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How to Open a US Bank Account as a Canadian Citizen « Beyond ...
– Call me ignorant if you will, but I wasn't sure what the procedure was for a Canadian citizen to open a US bank account in the United States.

US Bank Accounts for Canadians and other Non-US Residents (ie: Foreigners) Posted January 2nd, 2008 by Dan Matan Bank Accounts Canadians National City US A guide on how to legitimately open a US Bank account as a Foreigner (Canadians can use this method, or this method without having to leave Canada). Click here for opening a US-Dollar Account at a Canadian Bank. This is a guide for a real US Bank account, not a Canadian Bank Account in US Dollars or an expensive real US Bank account through a Canadian bank. A real US Bank Account will let you transfer US$ freely to/from Paypal, write cheques to Americans that won't be on hold for forever, accept USPS Domestic money orders and save you greatly on other currency conversion fees. All for no monthly fees! Why I, a Canadian, Setup a US Bank Account Having all of my Google Adsense Earnings in US Dollars, I figured that I should start banking with a US Bank account. I do have some US Dollar Transactions, like my Telcan Toll Free Number and my DealExtreme purchases. I also buy and sell items on Paypal, and I hate having Paypal's currency exchange fees when I buy, or transfer funds to my Canadian bank account. I'd rather keep it in US Currency than get dinged on the exchange only to get dinged again when I need to buy something with a credit card in US$. So, I set out to get an American Bank Account in the US. The US Banking Industry is far more competitive than the Canadian banking industry. I was able to get a free checking/chequing account with a free order of cheques and a US$ Debit Visa card with no monthly fees, unlimited transactions and with no minimum balance requirements. My main requirement is to make sure I do at least 1 debit or credit transaction every six months. Good luck trying to find this kind of offer in Canada. So how do I get a US Personal Bank Account as a Canadian? You MUST apply in person. This is probably the hardest part. You should be able to get most any chequing/checking account that a regular US Citizen/resident can get, but many banks aren't really aware of how to sign up a Canadian. For this reason, I suggest going to a bank in a major border town if possible, since they've likely done this before. Also, you should call beforehand and even ask to speak to the branch manager(s) to determine their familiarity with foreigner bank accounts, and perhaps ask them to do a bit of research with their own information systems, since it should be possible with any of the major US Banks. I originally wanted to go with Bank of America due to their nationwide presence, but I ended up near a National City one day and got everything set up in less than 30 minutes. What documentation do I need to bring? I believe what is required is a proof of citizenship (I used my Canadian Passport), and another piece of government issued ID (I used my driver's license). I'll update this list when I can find the list of acceptable ID again. Also, make sure you bring some US$ cash, as there is usually a small account opening minimum deposit. Mine was US$50, Bank of America's is US$25. Who did I go through? I started my account with National City, a regional bank based in Cleveland Ohio. I was lucky in that the branch manager that I spoke with was knowledgeable with setting up accounts for Canadians, so he knew which forms to have me fill out etc. etc. Their Free Checking Account had the features that I needed, had no monthly fees and was okay with only periodic activity. If they are in your area of interest, I'd recommend them based on my experiences so far. Which Bank Should I try to get an account with? The US Retail Banking industry is very fractioned. In other words, companies with a big presence in one part of the country may be non-existant and unknown in another. There are lots of regional and local banks, as well as some somewhat national banks, like Bank of America. So, do your research online to find accounts that meet your needs, but first take a look at the branch locator, since it may not do you much good if it is hundreds of miles from where you will be (say, you shop in Buffalo, but winter in Florida). Bank of America has a presence in both Buffalo and in Seattle Washington, for those Toronto and Vancouver people visiting this site. How do I get money in my account? The obvious: Deposit US Cash into the account. Beware that Canadian cash isn't as well-accepted in the US. My branch said that their's did not handle foreign currency bills/coins. If you deposit a cheque from another country, even if it is in US Dollars, a long hold will probably be placed on the funds, in my case, 45 days. Wire transfers are expensive in North America and subject to problems. Quite possibly the best method that I've found, though I have yet to try, is to use XEtrade. They will allow you to transfer money to them from your Canadian account, exchange it at a good rate, and then transfer it to the US account as an e-cheque. XETrade is run by Xe.net , a currency conversion rate site that I've used for a decade now to monitor exchange rates. Potential Problems I may never have online access to my account, I'm not super sure why. As well, when I tried calling their telephone service, the first prompt was for my social security number (which I obviously did not have), and the system would not process without one. The branch manager that set up my account asked that I call him back in a few days to see what might be necessary to have these set up. He also stated that I might end up having to call the branch itself for updates as required, which I would be okay with. I think it either has to do with laws that have changed limiting foreigner's control over accounts (like the Patriot Act requiring