US Banking Options for Canadians Explained

The United States is one of the most important export markets for Canadian businesses and freelancers. In 2025, about 75%of Canada's merchandise exports went to the United States, according to Canadian Manufacturers and Exporters. As you might imagine, the Americans who purchase those exports almost always use the US dollar. Whether you're invoicing a US client, paying a US supplier, or building a business that operates on both sides of the border, you’ll likely want to use a banking solution that supports USD.

Once you open a US bank account in Canada, you’ll be able to more easily accept and send payments to American business partners without many of the fees and delays. However, the actual process of opening that bank account can be one of the most challenging parts of cross-border expansion. Depending on the bank you look into, that process can involve forming a US-based entity and visiting a branch in person to apply.

We put this guide together to help Canadian readers learn more about who qualifies for US bank accounts, what documentation you’ll need, and the steps involved in opening an account. We’ll also discuss the Slash Global USD account, which allows business owners to skip in-person requirements and unlock USD access more quickly.³ Slash Global USD users can get US account details and access to major payment rails without the need to form a US-based entity.

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Why Should You Open a US Bank Account in Canada?

If you own a business that works with customers or companies in the United States, you’ll often need to convert the USD you receive into Canadian dollars (CAD). They may both be “dollars”, but the conversion isn’t any smoother than other currency pairs. You’ll often run into fees and delays as incoming USD gets converted to CAD and settled in your Canadian bank account. On the bright side, the conversion step is automatic.

If you have a USD account with US bank details, you can skip the step of currency conversion entirely. American clients can pay you through the network of their choice, and you can choose to hold and convert the USD when rates are fairer. Thanks to your routing and account numbers, your American business partners may also have an easier time logging your information and executing the payments in the first place.

Understanding Eligibility: What Applicants Should Know

Before you research banks and fill out application forms, you should determine whether you’re opening a personal account or a business account. If you’re launching your own company, you’ll likely want to open a business account, since mixing personal and business finances can get sticky no matter the country you operate out of.

A personal US bank account is meant for individual use cases like receiving income, holding savings in USD, or making purchases and transfers. Opening one as a Canadian resident at a traditional US bank can be tough if you don’t have an existing relationship with a bank that operates on both sides of the border. Most US banks require a US residential address, an SSN or ITIN (Individual Taxpayer Identification Number), and in-person identity verification. As a result, many Canadians end up looking elsewhere.

What Canadian residents can do is open USD accounts at local Canadian banks. Since these accounts are regulated by Canada, though, they don't come with US routing numbers. That means US-based senders will need to know your SWIFT/BIC code, your Institution Number, and your Transit Number.

If you’re trying to open a business account, you might have an even tougher time. Traditional US banks typically require a US-registered entity and an Employer Identification Number (EIN) to open a US business account. If you own a Canadian company without a US subsidiary, your ride ends here. Slash’s USD account fixes this exact problem by giving Canadian businesses a way to access the US dollar without an EIN or American entity.

Laws and eligibility considerations

Some countries, including Russia and Iran, have strict laws and restrictions regarding whether their citizens can hold USD bank accounts. Canada isn’t one of those countries. However, KYC and anti-money laundering regulations mean Canadians must appear in-person at a US branch to verify their identity.

If you’re a US citizen that lives in Canada, you should also be aware of FATCA (the Foreign Account Tax Compliance Act). FATCA requires US citizens to report foreign financial accounts above $200,000 to the IRS. At the same time, Canadian banks must identify those account holders and share that information with the Canada Revenue Agency (CRA), which then goes ahead and passes it to the IRS. You don’t have to worry about any of this if you’re a Canadian citizen, even if you used to live in the US.

Overall, there are no Canadian regulations that prohibit residents from opening US bank accounts. It’s important to remember that the CRA requires you to report income in any currency on your Canadian tax return, including income received into a US account.

Who Uses the US Dollar in Canada?

