US$ Personal Account for Canadians (2024)

FAQs

Can a Canadian citizen have a US bank account? ›

Yes, non-U.S. citizens can open a bank account in the U.S. When you open a bank account at Bank of America, you'll need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and U.S. address.

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.

Using a US dollar account to receive, hold and spend dollars can cut the costs of currency exchange and make your foreign currency spending more convenient. All the major Canadian banks offer some sort of US dollar account.

No, it's not illegal for a U.S. citizen to have a foreign bank account.

Yes, you might be able to open a CAD account with your bank, depending on foreign currency accounts they support. You can also check out online multi currency accounts such as Wise and Revolut.

RBC, TD, CIBC, and BMO allow Canadians to open U.S.-based bank accounts with Canadian documents and without a Social Security Number (SSN). Having a U.S.-based account can make it easier to spend and save in the U.S., such as for travellers, snowbirds, investors, students, and those working in the U.S.

A US dollar account can be useful for both individuals and businesses who make USD payments, get paid in dollars or need to hold USD. Having a foreign currency account can make it easier to manage fluctuations in the currency exchange rates.

Deposit insurance covers the following types of deposits: savings and chequing accounts. Guaranteed Investment Certificates (GICs) and other term deposits. foreign currency (for example, US dollars)

What US banks have Canadian dollar accounts? ›

HSBC US. HSBC US offers a Global Money Account in 8 currencies including CAD. It's free to open the account, although you'll need an HSBC deposit account to link to it. This account is operated entirely from your phone or mobile device, which will suit people who need to manage their money on the go.

A U.S. dollar bank account is an account that holds U.S. dollars (USD) for you at your Canadian bank—no conversion to Canadian dollars (CAD) necessary. You might want to keep your USD in its native currency for the following reasons: You have U.S. clients that want to pay you in USD.

But the vast majority of Canadian banks have partnerships with US financial institutions that allows them to process US dollar-denominated funds. Many big banks in Canada even offer US dollar accounts for Canadian citizens and residents to simplify these cross-border transactions.

Low transfer fees: To keep costs down, prioritize low transfer fees and avoid expensive bank charges. The best way to buy USD in Canada is through an online foreign exchange service like MTFX.

Can a nonresident alien open a US bank account? If you're a non-resident alien you can still open a non US resident bank account, although your choices may be limited. For example, you may still need to provide a US address for correspondence, even if you're not living here full time.

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.

Even if you're not a Canadian citizen or live in another country, you can open a bank account as long as you have the proper identification. In Canada, you have the right to open a bank account, even if you: Don't have a job. Don't have money to put in the account right away.

You can – but only if you have a U.S. credit history and a U.S. address. If you only have a Canadian credit history you need to initiate the process with your Canadian BMOB M O Private Wealth Professional so that they can confirm your Canadian credit history with their U.S.U S colleagues who will start the application.