Web Hosting Talk : Web Hosting Main Forums : Running a Web Hosting Business : Canadian business needs US bank account

[Rehan]

Does anyone have recommendations for a good US-based bank that will allow Canadian residents to open business accounts?

I'm looking for something that's convenient and reliable, even if it costs a bit more than the cheaper banks.

Thanks.
Rehan

[akashik]

I know Wells Fargo offer International accounts. From a brief time emailing them, I think they main thing they want is three references from local banks in your country. There's probably a little more to it than that, but it seems the crux of it.

Greg Moore

[NMCB]

Try TD Waterhouse. Their US bank account is designed specifically for this. It's different than the US bank accounts available through TD Canada Trust and other Canadian financial institutions.

[Rehan]

Thanks for the suggestion... I already have a personal TD Waterhouse Bank, but I was looking for a business account. I don't think they offer those, do they? I guess I'll have to call and find out.

[jonglenn]

Harris Bank seems to offer them, I found that from this site. Let me know how it went as I am searching for a way to get a merchant account for an internet business which is what this website offers to Canadians. I haven't decided to go with them or not, I am still researching.

http://canada-cardservice.com/harris_bank.htm
http://canada-cardservice.com/

[Rehan]

I decided to go with PlanetPayment and an account with a Canadian bank. PlanetPayment's rates, if you're settling in Canadian dollars, are:

Monthly fee: US$25
Discount fee: 4.25%
Transaction fee: none

That's a very good deal for web hosting, which typically involves small monthly amounts. The other advantage is that you can accept payment in multiple currencies...you may lose a tad on the currency exchange, but it's still better than billing in Canadian dollars and upsetting your customers with currency exchange fees of 5% or more.