Let's just say...I wanted to open a bank account in Canada

I have no experience with regards to a U.S Citizen opening an account but I use TD Bank for my banking. Never had a problem with them to date.

 

Good day MB,

I believe you will need a Canadian social insurance number (SIN)....which is the same requirement (in which case you need your US SSN) to open up an account at a US bank (in the US ofcourse).

Perhaps call one of our Canadian banks and they will certainly tell you what you will need. As mentioned TD bank, Royal Bank of Canada (www.royalbank.com), etc

Cheers,

Sam

 

Each bank has a team of investment specialists who deal with foreign account. They will also advise of taxation issues.

I know RBC Bank has such....if you access their web site http://www.rbc.com/united-states.htm you will find more info.....

ps:I am not affiliated nor do I work for that bank.....good luck

if you need more specifics...pm me.

 

RBC is better for using the accounts within the US and Canada. I looked into this as a Canadian wanting to have access to my funds at any time in the US - they have branches in big cities south of the border. Scotiabank is also friendly for US use but mostly in BofA places due to their corporate affiliation.

 

You don't need an SSN for opening an account in the States, I have an account with Chase and all I needed was my Canadian driver's license (or Passport). I also have a visa for the States but they never asked for my SIN/SSN, maybe the visa offset the requirement?

To the OP, I'd defiantly call any of the banks here, because if the trend that I noticed is true, it's usually more stricter in Canada than the US to do anything essentially. Much easier (I find) banking in the US than here. Anyway, I mainly deal with Scotiabank and then Bank of Montreal and never had problems with either of them.

 

I work at a large Financial institution in Calgary, all you need to open an account is 2 pieces of ID. Acceptable ID is your Drivers Licence and your passport.

 

downtown Windsor, ONT. Chatham St. at Oullette St. Prior to 9-1-1 I was contemplating buying Canadian property (fishing) so I wanted an account over there. It was easy. Simply an "everyday checking account" but has an ATM card that is handy. I do think you'll find their general banking operations a tad behind the times, though, FWIW.

 

Not taking as criticism, but curious as to the reasoning behind that statement? Can you expand on that please?

Thanks
Chris

 

I have had a Royal bank US based account for a number of years. However that is changing as they have sold their US operations to another bank in Georgia earlier this year. Their service is not the same and will be charging fees where before I did not pay any.
Td is the better bank and has many more branches in the US. They are still working on connecting them together better. If the Royal hadn't sold I would have stayed with them.

 

Good day Sal,

I stand corrected. However, back in 2000 I needed my US SSN to open up an account at Citibank (Chicago)... maybe because I looked shifty ....

Recently, I had to open up another account (RBC) here in Canada and they also asked for my SIN... but then again they did not demand it, but asked for it and I gladly obliged.

Cheers,

Sam

 

I respect your opinion, but with the recent "hiccup" in the US economy (and the world for that matter) versus little old Canada and our banks that are still pumping out huge profits and are still going strong....not sure what you mean.

I ain't no economist. But it doesnt look too bad from what I see

 

My experience is the opposite. I bank in both the USA and Canada every week and I'm now splitting my time between both countries.

Canada had debit cards first, chip technology, internet banking, and the banking system in Canada is far more stable, Canadian money has the highest security features of any money on the planet, and the Canadian banks have far more security and stability in their loaning and mortgage policies.

I use TD America and TD Canada and the branch manager I deal with in the USA keeps asking me what the latest Canadian banking products and hardware are so they have a heads up on whats coming.

beev

 

You must mean behind the times as in they don't dole out huge amounts of money to anyone with a pulse?

 

And I just felt the poster alum was wrong, glad to have backup.

Not only the above great points, but also our governer of the Bank of Canada, Mark Carney, just accepted a job offer by the Bank of England as their governer. THAT right there says a lot about the confidence in and the credibility of the Canadian banking system.

Chris

 

My wife has worked in banking since the age 17. So after 20+ years I have a little bit of insight. I find he Canadian system is very innovative and always manages risk very, very well.

 

Just watched this report from The National. Quite alarming this could happen to someone!
http://youtu.be/IJOzPz43vZI

 

I have accounts with TD, Royal Bank and Bank of Montreal and can recommend any one of them (especially TD).

 

Their gain, our loss...

 

The canadian bank system is stronger, more stable and a lot more profitable because there's basically 7 banks in the country that control everything.

In the US, there are a lot more banks and the competition is more fierce so that can be beneficial to the consumer (less fees, easier to get a loan, etc..)

That may also have contributed to their downfall...

 

RBC has bailed out of the US - again last year. Scotia or TD would be best.

TD has a large branch network on the east coast and the theory is it's ubiquitous. You shouldbe able to access your TD account in any branch in either country.

Scotia quit the US in the 80s after the Robert Vesco scandal, but is now slowly opening up a brach here and there - mostly to support their Private Banking division.

Thought of the Bahamas instead of Canada?

 

As usual the Canadian BAnking system is not better, just behind the US. They have of recent done some pretty bone headed sub-prime stuff. CMHC is in trouble, just like the Frannys and Freddies from junk loans pushed on them by the banks.

It is a dirty little secret that the Canadian banks have been making loans without proper monetization. Just like in the US.

RBC has bailed from the US market because they have been caught selling ABCP junk to municipal and school board pension funds as AAA paper. The chickens are coming home to roost on this in the next year or so.

 

CIBC is great for me. Over 30 years and never a hassle. My kids are in their 20s and TD is always calling trying to sell them crap. CIBC called me once, I told them never to call me to sell me stuff again and they have never bothered me since.