account openings to be done in person), or just their system's dependency on SSNs as a unique identifier (which is a terrible practice really). US Debit Card System Compared to Canadian Interac: The US Debit card systems is different than Interac. The US system runs over the existing Visa/Mastercard system with a Visa/Mastercard card and the money is indeed directly taken out of one's chequing account upon purchase. I also believe if you try to make a purchase over your balance, the transaction probably will go through and you will be charged a (very large NSF-esque) overdraft fee, instead of having the transaction declined. I believe my US "Debit" Visa card will work like any other Visa card in Canada, but I haven't tried that yet. Dan Matan's blog U.S Credit Card Royal bank On November 4th, 2011 June Bond (not verified) says: I just purchased a U.S. credit card Royal Bank and will be on a cruise ship from Jan. May and will not be home to receive new card . This is IMPORTANT as I will be using it a lot on the ship. It is set up that when the U.S. visa is due they will transfer funds from my U.S. account. Please respond as soon as possible. June Bond reply RBC Bank USA (Georgia) N.A. On October 15th, 2011 Jeff (not verified) says: RBC Offers the ULTIMATE in Ease of Banking in the USA for Canadians. Their Royal Embassy Account (for a monthly fee of $3.95 (waived with a balance of $700) is extremely reasonable, while other US Banking institutions are charging up to $20 a month for checking accounts that used to be free, and even implementing a monthly 'debit card' fee for the convenience of using a debit card instead of checks or cash - even Canadians, who are used to paying for their accounts would find fees like this outrageous, and would never pay for their trusted debit card, period). This account can be opened at any RBC Royal Bank Branch in Canada in minutes. Within two weeks you will receive your banking package from the US operation in the mail. This account is the ultimate in convenience for those who travel or invest in the U.S. Any of you who invest in the US, with a D.R.I.P, know the convenience of having a proper US checking account, with a proper 'routing number' recognized by the US Federal Reserve Bank. Those who plan to move to the US in the future can get a head start on building credit with the US bureaus with RBC Bank USA (Georgia) N.A. Credit Cards, Mortgages, Loans, and Lines of Credit. The Ultimate convenience is the ability to transfer funds in REAL TIME back and forth between the US Bank and the Canadian Bank, online at home, or wherever you are near the internet. (Smartphone transfers between the banks are not yet available, yet!) There are no fees to transfer funds, no wiring charges, nothing. RBC Bank USA currently waives a limited amount of fees charged by other banks ATMS, however when you read the transition information below, it appears that the new entity RBC Bank USA, (Georgia) N.A. will open this to all transactions. Now the downside; with the sale of the RBC Bank USA, N.A. branches to PNC Bank, the teller services, drive thru, and the ability to deposit will be lost. RBC Bank USA (Georgia) N.A. will be an Internet based bank only, however RBC Wealth Management customers will have access to personal services (Non-Teller) in certain cities. Most RBC Bank USA N.A. customers who reside in Canada rarely use these services anyways. The inconvenience to snowbirds should be limited as they do not 'earn' an income while they're gone and most have direct deposit to their Canadian Accounts in the first place. If you move to the USA as a permanent resident in the future, this new set-up won't be suitable, HOWEVER, your Canadian credit history will open up the ability to apply for, and get a mortgage from RBC Bank USA (Georgia) N.A. - and you may need to set up a basic account with a bricks and mortar bank wherever you decide to hang your hat, and maintain your relationship with RBC (fed-up Americans are moving away from Banks to Credit Unions - you might want to look into one, as they are limited to what they can charge in fees, and interest, and are more people based than profit (for US residents) - most US Banks and Credit Unions have the ability to transfer funds online between institutions, with minimal fees, that will allow you to continue to fund your RBC Bank USA (Georgia) N.A. accounts) Those of us who will retire to the USA will still need this RBC Canada-USA arrangement due to pension deposits, RIF's etc., deposited to a Canadian account to allow you to better manage exchange rates, while only exchanging funds when needed (although, in ten years time we could have locked in exchange rates with the US (dollar for dollar) or be using one currency between the nations; only the future can tell). YOU CAN KEEP UP-TO-DATE ON THE RBC BANK USA, N.A. TRANSITION TO RBC BANK USA (GEORGIA) N.A. TRANSITION AT www.rbcbankusa/transition FOR THE MOST UP-TO-DATE INFO. Be aware, that other Canadian Banks claim to have the same set-up as RBC Royal Bank/RBC Bank USA, but to date NONE of them actually do. The BMO Bank of Montreal/BMO Harris Bank do not have the same online transfer facilities as RBC, and TD Bank USA won't even entertain opening accounts for Canadians, Call them, and I won't say "I told you so!" The post below is from the Transition site, as of today. RBC to Continue Serving Consumer Banking Needs on Both Sides of the Border. We want to provide you with more details regarding RBC’s recent announcement to sell the majority of its U.S. banking operations to PNC Financial Services Group, Inc. As part of this transaction, which is expected to close in March 2012, subject to regulatory approval, RBC will maintain U.S. banking capabilities dedicated to servicing its Canadian clients. Your accounts will be transferred to this new operation, owned by Royal Bank of Canada, where you will continue to enjoy the convenience of products such as RBC Access