How To Open A U.S. Bank Account: Step-by-Step Guide For Canadians & Non-Residents 2025

How to Open a U.S. Bank Account: Step-by-Step Guide for Canadians & Non-Residents

Published on June 19, 2025 | By WealthFusions Finance Team

🏦 How to Open a U.S. Bank Account: Step‑by‑Step Guide for Canadians & Non‑Residents

1. Choose the Right Bank

Look for U.S. banks with international branches (e.g., TD Bank, RBC Bank)
Consider online banks that accept non-residents (e.g., Wise, Mercury)
Check for no‑fee international wire transfers and ATM access

2. Prepare Required Documents

You’ll typically need the following:

Document	Purpose
Passport	Proof of identity
Secondary ID	Driver’s license or provincial ID
Proof of Address	Utility bill or bank statement (Canada or U.S.)
U.S. Tax ID (optional)	Needed for interest-earning accounts (TIN or ITIN)

3. Apply In‑Person or Online

In-branch: Visit border-area branches with your documents
Online: Many online banks allow Canadian IDs — just upload verified documents

💡 Quick Tip: Applying in-person at U.S. border branches often removes the need for a U.S. address.

4. Make an Initial Deposit

Minimum deposits range from $0 to $1000 depending on bank
Transfer via international wire or cheque from Canada
Online banks may allow debit-card funding instantly

5. Activate & Manage Your Account

Set up online banking and mobile app
Order debit cards and enable ATM and purchase alerts
Link with Canadian financial tools (e.g., Wise, Mint) for seamless transfers

✅ Remember: U.S. accounts may generate IRS reporting (1042-S, 1099-INT). Use an ITIN to avoid backup withholding.

6. Utilize Smartly

Use U.S. account for U.S.-based payments, subscriptions, or investments
Take advantage of FDIC insurance (up to $250,000)
Consider opening a multi-currency account for flexibility

Opening a U.S. bank account as a non-resident—especially for Canadians—can be a strategic move if you frequently travel, invest, study, or do business in the U.S. This guide walks you through step-by-step instructions, required documents, and bank options that support non-residents. Whether you’re in Canada or overseas, here’s how to open a U.S. bank account safely and efficiently in 2025.

Why Open a U.S. Bank Account?

Save on exchange rates when paying in USD for shopping or travel.
Receive U.S. payments (from employers, clients, or affiliate programs).
Invest in U.S. real estate or stocks without foreign currency delays.
Avoid foreign transaction fees on U.S. subscriptions and online purchases.

Step 1: Choose the Right U.S. Bank

Some U.S. banks allow Canadians and other non-residents to open accounts remotely, while others require an in-person visit. Here’s a comparison of popular options:

Bank	Remote Opening	Monthly Fee	Minimum Deposit	Cross-Border Support
TD Bank (U.S.)	✔️ (from Canada)	$0–$15	$0–$100	✔️ TD Canada–U.S. account link
RBC Bank (U.S.)	✔️	$0–$9.95	$0	✔️ Transfers between RBC CA/US
Wise (formerly TransferWise)	✔️	$0	$20 (initial load)	✔️ Multi-currency account
Chase Bank	❌ (in-person only)	$12 (waived with $1,500 balance)	$25	Limited
Bank of America	❌ (in-person only)	$12 (waived with $1,200 balance)	$100	Limited

Tip: For Canadians, RBC U.S. and TD Bank U.S. are the easiest and most cost-effective options.

Step 2: Gather Required Documents

Whether you’re opening an account in person or online, you’ll typically need:

Primary ID: Passport or U.S. driver’s license (if applicable).
Secondary ID: Canadian driver’s license, PR card, or SIN card.
Proof of address: Utility bill, lease agreement, or bank statement (must match your name).
U.S. mailing address (if required): Can be your hotel, friend’s, or a mail forwarding service like Shipito or Planet Express.
U.S. Tax ID (optional): Not required for most personal accounts, but may be needed for business or high-yield savings.

Step 3: Complete the Application

Depending on the bank, you can apply:

Online: RBC U.S., TD U.S., Wise (fully digital with verification).
In-person: Visit a U.S. branch with your documents.
Via phone: Some banks allow you to start over the phone, then mail documents.

Pro Tip: Use your Canadian bank’s cross-border support team to walk you through the setup. RBC and TD both offer bilingual advisors.

Step 4: Fund Your Account

Once the account is open, you can fund it via:

Wire transfer: From your Canadian account (fees may apply).
Cross-border transfer: RBC and TD allow free CAD→USD transfers between linked accounts.
ACH transfer: If you already have a U.S. account or employer paying you in USD.

Note: Check the daily/monthly limits and exchange rate margins before sending large amounts.

Step 5: Activate Online Banking & Debit Card

After funding:

Log into your online/mobile app using credentials provided by the bank.
Set up 2FA (Two-Factor Authentication) for security.
Activate your debit card via phone, app, or ATM (if applicable).
Order cheques or enable mobile cheque deposit for personal use or rent payments.

Fees, Taxes & Compliance

Some important financial rules to keep in mind:

Account maintenance fees: Avoid them by maintaining required balances or opting for no-fee options like Wise.
Foreign Account Tax Compliance Act (FATCA): U.S. banks may ask you to sign a W-8BEN form to declare non-residency.
CRA/IRS Reporting: Canadians earning U.S. interest may have to report income to CRA and possibly IRS (consult a tax professional).

Best for Canadians: RBC U.S. vs. TD U.S.

Feature	RBC Bank (U.S.)	TD Bank (U.S.)
Open from Canada	✔️	✔️
Free CAD→USD transfers	✔️	✔️
USD Credit Card available	✔️	✔️
Online bill payments	✔️ (U.S. only)	✔️
Monthly Fee	$0–$9.95	$0–$15

Conclusion & Next Steps

Opening a U.S. bank account as a Canadian or non-resident is easier than ever, thanks to digital options and cross-border services. Whether you’re managing investments, studying, or doing business in the U.S., having a local account gives you more control and fewer fees.

Need help choosing the right U.S. account? visit our blogs today and get personalized support based on your goals.

Frequently Asked Questions

1. Can I open a U.S. bank account from Canada?: Yes, through banks like RBC U.S. and TD U.S. that offer cross-border services.
2. Do I need a U.S. address?: Some banks require it, but you can use a mail forwarding service or hotel address for account setup.
3. Will I need a Social Security Number (SSN)?: No, most personal accounts for non-residents can be opened without an SSN using a passport.
4. Is Wise a real U.S. account?: Yes, it gives you U.S. account and routing numbers, useful for receiving ACH payments like PayPal or freelance income.
5. What’s the cheapest way to send CAD to my U.S. account?: Use cross-border accounts (RBC/TD) or fintech services like Wise for the best exchange rates and lowest fees.
6. Are these accounts insured?: Yes, most are FDIC-insured up to $250,000 per account category.
7. Can I use my U.S. debit card in Canada?: Yes, but foreign transaction fees may apply unless it’s part of a cross-border plan.
8. Do I need to report my U.S. account to the CRA?: Yes, if you earn interest or hold significant foreign assets, you must declare it in your Canadian tax return.