If you’re a US resident moving to Canada or with businesses in the country, you might consider having a bank account with a Canadian bank.
Opening one while in the US might not be easy since you aren’t in Canada, which is why opting for a US Bank with a branch in Canada might be better. So, which US banks have branches in Canada?
Several US banks have operations in Canada. But they offer only wealth management or corporate services. However, if you’re looking for banks with retail services in both countries, you can use Canadian banks such as RBC, BMO, CIBC, Desjardins Bank, National Bank of Canada, TD Bank, and Chase Bank.
However, banks in America and Canada usually have partnerships that allow customers to use their cards at ATMs in either of the two countries.
This article discusses US Banks with Canadian branches and banks that retail services in both countries.
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Do US Banks have Branches in Canada?
US banks have branches and subsidiaries in Canada in the strict sense of things. But this only difference is that these branches usually offer wealth management or corporate services rather than retail services. These banks are known as Schedule II and III banks.
The Schedule II banks are chartered in Canada, which means they are Canadian banks acting as subsidiaries of US banks. But the Schedule III banks operate under stricter regulations.
What is more common is that US banks partner with Canadian banks so that their customers can use ATMs in Canada and vice versa.
Banks that belong to this category include:
- Bank of America
- Capital One Bank
- Bank of New York Mellon
- Fifth Third Bank
- Citibank
- Fifth Third Bank
- Northern Trust Company
- M&T Bank
- JPMorgan Chase Bank
- Comerica Bank
- US Bank National Association
- PNC Bank
- Wells Fargo Bank
- State Street
Canadian Banks with Subsidiaries Retail Operations in the US
There are Canadian banks that have subsidiary branches in the US.
Even though these banks are independent, their affiliations and the fact that they offer retail services make them the best options for Americans and Canadians that need access to Canadian financial services while in the US. Such banks include:
1. BMO
The Bank of Montreal (Banque de Montréal) is a multinational bank and financial services company based in Canada.
It’s one of the Big Five commercial banks with over 900 branches in the country.
The bank operates in the US through the BMO Harris Bank, with over 600 branches in Illinois, California, Florida, Wisconsin, Missouri, Arizona, Indiana, Kansas, and Minnesota.
Thus, those in America can open a bank account with BMO Harris and transact easily through BMO while in Canada.
It’s also possible to open a Canadian account with BMO without having a BMO Harris account before you can open a Canadian account with BMO, and you can easily complete the process through your current banker and via phone.
Of course, you’ll need to provide certain documents and follow certain processes to open the account. But once you have the account, you can easily transact across the border.
Note that while BMO and BMO Harris are partners, they’re independent of each other.
2. Canadian Imperial Bank of Commerce
CIBC is another multinational bank with a subsidiary in the United States. CIBC USA, which offers financial services like the parent bank, also has a digital banking arm.
It also has several physical branches in four American states, with Illinois having the most branches. Since the bank has subsidiary operations, Americans can open a Canadian bank account and access it through the USA subsidiary.
In addition, CIBC Online banking makes it possible for customers to easily transfer funds between their US and Canadian accounts.
3. Royal Bank of Canada
The list of banks with subsidiaries in Canada and the US isn’t complete without mentioning the RBC. This is the largest bank in Canada, with over 16 million customers.
The bank has a retail banking division in the US, the RBC Bank (Georgia). The bank is affiliated with RBC and generally allows Canadians to set up US accounts and access credit cards, mortgages, and loans in the US. Thus, it’s possible for Americans to also open Canadian accounts through RBC (Georgia).
The bank has several advantages, such as that it’s possible to pay bills in Canada and the USA.
Online banking also allows the transfer of money from Canadian to US bank account free of charge. RBC Georgia is generally focused on making life easier for Canadians in the US.
4. Desjardins Bank
This bank has a branch in Florida, making it possible for those who have accounts with it or are members to transact easily in the US. The Desjardins Group is a group of credit unions offering financial services, including retail banking, among other services.
Customers can open an account with a valid photo ID, passport, and payment of a minimum amount into the account.
5. National Bank of Canada
This bank has a wholly-owned subsidiary in the United States, Databank, which operates in Florida.
You can easily open a US account with the bank that’ll give you access to several banking services. It’s easy to open an account with the National Bank of Canada.
You can operate your account through Natbank in the US. The type of account you wish to open will determine the process.
6. TD Bank
Toronto Dominion Bank is another bank with a subsidiary in the US. This bank operates in 15 US states and provides cross-border services between the US and Canada.
So, it’s possible to open an account with the bank, whether you’re in the US or Canada, and have access to cross-border banking services.
7. Chase Bank
This US bank offers commercial banking services in Canada.
While it doesn’t have a retail operation in the country, you can use Chase debit cards to withdraw from ATMs and pay merchants in Canada. But that’s just about it. So, if you already have a Chase account, at least you know you can withdraw your money while in Canada.
In Conclusion
The difference between Canadian and American financial systems means that no US bank offers retail services in Canada. But you will have to find affiliated banks and major Canadian banks with subsidiaries that offer retail services in the United States.
Banks in both countries are generally familiar with each other’s rules, and most Canadian banks offer US dollars and Canadian dollars accounts.
