Enjoy Freedom and Flexibility with a Cross-Border U.S. Bank Account for Canadians (2024)

FAQs

Can a Canadian citizen have a US bank account? ›

As a Canadian - can I even open a U.S. account? Yes! To open an RBC Bank U.S. account, you don't need to be a resident of the U.S., a U.S. address or Social Security number. You simply need to be 18 years or older and live in Canada or the U.S. Signing up takes just a few minutes.

Yes, opening a bank account in Canada from overseas is possible. However, the process isn't simple and will take a few days. You'll also need to have your immigration documents in order.

BMO makes banking easy north and south of the border. Whether you're a frequent visitor to the United States or enjoy extended stays, we offer Canadians products and services that make cross-border banking seamless. Live, vacation, shop or study in the United States and have your financial needs met.

If you want to open a Canadian bank account from the US and don't intend to move there you probably need a Canadian bank account for non-residents. Or you could choose an online specialist account which offers CAD bank details, along with USD details to allow you to send and receive in both currencies.

This is a common question. The answer is "yes". There is no legal reason from Canada's perspective as to why you can't keep a U.S. or other country bank account. Most Canadians returning from the U.S. keep at least one bank account there.

The NYCE Network

Three of the “Big Five” Canadian banks offer some sort of US debit card for Canadians. All of them use the NYCE network to allow you to shop in the US with your debit card.

How do I deposit foreign currency into my bank account? Visit any Scotiabank branch to deposit a foreign currency cheque into your bank account. As a Scotia U.S. Dollar Daily Interest Account or Scotia Euro Daily Interest Savings Account holder, you also receive competitive foreign exchange rates!

You don't need a Canadian address to open an international bank account. Non-residents looking to open a bank account need to fulfil certain requirements. These include providing proof of identification, proof of residency, a minimum deposit or proof of income, and a tax identification number.

There's no limit on the number of checking accounts you can open, whether you have them at traditional banks, credit unions or online banks. There is, however, a limit on how much of the money you keep in your checking account is FDIC insured.

Therefore, provided you have severed primary residential ties to Canada, it is possible to maintain certain secondary ties to Canada such as maintaining a bank account, investment account or credit card. The date you become a resident of the new country you are immigrating to.

Can Canadians have US bank accounts? ›

RBC, TD Bank, CIBC, Scotiabank, BMO, and Tangerine all offer US bank accounts for Canadian citizens. This could be a simple option if you already bank with one of these establishments, and you don't need a US citizenship to apply. Each bank will have its own requirements when opening a US bank account from Canada.

Why choose TD? Convenience: Access your Canada-based accounts at TD Canada Trust or U.S.-based accounts at TD Bank, America's Most Convenient Bank^® online, through the TD mobile app or at any of the thousands of locations across Canada and the U.S. that have convenient extended hours.

$4 CAD/month thereafter for the RBC Day to Day Banking account. $39.50 USD/year thereafter for the RBC Bank U.S. Direct Checking account with eStatements and U.S. Visa Signature Black credit card. $0 USD/month for the Preferred Money Market Savings account with a $1,000 minimum balance.

Having a checking account can be a way to build a solid foundation for your financial life in the U.S. Some non-residents sometimes believe they're ineligible to open a bank account in this country. Fortunately, that isn't true. Many financial institutions offer U.S. bank accounts for non-residents.

No, it's not illegal for a U.S. citizen to have a foreign bank account. However, it is essential to ensure all IRS and compliance requirements are met, including the disclosure of such accounts.

If you are moving overseas permanently, you will need to eventually set up an account with a local bank. But if you are only there temporarily (which can still mean several years) and you are maintaining a US address, you may be able to get by using your stateside bank, depending on your banking needs.

Chase Bank is a U.S.-based financial institution that offers cross-border banking options for Canadians. You'll have the option to choose from several different accounts, so you can find something to suit your specific needs.