American Bank Account

Hi to my fellow Canadians

I need to know:
  What have you done about opening an American Bank Account

Thanks for your help and advice!
regards, pdq
(peter)

    As a retired Scotiabanker I have resisted the urge to open an account using the affiliated Bank of America connection which allows me to withdraw from my Scotia account without fees.  However, the best way that I have heard of is to open a US dollar RBC account and obtain an RBC Visa card.  That way you can convert to US funds when exchange rates are favourable, put the money in the RBC account, use the Visa card and pay it on-line from the US dollar account.  You have direct access to the account in the eastern US where the RBC runs RBC Centura, but they are not located anywhere else.  TD & BMO have some retail operations in the US, but to this point their access is much more limited.
    The alternative is to open an account with a US national bank such as Wells Fargo or Bank of America and bring a bank draft to deposit, but be prepared to explain where the money has come from as a result of Anti money laundering legislation financial institutions are required to ask lots of question.

Ed 

thanks for this Ed - most appreciated

pdq

Hfx_Cdn said:

    ...put the money in the RBC account, use the Visa card and pay it on-line from the US dollar account.  You have direct access to the account in the eastern US where the RBC runs RBC Centura, but they are not located anywhere else.  TD & BMO have some retail operations in the US, but to this point their access is much more limited.
   

Click to expand...

Can anyone translate this into American?

seilerbird said:

Can anyone translate this into American?

Click to expand...

LOL....

they are names of banking institutions....
RBC = Royal Bank of Canada
TD = Toronto Dominion
BMO = Bank of Montreal

I have a question about foreigners settings up banking accounts, is it easy?  When we sold our house and didn't have a permanent address, we couldn't open an account using our P.O. Box in our new town.  We had to use our kids permanent residence as our address.  The banking institution told us that since 9/11 you couldn't have an account unless you had a permanent address.  So those who come from out of the country, do you just give your home address in your country?

Marsha~

Marsha, FWIW when we first came to CA as UK citizens, we had no trouble opening a bank account here. It probably helped having a VP in our company introduce me to a VP in the bank. But, the bottom line (at that time) was that anyone could open a bank account. Note that, although we were here legally, we didn't qualify for "permanent residence" nor for "legal alien/green card" status. We were here legally, but I used to joke that we were "illegal aliens".

I wouldn't say that in today's world and, in any event, we're naturalized US citizens with cherished "Welcome to the USA" letters signed by The Gipper..

Tom, you had better carry that letter with you if you come back to AZ

Ned, I'm going to sign up for an ESL class. Arnold also said I can get a CA driver's license. That combination should eliminate the need for carrying the letter.

How's your Spanish?

That's another class I plan to take.

    Marsha, it is much more difficult to open an account than it used to be, but you should be able to do so with proper identification.  Financial institutions around the world are governed by what is called the "Basil Accord", which was agreed to in Basil Switzerland.  It's main purpose is to stop money laundering, so they may put bureaucracy ahead of common sense, but eventually it should be do-able, that is if you can prove you're not a terrorist or a drug dealer.  (Or maybe an illegal in Arizona) 

Sorry.

Basel - city in Switzerland, where the Bitzbank (sp?) is based for the international clearing of funds, one of the issues of working for that bank (it is closer to an international organisation than a bank if truth be told) is you dont pay tax  so when you leave the bank you dont qualify for the social benefits.
Basel is based on the borders between, France, Germany and Switzerland, it is quite a pleasant city and the views of the gorge are lovely.

Basil - herb

Interesting topic. As a Canadian living in Canada right next to the US border ... I felt it would be convenient for me to have a US Bank Account in the US. I generally go "over the river" (cross the Niagara River via a one of the four International bridges in the Niagara area) two or three times a week. I have friends nearby and I have got my gas in the US for years ... make that decades.

There was really no problem opening an account. The one issue that presented a minor problem was that I didn't have a US SSN (Social Security Number). I have the Canadian SIN (Social Insurance Number). At the time the bank just issued me a nine digit bank number that they told me to use. I have since applied for and received a non resident TIN (Tax Identification Number) which is basically a SSN number for non residents who do not work in the US. (required to satisfy the requirements of the IRS regarding any interest that might be earned on accounts).

Anyway ... the long and short of it is that I have had this account for 10 or 15 years. I use it mostly for on-line banking to pay US VISA accounts (yes I use US Credit Cards when travelling in the US, instead of CDN cards that charge a foreign transaction fee.)

I also have the bank's Debit Card which is different than the CDN debit card, but it allows me to withdraw funds from ATM machines in the US or use as a credit card at some locations.

I have a checking and savings account.  There was one fly in the ointment. I really don't understand why ... but in order to do on-line banking I had to have a US address. No problem, I use a friends.

All in all it has been very convenient for me and I "wouldn't leave home without it."

thanks Karsty
great info
pdq

Hey, my 2 cents worth.
So we went to BofA adnd open a checking a/c - UK address, US mailing, no S.S., but passport. They charge $5 p.m., but they have a scheme whereby the charge is waived if we opt not to use teller services (don't ask). Comes with checks, ATM debit card and online banking. Uses a pin number for gas stations. The bank A/C can be paid into using ATM (of course you have to be in the country for that) or Paypal.
They biggest problem with U.S. money is using our UK Credit card online to buy in America, as they inevitably ask for a zip code for the card, of course we don't have one, but the debit card has the mailing address zip code, which makes everyone happy.
Just hope this solution holds together till the next terrorist/banking crisis.

Another solution:
We have also made wider use of cash cards. Buy a $ currency card in your home country, you can top it up online. Look for a card with a good rate of exchange (I mean the % they take for changing the money, some cards are as little as 1% off the true exchange rate, some can be 3 or 4%), and also zero charges for using an ATM.
To buy a cash card in the U.S. is not as easy, requiring an S.S. number (if I remember rightly). Though of course you can buy 'gift cards' at places like Walmart, which again you can top up.
Of course you could just give me your money and I will bring it into the U.S. and spend it for you as well.