USA,® online funds transfer, and integrated Canadian/U.S. contact center support. Between November 2011 and February 2012, we will be communicating with you regarding the transition of your accounts. As many clients travel during the winter months and/or have seasonal addresses, we want to ensure that we have your correct contact information, including your mailing address, email address and phone number(s). Have questions? Take a few moments to read the frequently asked questions list below for additional information on our plans. What was announced? On June 20, 2011, RBC announced that it is refocusing its U.S. growth strategy by entering into an agreement to sell the majority of its U.S. banking operations to the PNC Financial Services Group, Inc. in March 2012, pending regulatory approval. RBC remains fully committed to the U.S. market and subject to regulatory approval, RBC will maintain U.S. banking operations to serve the needs of Canadian cross-border personal banking clients across the U.S. Is RBC exiting the U.S.? No. RBC remains committed to the U.S. market and this transaction allows us to focus our U.S. efforts on growing our two largest U.S. businesses, RBC Wealth Management and RBC Capital Markets, while also continuing to serve our valued Canadian clients with U.S. banking needs through a new banking platform. How does this announcement impact me as a Cross-Border personal banking client? Cross-Border personal banking clients will not transition to PNC as a result of this transaction. RBC Royal Bank intends to maintain U.S. Cross-Border personal banking operations and serve the banking needs of its clients across the U.S. This business plan is subject to regulatory review and approval, which is now under way. As part of this plan, RBC is working to continue to offer Canadian clients cross-border banking in the U.S. and look for opportunities to expand features and services in our new banking operation. For now, there is no change or impact to clients’ banking services or accounts. In February 2012, your accounts will transition to the new banking platform we are building to service our cross-border banking clients. You will receive information in the coming months regarding this transition. When will this new Cross-Border personal banking service be launched? Cross-border clients will transition to the new U.S. banking operation in mid-February 2012, subject to regulatory approval. We will be communicating with Cross-border clients between November 2011 – February 2012 to explain the transition process and how they will continue to bank with us in the future. Will RBC Access USA still be available? Will I still be able to view accounts and transact online? We will continue to offer RBC Access USA® products, the option of preferred foreign exchange rates and credit/debit card services. Cross-Border personal banking clients will continue to have seamless access to funds and banking products in addition to automated teller machine (ATM) access, U.S. dollar accounts and integrated online banking. Should I close my current accounts and open new accounts after the conversion? There is no need to close or reopen accounts. As part of the transition activities, cross-border U.S. accounts will automatically be moved to RBC’s new U.S. banking platform. As we move through the transition period, we will notify clients of new account information as well as details on the migration process. By maintaining your current accounts, you will continue to have access to your current services, and will not need to go through the time-consuming process of re-opening accounts as part of the new Cross-Border platform. When will I receive more information? How will I be kept informed of any future developments? A letter to all Cross-Border personal banking customers will be mailed on September 14. You will receive postal mail from us between November 2011 – February 2012. You may receive emails or Online Banking messages and reminders. You can visit our web site at rbcbank.com/transition. We understand the importance of open and frequent communication, and we will keep clients well informed as we move through this process. Our goal is to make this transition as seemless as possible for our clients. We will work to ensure clients receive information, and that they continue to have full access to accounts and services. Relationship managers will be excellent sources of information and will keep clients up to date on developments. What can I do to prepare for this conversion? We recommend the current Cross-Border personal banking clients contact us to ensure we have the correct contact information on file so they will receive important account transition materials. Clients should respond to the letter they received in mid-September or call 1 800 ROYAL 53 (800-769-2553). Who should I contact with questions? We have established a dedicated line for questions relating to this transaction at 1 800 ROYAL 53 (1-800-769-2553). Clients may also contact their current banker either in Canada or the U.S. What will the new bank be called? We will retain “RBC Bank” as our trade name and logo for the new cross-border banking operation. The legal entity for this business is called RBC Bank (Georgia), N.A. I’m nervous about this new bank. Is my money safe? Absolutely. The legal entity that will serve as the new cross-border bank is already chartered and operating in the state of Georgia. RBC Bank (Georgia), N.A. is a member of the FDIC, which guarantees the safety of deposits. In addition, Royal Bank of Canada (“RBC”) remains the corporate parent of this new operation, and has among the highest credit ratings of financial institutions globally, supported by very strong risk management practices. Moody’s, a top credit-rating agency, gives RBC a Aa1 rating with a Stable Outlook. Standard & Poor’s gives RBC a AA- with a Positive Outlook, and Fitch and DBRS both give RBC a Stable Outlook with senior debt ratings of