Rewards Sense Canada

U.S. Bank Accounts for Canadians

Are you a Canada resident who frequently travels to the U.S.? Do you live in the U.S. part-time? Do you need to transfer funds between U.S. and Canada? If the answer is yes, you probably want to open a U.S. bank account. We put together a list of U.S. bank accounts that Canada residents can easily open.

1. U.S. Subsidiary of Canadian Banks

Most Canadian Banks have partner/subsidiary in the U.S., and can open U.S. bank account for Canada residents.

CIBC and CIBC U.S.

As a CIBC Canada client, you can open CIBC Bank USA Smart Account with CIBC U.S. Features of CIBC Bank USA Smart Account:

  • Online Account Opening
  • No monthly fee
  • A refund for up to 4 ATM surcharge fees per month when you use non-CIBC ATM in the U.S.
  • Free Online Fund Transfer between CIBC Canada accounts and CIBC Bank USA Smart Account can be done instantly through CIBC Canada Online and Mobile Banking.
  • Free Zelle Fund Transfer (similar to Canada’s Interact Transfer) can be set up in CIBC U.S. Mobile Banking app without an U.S. address
  • No fees on inbound wire transfers.

Note: If you want to transfer USD between CIBC Canada accounts and CIBC Bank USA Smart Account without currency exchange, I would recommend to open US$ Personal Account which has no monthly and only US$0.75 fee per transaction.

If you are new to Canada and are interested to become a CIBC client, do sign up using my referral link and we both get $50. This is in addition to $350 welcome bonus from CIBC when you open a CIBC Smart Account for Newcomers and complete required activities specified in CIBC terms and conditions.

BMO Canada and BMO U.S. (formerly BMO Harris)

BMO U.S. has several checking accounts available for Canada residents, and BMO Smart Advantage Checking is the most popular one. You don’t need to be BMO Canada’s client to open an account with BMO U.S.

Features of BMO Smart Advantage Checking:

  • Account Opening through BMO Cross-Border Banking Hotline 1-888-214-6720. Online Account Opening is not available for cross-border applicants.
  • No monthly fee
  • No fees when you use any of the 40,000 Allpoint ATM
  • Free Online Fund Transfer from BMO Canada accounts to BMO Smart Advantage Checking account. However, Fund Transfer from BMO Smart Advantage Checking account to BMO Canada accounts require calling BMO Cross-Border Banking Hotline.
  • Free Zelle Fund Transfer (similar to Canada’s Interact Transfer) can be set up without an U.S. address
  • No fees on inbound wire transfers.

Note: BMO Canada offers BMO U.S. Dollar Account that has no monthly fee, but it requires you to have one of BMO Canada Chequing Bank Plans, which have monthly fee. Therefore, if you need to transfer US$ between Canada and US and don’t already have a BMO Canada Chequing Bank Plan, BMO Smart Advantage Checking is probably not a good choice.

TD Canada Trust and TD Bank N.A.

TD Bank N.A. has several checking accounts available for Canada residents. The most popular one is TD Complete Checking Account. You don’t need to be TD Canada Trust’s client to open an account with TD Bank N.A.

Features of TD Convenience Checking Account:

  • Online Account Opening
  • Low minimum daily balance (US$500) to waive US$15 monthly fee.
  • Free Online Fund Transfer between TD Canada Trust accounts and TD Bank N.A. Complete Checking Account can be done through TD Canada Trust Online and Mobile Banking, although the transfer usually takes several hours to 1 business day.
  • Free Zelle Fund Transfer (similar to Canada’s Interact Transfer), but it requires an U.S. address. You will need to call TD Cross Border Banking support line to add U.S. address to your profile in order to set up Zelle.

Note: If you want to transfer USD between TD Canada Trust accounts and TD Bank N.A. accounts without currency exchange, consider opening TD Canada Trust’s U.S. Daily Interest Chequing Account which has no monthly and US$1.25 fee per transaction. This transaction fee is waived if you maintain at least US$1,500. Alternatively, If you have many US$ transactions in Canada, consider opening Borderless Plan that has unlimited transactions but requires US$3,000 to waive US$4.95 monthly fee.

RBC and RBC Bank (USA)

As RBC Canada’s client, you can open a checking account online with RBC Bank (USA), but they both have monthly fees (US$3.95 and US$9.95 per month). RBC Bank (USA) has no physical branch in the U.S. Fund Transfer between RBC and RBC Bank (USA) can be done online instantly, but there is no Zelle Fund Transfer functionality.

National Bank of Canada and NatBank

NatBank offers several US checking account for Canada residents, but all of them require a relatively high minimum balance in order to waive monthly fee. NatBank only have branches in Florida. Fund Transfer between National Bank of Canada and NatBank costs $5.95 per transaction. NatBank does offer Zelle Fund Transfer functionality.

2. U.S. Banks

Some U.S. Banks, especially those with branches near Canada/US border, can open a bank account for Canada residents, but they usually require in-person visit. Below are some U.S. Banks that offer free checking account for Canada residents:

3. Wise Multi-Currency Account

Wise is not a bank, but it offers Multi-Currency Account with local account details in Canada, U.S., and other countries to support direct deposits, bill payment, and fund transfer (with small fee). The main benefits of using Wise is that it helps minimize currency exchange fees, so I would recommend to use Wise in conjunction with your other Canada and U.S. bank accounts.

If you open a Wise Multi-Currency Account using my referral link, you will get a fee-free transfer up to CA$800.

Conclusion

A U.S. bank account is essential for Canada residents for cross border banking. It is easy to open U.S. bank accounts, but you should take your cross border banking needs in to consideration when choosing the most suitable U.S. bank accounts

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