izzi81

I have spent most of the afternoon trying to find out information about what is available in a USD account from Canadian banks.
Ideally, I wanted one with a visa debit card. I guess I was overly optimistic given that getting a Canadian account with a visa debit card is rare. Best option seemed to be Scotiabank, who have a big pic of a visa debit card on their USD account page. However, after phone calls and twitter conversations (that took over an hour, last time I try that method of communication!) it appears you don't get any kind of card with that account. Helpful website design.
So I've been going round all the bank websites, finding few of them tell me whether I get any kind of card with it or not. TD Trust won't even let me have a USD account until I'm a citizen, so at least that's an easy cross off the list. I have to wait a week to get an appointment at a branch to speak to someone (a one hour appointment!! No wonder they have no spaces available).

Does anyone have a USD account? Is the only way to be able to shop online using your USD to have a USD credit card? (Which will be tough as I've only been here for a year)?

My reason for needing one is starting a sole proprietorship that will be selling in USD, and likely buying most things in USD. I'm hoping there's an option that doesn't include a string of 3-4 different accounts (USD savings, USD credit card, CAD savings, CAD chequing) but I'm losing hope.

As a side note I'd also like to say aaaaaaaaaaarrrrrrrrrrrrrgggggggghhhhhhhhh about the Canadian banking system. So far it's the only thing I miss about the UK - who'd have thought!!

JonboyE

PayPal?

izzi81

I considered Paypal, but it's rates really aren't that good in comparison to other payment processors, and it doesn't entirely help with paying for things online in USD.
It may be a last resort, but I'd like to avoid it if I can...

Next stop looks like HSBC. They claim to have a chequing account available in either CAD or USD....

cxx

We use HSBC for UK, US and Canada. We've been very unimpressed by the service in Canada - e.g. bankers drafts are a nightmare here yet really easy in the UK and US.

Simon Legree

I use Royal. Have for years. They have the easiest system for cross border transfers because they own a bank in the US. I can email funds to my Cdn.$ account. Then convert to US$ in a US$ account here. I can then do "North to South" transfers to my US account at the Royal in North Carolina. I have a US$ Visa Debit Card which I use without any problems. I have no idea if your status as a non citizen has any bearing on it. It shouldn't have. It's all on a "prepaid" basis. It isn't a Visa credit card it's a Debit Card. I do all my banking on line and it works well for me. Part of the problem is to do with money laundering both in Canada and the US. I have three bank accounts in the US but I cannot make electronic transfers between them because I don't have a US Social Security Number. All to do with laundering. It's a bit of a rigmarole but I haven't found anything more convenient.

Aviator

Also use RBC, have done for 20 years.

izzi81

Interesting.... We already bank with RBC and I've not been hugely impressed, but perhaps they're worth considering given the lack of other options! The visa debit would certainly be a major plus.

Sounds like HSBC is not as good as I thought!

Thanks all

Aviator

Been with RBC for 20+years and they have been better than the other banks we have used in addition to them. HSBC were the worst we experienced.

MarylandNed

I've had accounts at CIBC, BoM, RBC, and TD. RBC is the worst Canadian bank I have ever dealt with. There is a lot of variability in terms of customer service among these big banks. I really doubt that one bank is better than the other. So much depends on the actual people you are dealing with.

Steve_

Selling in US dollars where? The problem with US dollar accounts offered by Canadian banks is that they're not all regulated by the US Dept. of Treasury, which basically means that US banks won't accept cheques drawn on a Canadian bank.

My advice would be to go to the US and open one. Most of the major banks in the US also have a scheme whereby they will give you a secured credit card, i.e. the credit limit is based on what is in your account.

Just make absolutely certain that you tell them you're a non-resident alien and fill in W-8BEN instead of W-9. The problem is that if you're making cash deposits you're in for a long drive.

Steve_

HSBC is crap in the US, I assume it is in Canada as well.

Steve_

It only has a bearing if you're non-resident, which he isn't.

Several Canadian banks have operations in the US, for example TD, and BMO owns BMO Harris in the US.

MarylandNed

Yep - TD branches are springing up all over the place near me in the US. They are using the slogan "America's Most Convenient Bank". I guess they don't want anyone to know that they're Canadian!

izzi81

Just spoke with someone at RBC and they told me they don't do a visa debit card with their US dollar account? I'm wondering of the difference is you have an account with them in the US...
It does mean I've now asked at all the Canadian banks, and none give a visa debit card with a USD account. HSBC is the only one I've not spoken to, but the fact I have to go I to a branch to open an account, and the nearest branch to me is 1hr20mins by car, means I might just opt for 2 accounts with one bank - a USD account and a CAD account with a card. Not ideal but seems the only solution.

Given my experiences with RBC I think I'll try a different bank, see how they compare...

izzi81

Selling in US dollars online. I don't need cheques, it's all just online transactions. I expect to have US and Canadian customers, but US customers are more likely to get confused by the $ sign and yet the price not being in USD.
For me, going to the US is too expensive/time-consuming. And I don't want to go anywhere near the US tax system! I can make it work without the debit card, it just would have been more convenient with one...