Yes, but you will need a U.S. address and tax identification number

A Canadian citizen can open a bank account at a U.S. bank, but the process is more involved than it is for a U.S. resident. Most banks require a physical U.S. address — a mailbox or P.O. box will not work — and a U.S. tax identification number. If you do not have one, you will need to obtain an Individual Taxpayer Identification Number (ITIN) from the Internal Revenue Service before you walk into a bank.

The reason for these requirements is that U.S. banks must comply with federal anti-money-laundering rules and tax reporting laws. Banks cannot open accounts for people they cannot locate or identify to the IRS. This is not unique to Canadians — it applies to any non-resident foreigner — but it does mean the path is longer than for someone with a U.S. Social Security number.

Key Takeaways

  • You will need a U.S. street address (not a P.O. box), a government-issued photo ID, and either a Social Security number or an ITIN before any bank will open an account for you.
  • An ITIN takes four to six weeks to receive by mail from the IRS, or you can obtain one in person at an IRS office if you are in the U.S.
  • Large national banks like Chase and Bank of America accept ITINs, but some smaller regional banks do not — call ahead to confirm.
  • You will need to provide your Canadian address as well as your U.S. address, and the bank will report your account to both the IRS and the Canada Revenue Agency.

Getting an ITIN if you do not have a Social Security number

An ITIN is a nine-digit number the IRS issues to non-U.S. citizens who have a U.S. tax filing requirement or who need to open a bank account. You do not need to be employed or to owe taxes to get one — the number itself is what banks need to verify your identity to the IRS.

To request an ITIN by mail, fill out Form W-7 (process for IRS Individual Taxpayer Identification Number) and mail it to the IRS address listed on the form, along with a copy of your Canadian passport or driver's license. The IRS will mail the ITIN to your U.S. address in four to six weeks.

If you are already in the United States, you can visit an IRS Taxpayer information Center in person with your Form W-7 and original passport. Some centers can issue an ITIN on the spot; others will take your documents and mail the number to you. Search for the nearest center on the IRS website by entering your city or ZIP code.

Which banks will accept an ITIN

Major national banks — Chase, Bank of America, Wells Fargo, and Citibank — all accept ITINs for checking and savings accounts. However, not every branch of every bank follows the same rules, and some smaller regional banks have their own policies. Before you travel or spend time gathering documents, call the specific branch where you want to open the account and ask whether they accept ITINs. A five-minute phone call will save you a trip.

Online-only banks have varying policies. Some, like Ally Bank, do accept ITINs; others do not. Again, the fastest way to know is to contact the bank directly through their customer service line and ask about ITIN accounts before you begin the process.

Documents you will need to bring

Bring your original Canadian passport or driver's license, your ITIN (or proof that you have applied for one), and proof of your U.S. address. Proof of address can be a utility bill, lease agreement, or a letter from your employer or a friend who lives at that address — something dated within the last 60 days that shows your name and the street address where you will receive mail.

You will also need to provide your Canadian address. The bank will ask for it during the account-opening process, and they will use it to report your account to the Canada Revenue Agency under the Common Reporting Standard (CRS), an international tax information exchange agreement between Canada and the United States. This is automatic and not something you can opt out of — it straightforward means the CRA will know you have a U.S. bank account.

Bring a second form of ID if you have one — a credit card, provincial health card, or Canadian passport card. Some banks ask for two pieces of identification, though one is usually sufficient.

What happens after you open the account

Once your account is open, the bank will issue you a debit card and checks if you requested them. You can deposit money by transferring it from a Canadian bank account using a wire transfer or a service like Wise or OFX, which are often cheaper than bank wires for cross-border transfers.

The bank will send you statements by mail to your U.S. address unless you set up online banking, which most banks offer. You will need to file a U.S. tax return each year if you have U.S. income, but straightforward having a bank account does not create a tax filing requirement on its own.

If you move back to Canada or no longer need the account, you can close it by visiting the branch or calling customer service. There is no penalty for closing an account early, though some banks charge a small fee if you close it within a certain period (usually 90 days to six months). Ask about this when you open the account.

Alternatives if you cannot get a U.S. address

If you do not have a U.S. address and cannot obtain one, some Canadian banks offer U.S. dollar accounts that you can manage from Canada. Royal Bank of Canada, TD Bank, and Scotiabank all offer U.S. checking and savings accounts to Canadian residents. The exchange rates and fees are usually higher than at a U.S. bank, but you avoid the need for a U.S. address or ITIN.

Another option is to use a cross-border banking service like Wise or Remitly, which allow you to hold U.S. dollars and receive payments from U.S. sources without opening a traditional bank account. These services have lower fees for transfers but do not offer the full range of services a bank account does — no checks, no overdraft protection, and limited customer service.

Frequently Asked Questions

Can I use a work address or a friend's address as my U.S. address?

You can use a work address if you work in the U.S., but you must be able to receive mail there. A friend's address works only if you actually live there or have permission to receive mail there and can prove it with a lease or a notarized letter from the homeowner. Banks verify addresses, and using a false address can result in account closure and legal consequences.

How long does it take to open the account once I have my ITIN?

If you walk into a branch with all required documents, the account can be opened the same day. You will receive your debit card in the mail within 7 to 10 business days. If you explore online, the process takes longer — usually 5 to 10 business days — because the bank needs to verify your identity and address by mail.

Will opening a U.S. bank account affect my Canadian credit score?

No. U.S. banks report to U.S. credit bureaus, not Canadian ones. Your Canadian credit score will not change. However, if you use the account to borrow money (a credit card or line of credit), that debt will be reported to U.S. bureaus and may affect your ability to borrow in the U.S. later.

Do I need to report my U.S. bank account to the Canada Revenue Agency?

If your account balance exceeds CAD $100,000 at any point during the year, you must report it to the CRA on Form T1135 (Foreign Income Verification Statement) when you file your tax return. The bank will also report it automatically under the CRS, so the CRA will know about it regardless. Failing to report a large account can result in penalties.

Can I open a business account as a Canadian?

Yes, but the requirements are stricter. You will need an ITIN, a U.S. address, proof of business registration in your home country, and often a U.S. Employer Identification Number (EIN). The process takes longer and some banks do not offer business accounts to non-residents. Contact the bank's business banking department directly to ask whether they can help you.