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Using Bitcoin To Transfer CAD to USD

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Hi all,

I'm going to be moving to the USA and am looking at how to best get my CAD converted and deposited into my future US bank account.

I've looked at options such as Wise, IBKR, and traditional bank transfers and all of them carry a cost (some less than others).

Another idea I've been considering is to buy BTC on an exchange here in Canada prior to leaving and immediately send it to cold storage.

Then, once I arrive in the USA and have my SSN, I open a crypto exchange account, send my BTC from cold storage to the exchange and cash it out into my USD account.

The way I see it:

Pros: 1. Bitcoin may appreciate in the interim, meaning I'd actually make money on the exchange 2. I would only be paying 1 UTXO fee (when I send from cold storage to US exchange - my CAD exchange charges no fees for withdrawals to cold storage) 3. If Bitcoin pumps a lot I could even withdraw the equivalent amount of my initial investment and keep the remainder in cold storage as extra Bitcoin

Cons: 1. Bitcoin may lose value in the interim, costing me money when I do exchange back into to USD 2. I would have to pay taxes on any gains (though ultimately would still end up in profit) 3. Not sure how IRS would view this and don't want to start off my time in USA already under a microscope tax wise

Has anyone ever done something similar? Would love to hear others opinions on this idea/things to be mindful of if I were to go forward with this plan.

submitted by /u/EmergencyHoliday6388
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