Entrepreneurship & Small Business

Best USD business account in the USA

  • Last Updated:
  • Jul 12th, 2017 3:21 pm
[OP]
Jr. Member
Apr 24, 2013
195 posts
120 upvotes
Toronto

Best USD business account in the USA

I am Canadian and have a Canadian corporation.

I looked at some Canadian $USD Currency accounts and I don't like any of them.

In the USA on the other hand, banks offer much better accounts.

Which is the best one that would allow a Canadian corporation to register?
8 replies
Deal Addict
User avatar
Mar 13, 2003
2777 posts
310 upvotes
Alberta
BMO Harris without a doubt
Deal Addict
Feb 29, 2012
2662 posts
1394 upvotes
Richmond
Good about BMO Harris:

- Can open the account from Canada without needing any U.S. presence or visits, or any U.S. tax ID. Harris pays for courier fees to deliver documents, accepts most documents back via fax.
- For their basic Business Essentials checking account you can waive account fees with a $1500 average balance per month
- They offer mobile cheque deposit via smartphone app, so you can deposit US$ cheques remotely (if you can get the app via VPN since it's not available in the Canadian app stores)
- Free ACH transfers and payments within the U.S.. They'll even print and mail a cheque for you.
- Free debit Mastercard

Not so good:

- The amount of documents and jumping through hoops they require to set up the account may test your patience, even if you already have BMO Canada business account.
- Surprisingly they have no convenient options for transferring money back and forth between U.S. and Canada even within BMO, only expensive wire transfers (but superior 3rd-party methods are available)
- They don't have much of a branch or ATM network, and what they do have is primarily U.S. northeast
[OP]
Jr. Member
Apr 24, 2013
195 posts
120 upvotes
Toronto
Faith24 wrote:
Apr 1st, 2017 9:49 am
Good about BMO Harris:

- Can open the account from Canada without needing any U.S. presence or visits, or any U.S. tax ID. Harris pays for courier fees to deliver documents, accepts most documents back via fax.
- For their basic Business Essentials checking account you can waive account fees with a $1500 average balance per month
- They offer mobile cheque deposit via smartphone app, so you can deposit US$ cheques remotely (if you can get the app via VPN since it's not available in the Canadian app stores)
- Free ACH transfers and payments within the U.S.. They'll even print and mail a cheque for you.
- Free debit Mastercard

Not so good:

- The amount of documents and jumping through hoops they require to set up the account may test your patience, even if you already have BMO Canada business account.
- Surprisingly they have no convenient options for transferring money back and forth between U.S. and Canada even within BMO, only expensive wire transfers (but superior 3rd-party methods are available)
- They don't have much of a branch or ATM network, and what they do have is primarily U.S. northeast
How about using TransferWise to move money for a USA account to a Canadian one?

So BMO is the best one? How about TD.com, they offer account for $8/month, which is cheaper...
Deal Addict
Feb 29, 2012
2662 posts
1394 upvotes
Richmond
We use Cambridge Mercantile FX to do our transfers back and forth between U.S. and Canada bank accounts. Their online platform lets us enter transactions directly online. Their exchange rate is pretty good (usually about 0.5% off mid-rate), and there are no fees even when you do a same-currency transfer without exchange. It takes 1 day to complete.

Transferwise charges a small fee, but makes up for it with a mid-rate exchange rate. However: they may take several days to complete a transfer, their fees for US-Canada transfers are a little higher than for other countries, and they have some additional restrictions on business transfers.
Deal Addict
User avatar
Mar 13, 2003
2777 posts
310 upvotes
Alberta
john5170 wrote:
Apr 1st, 2017 3:10 pm
How about using TransferWise to move money for a USA account to a Canadian one?

So BMO is the best one? How about TD.com, they offer account for $8/month, which is cheaper...
BMO Harris is free with a small balance.
Jr. Member
User avatar
Aug 11, 2011
175 posts
116 upvotes
Toronto
scouzer wrote:
Apr 1st, 2017 6:14 pm
BMO Harris is free with a small balance.
Looks like wire transfers are free too?
Jr. Member
User avatar
Aug 11, 2011
175 posts
116 upvotes
Toronto
Faith24 wrote:
Apr 1st, 2017 3:57 pm
We use Cambridge Mercantile FX to do our transfers back and forth between U.S. and Canada bank accounts. Their online platform lets us enter transactions directly online. Their exchange rate is pretty good (usually about 0.5% off mid-rate), and there are no fees even when you do a same-currency transfer without exchange. It takes 1 day to complete.

Transferwise charges a small fee, but makes up for it with a mid-rate exchange rate. However: they may take several days to complete a transfer, their fees for US-Canada transfers are a little higher than for other countries, and they have some additional restrictions on business transfers.
is it just me or is http://www.cambridgefx.com/home/ pretty bad for UX - theres no join anywhere??!

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