Cross Border Business Banking
My most important needs are:
- low cost USD business account domiciled in the US
- Canadian USD business account
- both under the same bank 'umbrella' would be nice but not a need to have. It would enable me to transfer money instantly and for free (or at an extremely low cost) online between the US bank and my Canadian bank (no conversion because both are USD accounts). If it's not the same bank then I'll just use a wire transfer.
RBC charges $150/mos (yikes) for their US-domiciled business account, but you can open it from Canada. Initial deposit as to be $1,000. International wire transfers are $75.
TD charges $8/mos, but you have to physically go to the US to open it. Initial deposit $250. International wire transfers are $40.00 + taxes + 'correspondent fees'(sounds like the 'communication charge' other banks add).
BMO Harris charges $20 which is waived for any month you have $5K in the account, which I will always have as a necessity. You can open it online. Initial Deposit $100 which can be made by credit card. It pays interest. Statement come electronically and that includes free images of cheques. 500 transactions per month. So, the account is basically free! International wire transfers are $45.00 (seems cheapest of many I've looked at, whether in the US or Canada).
So, I opened a BMO Harris Business Advantage Checking account online (https://www.bmoharris.com/us/small-busi ... age=page-1). All you need is your company name, tax ID # (ie CRA Business #), driver's licence #, a credit card and contact details. (The other banks wanted all kinds of other information and documention such as your articles of incorporation, company minutes, etc). Approval takes 2 biz days at which time they email you the forms which you sign and return and your debit card comes in the mail in 7-10 biz days. All I'll have to do then is open my Canadian BMO account and link the two.
Wow, that was easy! Does anyone else use Harris or have any other options that are similar and as cheap?