I am Canadian and my bank account and credit cards are from Canada. I do not have a bank account in Michigan where my fiancé lives. My fiancé is an American. He is buying a house and has been preapproved by a mortgage company. The one stipulation they made is that, upon closing, my fiancé has to show that he has $5,000.00 in his bank account or to be able to show that he can obtain the funds elsewhere. I have a credit card with a $10,000.00 limit. My question is, can I electronically transfer the $5,000.00 needed from my credit card into my fiancé's bank account. We are going to withdraw the $5,000.00 within 30 days and credit it back onto my credit card. I want to do this transaction on-line and not have to jump through hoops to accomplish this task by running back and forth between the two countries to do it. I hope you can help me because this may be the clinker that stops my fiancé from getting this house. I don't know how else to do it.
Now that there are all sorts of inconveniences involved in traveling between Canada and the U.S., but that might be the best choice -- come to Michigan and visit your fiancé's bank, take a $5,000 cash advance on your card and give it to him to deposit to his account. Without making the trip, there is one alternative. Get your fiancé's bank account information and take it to your bank in Canada. Ask to have $5,000 US from your credit card account wired to his bank in the States. This will be more expensive, of course, but it should be secure. Your bank might require you to take a cash advance in the appropriate Canadian dollar amount and route the transfer through your bank account there. The refund would take the reverse route.
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Now that there are all sorts of inconveniences involved in traveling between Canada and the U.S., but that might be the best choice -- come to Michigan and visit your fiancé's bank, take a $5,000 cash advance on your card and give it to him to deposit to his account. Without making the trip, there is one alternative. Get your fiancé's bank account information and take it to your bank in Canada. Ask to have $5,000 US from your credit card account wired to his bank in the States. This will be more expensive, of course, but it should be secure. Your bank might require you to take a cash advance in the appropriate Canadian dollar amount and route the transfer through your bank account there. The refund would take the reverse route.
