Entrepreneurship & Small Business

Anyone Sell On Amazon U.S?

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Apr 18, 2008
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Anyone Sell On Amazon U.S?

How do you deposit U.S dollars in your business account? Do you deposit into Canada U.S Dollar account? Or do you deposit into a U.S business account? I want to know whether I need to open a business account in the U.S. Amazon stated they will deposit the money in the currency the bank account is in. In my case, Canada. I don't want Amazon to do the currency exchange for me though.
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Oct 27, 2013
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Niagara/Mississauga/…
why not get a USD account at your bank, or open an account at a bank across the border?
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thesearchfordean wrote: why not get a USD account at your bank, or open an account at a bank across the border?
Amazon will change to CAD if it's a Canadian bank account. Opening a personal bank account across the border is not difficult, but I need a business account.
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Even if it's a USD account? I deposit usd from PayPal into my usd account at rbc.

Smither wrote: Amazon will change to CAD if it's a Canadian bank account. Opening a personal bank account across the border is not difficult, but I need a business account.
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thesearchfordean wrote: Even if it's a USD account? I deposit usd from PayPal into my usd account at rbc.
Amazon will not pay USD to a Canadian domiciled bank, period.
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I have a US-domiciled bank account at BMO/Harris in the US and my payment processor deposits there. They are the cheapest I have found and allow you to apply online. No fee is you meet certain minimum balances.
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eonibm wrote: I have a US-domiciled bank account at BMO/Harris in the US and my payment processor deposits there. They are the cheapest I have found and allow you to apply online. No fee is you meet certain minimum balances.
How much is the minimum balance? What's the monthly fee if you fall below that?

Did you have to go to a branch to get started?
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As I said, apply online.GiYF
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eonibm wrote: I have a US-domiciled bank account at BMO/Harris in the US and my payment processor deposits there. They are the cheapest I have found and allow you to apply online. No fee is you meet certain minimum balances.
I assume this is a personal US bank account? Because I already have a US personal account. I searched online and it seems like it's almost impossible to get a US business account for a Canadian company.
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Smither wrote: I assume this is a personal US bank account? Because I already have a US personal account. I searched online and it seems like it's almost impossible to get a US business account for a Canadian company.
US business bank account. You haven't searched enough: https://www.bmoharris.com/main/small-bu ... k-accounts

Essential Biz Checking: 1st 150 transactions free, 50c thereafter, $8/mos fee waived if $1,500 min balance
Biz Advantage Checking: 1st 500 transactions free, 25c thereafter, $20/mos fee waived if $5,000 min balance

You can apply online then it takes a couple of weeks as they courier you dox to sign and return after you get pre-approval. You need to deposit $100 USD to open the account but you can do that using your credit card (amazon.ca VISA of course for no forex). Nothing else comes even close. RBC US wants $150/mos and TD US wants you to attend personally to open and they charge more. I just xfer the excess USD for the $40 wire charge to my Canadian personal free TD USD account then to my TD Waterhouse USD account every few mos then convert to CAD when I want to using Norbert's Gambit for no forex fee.
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Having a U.S business account, does that mean you have to file U.S federal tax? Do you have a US accountant you recommend? How much are they? Do you need to pay state tax?
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Smither wrote: Having a U.S business account, does that mean you have to file U.S federal tax? Do you have a US accountant you recommend? How much are they? Do you need to pay state tax?
IANAL but I really don't think whether you have or do not have a US bank account has any impact on your requirement to file US federal taxes.
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Smither wrote: Having a U.S business account, does that mean you have to file U.S federal tax? Do you have a US accountant you recommend? How much are they? Do you need to pay state tax?
Has nothing to do with it. Google 'business nexus' and you'll find a ton of info on whether you have to file a US tax return if you do business in the US. Even if you do the tax treaty credits CDN taxes paid against any US taxes you might owe in most cases. You charge and remit state sales tax on sales made in the state from shipments that come from that state.

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