Yes, but you need an EIN and a US address

A Canadian company can open a US bank account, but most banks will not do it without an Employer Identification Number (EIN) from the IRS and a physical US address or mailing address. The EIN is a nine-digit number that identifies your business to the US tax system. You do not need to be a US citizen or resident to get one, and you do not need to have employees.

The address requirement varies by bank. Some will accept a US mailing address, a registered agent address, or a business address of a US subsidiary. Others require proof that you have a physical presence — an office, warehouse, or retail location — in the United States. A few banks will work with a Canadian address if you have an EIN, but these are less common and often come with higher fees or account minimums.

The process takes longer than opening a domestic account. Banks verify your EIN with the IRS, confirm your business structure, and often request additional documentation about the nature of your business and the source of funds. Plan for two to four weeks from application to account opening.

Key Takeaways

  • You must obtain an EIN from the IRS before most US banks will open an account for a Canadian company.
  • Most banks require a US address — either a physical location or a registered agent address — in addition to the EIN.
  • You will need to provide proof of your Canadian business registration, articles of incorporation or bylaws, and identification for the owner or authorized representative.
  • Account opening typically takes two to four weeks because banks verify your EIN and business details with the IRS.
  • Some banks charge higher fees or require larger minimum balances for foreign-owned business accounts.

Getting an EIN from the IRS

The IRS issues EINs to foreign businesses that have US tax obligations or want to open a US bank account. You can request one online through the IRS website, by mail, by fax, or by phone. The online method is fastest — you receive your EIN immediately after approval, usually within minutes.

To apply, you will need the legal name of your Canadian business, the name and Social Insurance Number (SIN) of the owner or authorized representative, the business address in Canada, and the intended US address (if you have one). If you do not yet have a US address, you can list the address where you plan to conduct business or use a registered agent's address.

The IRS does not charge a fee for an EIN. Once you have it, keep a copy in your records — you will need to provide it to the bank, and you will use it for any US tax filings or business transactions.

What banks need from you at application

Most US banks will ask for the following documents when you apply for a business account as a foreign entity:

  • Your EIN letter from the IRS
  • Proof of Canadian business registration (certificate of incorporation, articles of incorporation, or business license)
  • A copy of your bylaws or operating agreement
  • Government-issued photo ID for the owner or authorized representative
  • Proof of the US address (lease, utility bill, or registered agent letter)
  • A completed W-9 form (Request for Taxpayer Identification Number and Certification)
  • Beneficial ownership certification (FinCEN Form 114, required for most business accounts opened after 2024)

Some banks will also ask for a letter from your Canadian accountant or lawyer confirming your business structure, or a recent business license renewal. A few request proof that the funds you plan to deposit come from legitimate business operations — bank statements, invoices, or tax returns.

If you are opening the account on behalf of the company but are not the owner, bring a corporate resolution or board authorization letter stating that you have the power to open and manage the account.

Which banks accept Canadian companies

Large national banks like Chase, Bank of America, Wells Fargo, and Citibank all open accounts for foreign-owned businesses, but they have different requirements and fees. Chase and Citibank tend to be more flexible about accepting Canadian companies; Bank of America and Wells Fargo often require a US address or subsidiary.

Community banks and regional banks vary widely. Some welcome foreign business accounts; others do not. Your best approach is to call the business banking department at a few banks in the state where you want the account and ask directly whether they open accounts for Canadian companies without a US subsidiary.

Online banks like Mercury, Wise, and Brex have opened accounts for Canadian businesses, though their policies change. Mercury and Brex focus on tech and e-commerce companies and may ask detailed questions about your business model. Wise (formerly TransferWise) is designed for cross-border payments and is often the easiest option if you primarily need to move money between Canada and the US.

Costs and account minimums

Foreign-owned business accounts typically cost more than domestic accounts. Monthly fees range from $15 to $50, depending on the bank and account type. Some banks waive the monthly fee if you maintain a minimum balance — often $5,000 to $25,000 — or if you set up direct deposit.

Wire transfer fees are higher for foreign accounts at most banks. Incoming domestic wire transfers cost $0 to $15; outgoing wires to Canada cost $25 to $50. Some banks charge extra for ACH transfers to or from Canadian accounts.

If you use a registered agent to provide your US address, that service costs $100 to $300 per year. If you need a US mailing address but do not have a physical location, a virtual mailbox service costs $10 to $30 per month.

Alternatives if a bank account is difficult

If you cannot open a traditional bank account or the fees are too high, consider a US business payment platform. Wise Business offers a US bank account number and routing number for Canadian companies without requiring an EIN or US address — you can receive payments and send money to the US using your Canadian business information. Stripe and Square also issue US account numbers to Canadian businesses for payment processing.

Another option is to form a US subsidiary (an LLC or C-corporation in Delaware or another state). This takes two to four weeks and costs $100 to $500 in filing fees, but a US subsidiary can open a bank account much more easily and may may have access to for better rates. You would then need a US tax ID (EIN) for the subsidiary and a US address, but the subsidiary itself is a US entity.

If you only need to move money between Canada and the US occasionally, a cross-border payment service like Wise, OFX, or Remitly may be cheaper and faster than maintaining a bank account.

Tax obligations after opening the account

Opening a US bank account does not automatically create US tax obligations, but it may trigger reporting requirements. If your Canadian company earns income from US sources — sales to US customers, rental income from US property, or interest on the US account — you must file a US tax return (Form 1120-F for corporations or Form 1040-NR for sole proprietors).

You will also need to file FinCEN Form 114 (formerly Form 114) if you have financial accounts outside the US and meet the reporting threshold. Your accountant or tax advisor can tell you whether your situation requires this filing.

The US and Canada have a tax treaty that prevents double taxation on the same income, so you typically pay tax in one country or the other, not both. Consult a cross-border tax professional before opening the account to understand your specific obligations.

Frequently Asked Questions

Do I need a Social Security Number to open a US bank account as a Canadian company?

No. You need an EIN, which is different from a Social Security Number. The EIN is issued to businesses; a Social Security Number is for individuals. You will provide your Social Insurance Number (SIN) when you apply for the EIN, but the bank will use your EIN to identify your business account.

Can I open a US bank account without a US address?

Some banks will, but most will not. Wise, Mercury, and a few online banks accept Canadian addresses. Traditional banks almost always require a US address — either a physical location, a registered agent address, or a virtual mailbox address. If you do not have one, budget $10 to $30 per month for a virtual mailbox service.

How long does it take to get an EIN?

If you apply online through the IRS website, you receive your EIN immediately. If you apply by mail or fax, it takes two to four weeks. Once you have the EIN, the bank account application typically takes another two to four weeks.

What happens if my Canadian company has multiple owners?

You will need to provide identification for all owners and a corporate resolution or operating agreement showing their ownership stakes. The bank will ask who is authorized to sign checks and make withdrawals. Usually one person is designated as the primary account holder, and others are added as authorized signers.

Can I deposit Canadian checks into a US bank account?

Yes, but it takes longer and may cost more. Most US banks accept Canadian checks for deposit, but they take 10 to 15 business days to clear because they must be processed through the Canadian banking system. Some banks charge a $5 to $15 fee per check. For frequent cross-border deposits, a service like Wise or a cross-border payment platform is usually faster and cheaper.