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I live less than an hour from the Canadian border(Niagara Falls) and I have 2 Ryedales. Is it practical for me to drive across the border and buy as many rolls of pennies as I can? I know as long as it's less than $10,000 you don't have to declare it coming over, but will banks cooperate with a US citizen who wants that many pennies? It's hard enough here in the US to get rolls of pennies. And how would I get an account being a US citizen?

I had an account in Canada a while ago. And i didn't need to do anything special. Just provide 2 forms of ID and comply with the banks SOP's et voila you have yourself a Canadian bank account....

This could be outdated information. A quick google search may help you better.

cptnick wrote:I live less than an hour from the Canadian border(Niagara Falls) and I have 2 Ryedales. Is it practical for me to drive across the border and buy as many rolls of pennies as I can? I know as long as it's less than $10,000 you don't have to declare it coming over, but will banks cooperate with a US citizen who wants that many pennies? It's hard enough here in the US to get rolls of pennies. And how would I get an account being a US citizen?

If I could afford to buy $10,000 worth of pennies at one time, I probably wouldn't give a $h!t if it was practical or not

Possibly a dumb question: but, if you already had or opened an account at Toronto Dominion Banknorth here in the States, wouldn't you be considered a customer at any of their branches in Canada?

You wouldn't be the first member to do it.

One of the questions on your 1040 form (Schedule B, Part III) asks if you have any foreign bank accounts. Something tells me that people who answer "yes" are more likely to be audited due to suspicion that assets are being hidden.

I do a CDN coin drop at the TD Bank in Sault Saint Marie, Ontario, at least 3 times each year. I don't have an account, but have gotten to know the senior tellers and give them a call in advance of my arrival.

I've been known to bring over $1200 in CDN circulating coinage across the border at a time. I have to put it all in rolls and put my phone number on them, but there's never been a problem.

Not every time, but fairly often, I'll bring them a dozen doughnuts or a couple of gift certificates. Works like a charm. I'd be interesting knowing what's actually circulating in Canada these days. I rarely get a Cu cent or a pure Ni fiver there anymore. Seems to me that most of the good stuff has been removed from circulation by collectors, hoarders or the RC Mint itself. Stainless steel? Bah.

mhh wrote:One of the questions on your 1040 form (Schedule B, Part III) asks if you have any foreign bank accounts. Something tells me that people who answer "yes" are more likely to be audited due to suspicion that assets are being hidden.

I agree with you, especially with the current administration and the state of our economy.

To change gears on this topic a little bit but...
Will we see people on boarder cities sorting Canadian coins out of there US change if you Canadian dollars starts to move higher than the US dollar? It's still hard for me to believe the canadian dollar is worth more. I remember when I was 19 back in the late 90's traveling over to windsor to drink at the bars. 200 US would turn into 300 canadian.