Chapter 09 · Currency & payments
Canadian banks with US presence
RBC Bank USA, BMO Harris, TD US: open USD account without residency/SSN. Complete comparison guide.
Direct answer · 60-second summary
The 60-second version
RBC Bank USA, BMO Harris, TD Bank (US): Three major Canadian banks with strong US presence. Open USD account without US residency or SSN. Perfect for Canadians in Florida or real estate 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 Harris Bank
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 Harris | 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 Harris: 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
This guide is for educational purpose only. Figures, rates, thresholds, timelines and rules are drawn from public sources at the date shown and may change.
For any concrete decision on currency exchange or cross-border payments, consult a cross-border tax advisor, a tax attorney, or a licensed FX broker.