AA. What will happen to the branch(es) I use in the U.S.? Will they become PNC branches? Yes, the current RBC Bank branches will become PNC branches in early March, pending regulatory approval. Please don’t worry, though. You’ll continue to have ATM access, an Online Banking platform integrated with online money transfers to your Canadian accounts and online Bill Pay. Our dedicated Canadian/U.S. contact center will be available anytime you need us and want to speak with us. Not only that, but we will have office locations in select markets for Private Banking clients to come in and meet with bankers or Wealth Management officers. You will receive more information about our new banking operations in January along with the details of your account transition. Will my account numbers change and will I receive new checks, debit cards, and credit cards? Yes. Your current account numbers will change as your accounts are transitioned in mid-February. New checks and debit and credit cards reflecting your new account numbers will be sent out. More detailed information on this will be provided in the January time frame along with instructions for card activation and usage. Will I still continue to have rewards on my debit and credit cards in the new RBC Bank? Credit card clients will continue to have a rewards program after the transition and you will receive information in the January mailing on the details of this program. The debit card rewards program is being discontinued. We are working on a special communication to explain the changes. Please look for this mailing in early December. Will there be an ATM network I can access to get cash in the U.S.? Yes. In fact, you will have access to even more ATMs than today. You’ll be able to use any ATM network to access your accounts and get cash. All clients will automatically receive a number of ATM service charge refunds each month. Look for specific details in the product information mailing in January, 2012. Will I still be able to make cross-border transfers? Yes. We understand this is one of the most important features of our cross-border solution and you’ll be able to transfer funds online just as you do today. Who should I contact if I have more questions? You can call our Canadian/U.S. contact center at 1-800 ROYAL 53 (1-800-769-2553) where our staff can assist you with any questions or issues. Please also feel free to talk with your local banker in Canada or the U.S. What else will you be sending me during the transition? In November, we’ll be mailing you a brochure with answers to many of the questions you might have about our new banking operations. In January, you’ll receive information on the full product suite and capabilities for the new bank, as well as details on how accounts will transition. Between January 23 and February 17, 2012, we will send out new checks, credit cards, debit cards and PIN mailers. More information on these specific dates will be included in the January mailing. reply Open an Account at RBC Bank in USA On June 14th, 2011 Munir Mahmud (not verified) says: SPAM reply RBC US Sells to PNC On June 21st, 2011 W.Walker (not verified) says: Does anyone know how this will affect accounts held at RBC US. I am a Canadian with a RBC US Access account used for travelling in US. Will I still be able to transfer funds from Canadian RBC to USA Access account. No info from RBC or NC to date. reply hello i too have an RBC On June 29th, 2011 TrevorT (not verified) says: hello i too have an RBC Access USA account and the email i received regarding the sell told me that nothing would change, in fact they are committed to inproving their cross-border features and services. we have nothing to worry about and business will continue as normal. thanks. this is the email.: To Our Valued Canadian Clients, RBC recently announced that it is refocusing its U.S. growth strategy and has entered into an agreement with PNC Financial Services Group, Inc. to sell its regional U.S. retail banking operations, RBC Bank, to PNC. RBC remains fully committed to the U.S. market and this transaction allows us to focus our efforts on our cross-border banking service, as well as our two largest U.S. businesses, RBC Wealth Management and RBC Capital Markets. If you have an existing relationship with either of these businesses, please know that this relationship is not impacted by the sale of RBC Bank. As a highly-valued client to RBC in both Canada and the U.S., you can be assured we will continue to meet your consumer banking needs on both sides of the border with the same high quality service and products you expect. As such, subject to regulatory approval, RBC will maintain our existing cross-border banking platform to serve the cross-border consumer banking needs of current and future clients across the U.S. We will continue to offer products such as RBC Access USA®, on-line funds transfer and foreign exchange capabilities that make it easy for you to manage your personal finances and consumer banking needs in Canada and in the U.S. In fact, we are committed to improving and expanding capabilities in this area in the future. RBC will also ensure access to funds through ATMs and day-to-day account servicing and support through our dedicated service number at 1-800-769-2553. At this time there is no change or impact to your banking services or your accounts. The sale of RBC Bank is expected to close in March 2012, subject to regulatory approval. Over the coming months, you will receive further information about this transaction and any impacts to you as a result. In the meantime, please contact your banker either in Canada or the U.S. for any needs you may have. On behalf of RBC Bank, thank you for your business and we look forward to continuing to serve your needs on both sides of the border. Sincerely, Jim Westlake Group Head, International Banking & Insurance Chairman and CEO, RBC Bank reply RBC Access USA - not sure if you've heard about it On