USD Bank Accounts and Credit Cards

[DTFVolunteer]

Slightly off topic, but I would like to open up a US bank account. I am a Canadian citizen who travels to the US often. Does anyone know how I do this?

Should be able to go to your local branch - depending on your bank of choice, of course - and just ask.

As an employee who opens accounts at BMO, the process is the same as opening a CDN account, but we need to record country of citizenship per US banking regulations. At BMO you do not need to provide proof, just telling us is sufficient.

Check into fees for your accounts - BMO links the USD account to your current banking plan for no additional fee, transfers to/from can be done online with a 12-24 hour delay on processing, payments to BMO USD MC can be done online also.

Edit: I saw this on an earlier post and didn't want to clutter the board: BMO offers its USD MC for $25 per year, however, if $1000 (think hotel, food, spending, car rental, online shopping ) is spent in one year, the annual fee is waived the following year. So in theory you only have to pay the first year fee, then depending on your spending habits, the card can be free after that.

 

[momtolots]

CIBC now has a debit card that can be used in the US..as well as the INTERAC sign, it has a VISA sign...you use it like a debit card in the US..takes it right from your CAN$ account..it's great!

 

[minnie56]

RBC does also...I have a USD acct here but I also have a USD account with RBC Centura in Florida. I opened it here with my Banker.It has a Debit card with the Visa sign on it also...and is usable all over the U.S with no fee attached. I transfer money online directly into my Florida account and it's so easy. I also applied for a USD Visa there as well and got it though not really sure why because I have a USD one here....I think I thought if I get that one then I could apply for a Disney Visa though I haven't yet

Banking is getting easier all the time cross border!

 

[corster]

Slightly off topic, but I would like to open up a US bank account. I am a Canadian citizen who travels to the US often. Does anyone know how I do this?

I realized your question is almost a year old at this point, but for the benefit of everyone on the site, i'll share my answer.

If you want a REAL US-Based bank account and not just a Canadian Bank Account in USD, there's four options:

1) RBC has a US Banking for Canadians package which includes a real US Account (through RBC Bank USA), Real US Cheques, Real US Debit Card. You can open this at any RBC branch in Canada.

2) HSBC offers their Premier and Advance clients the ability to open real US Accounts through HSBC Bank USA (No fee for Premier clients, there are fees for Advance clients)

3) Harris Bank (Chicago-area bank owned by BMO) allows Canadians to open real US accounts online on their website - they'll mail you a real US debit card, real US cheques, etc...

4) You can walk in to most US banks and open an account in person.

The US Dollar accounts offered by Canadian Banks are not the same as US-based Bank Accounts. You'll need a real US account to do things such as use a USD Debit Card in stores, or many services which require a US cheque drawn on a US bank.

If you choose option 3 or 4, you can transfer funds between your US bank and your CAD bank through a service such as XEtrade with decent exchange rates and minimal fees.

 

[minnie56]

Just to add...if you open the U.S based account with RBC in Canada (in a Florida location for example) you can also transfer from your Canadian account directly into the Florida account via their online banking site not to mention also the 'other way' should you want to send money back!

 

[glendalais]

It should be noted that RBC is apparently considering selling off it's U.S. retail banking operations. If it were to occur, it's highly unlikely that the purchasing bank, particularly if it's American-based, would be willing to maintain such a focus on cross-border transactions.

 

[minnie56]

Well that would be lousy...

I love how easily I can move $$ back and forth..my daughter lives in NYC and I pay her rent so easily month to month..my U.S credit cards...transfer when the rates are great LIKE TODAY

Fingers crossed they don't!

 

[scrappinginontario]

Banking is getting easier all the time cross border!

You're so right! In 2009 I travelled to China with my parents when I adopted my amazing DD. It was recommended by my agency that we take CDN travellers chqs and exchange there which ended up being a 1+ hour process each transaction!

Dad was wandering around our hotel in Beijing and noticed a bank machine with an Interac symbol. Figuring he had nothing to lose he popped in his debit card and within seconds had RMB in his hand and no service fee!

Banking is getting much easier! Now.....if only CDNs could be eligible to open a Disney Visa, then I'd get excited!

 

[marryjacob22]

Very nice and informative discussion. Thank all for the bulk of information.

 

[glendalais]

The CBC is reporting that the Royal Bank of Canada has decided to sell it's RBC Bank chain in the U.S. to PNC Financial Group.

The new owners are solidly U.S.-based. As such, I imagine the connections (account transfers, etc.) with RBC Royal Bank accounts in Canada will eventually be severed.

Those looking for account access options in the Central Florida area might try TD Bank, the U.S. subsidary of Toronto-Dominion Bank (TD Canada Trust). They've been doing better than RBC Bank, and recently expanded their presence in Central Florida - at least two branches have just opened up near my house. I don't believe they allow the direct transfer of funds across the border. But, with RBC now shutting down here, they might in the future.

 

[minnie56]

Well that is a HUGE bummer! I do so much banking back and forth with my Florida accounts! Ugh....

