Yes, but you need a U.S. address and tax ID first
A Canadian citizen can open a bank account in the United States, but most banks will not let you do it online or by mail. You will need to walk into a branch in person, bring a valid passport, and have a U.S. address — either a home address, a work address, or a mailbox service that the bank will accept. Some banks will open an account for you if you are a Canadian resident planning to move; others require you to already live in the U.S.
The second barrier is a tax ID. U.S. banks are required by federal law to collect either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you do not have an SSN, you will need to apply for an ITIN through the IRS before you open the account. This process takes four to six weeks by mail, or you can apply in person at an IRS office if you are already in the U.S.
The third barrier is FATCA compliance. The Foreign Account Tax Compliance Act requires U.S. banks to report accounts held by non-U.S. citizens to the IRS. This is not a barrier to opening the account, but it means the bank will ask you questions about your citizenship, residency status, and tax obligations in both countries. Answer honestly — banks verify this information.
Key Takeaways
- You must visit a U.S. bank branch in person with a valid passport and a U.S. address; online-only accounts are not available to Canadian residents.
- You need either a Social Security Number or an ITIN, which takes four to six weeks to obtain from the IRS if you do not already have one.
- Banks will ask about your citizenship and tax residency because U.S. law requires them to report foreign accounts to the IRS.
- Some banks have stricter rules for non-residents; regional banks and credit unions may be more flexible than national chains.
Getting an ITIN if you don't have a Social Security Number
An ITIN is a nine-digit number issued by the IRS to non-U.S. citizens who have a tax filing requirement or need to open a bank account. You apply using Form W-7, which you can submit by mail to the IRS or in person at an IRS office, a Taxpayer Assistance Center, or an authorized acceptance agent (usually a tax preparation firm or community organization).
By mail, the process takes four to six weeks. The IRS will send you a letter with your ITIN. You will need to include your passport, a completed Form W-7, and proof of your Canadian address. If you are already in the U.S., you can apply in person at an IRS Taxpayer Assistance Center in most major cities; this can speed up the process, though you will still wait for the IRS to mail your ITIN.
Once you have the ITIN, bring it to the bank along with your passport and proof of your U.S. address. The bank will use it to file the required reports with the IRS. Keep a copy of your ITIN letter in a safe place — you will need it for tax filings in both countries.
Which U.S. banks will accept Canadian residents
Large national banks like Chase, Bank of America, and Wells Fargo have inconsistent policies. Some branches will open an account for a Canadian with a U.S. address; others will not. Call the specific branch where you plan to open the account and ask whether they accept non-residents or Canadian citizens without an SSN.
Regional banks and credit unions are often more flexible. If you are moving to a specific state or city, ask locals or search online for credit unions in that area — they often have fewer restrictions than national chains. Some credit unions will open an account for you if you have a U.S. address, even if you are not yet a resident. Credit unions also tend to have lower fees and may waive monthly maintenance charges for new members.
Online-only banks like Ally, Charles Schwab, and Discover do not accept applications from people outside the U.S., and they require a U.S. address and SSN or ITIN. You cannot open these accounts remotely as a Canadian.
What documents to bring to the bank
| Document | Why the bank needs it |
|---|---|
| Valid passport (Canadian) | Proof of identity and citizenship |
| ITIN or Social Security Number | Tax ID required by federal law |
| Proof of U.S. address | Utility bill, lease, mortgage statement, or bank statement dated within the last 60 days |
| Proof of Canadian address (optional) | Some banks ask for your home address to verify your background |
Call the bank before you go in and ask what they accept as proof of address. A utility bill or lease in your name is strongest. A mailbox service address may work, but some banks will not accept it. If you are staying with a friend or family member, ask whether the bank will accept a letter from them confirming your address, or whether you need to be on the lease or utility bill yourself.
Bring the original documents, not copies. Banks will make copies for their records, but they need to see the originals to verify they are genuine. If any document is in French, bring an English translation certified by a translator.
Reporting requirements and tax obligations
Once you open a U.S. bank account as a Canadian, you have tax obligations in both countries. The U.S. requires you to report the account to the IRS if the balance exceeds certain thresholds. Canada requires you to report foreign bank accounts to the Canada Revenue Agency (CRA) on your annual tax return.
The Foreign Bank Account Report (FBAR) is required if you have more than $10,000 USD in foreign accounts at any time during the year. You file this with the U.S. Treasury Department, not the IRS. The deadline is April 15 of the following year, with an automatic extension to October 15.
Canada requires you to report foreign property, including bank accounts, on Form T1135 if the total value exceeds $100,000 CAD. This is filed with your annual tax return. Penalties for not reporting are steep in both countries, so file on time even if you think the threshold does not apply to you. Consider working with a cross-border tax professional who understands both U.S. and Canadian requirements.
Fees and account minimums
U.S. bank accounts often have monthly maintenance fees ranging from $0 to $15, depending on the bank and account type. Some banks waive the fee if you maintain a minimum balance (usually $500 to $2,500) or set up direct deposit. Others charge the fee regardless.
Overdraft fees are common and can be $25 to $35 per transaction. ATM fees vary: your bank's ATM is free, but using another bank's ATM usually costs $2 to $3. Some banks reimburse out-of-network ATM fees; others do not. International wire transfers to Canada typically cost $15 to $50, and the exchange rate the bank uses may be less favorable than the mid-market rate.
Ask the bank about all fees before you open the account. Compare the total cost of maintaining the account over a year, not just the monthly fee. If you plan to transfer money to Canada regularly, ask about wire transfer fees and exchange rates.
Frequently Asked Questions
Can I open a U.S. bank account online as a Canadian?
No. U.S. banks require in-person verification for non-residents. You must visit a branch with your passport and proof of a U.S. address. Online-only banks do not accept applications from outside the U.S.
Do I need to be a U.S. resident to open an account?
Not always. Some banks will open an account if you have a U.S. address, even if you are not yet a permanent resident. Call the branch first to confirm their policy. A mailbox service address may work, but ask before you rent one.
How long does it take to get an ITIN?
By mail, four to six weeks. In person at an IRS office, you can apply the same day, but you still wait for the IRS to mail your ITIN. Plan for six weeks total from application to receiving your number.
Will opening a U.S. bank account affect my Canadian taxes?
Yes. You must report the account to the CRA on your annual tax return if the balance exceeds $100,000 CAD. You also file an FBAR with the U.S. Treasury if the balance exceeds $10,000 USD. Talk to a tax professional in both countries before you open the account.
What if the bank rejects my application?
Try a different bank or a local credit union. Policies vary widely. If you are moving to a specific city, contact the credit union or regional bank there first — they often have fewer restrictions than national chains.