Yes, but you will need a U.S. address and tax identification

A Canadian resident can open a U.S. checking account, but the process is more restricted than it is for U.S. citizens. Most U.S. banks require a U.S. physical address — a mailbox or UPS store address does not work — and a U.S. tax identification number. If you live in Canada full-time, you will need either an Individual Taxpayer Identification Number (ITIN) or an Employer Identification Number (EIN) to satisfy the bank's identity verification requirements.

The second barrier is that many large banks have tightened their policies on non-resident accounts since 2010. Some will not open accounts for anyone without a U.S. Social Security Number. Others will open accounts but require a minimum balance of $1,000 to $5,000 and charge higher monthly fees. A few regional banks and online banks still accept Canadian residents, but you will need to contact them directly to confirm their current policy.

Key Takeaways

  • You must have a U.S. physical street address — a Canadian address will not work, and neither will a mailbox-only address.
  • You will need a U.S. tax ID number, either an ITIN (Individual Taxpayer Identification Number) or an EIN, which you can request from the IRS before opening the account.
  • Large national banks like Chase, Bank of America, and Wells Fargo typically do not open accounts for non-residents; smaller regional banks and some online banks are more likely to accept you.
  • You will need to provide proof of identity (passport), proof of address (utility bill or lease), and your tax ID number when you open the account.
  • Some banks will require you to open the account in person at a branch, which means traveling to the U.S. or using a relative's address if you have one.

Getting a U.S. tax identification number before you apply

The IRS issues an Individual Taxpayer Identification Number (ITIN) to foreign nationals who need to file U.S. taxes or open financial accounts. You do not need to be employed in the U.S. to request one. You can apply by mail using Form W-7, which you send to the IRS with a copy of your passport and proof of the reason you need the number (in this case, opening a bank account).

The process takes four to six weeks by mail. You will receive your ITIN by mail at a U.S. address you provide on the form — this is where the circular problem begins: you need a U.S. address to receive the ITIN, but you may need the ITIN to open an account. If you have a relative or friend in the U.S., you can use their address to receive the ITIN, then use that same address (or a different one) when you open the bank account.

An alternative is to apply for an ITIN in person at an IRS Taxpayer Assistance Center in the U.S., which takes one day. You will need to bring your passport and a letter from the bank stating that you need the ITIN to open an account. Not all centers offer this service, so call ahead to confirm.

Which banks will accept Canadian residents

Chase, Bank of America, Wells Fargo, and Citibank have largely stopped opening accounts for non-U.S. residents, though their policies vary by state and change frequently. Before you spend time gathering documents, call the bank's customer service line and ask directly whether they will open an account for a Canadian resident with an ITIN. Be prepared for the answer to be no.

Regional banks and credit unions are more likely to accept you, especially if you have a U.S. address in their service area. Charles Schwab, Ally Bank, and some other online banks have historically been more flexible, but you should confirm their current policy before applying. A few banks will open accounts only if you visit a branch in person, which means you will need to travel to the U.S. or use a relative's address.

If you are opening the account to receive paychecks or business income from a U.S. employer, mention that when you call — some banks have separate policies for accounts tied to U.S. employment. If you are opening it only to hold money or transfer funds from Canada, the bank is more likely to decline.

Documents you will need to bring or mail

Most banks that accept Canadian residents will ask for the following:

  • A valid passport (Canadian passport is standard)
  • Proof of a U.S. physical address — a utility bill, lease agreement, or mortgage statement in your name, dated within the last 90 days
  • Your ITIN or Social Security Number
  • A second form of ID if the bank requests it (driver's license, provincial ID card)

If you are opening the account by mail, the bank will ask you to mail copies of these documents or upload them through their website. Some banks will notarize the copies themselves; others will ask you to have them notarized by a notary public in the U.S. or Canada before sending them. Ask the bank which documents need to be notarized before you send anything.

If you are opening the account in person, bring the originals and expect the process to take 30 to 60 minutes. The bank will verify your identity on the spot and may open the account immediately or send you a confirmation by mail within a few days.

Using a relative's U.S. address if you do not have your own

If you do not have a U.S. address, you can use a relative's address — a parent, sibling, or spouse who lives in the U.S. — as long as you can prove the address is real. The bank will mail statements and cards to that address, so you will need to arrange with your relative to forward mail to you in Canada or pick it up when you visit.

Some banks will accept a business address if you own a business in the U.S., even if you do not live there. If you are self-employed or own a company registered in the U.S., ask the bank whether a business address will work in place of a residential address.

Do not use a mailbox service, UPS store, or virtual address. Banks specifically exclude these because they cannot verify that you actually use the address. If the bank discovers you used a false address, they can close the account and report you to the IRS.

Transferring money from Canada to your U.S. account

Once the account is open, you can transfer money from a Canadian bank account using a wire transfer or an international ACH transfer. Wire transfers are faster — usually one to two business days — but cost $15 to $50 depending on your Canadian bank. International ACH transfers are slower (three to five business days) but cost less, usually $0 to $15.

Some Canadian banks charge a fee on their end, and some U.S. banks charge a fee on their end, so ask both banks what they will charge before you transfer. The exchange rate you receive depends on which method you use and which banks are involved; banks typically add a markup of 1 to 3 percent to the mid-market rate.

If you receive regular paychecks or payments from a U.S. employer or client, you can set up direct deposit to the U.S. account, which avoids the transfer fee entirely. This is one of the main reasons Canadian residents open U.S. accounts.

Keeping the account open while you live in Canada

Once the account is open, you can keep it open indefinitely as long as you maintain the minimum balance (if there is one) and do not let it sit inactive for too long. Most banks will close an account if there is no activity for 12 months, though some will close it after six months. Make at least one deposit or withdrawal every few months to keep the account active.

You will need to file a U.S. tax return each year if you have U.S. source income (wages, self-employment income, or investment income from U.S. sources). If you have no U.S. income, you do not need to file, but you should keep records showing that in case the IRS asks. A U.S. tax professional or accountant can advise you on your specific situation.

You will also need to report the account to the Canadian government if the account balance exceeds CAD $100,000 at any point during the year. This is done through Form T1135 (Foreign Income Verification Statement) when you file your Canadian tax return. Failure to report can result in penalties.

Frequently Asked Questions

Do I need a Social Security Number to open a U.S. checking account as a Canadian?

No, but you need a U.S. tax identification number. An ITIN (Individual Taxpayer Identification Number) works for most banks. Some large banks will only accept a Social Security Number, which you cannot get unless you are authorized to work in the U.S., so those banks will decline your application.

Can I open a U.S. account online without visiting the U.S.?

Some online banks will let you open an account entirely online, but most require you to verify your identity in person at a branch or through a video call with a notary. Call the bank first to ask whether they offer online opening for non-residents. If they do, they will walk you through the process.

How long does it take to open a U.S. checking account from Canada?

If you already have an ITIN, the account can open in one to five business days. If you need to request an ITIN first, add four to six weeks for the IRS to issue it. In-person applications at a branch are usually approved the same day.

What happens if the bank closes my account?

The bank will mail you a check for the remaining balance, usually within 30 days. If you have direct deposit set up, you should change it to your Canadian account before the closure takes effect. Some banks will give you 30 days' notice; others will close the account immediately if they discover you provided false information.

Do I have to pay U.S. taxes on money in a U.S. checking account?

No, the account itself is not taxed. You only pay U.S. taxes on income earned in the U.S. (wages, business income, interest, or investment gains). Money you transfer from Canada is not taxed by the U.S. government, though Canada may tax it depending on where it came from.