May 17th, 2011 TrevorT (not verified) says: Hey Dan, i know your original article is like 3 years old, but i just thought i would throw my two cents out there :) i just last week opened a US-Based USD checking account from my canadian RBC branch here in ontario. RBC Royal Bank has a sister bank called RBC Bank, in the southeastern USA. They offer an account called RBC ACCESS, specifically tailored for US banking for canadians. (see link - http://www.rbcbankusa.com/checking/cid-188782.html ) i didnt already have an RBC account when i went to sign up for it, so i was set up with 2 canadian based accounts at RBC Royal Bank first, one a no fee checking account (im a student) and the second was a no-fee $US dollar savings account. then i was set up with the RBC ACCESS USA account in the same meeting. you will get your RBC canadian chip debit card, and then in 7-10 business days you will recieve your welcome package and the RBC ACCESS USA visa check card. once you have set up your two canadian accounts to be accessed online, and once you recieve your welcome package from the US bank, and set that account up on the US site for online banking, you are able to link to 2 accounts, with their ONE-SIGN-IN feature. i now see my 2 canadian bank accounts, AND my us based bank account on a single summary screen, through a single log-in. i am about to casually transfer funds from my $CDN checking account, over to my CANADIAN $us dollar account when the rates are favourable, accumulate a bit of money there, and then make a direct no-fee instant transfer over to the USA bank account, with no currency exchange since its already in $US dollars. but you dont have to use that second step, i just like it, you can if you like just transfer directly from your canadian dollar account over to your USA based account in a few simple clicks. this all just sounded WORLDS easier than the whole process you went through, and especially when you were talking about how to deposit $ into your US account, it sounded terribly complicated lol. this is a perfect solution for me. maybe you will find some use in it too TrevorT reply RBC Access USA On May 20th, 2011 Andy (not verified) says: Hey Trevor; That's really interesting. I travel in the USA all the time and I keep asking my banks (BofM & CIBC) about a US-based account but they can't help me. RBC may be another bank I need to open an account with! The big question is: Do you know if the RBC ACCESS account allows for depositing US cash via USA ATMs? Thanks for the great tip! -Andy. reply I just researched the RBC On May 27th, 2011 Anonymous (not verified) says: I just researched the RBC Access account and it looks ok for those travelling in the SE part of the USA as that is where the majority of the US RBC locations are. For people like me who travel in the SW part of the USA (AZ, UT, CA, etc.) I have an account with Wells Fargo. They will open an account for you even if you are a Canadian citizen. I have a free checking account with them, no fees whatsoever, and it includes a Visa debit/credit card. It also includes online banking and it can be linked to your PayPal account to make purchases there in US dollars. I can make deposits with my TD Canada Trust US dollar account into my Wells Fargo account. There is a 48 hour hold but after that the funds are in my account and available for use. Thought I would point this out to the people who travel to the SW states. reply I was very happy when I read On July 13th, 2011 Anonymous (not verified) says: I was very happy when I read this since I bank with TD Canada TRUST, but after calling both TD and Wells Fargo, both said this is impossible. Could you please give me more details on how you are making deposits from your TD us dollar account which I have also into your Wells Fargo account. TD said you could not deposit into a US bank for a TD US Dollar account. help! much appreciated, c reply I just was Googling these On May 29th, 2011 Anonymous (not verified) says: I just was Googling these kinds of stuff and found this thread. I am a green card holder, a Canadian working in Hollywood. The RBC debit card actually works in Bank of America ATM's. Accidentally brought my RBC card a year ago and usually I leave it BC before heading back to Los Angeles. I also like Wells fargo because they are open on Sundays (when banks are traditionally closed). reply RBC ACCESS On May 20th, 2011 TrevorT (not verified) says: hey andy, to answer your question. yes. the account allows you to do everything a full american can do with any other american account. RBC Bank even has the option for you to set up a credit card or overdraft protection on your american account, based on your CANADIAN credit history, and from the point that its approved by your canadian credit score, the account then becomes reported ONLY to the US credit bureaus and not canada, and allows you to build a credit history in the states, without needing a SSN or an IETN (or whatever) which i think is a really great option, as someone who may want to move to the states in the next 5 years, it allows me to build and maintain an american credit history even before i ever step foot in america. take care! Trevor reply bank account in the USA On April 19th, 2011 Evgeny (not verified) says: Dear Sir/Madam, Our company needs to open bank account in the USA. Principal points for a bank account are: 1. Company was incorporated in the United Arab Emirates, Dubai. 2. Company needs bank account in the USA, 3. Company needs prompt e-banking or other rapid way to perform payments. 4. Principal signatory is in Russia, he will sent instructions mainly from Russia. Questions: 1. Can you provide us with your assistance in such case? 2. If yes, what documents do you need from us to open an account? and 3. How long does it take to open an account and get token for e-banking? 