Yes, Americans can open a bank account in Canada, but the process is more complicated than it is for Canadian citizens

You will need a valid U.S. passport, proof of your Canadian address, and a Social Insurance Number (SIN) or a letter from the Canada Revenue Agency stating you do not have one. Most major Canadian banks—Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and CIBC—will open accounts for Americans, but they treat you as a non-resident for tax purposes and may charge higher fees or require a higher minimum balance than they charge Canadian residents.

The real friction point is not whether you can open an account; it is that Canadian banks must report your account to the U.S. Internal Revenue Service under the Foreign Account Tax Compliance Act (FATCA). This reporting requirement makes some banks hesitant to take on American customers, and a few smaller institutions will refuse outright. You will not be turned away at a major bank, but you should call ahead to confirm they are still accepting U.S. citizens before you go in.

Key Takeaways

  • All major Canadian banks will open accounts for Americans, but they report your account to the IRS under FATCA, so you must be prepared to file U.S. taxes on any interest or income the account generates.
  • You need a U.S. passport, proof of a Canadian address (utility bill, lease, or mortgage statement), and either a Social Insurance Number or a letter from the Canada Revenue Agency confirming you do not have one.
  • Banks may charge you higher fees, require a higher minimum balance, or restrict which account types you can open compared to what Canadian residents pay.
  • Some online-only banks and credit unions may refuse to open accounts for Americans, so calling ahead saves you a wasted trip.

What documents you need to bring

Bring your valid U.S. passport as your primary identification. A driver's license alone will not be accepted. You also need proof of your Canadian address: a recent utility bill, a signed lease, a mortgage statement, or a property tax assessment. The document must show your name and the address where you live in Canada, and it should be dated within the last three months.

You will also need a Social Insurance Number (SIN) if you have one. If you do not have a SIN and do not plan to work in Canada, bring a letter from the Canada Revenue Agency stating that you have applied for a SIN or that you are not required to have one. You can request this letter online through My Account on the CRA website or by calling 1-866-234-8373. The letter takes about two weeks to arrive by mail.

Some banks will also ask for a second piece of identification—a U.S. state ID, a credit card, or a utility bill from your U.S. address. Bring whatever you have. If you are opening an account remotely by mail or video call, the bank will tell you which documents to photograph or scan and in what format.

Which banks accept American customers and what they charge

Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and CIBC all open accounts for Americans at their branches. Each bank treats American account holders as non-residents and applies different rules to your account. Some require a higher minimum balance to avoid monthly fees—often $2,500 to $5,000 USD or CAD equivalent, compared to $1,500 or less for Canadian residents. Others charge a monthly fee of $10 to $15 CAD specifically for non-resident accounts.

Tangerine and EQ Bank, both online-only institutions, have stated they do not open accounts for Americans because of FATCA compliance costs. Simplii Financial (formerly PC Financial) also does not accept American customers. Many credit unions across Canada refuse Americans as well, though a few provincial credit unions in British Columbia and Ontario will open accounts if you have a Canadian address. Call the specific branch or credit union before you visit.

If you are a U.S. citizen living in Canada permanently or for an extended period, ask the bank whether you can convert your account to a resident account once you obtain a SIN or permanent residency. This usually lowers your fees and removes restrictions on account types.

How FATCA reporting affects your account

The Foreign Account Tax Compliance Act requires Canadian banks to report the account balance and any interest or income generated by your account to the IRS every year. This does not mean you owe taxes on money you deposit—only on interest earned or investment gains. However, it does mean the IRS knows the account exists, and you must report it on your U.S. tax return if the total value of all your foreign financial accounts exceeds $10,000 USD at any point during the year.

You will also need to file a Foreign Bank Account Report (FBAR) with the Financial Crimes Enforcement Network if your accounts exceed $10,000 USD. This is a separate filing from your tax return and is due by April 15 each year (with an automatic extension to October 15). Failure to file an FBAR can result in penalties of $10,000 or more per violation, even if you owe no taxes.