Any time you’re interested in sending money to or receiving money from the United States, a USD account can be helpful. Here are a few of the most common use cases:

Canadian businesses expanding into the US market: As you sell to US customers, you’ll often encounter payment setups that work best with a US bank account. Some platforms only pay out to US routing numbers, and certain marketplaces require US banking details for seller payouts.
Freelancers and independent contractors: Canadian freelancers that earn their income primarily from US clients can take advantage of USD accounts in the same way larger companies can.
Americans forming businesses in Canada: US citizens living and doing business in Canada often need to manage finances on both sides of the border, particularly if they own entities in both countries. Holding a USD account can make it a lot easier to work with CAD and USD at the same time.
Canadian businesses with ongoing US expenses: You don’t need to have business partners in America to work with USD. Marketing spend and software subscriptions are a couple examples of routine expenses Canadians can make that may involve the US dollar.

How to Select the Right Bank Account Provider

As you search for USD accounts, you may want to research both traditional banks and digital banking platforms. We’re here to break them both down. Some traditional banks with solid USD support include:

RBC Bank: RBC Bank is the US banking arm of Canada’s RBC, meaning it can be a convenient pick for Canadians. Existing RBC Canada customers can open a US checking account by using their Canadian credentials instead of an SSN.
BMO: BMO is another bank that operates on both sides of the border. BMO Canada customers can open a US account without supplying an SSN or visiting a US branch. However, you’ll need a US entity to open a business USD account.
TD Bank: While TD Bank is headquartered in America, there are actually more physical TD branches in Canada than in the United States. Through TD’s Cross-Border Banking program, TD Canada customers can open a TD Bank USD account and use branches on both sides of the border.

If you don't have a relationship with a bank that has a US presence, or you want to open a business account without a US entity, fintech platforms may provide a more direct route:

Slash: The Slash Global USD account provides US account and routing numbers, supports ACH and wire payments, and doesn't require a US LLC, SSN, or EIN. It’s designed for Canadian businesses that need to transact in USD without establishing a US legal presence.
Wise: Wise gives Canadian users US bank account details, including a routing number and account number, for receiving USD via ACH. One caveat is that you’ll need an EIN to apply to Wise.
Loop: A Canadian business banking platform that offers USD accounts with ACH access and no need to form a US entity. As a fintech that’s headquartered in Canada, their team may be especially knowledgeable of local rules and regulations.

Factors to consider when choosing a bank

As you search for a bank, you should consider what you’re looking to do with your USD account, what features the bank offers, and which country you’re a citizen of. Here are some specific factors you should keep in mind:

Your current bank: If you’re already an RBC, BMO, or TD Bank customer, the path to opening up a USD account through your bank may be the simplest choice. If your bank doesn’t offer one of these accounts, no worries – you’ve got other options.
Whether you need a real US routing number: Canadian USD accounts don't provide a US routing number for ACH payments, and they instead rely on codes like BIC and Transit Numbers. This may not be an obstacle if you only work with a couple clients, and they know the world of Canadian banking. If you need to receive payments from a wide range of US business partners and marketplaces, though, you may need a program like Slash’s that generates routing numbers for your account.
Fees and minimum balance requirements: Some USD accounts from traditional banks carry monthly fees and minimum balance requirements. For example, you’re likely to be charged maintenance fees by BMO if you don’t maintain a balance of $1,500 in your USD account.
Business vs. personal requirements: Some USD business accounts require you to hold a US entity, especially if those accounts are offered by traditional banks. Digital-first options like Slash and Loop don't require US incorporation.

Steps to Open a US Bank Account in Canada

While there are some differences here and there, opening a US bank account with a standard bank and an online platform follows similar steps. Here’s an overview of what you can expect:

Step 1: Prepare your documents

When opening a USD account with a Canadian bank, you'll typically need a valid government-issued photo ID, proof of Canadian address, your banking details, and confirmation of your existing customer relationship. If you’re a business owner, you’ll often be asked for Canadian business registration documents, ownership information, and US entity details.

