Which US bank best to register with?

[espeed]

Which US bank is best to register with, with no fees for a Canadian citizen?

I want a bank to deposit funds into.

It's more convenient to 1. sell on amazon with and 2. to send money back and forth from Paypal.

thanks

[bluedcfive]

Which US bank is best to register with, with no fees for a Canadian citizen?

I want a bank to deposit funds into.

It's more convenient to 1. sell on amazon with and 2. to send money back and forth from Paypal.

thanks

you cant open a bank account in the US unless you are a resident. You need a tax number and/or proof of residency (aka work permit). Open a US dollar account at a canadian bank if you are looking for convenience.

[tkyoshi]

The easiest is to try RBC Centura, it's an actual US Bank so you can link it to PayPal.

[HammerRFDer]

you cant open a bank account in the US unless you are a resident. You need a tax number and/or proof of residency (aka work permit). Open a US dollar account at a canadian bank if you are looking for convenience.
100% Untrue.

I've written a guide based on my very experiences here: US Bank Accounts for Canadians (http://dan.matan.ca/US-Bank-Account-For-Canadians-Save-on-Currency-Exchange-Paypal)

The short version:
You can, but other than the Centura account, you have to go down to the USA and open one up in person. You just need to bring your passport and driver's license. Make sure you fill out a W8-BEN form. It isn't a bad idea to call in advance and make an appointment, some banks like Bank of America will have preferred branches to go to as a Canadian that will know all of the rules. You usually need some US$ to open the account, so bring some down if you have it, some banks won't even take your CAD$ cash, and might have fees for depositing foreign cheques.

The US Banking industry is a lot more competitive than here, I was able to get free everything (including cheques) as long as I make a transaction like every 6 or so months. They were even mailing me a statement to Canada every month, until I told them to stop :)

On the downside, you may not be able to get online access to your account, and everything down there is so SSN based, which can cause hassles when you call them and the first prompt is "What is your SSN registered with your account?" with no recourse.

[jefguth]

Charles Schwab, Investors Checking Account

ATM's fees refunded worldwide, no limits
free cheques
free incoming wires
relatively good interest

[Lyrrad0]

On the downside, you may not be able to get online access to your account, and everything down there is so SSN based, which can cause hassles when you call them and the first prompt is "What is your SSN registered with your account?" with no recourse.

I haven't had any problems with online access to the few banks I've tried opening accounts with without a SSN. The only issue I came across was that I was unable to get automated phone access to WaMu. (They tried to reset it to the last 4 digits of my non-existent SSN, but were unable to reset it to anything else)

[bluedcfive]

100% Untrue.

I've written a guide based on my very experiences here: US Bank Accounts for Canadians (http://dan.matan.ca/US-Bank-Account-For-Canadians-Save-on-Currency-Exchange-Paypal)

The short version:
You can, but other than the Centura account, you have to go down to the USA and open one up in person. You just need to bring your passport and driver's license. Make sure you fill out a W8-BEN form. It isn't a bad idea to call in advance and make an appointment, some banks like Bank of America will have preferred branches to go to as a Canadian that will know all of the rules. You usually need some US$ to open the account, so bring some down if you have it, some banks won't even take your CAD$ cash, and might have fees for depositing foreign cheques.

The US Banking industry is a lot more competitive than here, I was able to get free everything (including cheques) as long as I make a transaction like every 6 or so months. They were even mailing me a statement to Canada every month, until I told them to stop :)

On the downside, you may not be able to get online access to your account, and everything down there is so SSN based, which can cause hassles when you call them and the first prompt is "What is your SSN registered with your account?" with no recourse.

thanks for the info. I tried to open an account with First Tenessee bank and was told I coulnt since I am not an american resident. Anyways, will read your guide.....

[tng11]

RBC Centura's the best if you're not in the US all the time as you can link it with a Canadian RBC account and then deposit/withdraw US in Canada then shuffle it to your US account, but you need to keep $700 to avoid the monthly fee. Basically if you need US cash and don't want to face RBC crappy rates, you can transfer funds from Centura to your Canadian account and withdraw the cash from an RBC branch and take it to a foreign currency exchange. You also get a Visa debit card which is quite convenient while in the US. They rebate 2 ATM surcharges if you use a non-Centura machine. They also have free cheques. It's easy to open, just ask any RBC branch, you fill out some paperwork and in a few weeks you get your debit card, online access code, cheques and it's all good to go. I've had mine since September and use it as a way to get around being raped by Paypal's exchange rates.

Check with TD if they have a similar setup- I know they have Banknorth in the US as well.

[Rishi]

RBC Centura's the best if you're not in the US all the time as you can link it with a Canadian RBC account and then deposit/withdraw US in Canada then shuffle it to your US account, but you need to keep $700 to avoid the monthly fee. Basically if you need US cash and don't want to face RBC crappy rates, you can transfer funds from Centura to your Canadian account and withdraw the cash from an RBC branch and take it to a foreign currency exchange. You also get a Visa debit card which is quite convenient while in the US. They rebate 2 ATM surcharges if you use a non-Centura machine. They also have free cheques. It's easy to open, just ask any RBC branch, you fill out some paperwork and in a few weeks you get your debit card, online access code, cheques and it's all good to go. I've had mine since September and use it as a way to get around being raped by Paypal's exchange rates.

