United States Dollar High Interest | General comparisons | Discussion forum

Is it possible to open a US bank account with just a Passport? I did it several years ago, but it seems like all the rules have changed.

It is possible to open a US Dollar Checking or Savings account at a US Bank as a Canadian living in Canada without earning an income in the US. Under Federal Law, you must open this account in person (know your customer). Chase, TCF, Bank of America, etc will open accounts for you. If you wish to earn interest, you will need to apply for a TIN or taxpayer identification number from the IRS, this form needs to be notarized, or can be applied for at an INS office/IRS office in major border cities (TCF was recently offering an unheard of 5 3/4%, with a credit of $100 for opening an account). You may also open an account at RBC Bank, USA at any Branch of RBC Royal Bank of Canada in Canada. RBC Royal Bank has been approved by the Homeland Security Department to verify ID to open such accounts, these accounts come with a monthly fee and take approximately two weeks from the time of application to the time the account is open. (Just remember once you start earning interest, it is reported to the IRS after the first cent of interest. You will be subject to withholding tax, and may be required to file a US tax return) If you are a frequent traveller to the US, The following banks; TD, CIBC, BMO and RBC offer USD Visa/MasterCard's. Supplement these with a USD Savings/Checking account in Canada - and it should be all you need. The RBC Bank USA account is really designed for snowbirds with a residence in the states but is open to all. A recent rumour from a TD Bank personal banker advised that TD CanadaTrust and TD CommerceBank where to have integrated systems allowing TD Customers in either country to access their accounts in either country in either currency in branch, and via ATM - at this point free ATM withdrawals at TD CommerceBank are available to TD Customers, Apparently the intertwinning is to be completed in early 2009 (again this info was from a TD branch employee but no formal announcement has been made by TD Financial Group).