4. Will it be easily if we open permanent representative office in the USA and then open bank account in it’s behalf? Please do not hesitate to contact me directly at any time. Thank you in advance! Kind regards, Evgeny e-mail: Evgenylawyer@gmail.com Skype: Evgeny.lawyer reply Sounds like a fraud-magnet On April 20th, 2011 Dan Matan says: Sounds like a fraud-magnet that most any US bank would ran away from quickly. Two suggestions come to mind: Contact banks in your jurisdiction (either UAE or RU) and see if they have a relationship with a US Bank and can open the account from your local bank OR set up a US Corp/LLC and then an account should be set up fairly easily, but this has a lot of potential legal and tax consequences. reply Canadian, non-resident applying for a personal bank loan On March 24th, 2011 In Ireland (not verified) says: Is it possible, as a Canadian, to apply and be granted a personal loan at a Canadian bank, as a non-resident (currently living in Ireland)? reply National City don´t open new On September 27th, 2010 Anonymous (not verified) says: National City don´t open new accounts online to non-resident accounts. Another bank that treats customers like thieves before they even know. reply SAVE ACCOUNT FOR PANAMANIAN On September 15th, 2010 Anonymous (not verified) says: Hi, I saw this website and I would like to open a save acct on US. Im from Panama city Republic of Panama and I would like to know if I can apply to this. I'm very interesting on having one but here in Panama banks suchs as HSBC don't do that for us the panamenian. Please advise Thanks reply US Bank Accounts for Panamanians On September 17th, 2010 Dan Matan says: It would probably be very difficult without actually going to the USA. You could also apply to get an ITIN and apply online, but even that might be difficult. You could also set up a US Corporation and get a bank account for that, but that would lead to plenty of reporting requirements. Try calling your own bank and seeing if they have some type of affiliate in the USA that they can open accounts for, but this might be limited to their higher wealth clientele. Why do you want to open up a US Savings Account in the first place? reply depositing since Vancouver, BC to Seattle Wa On July 12th, 2010 Val201023 (not verified) says: Hi, I just wanna know how one of my friends can deposit me if She lives in Downtown Vancouver, BC and I have an account in US Bank. reply I am setting up an internet On June 21st, 2010 Mark (not verified) says: I am setting up an internet based business with a product that is manufactured in the United States and is going to be sold within the United States. I am a Canadian Citizen and was wondering what I would need to do in regards to Income Tax filings (do i need to file in both Canada and in the US), US Bank Accounts, and if it would be easier to have a business office physically located in the United States. Any help would be appreciated. Thanks, Mark reply TD Bank On May 27th, 2010 Anonymous (not verified) says: I cab't belive that this forum only talks about RBC. TD bank in the USA is far bigger than RBC and has allowed sinple tranfers between US dollar Canadian acoounts at TD Canada Trust and TD bank in USA for years. I have had accounts in both countires (& credit cards) for years. Works great. reply No we don't! Not yet anyway. On January 19th, 2011 TD Employee (not verified) says: No we don't! Not yet anyway. reply BMO vs TD Bank On June 18th, 2010 David (not verified) says: I am a TD Client that swith over to BMO's Harris account due to this issue. TD may be integrating itself with it's US counterpart but its not working and with not the same service level. BMO's US Bank takes it to another level and I am satisfied with the service and support. Not to say that RBS has a US ban and they too work fine. I am not sure about the fees and ease of service but it does the job. reply TD Bank USA - International US Dollar Transfers On May 27th, 2010 Dan Matan says: Care to elaborate? I thought it was difficult to do transfers between the US and Canadian operations of TD Bank. Did you have a US Account with TD Waterhouse bank from back in the day? (As in, 5+ years ago?). reply $US Account Set up On May 4th, 2010 Operabob (not verified) says: Hi Dan, Re: Setting up a US account at a US bank in person Harris Bank of Chicago accounts can be opened by Canadians via Internet. A representative will then contact you by phone and conduct an interview or you can download the forms and mail them in with a copy of your driver's license or passport. Initial money can be deposited by credit card I believe. Other US banks are similar. Many at http://dripinvesting.org are opening US accounts this way. OB reply Harris Banking Accounts for Canadians On May 4th, 2010 Dan Matan says: Hi OB, Nice to see some of the DRIP crowd here. My GE shares have been doing me well ;) I've written an article on the subject here: Open up a Harris Bank US Bank Account without Leaving Canada. Soon enough I'll write a DRIP article too it's too bad my Scotia share shot up so much by the time I got it all registered with the transfer agent. reply Like everyone said before, RBC is the best choice. On April 16th, 2010 Mike (not verified) says: 1. Go to RBC bank in canada to open a checking account, then ask them to open a US account with the bank in the US that they own 2. once it done, you can transfer money back and forth like you wish, at the end you have 2 bank account: 1 Canadian and 1 US. They are link together, so when you go to the canadian RBC online access you see the US one. More Detail: http://www.rbcbankusa.com/access/cid-220351.html# reply Thanks for this information On April 13th, 2010 Citlalli Lopez (not verified) says: Very interesting article :D reply Like everyone said before, On April 16th, 2010 Mike (not verified) says: Like everyone said before, RBC is the best choice. 