Can a US Citizen Open a Bank Account in Canada? Here’s What You Have to Know

Opening an account in a different country may seem like a difficult task. However, the truth is the process is straightforward, especially in a country with a solid banking system. And Canada makes no exception. So, can an American open a bank account in Canada?

Americans can open bank accounts in Canada. Even if you’re not a resident or a dual citizenship holder, you can still open an account in Canada. Like for most other countries, requirements may vary from one institution to another, not to mention the type of account you want to open.

These being said, here’s what you need to know about opening an account in Canada.

Requirements for Residents​

The process varies based on whether or not you’re in Canada. You can open an account as a resident once you get to Canada. However, if you’ve managed to obtain residency, you can also open an account before you even get there.

For instance, you can open an international account before coming to Canada. Once you're in Canada, you can turn it into a regular bank account. However, the process can be easier if you find a Canadian bank with an American branch.

There's also the possibility of starting the process online, but you can complete all the verifications in person once you're in Canada. Of course, doing it entirely after you arrive in Canada is much easier.

Documents​

Generally speaking, you'll need two different forms of identification. One of them is the ID. Since passports are internationally recognized, they are by far the best document to use when opening a bank account in Canada as an American.

The other form of identification is proof of address. Since you’re a Canadian resident, you should have an address. Proof of address goes in more directions. Most commonly, you’ll be asked for one or two bills in your name.

A social insurance number may also be required. You can get one if you have a study or work permit.

How to Open an Account​

Here are the steps to open a bank account in Canada as a resident.

• Choose a bank. There are quite a few banks out there, including banks with branches in the USA. The RBC, TD, BMO, CIBC and Scotiabank are considered the five biggest banks in Canada.
• Some branches may allow you to walk in and sign up for an account. Some others require an appointment. You can also open an account over the Internet or by telephone, but you’ll still have to send the required documents in.
• Once your account is ready, you’ll get the card and PIN code within a few working days. However, the account can be opened straight away.

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Requirements for Non-Residents​

Non-residents may face more challenges when opening a bank account in Canada. Luckily, there are a few banks out there that cater specifically to non-residents or newcomers. As a non-resident, you’ll also have to take your immigration status into consideration.

While some banks allow you to start your application online, before even getting to Canada, most of them will need to see you in person for the verification.

No matter which bank you choose or what type of account you require, double check the requirements upfront.

Documents​

Two forms of identification are required for both residents and non-residents.

Again, the passport is one of the strongest forms of identification out there. If you have an American passport, that’s the best document to provide. However, other forms of identification are also required, as long as they have a photo and they’re recognized.

For example, some banks allow you to get an account with your driver’s license.

The second form of identification is the proof of address. Since you’re not a Canadian resident, you’ll need to show proof of address from the USA. You may need to bring in more documents, so double check upfront.

Ideally, these utility bills in your name should be recent, usually within the last three months.

How to Open an Account​

Here are the steps to open a bank account in Canada as an American non-resident.

• Do your research regarding banks and their requirements. Smaller banks are likely to be more advantageous, whether it comes to fees, deposits and requirements.
• Start your application online. It’s by far the most convenient way to do it, yet you can also go in person. However, many banks require appointments upfront, so make a call and get an appointment. Even if you do it online, many banks will require you to come in person later for verification.
• Have your documents ready. Look up the official website of the bank and get all the documents. IDs must be valid. As for proof of address, utility bills should be recent. Get the most recent ones, normally within the last three months.
• Make a deposit. While this isn’t a general rule, some banks will require you to make a deposit before opening the account.

Apart from all these, it’s worth considering extras like fees, withdrawal limits and hold policies.

Alternatives to Classic Banks​

The so-called Big 5 banks in Canada aren’t always the best. Their requirements could be a bit strict as well. The main alternative consists of credit unions, which are nonprofit organizations allowing users to become members as well.

Online banks and neobanks offer a similar approach and even better deals than most banks, especially when it comes to transactions and fees. For example, while no longer available in Canada, Revolut can be used if you open an account in the USA.

Wise is another good option, especially if you tend to shop online or you’ll use your account both in the USA and Canada.

Other alternatives include:

• Simplii Financial
• Western Union
• EQ Bank
• Neo Financial

Which option is better depends solely on your personal needs, as well as banks’ requirements. If you can meet them, a traditional bank is the classic way to bank in Canada. If you’re more likely to spend money in other countries too or you don’t meet the requirements, neobanks could be better.

FAQs​

So, can a US citizen open a bank account in Canada?

Which Canadian banks have branches in the USA?​

TD and BMO have a solid presence in the USA. TD has over 1,100 branches in the USA. BMO is close behind, but CIBC is not to be overlooked either, serving customers from one coast to another. Generally speaking, big banks are more likely to have branches in the USA, while smaller banks are usually local.

How much money does an American need to open a bank account in Canada?​

It depends on the bank you choose and the type of account. Your immigration status is just as important in the process. For instance, you could open a savings account with as little as $25. You could also find banks offering accounts with no initial deposit, yet you might be charged monthly fees for maintenance. No matter what you need, research banks, their account types and features before signing up.

Can I withdraw money from a Canadian bank in the USA?​

Absolutely, assuming you have a card. Most cards carry the Visa and Mastercard logo, meaning they can be used in pretty much any country that has cash machines. Some ATMs charge fees though, but they’re mentioned upfront. You can also find Canadian ATMs from different banks throughout the USA. They’re likely to be free for bank customers.

What’s the minimum deposit needed to open a bank account in Canada?​

It depends on the bank you go to. Residents won’t normally be asked for deposits, although there are other fees they need to consider. International accounts or accounts for non-residents may have deposit requirements, but they vary from one bank to another. Generally speaking, there are no reasons to choose a bank with high deposit requirements, as there won’t be any major benefits anyway.