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School me on US Bank Accounts School me on US Bank Accounts
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Old 07-11-2017, 04:50 PM   #1
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School me on US Bank Accounts
School me: I have a ton of US cash sitting around and I'm looking to open up a US bank account. Interest isn't a huge deal to me; I'm looking to make life easier during any of my trips down south.

Looking for any input and first hand experience from any RS members who frequently bank in 'murica.
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Old 07-11-2017, 08:42 PM   #2
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RBC, TD and BMo all have US/CA borderless accounts with their US affiliate (RBC USA, sold to PNC) and subsidiaries (TD US/BMo Harris) that let you quickly move money across the border.

Alternatively, if you want a true USA account, bring 2 pieces of ID and head down to any US banks of your choice in WA. They deal with a lot of Canadians... so it's not strange to them. They are just required by law to "know" their customers.
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Old 07-11-2017, 10:59 PM   #3
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RBC Bank Georgia does it for me. I'm happy that they allow you to your billing address to the USA when you come across websites that only accept & deal with american credit cards.
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Old 07-11-2017, 11:35 PM   #4
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banner bank in point roberts. it's inside the grocery store. just bring 2 sets of photo id. you can sign up for their credit card as well which has $0 fees per year and you can get 1% cashback on purchases. their regular banking plan has no fees either. lots of canadians use them plus you can put your paypal to it.
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Old 08-11-2017, 08:04 PM   #5
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I'd strongly recommend against opening an account at a US bank (in the US) unless it's not a lot of money.

A friend of mine had some tax implications as a result that caused more headaches than it was worth. There was interest income from the account that he didn't file and the IRS ended up making his life a pain the ass for virtually a few thousand dollars.

Best bet is to open a US account with a Canadian Bank and get a US credit card from a Canadian Bank or from a Canadian Division of a US entity.

Example: AMEX Issued in Canada but is in USD or US Mastercard issued from BMO.

With my AMEX, I get billed in USD and pay it from my US account at Harris.

You can also overpay your US CC with USD and take cash-advances in the US (some places charge some don't).
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Old 08-14-2017, 09:43 AM   #6
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exactly what Marco said...

USD account in canada and get a USD credit card

we've got them from BMO
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Old 08-14-2017, 10:03 AM   #7
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what are if any, high interest USD accounts. max i have seen is .5-.7

i do have a BOA account that i use for purchases down south. (no interest or fees)
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