1. Go to RBC bank in canada to open a checking account, then ask them to open a US account with the bank in the US that they own 2. once it done, you can transfer money back and forth like you wish, at the end you have 2 bank account: 1 Canadian and 1 US. They are link together, so when you go to the canadian RBC online access you see the US one. More Detail: http://www.rbcbankusa.com/access/cid-220351.html# reply US bank On April 13th, 2010 Anonymous (not verified) says: I am so confused. I read some of your postings and was hoping you could provide some advise. I am a Cdn living in Toronto. I use to live in Atlanta and still have storage and a car that i have left in Atlanta. I need to make montly payments in US dollars. I work in Canada and get paid in Cdn dollars. Every month I send Wachovia a bank draft from BMO to transfer into my account so that i can make these payments. any suggestions on how i can make my life easier? or what would be a cheaper option? reply BMO Transfers On April 14th, 2010 Anonymous (not verified) says: I worked in the U.S. for a period of time and regularly transferred funds from my BMO account to my U.S. bank account without paying any fees. I gave BMO the account details for my U.S. account and they set up what was called (if I recall correctly) a pre-note account. Once it was set up, all I had to do was call BMO to ask that they transfer funds to the pre-note account (I could not do the transfer online). It would take a couple of days for the funds to appear in my U.S. account, but I paid no bank charges for the transfer and making a call is far easier than buying a bank draft. reply US Bank Accounts On April 13th, 2010 Dan Matan says: Can I assume you can't pay these with a US$ Credit Card? I'd get an account through RBC. They bought a US Bank, and I believe you can do transfers between the two accounts. You'll have to pay a monthly fee unless you have enough funds in the account. You could also just have a regular US bank account and set up something with XEtrade to do your exchange and transfers from your Canadian account to your US account. The exchange rate is probably better, but you'll have to travel to the US to open an account and will have to wait a couple days for XEtrade to execute each trade. reply US free chequing account at KEY Bank On March 29th, 2010 Alejandro (not verified) says: I opened this account in 2008 in Buffalo, people there are used to open accounts for Canadian Citizens, the problem I haven't had online access until nov 2009 when Keybank Compliance deparment send me a letter because my account was not with a SSN number or ITIN number and It was asking me to fill out a form indicating I am a foreigner with a foreign tax number... well I stated I am canadian and I gave them my SIN number, after two weeks they send the form to my branch at buffalo and they input the SIN on their systems, then I was able to create my online account by phone validating my sin number and all other information however you can avoid all the hassle signing up with Bank of America they already now about the compliance of all account holders have to have ITIN, SIN or whatever tax number they hold ( Canadian SIN for example) then they don't have problems to give you online access to your account. reply FOLLOWUP AND QUESTION ON US BANKS (for Canadians) On March 19th, 2010 Anonymous (not verified) says: You mentioned you'd prefer US Bank but as I noticed the lower min initial amount, I also noticed that US Bank has a MONTHLY FEE unless you keep a min of $300 in the account...kind of defeats the purpose for those Canadians who just want to have a USD credit card and pay it in full for those purchases made overseas/US or on a cruise. The average Canadian Joe is better off using cash or paying BMO's annual fee of $25 for the convenience, depending upon how much you use the card (ie. conversion charges vs how many times you're paying your US bill). If you are charged $12 canadian for 1 years worth of credit cards vs $25 USD annual fee, you are better off NOT having the credit card. reply BMO US$ CC with no fee On June 21st, 2010 Anonymous (not verified) says: BMO has a US$ credit card with no annual fee. reply BMO card On November 7th, 2010 JT (not verified) says: BMO charges $25 per year but will refund the fee if you charge at least $1000 on the card per year. If you want insurance benefits(eg. car) then you must pay about $40 but not sure if the $ 25 is refunded. reply BMO US$ Card $25 Annual Fee Waived On November 7th, 2010 Dan Matan says: Unfortunately, they only waived the fee for the next year, so even though I spend enough, I still got dinged once. Plus there are no guarantees that they'll waive it again the year after that. Having said that, it's definitely saved me more than the $25 one-time charge. reply Not anymore. On June 21st, 2010 Dan Matan says: Not anymore. reply USD Bank Accounts in Canada On March 18th, 2010 Anonymous (not verified) says: Cheapest is ICICI bank (Indian bank) that has pretty much zero fees, no min deposit and basic identification. I walked into the one in Surrey and walked out with a USD account. No BS royal bank runaround. There are plenty of 'foreign' banks in Vancouver/Canada where you can open a USD account such as any Chinese bank, any Tawainese bank, State Bank of India or ICICI, HSBC (considered 'offshore'), Japanese banks, German banks, ect. Best option is to self-incorporate in Delaware, and get a US account, or offshore (Seychelles IBC or Belize IBC) for $900USD, then it comes with business Latvian and Cyprus USD bank accounts that are 100% protected from tax. Simply google Seychelles IBC and solve all your tax and money problems or look here http://www.freedomoffshore.com/Seychellesibc.html (run by a VIP member of Talkgold forums) reply U.S. Bank Account in Turks & Caicos On March 18th, 2010 Jude (not verified) says: Hi, I'm canadian and I will work and live in turks & caicos. I'm trying for 2 days to open a U.S. Account, but I don't know which option to choose. The 1st is: opening a US account with my current bank=CIBC and then, while I'm there: I open an account with some local bank