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USA Bank Account for Canadians: How, Why, and Where

Whether you’re making a move stateside, or you’re planning to do some cross–border banking, you’ll need to learn more about US banks. Opening an account will bring a multitude of benefits, because as you’ll know with our favourite Canadian specific stores, sports, and traditions, they’re just not the same south of the border!

How To Open Your US Bank Account Policies will vary from bank to bank, but all you really need to open a bank account is valid ID (passport, driving license, etc.), alongside your usual deets and your employment info. If you’re opening from a Canadian address, note that while you’ll be able to get an account, you might not gain every service, like online or mobile banking. That’s because you’d need a valid US social security number.

Why Would You Open A US Bank Account? Aside from the simple “I work there,” or “I’m moving there,” lets dig a little deeper!

You work within or own a business within the US: having a bank account within the US means that you can easily deposit cheques and make withdrawals without the issues of time and fees.

You travel to the US frequently: If you find yourself enjoying time in the States a lot, having an account there means that you avoid having to convert from Canadian dollars to US and paying transaction fees. You can also make it easier to access your money.

You own real estate in the States: Owning a bank account within the states will give you the ability to apply for US loans—which is much easier than navigating cross–border. Paying your mortgage is much easier too.

You want to build a financial history within the US: If you’re planning on eventually moving to the US or you know you’ll need to try and get a loan there, taking the time to build a financial history is 100% beneficial.

Where Can You Open Your US Bank Account? If you plan to open a US account while you live in Canada, here are your best options for great cross–border banking with benefits!

TD Bank: They’re partnered with TD Canada Trust.

RBC Bank: They’re partnered with RBC Royal Bank, and you can open an account online and immediately use your US address.

CIBC US: They’re partnered with CIBC, and you can create the account with your US address.

BMO Harris: They’re partnered with the Bank of Montreal. You can open an account over the phone, and easily change it to a US address.

What You Need To Know

The bank you choose to open a US account will depend on what you’re looking for most. Most of the time it’s best to go with your primary Canadian bank and use their US partner, but once you’re set up, you can switch. Some banks will offer better customer service, others offer great fees on wire transfers. Be sure to do further research, know all your options, and remember Green Mortgage is here if you decide to buy stateside.