For non-bank alternatives like Slash's Global USD Account, requirements are a little lighter. You’ll still need relevant business information, proof of activity, articles of incorporation, and owner details. However, you won’t need the EIN or US entity that you’ll often be asked about elsewhere.

If you want to hop down into the States to open a traditional US bank account, you’ll need a valid passport, a US address, an SSN or ITIN, and an in-person branch visit. This can be convenient for Canadians who live by the border, but it’s fairly impractical for everyone else.

Step 2: Complete the application process

When applying to Canadian banks, the process typically starts through your online banking portal or at a Canadian branch. RBC, BMO, and TD each have cross-border banking sections on their websites where customers can get started. Some steps may require a phone call or branch visit, depending on the bank, but you won't need to travel to the US. You only have to make that trip if you apply to an American bank.

If you’re applying to a digital-only provider like Slash, you won’t even have to leave your couch. With Slash's Global USD Account, you create an account, submit your documentation for identity and business verification, and receive US banking details when you’re approved.

Step 3: Account activation

After approval, you'll receive your banking information and data, which will either include a BIC code or a routing and account number. You’ll want to update your payment details with any US clients or platforms, connect the account to your accounting software, and configure any cards or payment tools that come with the account. Once you test your USD account and payment workflow with a reliable client, you’ll be ready to get going.

Slash Global USD: An Easier Way to Open a US Account

Even though the United States represents a massive, valuable market for Canadian companies, the obstacles involved in setting up a US bank account can turn some business owners away. We built the Slash Global USD account to help.

Slash’s Global USD account works a lot like a US bank account, even down to its routing and account numbers. However, it’s built upon Slash’s USDSL stablecoin, which is designed to maintain a one-to-one value with the US dollar.⁴ Canadians can apply using their local banking and business details without needing a subsidiary within the United States. Once they’re approved, they can start using the US dollar and their corporate cards to trade payments with American clients and suppliers.

Your spending power isn’t limited to the US/Canada border. Business owners who use the Slash Global USD account can also send wire payments to 180+ countries and stablecoin transfers to just about anyone with a digital wallet.

Here are a few more features the account comes with:

The Slash Visa Global Card: Our account allows you to issue cards in 100+ countries and make purchases in USD anywhere Visa is accepted. You can now purchase US services and software, send US remittances via card, and buy everyday items just like you would with any other card. Eligible expenses can earn up to 2% cash back.
Spend controls and approvals: You can manage your cards, spending limits, approvals, and team permissions from your dashboard. Your transaction data can also be synced with leading accounting software to simplify reconciliation and reporting.
Invoicing: Create and send professional invoices with line items, taxes, and discounts. Each of your invoice statuses are tracked in real time. Once your client receives your bill, they can pay you using embedded payment links for bank transfer, credit card, or stablecoin.

If you’re a Canadian business owner that wants access to the US dollar without getting a headache from the setup, reach out to Slash today.

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Frequently Asked Questions

Can a Canadian open a US bank account without visiting the US?

Certainly, through two main avenues. If you're already a customer at a bank like RBC or BMO, you have access to cross-border programs that let existing Canadian customers open US accounts without visiting a US branch. If you don't bank with one of those institutions, some digital platforms let you open an account with US banking details entirely online.

Not always. Cross-border programs at major Canadian banks like RBC typically allow existing customers to open US accounts using their Canadian identification. Traditional US banks usually do require an SSN or ITIN, which is one reason they're not the most practical route for Canadians.

Do I need to visit a physical bank branch to open a US bank account?

If you’re partnering with a Canadian bank, you can usually apply for one of these accounts online. If you’re a Canadian that’s interested in joining a US bank, you’ll need to visit in person to verify your identity, as required by KYC regulations.

Can US citizens open a bank account in Canada?

Yes. Most Canadian banks allow US citizens to open accounts when they provide valid identification and meet KYC requirements. If you’re a US citizen opening a bank account in Canada, you can expect FATCA-related disclosures and potential tax reporting obligations.