Pretty much ANY US Bank will open accounts for Canadians IF you show up in person.
The list of banks that will open accounts by telephone or mail is getting very very small.
M+T Bank did at one time but I don't know if they still do. Requirements were pretty basic (what is your mailing address?, we will send you an application).
Other than the standard application that would apply to anyone the IRS form W-8BEN must be filed with the bank. CSR's rarely know about this form, if you don't ask or provide one yourself the entire process will be delayed.
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.
The list of banks that will open accounts by telephone or mail is getting very very small.
M+T Bank did at one time but I don't know if they still do. Requirements were pretty basic (what is your mailing address?, we will send you an application).
Other than the standard application that would apply to anyone the IRS form W-8BEN must be filed with the bank. CSR's rarely know about this form, if you don't ask or provide one yourself the entire process will be delayed.
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.
Huh?
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.
Al, you misunderstood.
"M+T Bank did at one time but I don't know if they still do. Requirements were pretty basic (what is your mailing address?, we will send you an application)."
Recped was quoting what the banks would say to you. He was not asking for your mailing address.
To open an account at a US bank you have to walk into the bank with appropriate ID and ask to open one. For particulars it would be best for those interested to call the bank themself and ask the requirements. For some you need a US mailing address and some you don't. Some will open an account for you easy enough and some will not without references from your own Canadian bank.
People should make the call directly themself and not get that info secondhand. And the way things are nowadays, the rules & regs may change. It's best to call the bank directly before going down there.
"M+T Bank did at one time but I don't know if they still do. Requirements were pretty basic (what is your mailing address?, we will send you an application)."
Recped was quoting what the banks would say to you. He was not asking for your mailing address.
To open an account at a US bank you have to walk into the bank with appropriate ID and ask to open one. For particulars it would be best for those interested to call the bank themself and ask the requirements. For some you need a US mailing address and some you don't. Some will open an account for you easy enough and some will not without references from your own Canadian bank.
People should make the call directly themself and not get that info secondhand. And the way things are nowadays, the rules & regs may change. It's best to call the bank directly before going down there.
I don't believe any of them are ok with using them for business purposes unless you open a business account. I don't know what kind of documentation you need to open a business account with them though. You'd have to call and ask. I use M & T but put through only small amounts. If you're putting through any kind of large volume or high numbers it'll attract their attention and you're going to get flagged as you did by RBC.
I know for a fact that M & T asked us if we'll be using the personal account for selling and she told me that's a no no. I use it for my US purchases when buying from sellers who only ship to the US.
You're running a business and unfortunately those are part of the costs of doing so. Sorry. 😞 No bank really lets you use personal accounts for business reasons especially if you're putting through large amounts that are clearly not personal.
Many reasons and guesses as to why PayPal won't let us withdraw in US funds but in my opinion it is largely due to securities and watches on funds for terrorism, drugs, money laundering etc by the US Homeland Security. To the best of my knowledge PayPal has never come out and officially said why they don't. I do recall something about blaming the Canadian banking system but don't remember where it came from. As in who said it, a user or a PayPal official.
I know for a fact that M & T asked us if we'll be using the personal account for selling and she told me that's a no no. I use it for my US purchases when buying from sellers who only ship to the US.
You're running a business and unfortunately those are part of the costs of doing so. Sorry. 😞 No bank really lets you use personal accounts for business reasons especially if you're putting through large amounts that are clearly not personal.
Many reasons and guesses as to why PayPal won't let us withdraw in US funds but in my opinion it is largely due to securities and watches on funds for terrorism, drugs, money laundering etc by the US Homeland Security. To the best of my knowledge PayPal has never come out and officially said why they don't. I do recall something about blaming the Canadian banking system but don't remember where it came from. As in who said it, a user or a PayPal official.
Canadian banks don't allow you to use personal accounts for business either. It's all about the money. They charge a LOT more for business accounts.
Might as well go for the personal account in the U.S. and get away with it for as long as you can. Eventually, the might call you on the PayPal deposits and you may have to convert to a business account.
Monique
Might as well go for the personal account in the U.S. and get away with it for as long as you can. Eventually, the might call you on the PayPal deposits and you may have to convert to a business account.
Monique
Fitz, that has no bearing on anything. If the bank calls you on operating a business they can shut you down. The RBC Centura account is supposed to be for personal use not business unless you register it as a business but can you even do that? I don't know. Is that an option? I've never looked into it so don't know.
