💳 Money & credit

Canada's two main credit bureaus, Equifax and TransUnion, only collect information about your credit activity in Canada, and U.S. credit reports are built from U.S. accounts. Some lenders will look at a credit report from another country if you bring it and meet with them.

To build a new file: open a local bank account, get a credit card (a secured card if needed), keep the balance low and pay in full and on time. Rent and phone payments may help in some cases.

• In Canada you can open a basic account without a job or a deposit, using original ID. Newcomers may need to go to the bank in person.
• In the U.S., you'll usually need an SSN (or an ITIN if you can't get one) and proof of address for many accounts and most credit products.
• Some banks offer cross-border accounts or have a branch network in both countries, which can make moving money and getting a first credit card easier. Compare fees and exchange rates.
• If you're a U.S. person keeping Canadian accounts (or the reverse), remember FBAR and FATCA reporting. See the taxes page.

Banks build a margin into the exchange rate. For large transfers like a down payment, compare the total cost (rate plus fees) from a few providers before closing day, and remember that a small move in the rate changes a large payment by a lot.