Chapter 09 · Currency & payments
Canadian banks with US-side operations
Three Canadian banks operate substantial US-chartered subsidiary banks: Royal Bank of Canada (via RBC Bank N.A. in Raleigh NC), Bank of Montreal (via BMO Bank N.A. in Chicago), and Toronto-Dominion Bank (via TD Bank N.A. on the US East Coast). A fourth, Scotia Capital, operates US-side commercial banking but not retail. CIBC operates CIBC US (formerly The PrivateBank), focused on wealth and commercial. For Canadian buyers in Florida, the practical choice among Canadian-affiliated US banks depends on the buyer's existing Canadian banking relationship: RBC Royal Bank Canada customers find the most product depth at RBC Bank N.A.; BMO customers at BMO Bank N.A.; TD customers at TD Bank N.A. This guide compares the four primary options and the dimensions on which they differ.
Direct answer · 60-second summary
The 60-second version
The Canadian banks with US-side operations available to Canadian non-resident retail customers in 2026:
- RBC Bank N.A.: largest cross-border product set, limited Florida branches, remote opening preserved.
- BMO Bank N.A.: Midwest-strong, Florida limited, remote opening for existing customers.
- TD Bank N.A.: largest East Coast branch network including Florida, in-branch opening required as of 2026.
- CIBC US (formerly The PrivateBank): focused on high-net-worth wealth and commercial, less retail access.
- National Bank and Desjardins: limited US-side retail; primarily for business and high-net-worth.
The strategic decision for a Canadian buyer: align with existing Canadian relationship for streamlined onboarding, prefer remote opening (RBC, BMO) for snowbirds who don't want to commit to a branch visit, prefer TD for buyers who want extensive Florida branch density. Specialty foreign-national lenders (non-Canadian-affiliated) provide an alternative for non-relationship buyers.
Acronyms used in this guide
- CAD — Canadian Dollar
- USD — United States Dollar
- RBC — Royal Bank of Canada
- BMO — Bank of Montreal
- TD — Toronto-Dominion Bank
RBC Bank USA
Presence: USD account for Canadians, no residency/SSN required
Accounts: Chequing, Savings, Money Market
Advantages:
- Free transfers up to $25,000 CAD/day RBC Royal Bank ↔ RBC Bank USA (24/7, no fees)
- No minimum balance
- Deposit required: $50 USD
- French support available
BMO Bank N.A.
Presence: 570+ branches + 1,400 ATMs in Florida and midwest US
Accounts (3 tiers): Smart Advantage (free), Smart Money (interest), Premier (premium)
Advantages:
- Smart Advantage: zero monthly fees, zero minimum balance, free incoming transfers
- Online/phone opening (no visit required)
- Wide ATM access (BMO + Allpoint network)
- No SSN required for Canadians
TD Bank (US)
Presence: Sixth largest US network (~1,600 branches East Coast/Midwest)
Accounts: TD Checking, TD Savings, Money Market
Advantages:
- "America's Most Convenient Bank": ATMs/branches everywhere on East Coast
- Tight integration with TD Canada (easy CAD ↔ USD transfer)
- 24/7 customer support
- Online opening possible (ID verification)
Comparison: account opening + fees
| Criterion | RBC Bank USA | BMO Bank N.A. | TD Bank US |
|---|---|---|---|
| US residency required | No | No | No |
| SSN required | No (ITIN ok) | No (ITIN ok) | No (ITIN ok) |
| Monthly fees (base) | Free | Free (Smart Advantage) | Variable ($5–$10) |
| Opening | Phone/web | Phone/web | Web (ID verification) |
| ATM access (Florida) | RBC only | 570+ BMO + Allpoint network | 1,600+ US branches |
When to use each
RBC Bank USA: Canadians with RBC Canada account, want simplicity + zero fees, regular CAD transfers
BMO Bank N.A.: Best ATM access (700+ locations), freemium, good mobile interface
TD Bank US: Largest physical network (1,600+ branches), if living East Coast permanently
Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.
Sources and references
Public sources verified as of the last review date (Bank of Canada, FINTRAC, IRS, Wise, Knightsbridge FX, Canadian banks).
Disclaimer
Educational purpose only.