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School me on US Bank Accounts School me: I have a ton of US cash sitting around and I'm looking to open up a US bank account. Interest isn't a huge deal to me; I'm looking to make life easier during any of my trips down south. Looking for any input and first hand experience from any RS members who frequently bank in 'murica. |
RBC, TD and BMo all have US/CA borderless accounts with their US affiliate (RBC USA, sold to PNC) and subsidiaries (TD US/BMo Harris) that let you quickly move money across the border. Alternatively, if you want a true USA account, bring 2 pieces of ID and head down to any US banks of your choice in WA. They deal with a lot of Canadians... so it's not strange to them. They are just required by law to "know" their customers. |
RBC Bank Georgia does it for me. I'm happy that they allow you to your billing address to the USA when you come across websites that only accept & deal with american credit cards. |
banner bank in point roberts. it's inside the grocery store. just bring 2 sets of photo id. you can sign up for their credit card as well which has $0 fees per year and you can get 1% cashback on purchases. their regular banking plan has no fees either. lots of canadians use them plus you can put your paypal to it. |
I'd strongly recommend against opening an account at a US bank (in the US) unless it's not a lot of money. A friend of mine had some tax implications as a result that caused more headaches than it was worth. There was interest income from the account that he didn't file and the IRS ended up making his life a pain the ass for virtually a few thousand dollars. Best bet is to open a US account with a Canadian Bank and get a US credit card from a Canadian Bank or from a Canadian Division of a US entity. Example: AMEX Issued in Canada but is in USD or US Mastercard issued from BMO. With my AMEX, I get billed in USD and pay it from my US account at Harris. You can also overpay your US CC with USD and take cash-advances in the US (some places charge some don't). |
exactly what Marco said... USD account in canada and get a USD credit card we've got them from BMO |
what are if any, high interest USD accounts. max i have seen is .5-.7 i do have a BOA account that i use for purchases down south. (no interest or fees) |
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