Can I open an US bank account online?
Some U.S. banks allow non-residents to open accounts online, while others may require an in-person visit. Banks that have cross-border services or partnerships with Canadian banks are more likely to facilitate this process.
You will typically need to provide identification documents, proof of address, and possibly a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Canadian residents might also need to provide additional documentation, such as a Canadian passport, proof of Canadian address, and sometimes a letter of reference.
You may be required to fill out U.S. tax forms, such as the W-8BEN form, to certify your non-resident status for tax purposes.
Are abroad accounts legal in Canada?
Canadians are legally allowed to hold bank accounts abroad. There is no prohibition against opening or maintaining foreign bank accounts.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.25% | 813 |
| 25,000 | 3.35% | 838 |
| 25,000 | 3.45% | 863 |
| 60,000 | 3.55% | 2,130 |
| 60,000 | 3.65% | 2,190 |
| 60,000 | 3.75% | 2,250 |
| 140,000 | 3.85% | 5,390 |
| 140,000 | 3.95% | 5,530 |
| 140,000 | 4.05% | 5,670 |
| 340,000 | 4.15% | 14,110 |
| 340,000 | 4.25% | 14,450 |
| 340,000 | 4.35% | 14,790 |
Are non-residents entitiled to open US bank accounts?
Yes, but the process can be more complex than for U.S. residents.
First, select a U.S. bank that has a presence in Canada or offers international banking services (TD Bank, Bank of America, HSBC or another).
You may need to visit a branch in person to open the account. Some banks may allow you to start the application process online or by phone, but an in-person visit is often required to finalize it.
Be prepared to make an initial deposit, which may vary by bank. Some banks have minimum deposit requirements to open an account.
Complete the bank’s application form and provide all necessary documentation, like passport, visa, and possibly a secondary ID like a driver's license, utility bills or rental agreements, ITIN (Individual Taxpayer Identification Number) or Social Security Number (SSN) if applicable, proof of employment or income documents.
What are the best global accounts for cross border banking?
For cross-border banking in Canada, the best global accounts offer convenience, low fees, and flexibility for managing finances across different countries are:
- HSBC Premier Account
- RBC Royal Bank U.S. Banking Package
- TD Bank Cross-Border Banking
- BMO Harris Bank U.S. Banking for Canadians
- Scotiabank Passport Checking Account
See the similar FAQ at the link:
- BMO RDSP
- BMO S&P 500 index ETF
- BMO SelectTrust portfolios
- BMO US dividend fund
- BMO US dollar monthly income fund
Details of companies offering the financial services:
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
National Bank
Head office’s address: 600 Gauchetiere St W, 4th Floor, Montreal
Contact center: 888-483-5628
Phone: 844-394-4494
Web-site: https://www.nbc.ca/en/personal.html
Swift code: BNDCCAMMINT
Stock code: NA
BSB: 006
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Windsor Family Credit Union
Head office’s address: 3000 Marentette Ave (Corporate & Administration Office), Windsor, ON
Contact center: 519-974-3100
Web-site: https://mywfcu.ca/