Check with TD if they have a similar setup- I know they have Banknorth in the US as well.
When you say Canadian RBC account, I assume you're referring to a US dollar account, right? Is the min. balance requirement on that account, or the RBC Centura account? Centura's website seems to indicate that they have a totally free (like PCF) chequing account:

http://rbcbank.com/checking/cid-96776.html

[tng11]

When you say Canadian RBC account, I assume you're referring to a US dollar account, right? Is the min. balance requirement on that account, or the RBC Centura account? Centura's website seems to indicate that they have a totally free (like PCF) chequing account:

http://rbcbank.com/checking/cid-96776.html

The minimum balance is on RBC's US account- the accounts they offer for Canadians are a little different as they're meant to link with Canadian RBC accounts. It's their "Access USA" scheme.

This is what my setup is:
- RBC Centura with exactly $700
- RBC US Personal Account
- RBC US eSavings

The US Personal account has a $2 monthly fee and allows 6 withdrawals, but I have VIP so I don't pay the fee. eSavings allows 1 free withdrawal with no minimum balance, but free transfers between RBC Centura. If I need funds in RBC Centura I just transfer over online from the eSavings and it instantly shows up. To make this account useful you should have either one of the US accounts at RBC in Canada so you can withdraw and deposit US cash in Canada.

http://www.rbcroyalbank.com/RBC:SScMcY71A8cAdNCiqxk/usbanking/access-usa-details.html

[Rishi]

The minimum balance is on RBC's US account- the accounts they offer for Canadians are a little different as they're meant to link with Canadian RBC accounts. It's their "Access USA" scheme.

This is what my setup is:
- RBC Centura with exactly $700
- RBC US Personal Account
- RBC US eSavings

The US Personal account has a $2 monthly fee and allows 6 withdrawals, but I have VIP so I don't pay the fee. eSavings allows 1 free withdrawal with no minimum balance, but free transfers between RBC Centura. If I need funds in RBC Centura I just transfer over online from the eSavings and it instantly shows up. To make this account useful you should have either one of the US accounts at RBC in Canada so you can withdraw and deposit US cash in Canada.

http://www.rbcroyalbank.com/RBC:SScMcY71A8cAdNCiqxk/usbanking/access-usa-details.html
Thanks for the info. :)

[Lyrrad0]

Check with TD if they have a similar setup- I know they have Banknorth in the US as well.

Commerce Bank has been renamed TD Bank, and TD Banknorth is going to be renamed soon.
- No integration between TD CT and TD Bank yet. No timeline on when this will be done.
- TD Bank (Full name: TD Bank, America's Most Convenient Bank) has a chequing account that's free for the first year, and with a minimum balance of $100 after that year. Free transactions and first order of cheques.
- No ATM rebates that I know of with that account.
- Online banking is decent

I only opened the bank account because I anticipated that they would do some integration with TDCT, hopefully it will be done soon. It's also a good bank if they have branches in your area since they are open 7 days a week.

[IceQue]

you cant open a bank account in the US unless you are a resident. You need a tax number and/or proof of residency (aka work permit). Open a US dollar account at a canadian bank if you are looking for convenience.

Untrue, I have a Bank of America bank account myself. its good for paypal transactions and for when I travel to the US.

[espeed]

RBC Centura's the best if you're not in the US all the time as you can link it with a Canadian RBC account and then deposit/withdraw US in Canada then shuffle it to your US account, but you need to keep $700 to avoid the monthly fee. Basically if you need US cash and don't want to face RBC crappy rates, you can transfer funds from Centura to your Canadian account and withdraw the cash from an RBC branch and take it to a foreign currency exchange. You also get a Visa debit card which is quite convenient while in the US. They rebate 2 ATM surcharges if you use a non-Centura machine. They also have free cheques. It's easy to open, just ask any RBC branch, you fill out some paperwork and in a few weeks you get your debit card, online access code, cheques and it's all good to go. I've had mine since September and use it as a way to get around being raped by Paypal's exchange rates.

Check with TD if they have a similar setup- I know they have Banknorth in the US as well.

But even though this works for Paypal US funds sent back and forth, it doesn't allow you to use amazon.com for selling, is that right?

if so, I would need a US bank then I think?

And a US credit card for buying through paypal would be ideal, instead of having to use paypal funds and get nothing out of it, as opposed to using a US credit card and getting some points at least

[tng11]

But even though this works for Paypal US funds sent back and forth, it doesn't allow you to use amazon.com for selling, is that right?

Does amazon.com accept any US bank account for selling? If it does, it will work as the Centura is a bank account that is American based, but just can be integrated with RBC in Canada (a huge plus, of course). It would work the same as going across the border and opening a Bank of America account.