If you are unsure whether your account triggers FBAR or FATCA reporting, consult a tax professional who works with Americans abroad. The rules are complex, and the penalties for missing a filing are steep.

Opening an account in person versus by mail or video

Most major banks allow you to open an account in person at any branch in Canada. Bring your documents, go to the branch, and the process usually takes 30 to 45 minutes. The account is often active the same day or within one business day. This is the fastest and most straightforward route if you are already in Canada or can visit a branch.

Some banks also allow you to open an account by video call or by mailing in documents. Royal Bank of Canada and Toronto-Dominion Bank both offer remote account opening for Americans. You will schedule a video appointment, show your documents to the camera, and sign documents electronically. The process takes about 15 to 20 minutes, and the account is usually active within two to five business days. If you open by mail, send photocopies or scans of your documents and a signed application form. This route takes longer—usually one to two weeks—and carries a small risk that the bank will reject your documents and ask you to resubmit.

What account types are available to you

Most banks will open a basic chequing account and a savings account for you without restriction. Some banks limit Americans to these two account types and will not open investment accounts, registered retirement savings plans (RRSPs), or tax-free savings accounts (TFSAs) unless you have a SIN or permanent residency status. Ask the bank which account types are available to you before you apply.

If you want to invest in Canadian stocks or mutual funds, or if you want to open an RRSP or TFSA, you will likely need a SIN. Obtaining a SIN as an American typically requires proof that you are authorized to work in Canada (a work permit) or that you are a permanent resident. If you are in Canada on a visitor visa and do not have a work permit, you may not be able to get a SIN, and therefore may not be able to open investment or registered accounts.

Transferring money between the U.S. and Canada

Once your account is open, you can transfer money from a U.S. bank account to your Canadian account using wire transfer, ACH transfer, or a service like Wise or OFX. Wire transfers are the fastest—usually one to two business days—but they cost $15 to $30 USD per transfer. ACH transfers are cheaper (often $0 to $5) but slower, taking five to seven business days. Wise and similar services charge a small percentage of the amount transferred (usually 0.5% to 1.5%) and are often faster and cheaper than banks for amounts under $10,000 USD.

Your Canadian bank will give you its wire transfer details (routing number, account number, and SWIFT code) when you open the account. Keep these details handy; you will need them to receive transfers from the U.S. or to set up automatic deposits from a U.S. employer.

Frequently Asked Questions

Do I need to be a Canadian resident or have permanent residency to open an account?

No. You need a Canadian address where you currently live, but you do not need to be a permanent resident or citizen. Temporary residents on a work permit or study permit can open accounts. Visitors on a visitor visa can also open accounts, though some banks may ask additional questions about your plans to stay in Canada.

What if I do not have a Social Insurance Number yet?

Bring a letter from the Canada Revenue Agency stating you have applied for a SIN or that you are not required to have one. You can request this letter online through My Account on the CRA website. The letter takes about two weeks to arrive. Some banks will open a basic chequing account without a SIN, but will not open investment or registered accounts until you provide one.

Will opening a Canadian bank account affect my U.S. credit score?

No. Canadian banks do not report to U.S. credit bureaus, and opening a Canadian account will not appear on your U.S. credit report. However, if you borrow money from a Canadian bank, that loan may be reported to Canadian credit bureaus and could affect your ability to borrow in Canada.

Can I open an account online if I am still in the United States?

Most banks require you to have a Canadian address before they will open an account. If you are moving to Canada and do not yet have an address, you can sometimes open an account once you arrive and provide proof of your new address. A few banks allow you to open an account remotely if you can provide a Canadian address and schedule a video appointment, but this is not standard practice.

What happens to my account if I move back to the United States?

You can keep your Canadian account open even if you move back to the U.S., but the bank will continue to report it to the IRS under FATCA. You will still need to file an FBAR if the account balance exceeds $10,000 USD at any point during the year. Some banks may eventually ask you to close the account if you no longer have a Canadian address, so confirm the bank's policy before you move.