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  1. #1
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    Us bank account for canadian

    can someone recommendations for a Good US bank that will allow Canadian residents to open bank account.

    There few post, which some member driver to US to get an account. I live in Nova Scotia, it 2 day trip.
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  2. #2
    bank of america

  3. #3
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    Quote Originally Posted by gwin
    bank of america
    Do have any number i can call?
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  4. #4
    I don't think that you can Open a US bank account and not live there. But TD Canada Trust Has a U.S. Dollar Bank account

    http://www.tdcanadatrust.com/accounts/usaccount.jsp Or you can call them 1-866-222-3456

  5. #5
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    Thank you Tdothost


    I call TD, I dont think that i'm look for. They offer Canadian US account.
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  6. #6
    Join Date
    Sep 2006
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    Canada
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    Its been 4 years but I am pretty sure you have to have a Social Security Number in order to open a personal US Bank Account (kinda like we have to have a SIN in order to open a CDN bank account).

    The following is "Food for Thought and Somewhat of an idea that you should explore":

    If your plan is to open a US bank account so that you can then open a US merchant account then get a US payment processor ... the IRS is going to look at you like you are running your business out of the States and you are going to be liable for US taxes (as well as CDN taxes cause you live in Canada). The IRS makes the Canada Revenue Agency look like a pussy cat so be careful

  7. #7
    Join Date
    Aug 2004
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    Check out RBC Centura, it's exactly what you need

    http://www.rbccentura.com/

    I believe you can apply for an account at any local Royal Bank branch in Canada.

  8. #8
    For a personal bank account, I know some Canadians that have had good experiences with HSBC. They have a big presence in Buffalo. You would have to appear at the bank in person. Business bank accounts tend to be a lot tougher.
    Dave
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  9. #9
    check out the bank Citizens Bank. Its mostly in the North Eastern States, like NY , and VT

  10. #10
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    Aug 2002
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    for bank of america, you just visit any branch
    Offshore incorporation and bank accounts
    @offshoreoffer - offshore services, tax optimization info

  11. #11
    Join Date
    Dec 2000
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    Toronto, Canada
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    If you can't open the account in person in the US then http://www.rbccentura.com/ is your only option, AFAIK.

  12. #12
    Join Date
    Jul 2003
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    Castle Pines, CO
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    You might check with some of your local banks to see if they have a relationship with a US bank. Some of them do and this can help the US bank satisify the YKYC (you know your customer) regulation.

    Also, you might check out www.etrade.com - some merchants have had success in opening up accounts with them - depending on the type of account you need. Otherwise, if you are planning a trip, most bank will open an account for you that is not interest bearing. These will require a social security number usually

  13. #13
    Join Date
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    I have a first hand account of a Torontonian opening an account in Niagara Falls.

    Just drive down accross the border to the nearest Bank of America with sufficient ID. (Passport & driver's license.) You might also want to take a letter from your current Canadian financial institution saying you have an account there in good standing. BAM! Account open same day. Your visa check card mailed to your Canadian address in 2 days. Free withdrawls at Scotia bank ATMs. Can't get any easier.

  14. #14
    The rules for having a "business presence" in the US include more then just having a US account and a US merchant provider, etc...

    However, you should be sure to speak with your accountant about this, because you could really get in trouble if you are trying to "hide" your revenue from Canadian authorities by having a US account in the US, etc...

    Keep in mind that a lot of information exchange goes on between our lovely two countries, and it's a matter of routine for people to get busted for tax fraud and/or evasion by thinking they can hide income from the government.



    On that note, my understanding of US law (after 9/11) is that you must have a US social security number as well as a US point of presence (a US address) to get a US bank account.

    May I ask why you want to get a US account that is actually from a US bank, instead of just getting a USD currency account with a Canadian bank?
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  15. #15
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    Actually you do not need a social security number to get a bank account in the United States. It is a long, drawn out story but it can be done. If you go into the bank, the YKYC regulation has been satisfied. Most banks just tell you they need a SSN to help protect themselves, but they only need it if it is an interest bearing account. In actuality, if the banks demand a SSN, they must post this in a manner that can be seen before entry. The SSN was created year ago for one purpose and now that number has been overused by most institutions.

  16. #16
    Quote Originally Posted by Corey Bryant
    Actually you do not need a social security number to get a bank account in the United States. It is a long, drawn out story but it can be done. If you go into the bank, the YKYC regulation has been satisfied. Most banks just tell you they need a SSN to help protect themselves, but they only need it if it is an interest bearing account. In actuality, if the banks demand a SSN, they must post this in a manner that can be seen before entry. The SSN was created year ago for one purpose and now that number has been overused by most institutions.
    So you're saying that anyone can get a US bank account by just walking into the bank and asking for one?
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  17. #17
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    Yes, what he said is true.
    If you need a business checking account, then also a EIN is needed.
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  18. #18
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    Quote Originally Posted by mrzippy
    So you're saying that anyone can get a US bank account by just walking into the bank and asking for one?
    Correct. At that point, the YKYC regulation has been fulfilled. Bank of America is pretty good about opening this type of account.

    The EIN is probably needed for that type of account but if you are a sole proprietorship, I am not certain if it is needed. But the EIN is easy enough to get and usually you get it immediately online.

    And I finally found the other posts that I was searching for (I knew it was Blues something but just could not remember):
    Opening an american bank account in person
    How I opened my US bank account (in person)

    Those threads might help out some as well.

  19. #19
    I can confirm that you do not need a SS ID for an account. I opened a normal current account with First Hawaiian Bank (all the normal toys like cheque books and cards) and Im English and definately dont have an SSID. They just put in a load of 8's. Unfortunately I dont believe they do it without you visiting a bank there. I know my local bank HSBC did advise me that they could forward a letter of reccomendation and all my documents FOC to a US bank and have an account opened there for me. Perhaps your local bank offer this service? Basically they guarantee you are who you say you are, but this is some time back (pre 9/11). AFAIK post 9/11 they (understandably) are very strict on the whole knowing your customer thing.

    Alternatively, if it is important to you and the drive is too much perhaps two overnight flights to the nearest US city, and hunt around for the cheapest fares?
    --
    Rich

  20. #20
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    That is another way actually. Talk to a few local banks. See if they have relationships with US banks. Some of them do. One client actually was very surprised to find out that a bank just down the street from him was able to help him open up a US bank account.

    There are a few ways and then of course there are some sites. Having never used any of those sites, I could not recommend them of course.

    There has always been a YKYC regulation for quite sometime, even before 9/11. But a lot of banks really did not follow that regulation as much as they do today

  21. #21
    Join Date
    Oct 2006
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    37
    Quote Originally Posted by WN-Ali
    Check out RBC Centura, it's exactly what you need

    http://www.rbccentura.com/

    I believe you can apply for an account at any local Royal Bank branch in Canada.
    Yes! Royal Bank has the US bank account which is called centura checking account.

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