As for TD..my DD banks with TD in Manhatten, N.Y and we cannot transfer into her account from here...they say "that is a work in progress" and have been saying that for the 2 years we have had that account there. I can't even go into a TD branch here and send money to her account. So when she is short..she takes one of my RBC Florida cheques I have signed and deposits into TD that way.

Think I will call the Florida branch and see if they can enlighten me at all.....

 

[minnie56]

I emailed my Banker here at RBC ..her reply:


Here is a blurb from the circular we got today
"We will continue to offer RBC Access USA® products, including funds transfer between Canada and the U.S., the option of preferred foreign exchange rates and a no fee RBC Royal Bank US Dollar Visa Gold card. Cross-border banking clients will continue to have seamless access to funds and banking products such as mortgages, loans, automated teller machine (ATM) access, U.S. dollar accounts, debit and credit cards and integrated online banking."

I'll keep you in the loop as more information becomes available.


So, I guess we sit back and wait and see!!!! Grrrrrrrrr

 

[minnie56]

Got this today:



To Our Valued Canadian Clients,


RBC recently announced that it is refocusing its U.S. growth strategy and has entered into an agreement with PNC Financial Services Group, Inc. to sell its regional U.S. retail banking operations, RBC Bank, to PNC.

RBC remains fully committed to the U.S. market and this transaction allows us to focus our efforts on our cross-border banking service, as well as our two largest U.S. businesses, RBC Wealth Management and RBC Capital Markets. If y ou have an existing relationship with either of these businesses, please know that this relationship is not impacted by the sale of RBC Bank.

As a highly-valued client to RBC in both Canada and the U.S., you can be assured we will continue to meet your consumer banking needs on both sides of the border with the same high quality service and products you expect. As such, subject to regulatory approval, RBC will maintain our existing cross-border banking platform to serve the cross-border consumer banking needs of current and future clients across the U.S.

We will continue to offer products such as RBC Access USA®, on-line funds transfer and foreign exchange capabilities that make it easy for you to manage your personal finances and consumer banking needs in Canada and in the U.S. In fact, we are committed to improving and expanding capabilities in this area in the future. RBC will also ensure access to funds through ATMs and day-to-day account servicing and support through our dedicated service number at 1-800-769-2553.

At this time there is no change or impact to your banking services or your accounts. The sale of RBC Bank is expected to close in March 2012, subject to regulatory approval. Over the coming months, you will receive further information about this transaction and any impacts to you as a result. In the meantime, please contact your banker either in Canada or the U.S. for any needs you may have.

On behalf of RBC Bank, thank you for your busin ess and we look forward to continuing to serve your needs on both sides of the border.

Sincerely,

Jim Westlake
Group Head, International Banking & Insurance
Chairman and CEO, RBC Bank

 

[glendalais]

Honestly, I'm not buying it.

I cannot really see how they expect PNC to continue supporting bank transfers to and from a foreign bank that is not part of their organisation. They'll likely want to quickly integrate RBC branches into their network, not maintain a separate network of banks solely for the purposes of cross-border banking.

I pulled all my money out and closed my accounts with them today. There were a number of people (basing solely on accents, mostly other expat Canadians, with a few Americans here and there) who were at the branch seemingly to do the same thing.

 

[minnie56]

I hear you...I have 2 accounts there. One with a somewhat substantial balance. I think that one I will transfer into my USD account here...just to be sure. The other one I keep minimal amount in basically to pay U.S credit cards as I use and for my DD to get money in N.Y. Worst case scenario...she can access her RBC acccount here and be assessed the ATM fee..no biggie.

 

[corster]

Honestly, I'm not buying it.

I cannot really see how they expect PNC to continue supporting bank transfers to and from a foreign bank that is not part of their organisation. They'll likely want to quickly integrate RBC branches into their network, not maintain a separate network of banks solely for the purposes of cross-border banking.

I pulled all my money out and closed my accounts with them today. There were a number of people (basing solely on accents, mostly other expat Canadians, with a few Americans here and there) who were at the branch seemingly to do the same thing.

They don't. The Access USA accounts aren't being sold to PNC.

RBC wants to keep their US banking license, and essentially become a virtual US bank (similar to ING) without a physical branch network, which will continue to serve Canadian customers.

I just opened an RBC Canada USD account, and still undecided on opening Access USA. Might wait and see how this all sorts out first.

 

[DTFVolunteer]

Just to add a little info: BMO is doing a trial run in 4 branches of an ATM that will dispense common foreign currencies (USD, Euro, Pound Sterling), and if the trial is successful, the machines may be rolled out nation-wide.

I'm crossing my fingers that I will be able to withdraw from my USD account from that machine.

Allie

 

[minnie56]

RBC have been doing this for some time now..

http://www.rbcroyalbank.com/usd-2011/?ProspectID=4DDF9B28031C4870B490EE14577832C9

I use it all the time......

 

[lisalonglash]

We're looking into getting a US ING checking account (we do most of our grocery shopping in WA State, so a US account is becoming a necessity lol). Any thoughts on this?

 

[minnie56]

Sounds reasonable though I know little about ING banking I have insurance with them and they have always been excellent!

Seems RBC will continue to own the Canadian U.S banking within the PNC system so I am delighted! Business as usual for me.