Yes, Canadian companies can open U.S. bank accounts, but the process is longer and requires more documentation than it is for U.S. residents

A Canadian corporation, partnership, or sole proprietor can open a business bank account at a U.S. bank. The bank will not turn you away because you are incorporated in Canada. What changes is the paperwork: U.S. banks treat foreign entities as higher risk under anti-money-laundering rules, so they ask for more proof of who you are, what your business does, and where your money comes from. The account itself works the same way once it is open.

The timeline is typically four to eight weeks from first contact to a working account, compared to one to two weeks for a U.S. business. Some banks move faster; some require in-person visits or video calls with an officer. A few large banks have streamlined processes for Canadian companies. Most regional and community banks do not.

Key Takeaways

  • Canadian companies need a U.S. Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN) before most banks will open an account.
  • You will need to provide your Canadian corporate documents (articles of incorporation, corporate registry extract), proof of business address, and identification for the owner or authorized signatory.
  • Banks will ask what the account will be used for and may request bank statements or financial records showing the source of deposits.
  • Some banks require a video call or in-person appointment with a U.S. branch; others handle the entire process by mail or online.
  • Fees for Canadian-owned business accounts are often higher than for U.S. businesses, and some banks charge monthly maintenance fees of $15 to $50.

Getting a U.S. tax identification number first

Before you contact a bank, you need a U.S. tax ID. For a Canadian corporation, this is usually an Employer Identification Number (EIN), even if you have no U.S. employees. For a sole proprietor or partnership, it can be an EIN or an Individual Taxpayer Identification Number (ITIN).

You can request an EIN online through the IRS website (irs.gov) using Form SS-4. The form takes 15 minutes to fill out. You will need your Canadian business registration number, the address of your U.S. operations (or the address where you will receive mail), and the name and Social Security number or ITIN of the person responsible for the business. The IRS issues the number when ready after you submit the form online, or within four weeks if you mail it. Most banks will not open an account without this number.

If you do not have a U.S. address yet, use a mail forwarding service, a registered agent address, or the address of a U.S. accountant or lawyer. Banks understand that foreign companies do not always have a physical location in the U.S.

Documents the bank will ask for

Prepare these before you contact a bank. Having them ready speeds up the process and shows the bank you are organized.

Corporate documents: A certified copy of your articles of incorporation or certificate of incorporation from your Canadian province or territory. Some banks also ask for a corporate registry extract or a certificate of good standing from the province where you are registered. These cost $20 to $50 and take three to five business days to obtain from your provincial registry office.

Proof of ownership and control: A list of all shareholders or owners with their names, addresses, and ownership percentages. If the company is owned by another company, the bank will ask for that company's ownership structure too. This is part of anti-money-laundering compliance.

Identification: A passport or driver's license for the person who will sign on the account. If multiple people will have signing authority, the bank needs ID for each of them.

Proof of business address: A utility bill, lease, or property tax notice showing your Canadian business address. If you are opening the account to operate in the U.S., you may also need a U.S. address or proof that you have a reason to hold U.S. funds (a contract with a U.S. customer, for example).

Business purpose statement: A one-paragraph explanation of what the account will be used for. Examples: "Receive payments from U.S. clients for consulting services" or "Hold funds for U.S. real estate investment." Banks use this to confirm the account is not for money laundering or sanctions evasion.

Which banks accept Canadian companies and how long it takes

Large national banks like Bank of America, Wells Fargo, and Chase have processes for foreign business accounts, but they vary in speed and strictness. Bank of America's process typically takes four to six weeks. Chase has a dedicated international business team but may require a video call. Wells Fargo asks for more documentation than most and can take six to eight weeks.

Regional banks and credit unions are less predictable. Some welcome Canadian businesses; others decline them outright because the compliance cost is too high for a small account. Community banks in border states (Washington, Montana, Michigan, New York) are often more familiar with Canadian clients and move faster.

Online banks like Mercury and Wise have streamlined processes for foreign businesses and can open accounts in two to three weeks, though they may have lower transaction limits or higher fees. Wise (formerly TransferWise) is particularly common for Canadian companies because it specializes in cross-border payments.

Call the bank's business banking line before you explore. Ask whether they open accounts for Canadian corporations and what documents they need. This conversation takes 10 minutes and saves you from submitting an process to a bank that will reject it.

What happens after you submit your process

The bank will verify your documents with the Canadian province where you are registered. This step alone takes two to three weeks. They will also run background checks on the owners and authorized signers to confirm no one is on a sanctions list or has a history of financial crime.

If the bank approves the account, they will send you the account number and routing number by mail or email. You can usually start depositing funds when ready, but the bank may place a hold on large deposits (over $10,000) for five to ten business days while they confirm the source of the funds.

If the bank requests more information, respond within the timeframe they give you—usually 10 business days. Delays in responding can cause the process to be denied or closed.

Fees and ongoing requirements

U.S. banks charge higher fees for accounts held by foreign entities. A typical business checking account for a U.S. company costs $0 to $15 per month. For a Canadian company, expect $20 to $50 per month. Some banks waive the fee if you maintain a minimum balance of $5,000 to $25,000.

You will also pay per-transaction fees: $0.50 to $2 per check deposited, $1 to $3 per wire transfer sent, and sometimes a fee to receive wire transfers. These add up quickly if you move money frequently.

Once the account is open, the bank will ask you to update your information every year or two, especially if there are changes to ownership, authorized signers, or the business address. Failure to respond to these requests can result in the account being frozen or closed.

Frequently Asked Questions

Do I need a U.S. address to open an account?

No. You can use a Canadian address, a mail forwarding service, or a registered agent address. Some banks prefer a U.S. address because it simplifies compliance, but it is not required. If you are opening the account to do business in the U.S., having a U.S. address or a clear business reason to hold U.S. funds helps the process move faster.

Can I open an account if my company is a sole proprietor or partnership?

Yes. Sole proprietors and partnerships can open U.S. business accounts. You will need an EIN or ITIN, proof of business registration in Canada, and a passport or driver's license. The process is the same as for a corporation, though some banks treat partnerships as higher risk and ask more questions.

What if the bank asks for a video call or in-person meeting?

Some banks require this, especially for accounts over $100,000 or when ownership is unclear. If you cannot travel to the U.S., ask whether the bank will accept a video call with you in Canada. Most will. If they insist on an in-person meeting, you may need to hire a lawyer or accountant in the U.S. to represent you, which costs $500 to $2,000.

How long does it take to receive the first deposit?

Once the account is open, you can deposit funds when ready. Wire transfers from Canada typically arrive in one to two business days. Checks take five to ten business days. The bank may hold the funds for an additional five to ten days while they verify the source, especially for the first large deposit.

What if the bank denies my process?

Banks rarely explain why they deny an process. If this happens, ask the bank whether you can reapply with additional documentation or whether they recommend a different bank. Some banks have stricter policies for certain industries (cannabis, cryptocurrency, gambling). If your business is in one of these sectors, contact banks that specialize in them before explore to mainstream banks.