How Canadians Can Open a US Bank Account

Yes, Canadians can open a US bank account, but the process is more involved than it is for US residents

A Canadian citizen or permanent resident can open a checking or savings account at a US bank, but you will face extra requirements that American customers do not. The main barrier is that US banks must verify your identity against US tax records, and as a non-resident, you do not have a Social Security number or US tax history. Most banks will ask for a US address, a US phone number, or both — even though you live in Canada.

Some banks have stopped accepting Canadian customers altogether because of the compliance cost, so your options are narrower than they would be if you lived in the US. The process is slowest at the beginning — getting your tax identification number takes several weeks — but once you have that, opening the account itself moves quickly.

Key Takeaways

You will need a US address or a US phone number to open most accounts, even though you are a Canadian resident.
Banks require an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number, which you must obtain from the US Internal Revenue Service before opening the account.
Online banks and banks with physical branches near the Canadian border are more likely to accept Canadian customers than large national banks.
You will need to report the account to the Canada Revenue Agency and may need to file US tax forms, depending on your income and the account type.

Why US banks require extra documentation from Canadians

US banks are required by federal law to verify the identity and tax status of every account holder. For US residents, this is straightforward: they check your Social Security number against IRS records. For Canadians, there is no Social Security number to check, so banks must use a different process.

Banks also must comply with the Foreign Account Tax Compliance Act (FATCA), a US law that requires them to report accounts held by non-US citizens to the IRS. This reporting requirement makes the account more expensive for the bank to maintain, which is why many large banks have closed their accounts to Canadian customers or stopped accepting new ones.

Getting an Individual Taxpayer Identification Number (ITIN)

Before you approach a bank, you will need an Individual Taxpayer Identification Number (ITIN). This is a nine-digit number issued by the US Internal Revenue Service to people who do not have a Social Security number but need to file US taxes or open a US bank account.

To get an ITIN, you must file Form W-7 with the IRS. You can mail the form with a copy of your Canadian passport or driver's license, or you can explore in person at a US embassy or consulate in Canada. The IRS typically processes ITIN applications within four to six weeks if you mail them, though this varies. You do not need to have US income or file taxes to get an ITIN — the number itself is what banks need to verify your identity.

Once you have your ITIN, keep it safe. You will need it every time you interact with the bank about tax matters, and you will need it if you ever file a US tax return.

Which banks accept Canadian customers

Your options depend on whether you have a US address or a US phone number. If you have neither, your choices are very limited.

Online banks are your best option. Banks like Wise (formerly TransferWise) and some US-based online banks will open accounts for Canadians without requiring a US address, though they will ask for your ITIN and may require a US phone number. Wise specializes in cross-border accounts and is used to Canadian customers. Some online banks also accept Canadian addresses if you have a US phone number.

Banks with branches near the Canadian border — such as those in Washington State, Michigan, or New York — sometimes accept Canadian customers, especially if you can visit a branch in person. Visiting in person and bringing your ITIN, passport, and proof of Canadian address makes the process faster and more likely to succeed. Call ahead to confirm the branch accepts Canadian customers before you make the trip.

Large national banks like Bank of America, Chase, and Wells Fargo have largely stopped accepting new Canadian customers, though some branches may make exceptions if you have a US address or a US phone number. Call ahead before visiting, because policies vary by branch and change over time.

What address and phone number to use

If you have a US address — such as a workplace, a family member's home, or a mail forwarding service — use that. If you have a US phone number, that alone may be enough for some online banks. If you have neither, your options narrow significantly, and you may need to use a mail forwarding service or ask a US-based friend or family member if you can use their address temporarily.

Be honest with the bank about your situation. Do not use a false address. Banks verify addresses, and providing false information can result in the account being closed and reported to authorities. If a bank asks whether you are a US resident and you are not, say so clearly.

What happens after you open the account

Once the account is open, you have ongoing reporting requirements. You must report the account to the Canada Revenue Agency on your Canadian tax return if the account balance exceeds CAD $100,000 at any point during the year. You may also need to file US tax forms with the IRS, depending on your income and whether the account earns interest.

The bank will send you tax documents at the end of each year — typically a Form 1099 if the account earned interest. Keep these documents and consult a tax professional who understands cross-border taxation, because your obligations in Canada and the US may overlap. The cost of professional information is worth it to avoid mistakes on either side of the border.

Alternatives if you cannot open a US bank account

If you cannot meet the bank's requirements, you have other options. Wise and similar money transfer services let you hold US dollars and receive payments in the US without a traditional bank account. US-based payment apps like PayPal and Square Cash accept some Canadian users, though they have their own verification requirements. If you need to receive regular payments from a US employer, ask whether they can pay you through a payroll service that works across the border.

If you need a US address for business reasons, a mail forwarding service can provide one, though some banks are aware of these services and may not accept them. Ask the bank directly whether they accept mail forwarding addresses before you sign up for one. Some banks will accept them; others will not.

Frequently Asked Questions

Do I need a US Social Security number to open a US bank account as a Canadian?

No. You need an ITIN instead. The ITIN serves the same purpose for tax identification — it lets the bank report the account to the IRS and lets you file US taxes if you need to. You cannot get a Social Security number unless you are a US citizen or authorized to work in the US.

Can I open a US bank account online from Canada without a US address?

Some online banks will, but most require either a US address or a US phone number. Wise is one of the most accessible options for Canadians without a US address. Call the bank directly and ask about their requirements for Canadian customers before you start the process.

What if the bank asks for a US driver's license?

Tell them you do not have one and offer your Canadian driver's license or passport instead. If they will not accept it, that bank cannot open an account for you. Move on to another bank rather than trying to work around the requirement.

Will opening a US bank account affect my Canadian taxes?

You must report the account to the Canada Revenue Agency if the balance exceeds CAD $100,000 at any time during the year. You may also owe Canadian tax on any interest the account earns. Speak with a Canadian tax professional before opening the account so you understand your obligations.

How long does it take to open a US bank account as a Canadian?

Getting your ITIN takes four to six weeks. Opening the account itself usually takes one to two weeks after you have your ITIN. Plan for a total of six to eight weeks from the time you start the ITIN process to the time your account is ready to use.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.