US credit score does not transfer. Equifax and TransUnion operate in both countries, but the Canadian and US arms are walled off from each other. A Canadian lender pulling your file sees nothing from your US life. You are, on paper, a brand new borrower the day you land.
Before you leave the US
Do these while you still have a US address and active US accounts. They are much harder to do after you have left.
- Do not close your US bank account. Keep at least one US checking account open. You will need it to pay any trailing US bills and to receive any US income (tax refunds, final paychecks). Closing it and reopening later is a hassle.
- Keep one US credit card open and active. If there is any chance you return to the US, even years later, an open card with a long history keeps your US credit alive. Set one small recurring charge on it (a streaming subscription) and autopay it. Do not close your oldest card.
- Download or export your US credit report. Pull your free reports from annualcreditreport.com before you go. If you ever use a service like Nova Credit to import your US history into a Canadian or other application, having the record helps.
- Update your address with US institutions to a forwarding address or a trusted family member, not just an abandoned apartment. Missed statements turn into missed payments turn into a damaged US file.
- Note your recurring US payments. Any subscription, loan, or bill on autopay from your US account needs to keep getting funded. Make sure the US account you keep open has enough to cover them.
Cross-border banking: the accounts that work in both countries
This is the part most people do not know exists. Three of the big Canadian banks run cross-border programs designed for exactly this move:
RBC. RBC owns a US bank (RBC Bank, based in Georgia) and lets you open and link a US account and a Canadian account, move money between them with no wire fees, and even use your Canadian credit history to apply for a US card or mortgage and vice versa. This is the most developed cross-border setup of the big five.
TD. TD operates TD Bank in the US ("America's Most Convenient Bank") and offers cross-border banking that links your Canadian and US TD accounts. Free transfers between them, and access to both sides from one login.
BMO. BMO owns BMO Bank in the US (formerly BMO Harris) and offers similar cross-border account linking.
If you bank with one of these in the US already, or you expect to keep one foot in each country, starting the Canadian account with the same parent bank makes the money movement simple and cheap.
Opening your first Canadian account
You need a Canadian account to receive a Canadian salary, pay Canadian rent, and fund a Canadian credit card. To open one you generally need:
- Your passport
- Proof of Canadian status (work permit, study permit, PR card, or confirmation of PR)
- A Canadian address (even a temporary one)
- Your SIN (Social Insurance Number), which you apply for through Service Canada and usually get the same day
Every big bank runs a newcomer program that waives monthly fees for a year or more and often bundles a no-history-required credit card:
- RBC Newcomer Advantage
- Scotiabank StartRight
- TD New to Canada
- CIBC Smart Account for Newcomers
- BMO NewStart
The newcomer credit card is the prize. Most of these programs will approve you for a modest-limit card without a Canadian credit history, because the bank treats the newcomer relationship as the qualifier. That card is your first Canadian tradeline, and getting it on day one shaves months off your credit timeline.
What happens to your US credit
It freezes in place and slowly goes stale. As long as you keep one US card open and paid, your US score stays alive and usable if you return. If you close everything, your US file eventually thins out and your score becomes unreliable, though the history does not vanish entirely.
If you are a US citizen or green card holder, you stay in the US tax system no matter where you live. You file a US return every year, and if your combined foreign (now Canadian) bank balances exceed $10,000 at any point in the year, you file an FBAR. This is not optional and the penalties for missing it are steep. A cross-border accountant for your first year is money well spent.
Your Canadian credit starts at zero
This is worth saying plainly because it surprises people who had excellent US credit. The day you land, a Canadian lender sees an empty file. Your 780 US FICO means nothing here. You are treated like an 18-year-old opening their first card.
The fix is the same as for any newcomer: open a tradeline early, pay it perfectly, keep utilisation low, and wait. We cover the full timeline in how long does it take to build credit in Canada, and the exact products and tactics in how to build credit in Canada as a newcomer. The newcomer credit card from your bank program is the fastest legitimate start.
One shortcut worth knowing: Nova Credit can sometimes carry your US credit history into a Canadian application at lenders that accept it. It does not replace building a Canadian file, but it can help with an early approval.
Moving your money across the border
Do not default to a bank wire. The visible wire fee (often $30 to $50) is not the real cost. The real cost is the exchange-rate margin the bank quietly adds, which on a large transfer can be hundreds or thousands of dollars.
For a fair rate, compare specialist services:
- Wise gives you the mid-market exchange rate plus a small transparent fee. Best for most transfers.
- OFX is strong for larger amounts and offers rate locking.
- Your cross-border bank (RBC, TD, BMO) is the most convenient if you set up linked accounts, though the rate is usually not as sharp as Wise.
Move money in tranches if the exchange rate matters to you and you are not in a rush. Moving everything on one bad rate day is a common, expensive mistake.
The clean checklist
Before you leave the US:
- Keep one US checking account and one US credit card open
- Pull your US credit reports
- Update your US mailing address
- Make sure recurring US payments stay funded
When you arrive in Canada:
- Apply for your SIN at Service Canada (same day)
- Open a Canadian account through a newcomer program
- Get the newcomer credit card and start using it lightly
- Set up direct deposit for your Canadian income
- Transfer your money through Wise or OFX, not a raw bank wire
In your first year:
- File your US taxes and FBAR if you are a US person
- Pay your Canadian card in full every month
- Keep Canadian utilisation under 30 percent
- Do not apply for many cards at once
How Wiremi fits
Moving country is the clearest case for why portable financial identity should exist. You spent years building a US credit record, and the border erased it. You will spend years rebuilding a Canadian one, and if you ever move again, that gets erased too. The official systems treat every border crossing as a reset.
Wiremi tracks the financial behaviour that is actually constant about you, the saving, the on-time paying, the steady income, regardless of which country's bureau happens to be watching. It does not replace your Canadian credit score, which you still need to build. It runs alongside it, holding the evidence of who you are with money so the next reset costs you less.
If you are still deciding on the move, our pre-arrival money checklist for Canada or the US covers what to set up in the months before the flight. If you are heading the other direction, how to build credit in the US as a newcomer is the mirror image of this guide.
