Business Bank accounts

Your guide to opening a USD business account in Canada

Piyush Singh

03.06.25

Read time 5 minutes

If your business earns, spends, or saves in US dollars, a dedicated USD account can simplify things. Handling payments in US dollars is a standard part of doing business across the border, but without the right account, those conversions and fees can add up fast. A dedicated USD account helps you keep things simple and cost-effective.

In this guide, we’ll explore your options for opening a US business account through a US bank, a Canadian bank with USD accounts, or online platforms like Wise and walk you through what you need to get started.

Can Canadians open a US business bank account?

Yes, Canadians can open a US business bank account. Depending on your business needs, you can choose from three main options: opening an account with a US-based bank, a Canadian bank offering USD business accounts, or utilizing an online financial service.

Opening an account with a US-based bank

Opening a business account directly with a US bank typically requires establishing a US-registered business entity, such as a Limited Liability Company (LLC). Here are the general steps:

Form a US LLC: Choose a state and register your LLC.
Obtain an Employer Identification Number (EIN): Apply through the IRS.
Provide the required documents: This includes your LLC approval documents, EIN, and identification (e.g., passport)
Visit a US bank branch: Many US banks require in-person verification to open an account.

Just be aware that US banks have become more stringent with non-resident applications, and requirements may vary by institution.

Through a Canadian Bank with a USD business account

Several Canadian banks offer USD business accounts, allowing you to manage US dollar transactions without establishing a US entity.

RBC Royal Bank: Provides cross-border business banking solutions, including a US-based account from Canada.
TD Canada Trust: Offers a US Dollar Basic Business Plan with a monthly fee of $5 USD, including a limited number of transactions.
CIBC: Provides USD business accounts with features like cross-border cheque clearing and online banking access.
Canadian Western Bank: Offers USD business accounts with no minimum monthly fee.

These accounts suit businesses dealing with US clients or suppliers without needing a physical US presence.

Using an online financial service

Online financial platforms offer flexible solutions for managing USD transactions without the need for a traditional bank account.

Wise Business: Hold and manage multiple currencies, including USD, with transparent fees and real exchange rates.
Payoneer: Provides USD receiving accounts and the option to send and receive payments in more than 22 currencies. Commonly used by freelancers and e-commerce businesses.
Airwallex: Offers multi-currency business accounts with features tailored for global operations.

Managing cross-border payments is easier when you have the right tools. Online platforms like Wise, Payoneer, and Airwallex let you receive, hold, and convert USD without needing a traditional US bank account, making them a convenient option for fast-moving, international businesses.

Comparison of Account Types

Account Type	US Entity Required	Physical Visit Required	Local USD Routing Details	Best For
US Bank	Yes	Usually yes	Yes	Businesses with a US presence needing full US banking access
Canadian Bank (USD Account)	No	Usually yes (to open your account)	No - typically SWIFT only	Canadian businesses needing to hold/send USD occasionally
Online Platform (such as Wise)	No	No	Yes	Businesses, freelancers, and international operations

Legal and documentation requirements

Opening a business account with a US bank while living in Canada can feel inconsistent, with requirements changing depending on the provider. The exact documents you’ll need depend on where you're opening the account: with a traditional US bank, a Canadian bank offering US business services, or a global online provider like Wise.

Typical business documents needed

Document	US bank	Canadian bank	Online service (Wise)
Articles of incorporation (LLC/Canada)	US entity required (e.g., LLC or Corporation)	Canadian corporation documents accepted	Canadian or US-incorporated business accepted
Business number / EIN	Required (from the IRS)	Required	Required
US mailing address	Often required for in-person US banks	Not required (you can use your Canadian address)	Not required
Government-issued ID	Required (usually passport or Canadian ID)	Required	Required (uploaded digitally)

Comparing fees, exchange rates, and account management

When it comes to fees, currency exchange, and how easily you can manage your money, not all business accounts are created equal. Some providers charge you for just about everything, while others (like Wise) keep costs low and transparent.

Fee Type	US Banks	Canadian Banks (e.g. RBC, TD)	Wise Business Account¹
Monthly maintenance	Often $10⁹–$29+¹⁰/month, sometimes waived with balance minimums	Varies depending on the bank: TD Bank US Dollar Basic Business Plan - 5 CAD per month² CIBC US Dollar Current Account - 8 CAD per month³ RBC US Business Checking Account - 150 CAD per month⁴	No monthly fee
Wire transfer (incoming)	Around $15 per wire¹¹	Ranging anywhere from $15⁵–$17.50⁶ per wire	USD wires have a 6.11 USD fee
Wire transfer (outgoing)	Anywhere from $25¹¹–$75¹² depending on the chosen bank and account	$30⁷–$80⁷ based on destination/method	0.48%^* onwards shown upfront
Exchange rates	Markups often hidden in exchange rate spreads	Markups included are typically 2.5% over mid-market rate⁸	Mid-market rate
Minimum balance	Common (e.g. maintain $5,000 to waive fees)	May apply to avoid fees	No minimum balance
ATM withdrawals	Fees for out-of-network or international use	Fees apply depending on card/account	Fee-free withdrawals up to 350 CAD, then a small charge of 1.50 CAD + 1.75% per withdrawal

Key takeaway: Banks—especially in the US—often come with higher overheads and hidden currency conversion costs. Canadian banks offer convenience for local businesses but might still carry hidden fees. Wise is designed for international flexibility with no monthly fees and low, upfront pricing.

Exchange rates: Banks vs Wise

When you’re moving money across the border, poor exchange rates can quietly eat into your profits. Most banks offer less-than-ideal rates without telling you how much markup they’re adding. Here’s how the rates compare:

Provider	Exchange rate
Banks (US & Canada)	Add a margin of 2.5% above the mid-market rate (this isn’t always disclosed clearly)
Wise	Uses the mid-market exchange rate with a transparent low fee

Wise: a flexible option for Canadian businesses

If your business deals with US clients, contractors, or platforms, and you're tired of losing money to poor exchange rates and surprise fees, Wise could be the smarter, simpler way to manage your international finances.

An alternative to banks, the Wise Business account gives Canadian businesses the tools to hold, send, and receive money in multiple currencies without the usual headaches.

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

Business registration
The business registered and trading addresses
The industry you’re in
Online presence
Name, date of birth, country of residence - for all stakeholders
Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Final thoughts on opening a US business account in Canada

Opening a US business account as a Canadian may seem complicated at first, but it all comes down to choosing the right provider for your needs and being prepared with the right documents.

If you’re billing clients in the US or managing international payments, Wise stands out as a smart, convenient alternative. With no monthly fees, access to local USD account details, and the mid-market exchange rate, it’s a digital-first option, built for borderless businesses.

Whatever you decide, always compare the fees, exchange rates, and setup requirements before opening an account. The right choice depends on how your business operates, where your clients are, and how much flexibility you need.

Sources:

Sources verified on 3 June 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.