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Thread: Canadian Bank Account

  1. #1

    Canadian Bank Account

    Do Canadian banks allow American citizens to open bank accounts? US credit cards have started charging foreign transaction fees and I am thinking of opening a Canadian bank account and obtaining their credit card.

  2. #2
    Registered User
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    Bank of America

    I use is BofA, and they are associated with Scotia Bank. I was in Montreal recently and was not charged any fees when I used the ATM at the branch on St. Catherine's St. downtown.

    There are probably other American-Canadian banks that work in a similar way, just ask wherever you do your banking.

    Regards,

    Voyager
    "No matter how sophisticated you may be, a large granite mountain cannot be denied—it speaks in silence to the very core of your being."
    -Ansel Adams

  3. #3

    BoA

    I use BoA too, and there's no ATM fee for using Scotia Bank in Canada:

    http://bankofamerica.via.infonow.net/locator/atmbranch/

    But, there are OTHER fees when using BoA outside of the U.S.:

    If you use an ATM BESIDES Scotia Bank, there's a $5 international ATM fee.

    If you use your BoA debit card (as a credit card) in Canada (i.e. to pay your hotel), there's an additional foreign transaction fee, equal to a certain percentage of the original transaction. This shows up as a separate transaction on your statement.

    On my last visits to Canada, I did not get charged this fee with my OTHER credit cards.

  4. #4
    I don't mind the ATM transaction fees. Earlier my credit cards (AT&T, Chase) did not use to charge me any transaction fees and I used to use these credit cards for my hotels. meals etc. Now all of my credit cards charge the transaction fees, so I am thinking if I get a Canadian bank account and a credit card then I don't have to worry about transaction fees and it might help me with the exchange rate because I will transfer money to Canadian bank when the exchange rates are good.

  5. #5
    As far as I see anyone can open an account in a Canadian bank. You can get a credit card drawn on that bank. The ATM card & credit card will useful everywhere, even Cuba.

  6. #6
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    i'm an american citizen coming here with student visa. and i had opened a bank account at Bank of Canada. very easy, just bring your passport.

  7. #7
    We Want Information WRman's Avatar
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    Question

    Then a question to the locals: Regarding cc's and ATM cards, as well as ATM fees, which Montreal bank is the best to deal with?

  8. #8
    Sr Member StripperLover's Avatar
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    volvo2006,

    Where is Bank of Canada located ?

  9. #9

    Volvo, Reall?

    I, too, tried to hedge the obviously downward trend of the U.S. dollar by opening a Canadian bank account, but, alas, none of the banks I visited would allow me to open a bank account unless I have a visa or a permanent Canadian address.

    By the way, what is a STUDENT doing on an escort board? You need to conserve your scholarship money.

  10. #10
    So it is not possible to open a Canadian bank account if you are a US citizen living in US? I think that Canada can benefit by allowing Americans to open a bank account in their country even when they live outside of Canada.

  11. #11

    Smells BS

    Quote Originally Posted by volvo2006
    i'm an american citizen coming here with student visa. and i had opened a bank account at Bank of Canada. very easy, just bring your passport.
    Volvo2006,

    So you opened an account at the Bank of Canada, huh? You must be the only one with an account there. FYI, the Bank of Canada is not a commercial bank and does not provide any banking services to the public.
    A demander: une cochonne Quebecoise ou Allemande avec qui le sol se derobe sous mes pieds!

  12. #12

    Bank of Canada

    He probably mean "National Bank of Canada".


    Cthulhu
    A Great Ancient

  13. #13
    has canada on speed dial
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    ...and most US Bank will charge you a 'currency exchange' fee on top of the international ATM fee. The currency exchange fee is 'hidden'. The bank will give you a lower currency exchange rate and the bank profits on that. Of course, I like the convenience of the ATM vs carrying a wad of US dollars in my pocket!

  14. #14
    Quote Originally Posted by Big Daddy
    So it is not possible to open a Canadian bank account if you are a US citizen living in US? I think that Canada can benefit by allowing Americans to open a bank account in their country even when they live outside of Canada.
    Looks like I was wrong. Not easy to get an account if you don't live in Canada
    Last edited by Mike Mercury; 01-09-2006 at 05:33 PM.

  15. #15
    All that trouble to save a few $$.Dont forget Canadian bank services are not free.

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