Explore Cross-Border Banking Solutions for Canadians in the US (2024)

FAQs

Which American banks allow cross-border banking with Canada? ›

CIBC, BMO, TD Bank, and RBC all offer cross-border banking solutions to allow Canadians to open a US-domiciled bank account.

EQ Bank USD Bank Account – Best Interest Rates in Canada

EQ Bank's EQ US Dollar Account is a no-fee account with the highest interest rate on this list (by far!) at 3.0%. The EQ US Dollar Account benefits from exchange rates on the market due to their partnership with a major currency exchange company.

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.

Can I open an account if I'm not a permanent U.S resident? If you're a non-resident alien with a primary residence in the U.S. or its territories, you can apply in person by making an appointment to apply in person at a Wells Fargo branch.

Travellers and part-time residents can enjoy convenient TD Cross-Border Banking between the U.S. and Canada with 24/7 support. Manage your money through online banking, by phone or in person. View TD Cross-Border Banking products and services.

PNC Bank Canada Branch

PNC also features banks in the US and Canada but solely offers specialized services to serve companies that operate in both countries. They boast an integrated approach for treasury management and payments through their corporate online and mobile banking platform, PINACLE.

Banks and Credit Unions That Accept Alternative IDs

Many large banks in the U.S. accept alternative IDs from a non-U.S. citizen trying to open an account. These include Bank of America, Chase, TD Bank, US Bank and Wells Fargo. Some credit unions also accept alternative forms of ID.

Some Canadian banks do offer online account opening, but you may find it tricky to provide the required identification and residence documents. As a US citizen the easiest way to open your Canadian account is probably to choose a specialist online account provider which can accept your US identification documents.

You can open a bank account either in person, by electronic means or by telephone. The bank must be able to confirm your identity through proper identification.

Whether or not you can open a Canadian dollar account in the US will depend on the specific bank or provider you pick. Factors like your citizenship and residency may also make a difference, so do remember to read all the eligibility requirements carefully before you apply.

Can I use my Canadian debit card in the USA? ›

The Cross-Border Debit service is an easy and secure alternative to carrying large amounts of cash when you travel. All you need is your debit card and Personal Identification Number (PIN) to access your primary Canadian banking or savings account¹ and make purchases at any of the 1,000,000 merchants in the U.S.

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.

Wise isn't a bank, however, Wise is a trusted Money Services transmitter that is regulated by Federal and State regulators.

U.S. Bank Canada, a division of U.S. Bank National Association (USBNA), is a Schedule 3 bank in Canada regulated by the Office of the Superintendent of Financial Institutions (OSFI).

Yes, a foreigner can open a bank account in the US without needing a US address. However, not all banking institutions allow for it. Even traditional banks that do offer accounts to non-residents often have requirements – like opening the account in person – that make it difficult for non-residents to apply.