Can a U.S. Resident Establish a Canadian $ Bank Account?

[eeyore]

I have Canadian-citizen siblings living in the U.S. who would like to have a Canadian-dollar bank account. Ideally, they would prefer an account in an institution in the U.S., but they've found it difficult to find such where they live in Maine. Does anyone know of any banks in Maine that offer this?

Failing that, is it possible to create such an account with a Canadian institution without physically travelling to Canada? (Some banks in Canada will allow the creation of an account if they show up in person with ID, etc., but I have not discovered any that allow setting up an account otherwise.)

Thanks for any help you can give.

[Canuck2]

In my experience, I've tried to do just that, and the Canadian Banks I spoke to insist that I show up in person to open up a Canadian Bank account (at least for the first one). After the first one, you can open up other accounts through your on-line access. (at least that's what RBC Royal Bank has told me over the phone).

:wink:

[exPenn]

I tried checking out some on-line Canadian Banks, like ING Direct Canada, but to open an account they all ask for a Canadian Social Insurace Number. This might be the biggest impediment to opening a Canadian account. Have you tried a TD (Toronto Dominion) Bank N.A. branch? They have branches all down the East coast, including Maine. TD advertises extensivly in Canada for cross-boarder banking, mainly for Canadian snowbirds who want to open an account in the States. They might be able to advise you how to do the inverse.

[eeyore]

[quote="exPenn"]To open an account they all ask for a Canadian Social Insurace Number. This might be the biggest impediment to opening a Canadian account. Have you tried a TD (Toronto Dominion) Bank N.A. branch? They have branches all down the East coast, including Maine. TD advertises extensivly in Canada for cross-boarder banking, mainly for Canadian snowbirds who want to open an account in the States. They might be able to advise you how to do the inverse.[/quote]

I just tried the ING Direct Canada site, and they also require a Cdn mailing address. That would be the most difficult requirement; both siblings have SIN numbers.

My sister tried TD bank in Maine, and they told her they did not offer CAD accounts.

[Canuck2]

You're right. TD Bank or RBC Bank in the USA will not open a Canadian account for you, even if you happen to be a customer of theirs in the USA. However, if you are a Canadian resident and have a SIN number, and are currently a customer on the Canadian side, no problem opening Bank accounts in US currency. That easy...But try going the other way, and it's almost impossible.

I understand that the Canadian Banking system is totally different from the American Banking system is totally different, with different rules, etc, but Canadian Banks' Cross-Border products are mainly geared to Canadian Snowbirds that want to spend the winter in Florida, Texas and Palm Springs, and be able to access their Canadian money while vacationing. They don't seem to care about US residents (Canadian citizens or US citizens) that are currently banking with TD Bank USA or RBC Bank Georgia NA) that may want to Canadian accounts to do cross-border banking the other way.

Surprisingly, when I looked at the TD Canada Trust site, they say that you need to be a Canadian resident with a SIN number in order to open a Canadian bank account. I didn't know that...

As for TD Direct Investing, don't even go there! As a Canadian citizen who is now a US resident, I tried signing up for TD Direct Investing for managing my Canadian Investments, and they won't let me do that, mainly because of Canadian and US SEC rules, etc, etc.

[eeyore]

I asked four Canadian establishments whether a Canadian citizen living in the U.S. could open an account without a Canadian mailing address:
Two credit unions said No.
Bank of Nova Scotia and Bank of Montreal said Yes, with appropriate ID presented in person.