OR I switch bank, open a U.S. account at Scotiabank, which is in Turks & Caicos as well and open a U.S. Account while I'm there and transfer funds from one to the other without fees. Any help with this one?? reply I Have a company in Wy and I'm Canadian On March 12th, 2010 Etienne (not verified) says: Hello, I am Canadian and am trying since 2 days to open a U.S. bank account for my company. I introduced myself in person at the RBC Bank in my town and they told me that it is impossible to open a bank account in Canada for an American company and they have never seen that. I have an ESN number for this company. Do you have any suggestions? Thank you reply US Company, Canadian Account On March 26th, 2010 Dan Matan says: Hi, chances are the RBC in your town has never done such a thing before, and therefore thinks it cannot be done. The bank technically can do so, but you'll probably have to deal with one of the "commercial services branches" of the bank. So give them a call if you can, or call the RBC main phone number at 1800 ROYAL-11 reply just walk into HSBC and open On March 18th, 2010 Anonymous (not verified) says: just walk into HSBC and open a USD account, and use it for your business I don't see why not. or http://www.icicibank.ca/faqs/businessbanking/accountOpeningBus.htm#3 has branches all over Canada and you can open for a business located outside the country. The Bank of Cyprus has a Canadian branch in Toronto, and there is no restrictions on who can open an account. Since you're already incorporated/have ESN, you can get an international USD account pretty much instantly in the branch, or mail/email them scanned copies of ID. http://www.bankofcyprus.ca/proserv_cyprus.htm http://www.bankofcyprus.com/main/main.aspx?id=588 or reply Bank of Cyprus: Be careful On March 26th, 2010 Dan Matan says: Keep in mind that the Bank of Cyprus is NOT a CDIC member. A "Representative Office" essentially opens up an actual Cypriot account. I just hope Cyprus doesn't have the same problems that its Greek "parent" has if you open an account with them. Having said that, their ID requirements and such are likely far less onerous, but don't go complaining to any Canadian banking official if anything goes bad, they won't be able to help you much. reply To open a USA bank account On January 16th, 2010 Anonymous (not verified) says: All you have to do is go to a local Canadian RBC Branch and ask to open a US access account. Which is an account in a U.S RBC branch. If you have a Canadian account with RBC you can transfer money between the two account for free. Some of the repersentives do not Know that this is possible so if they say it is not avialible ask for the manager. This is not just a US dollar account it is a US banch account giving you the same banking as if you where a US resident. reply About setting up a US account for Canadians On January 16th, 2010 Anonymous (not verified) says: The Royal bank of canada has affilite banks in the US and you can open on from your local branh in Canada it is called a US access account. reply Harris Bank On October 15th, 2009 Adam (not verified) says: Harris Bank allows you to now open an account online if you are Canadian and you can fund it through your visa or MasterCard. Saves the trouble of having to cross the boarder. reply Limitations On November 16th, 2009 Richard (not verified) says: Just did that. But: 1. While you can originally fund a new account with a $100 credit card payment, after that you're only not-in-person deposit options are mailed-in cheques or wire transfers 2. Worse (for me anyways), you can't pay bills online (thorugh CheckFree) without a SSN. reply In many cases you can use the On May 4th, 2010 Operabob (not verified) says: In many cases you can use the bank's transfer code to electronically pay your bills. Many DRIP Investors are buying US DRIPs this way with Harris. OB reply boh.com (editor: Bank of Hawaii for Canadians) On November 22nd, 2009 Chriswlan (not verified) says: I've had a checking a/c with them for years; opened with a local address, while I was on vacation, with my passport ID. The thing I like is the american "Bill Pay" system. Although it is not cheap at 6 bucks a month, YOU can enter the details of ANY payee you want, and a snailmail paper check is sent to them. Quite unlike my CIBC that has only its OWN short list of possible payees to pick from! Cheers Christian reply USD accounts. Bank & CC. On October 10th, 2009 Rob (not verified) says: Just a couple of comments about my experiences. Many years ago (20+?) my wife and I obtained a USA sin number. At the time you could have a non-work number with no hassles, so we did. A couple of years ago, in Niagara Falls we dropped into a KEY Bank, 800 Main St., and opened a no-fee chequing account, with debit/credit card (works at Tim Horton & NoFrills, - easy pay, very small charge, 9c). No big deal, no tricky questions, it was simple and quick, seems like they do it all the time. We can top up the account whenever we cross the Niagara Frontier, or mail a USD cheque. Because we have a US SIN number we can check the balance on line and make US payments. Any US trip purchases are through this account (the store always asks if it is debit or credit - same card!) Prior to this we were ripped off by the Can. Visa cards 2.5% +++$. It is true that KeyBank has spotty presence in some states (not much out west, but well represented in Florida) but this has not been a problem for us as all all take the debit card - groceries etc. Anyway that is our story. Rob. reply 1 2 next › last » Post new comment Your name: E-mail: The content of this field is kept private and will not be shown publicly. Homepage: Subject: Comment: * Allowed HTML tags: <a> <em> <strong> <cite> <p> <code> <ul> <ol> <li> <dl> <dt> <dd> Lines and paragraphs break automatically. More information about formatting options Recent comments Did you find out? 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