I am a U.S. Citizen, and I need to open a bank account in Canada. The
purpose of this account is to transfer funds received from online
business there. That business requires a Canadian account for
deposit.
I've tried most of the major banks in Canada, and they say without
some type of address or citizenship in Canada it is not possible. I
need the account to carry relatively low fees, as it will primarily
be used for transferring funds. I will need to be able to transfer
the funds out of the account relatively easily.
I've also tried looking for banks with ties to Canada with little success. |
Request for Question Clarification by
hummer-ga
on
18 Apr 2006 09:59 PDT
Hi memicky,
What do you mean by "online business there"? You are a resident of
the U.S. with an online business which sells to Canadians? In other
words, it's really a U.S. business with Canadian customers and you
need a way to deal with Canadian currency? How are you being paid -
credit card, checks, PayPal?
Thank you for clarifying,
hummer
|
Clarification of Question by
memicky-ga
on
18 Apr 2006 10:09 PDT
The payment is deposited into a canadian bank account with canadian
dollars from the site I am selling through. Essentially, it is an
electronic transfer. We are a US business essentially partnering
with a Canadian business as a third-party seller.
I should also add, I am a resident of Illinois. I've found a couple
of banks that will open a canadian account if you use their US
affiliates, but the only ones I found are usually in New York,
Florida, or somewhere out east, and they require a walk-in for
identity verification.
|
Request for Question Clarification by
hummer-ga
on
18 Apr 2006 12:20 PDT
Hi memicky,
How would this be? You can open two Citibank accounts, one U.S. and
one Canadian, and transfer between them via online banking. A transfer
would cost $5.00. To open a Canadian account, your I.D. documents will
need to be verified by a Citibank employee (call the 1-800 number for
the Banking center nearest to you and to ask questions).
CANADIAN ACCOUNT
Citibank - For non-residents of Canada - Application Requirements
For More Information Call the CitiPhone Banking Centre
24 hours a day, 7 days a week
Toll free across Canada and the US: 1-800-387-9292
http://www.citibank.com/canada/citibankcanada/english/nonres_d.htm
Outgoing transfers to the US - $5.00
http://www.citibank.com/canada/citibankcanada/english/trans_glob_d.htm
US ACCOUNT
List of Services
https://web.da-us.citibank.com/cgi-bin/citifi/portal/ps/overview.do?M=S
I'm pretty sure this solution will do what you need it to as long as
you can manage to get your documents verified. Have a look and let me
know what you think.
hummer
|
Clarification of Question by
memicky-ga
on
19 Apr 2006 10:58 PDT
that looks like it should work. The only problem is the closest
branch is an hour away and I'll need to go there to verify, but other
than that I believe it will work. Thanks for your help.
|
