Handing your credit card over to pay is the biggest giveaway that you’re not Canadian. Even if you have a chip card, you’ll still leave them scrambling for a pen to sign. Canadians live in a sad world without cash back rewards, or a less dangerous world without easy credit. Getting a line of credit in Canada is rite of passage. They don’t just charge everything like we do in America.

cat with loonies, toonies, and TTC tokens

There are a few differences in banking between the US and Canada to note.

  • Accounts without fees are much more common in the US than Canada. Credit card rewards and the like tend to be less enticing.
  • You will be asked for your client card number instead of your bank account number. Your client card number is your debit card number.
  • Interac e-Transfer is how everyone pays everyone else north of the border. They allow you to send payments with someone’s email or phone number, so they don’t have to share their account information. It’s not uncommon for your bank to charge a fee of a dollar or two to send them. If someone asks you to pay by email or text, this is what they’re talking about.
  • US bank accounts are insured by the FDIC for $250,000 per account. The CDIC only covers $100,000.

Do you need a Canadian bank account?

You don’t necessarily need a Canadian bank account. If your US bank has low foreign ATM withdrawal fees and you have a debit or credit card that doesn’t charge for foreign transactions, you could comfortably continue using your American bank for quite some time. You may need to update your address for your US bank account to the address of a trusted friend or family member. Since my income is coming from the US and I have a no-fee US credit card, I continue to use my US bank account as my primary account.

However, if you’re moving to Canada permanently or even just working in Canada, it’s easiest to bite the bullet and set up a Canadian bank account.

Linked US/CA accounts

If you’re moving money across the border regularly, the easiest way to do this is to find a bank that offers linked accounts between the US and Canada. I think. Maybe. I’m not totally sure about this, so maybe I’ll feel differently in a few more months.

Even if a Canadian bank has branches in the US, it’s not actually the same bank. Banks in different countries are separate legal entities, so there’s limited services provided by the Canadian counterparts in America or vice versa.

Royal Bank of Canada

RBC recently bought the Bank of Georgia so they can provide online US bank accounts for their Canadian customers. This is primarily a system set up for Canadians to bank in the US, but it also works in reverse.

When I need to add funds to my Canadian RBC account, I transfer money into my RBC US account. Once it clears, I can then instantly transfer it to my linked RBC CAN account. Instant is kind of magical. I could also deposit cheques directly into RBC US using their app. RBC’s regular Canadian accounts will also accept US cheques without charging fees.

RBC US is an online bank, but it could replace your US bank.

  • You can get a US credit card and US mortgage using your Canadian credit score.
  • You can also use ATMs with your RBC US debit card.
  • They don’t charge you ATM fees and will reimburse you for fees on some accounts. You can use PNC Bank ATMs without a fee.
  • There are a bunch of ways you can move money into your RBC US account.
  • You don’t need to use a fake US address to open an RBC US account.

Theoretically, I could get an RBC CAN credit card and they’d take my US credit score into account.

Many of their ATMs will dispense American dollars. Their ATMs are a little dated compared to what I’m used to. The first time an RBC ATM failed to dispense cash because it was out of cash without displaying an error message, I panicked. Apparently that’s normal here. Just like it’s still normal to make ATM deposits using an envelope.

TD Bank

Once again, TD’s cross border accounts are designed for Canadians banking in the US.

TD is the logical choice for cross border banking, since they have a ton of branches in both the US and Canada. Why did I choose RBC? Because TD Bank in the US was a nightmare to deal with when buying an apartment and the thought of giving them any of my money irks me. I understand that this wasn’t a logical choice. However, they don’t make it as easy as RBC does to transfer money between countries.

  • You can move $2,500 a day between the US and CAN online or up to $100,000 a day over the phone using a wire transfer and they’ll refund the fees.
  • TD Bank will recognize your Canadian credit history in the US, so theoretically they may count it in the other direction.
  • You can use ATMs in either country without any fees, but bank staff can only help with the account for whichever country you’re in.
  • They offer travel medical insurance while you’re in the US.
  • You don’t need to use a fake US address to open or keep your TD US account.
  • You do need a US address to have a TD bank US credit card.

Bank of Montreal

Like RBC, the Bank of Montreal has acquired a US bank in order to provide online banking for Canadian snowbirds. You can link your BMO and BMO Harris accounts online and easily transfer up to $25k in each transfer from Canada to the US. Each transfer takes up to two days to clear.

Transfers from the US to Canada have to be done via wire transfer and initiated in person. BMO Harris has over 600 branches in the US.

They make it easy to view accounts on both sides of the border in one place. They also offer a Canadian US dollar credit card.

Other ways to move your money


If you’d like to move all of your money in one go or travel a lot, you can simply withdraw large amounts of cash from your American bank and deposit it into a bank in Canada. Or change it into Canadian dollars or whatever you want to do with it. It’s weird, but quite simple.

You need to declare this money at customs if it’s over CAN $10,000, but they don’t charge you any fees or anything. You may want to bring something to demonstrate that this is money you earned legally and you aren’t using it to fund terrorists. Paperwork showing that the amount corresponds with cash withdrawn from your savings account, W-2s or 1099s, or a letter from your bank will make sure you don’t spend all day getting grilled by customs agents.

I imagine it would feel pretty badass landing at Billy Bishop with a duffel bag of cash.

US personal cheques, bank cheques and money orders

Many Canadian banks will accept American cheques for a fee, ranging from $5 to $20. You can simply write a cheque from your US account to yourself at your Canadian account. You can also request an international money order or bank cheque from your US bank, which you may have to do in person. This isn’t the fastest way to transfer money, as foreign cheques take an extra long time to clear, usually from 10-21 business days.

Wire transfers

Wiring money from your US account to your Canadian account typically happens instantly. Unfortunately, some banks will require you to be at the branch in person to initiate this process. Typically there is a fee for both sending and receiving wire transfers, which can really add up.

I have had wire transfers go wrong. Some banks don’t seem to do wire transfers very often and may give you the wrong information. Yes, people move large amounts of money internationally all the time, but these people have private bankers. If it’s important, don’t trust what your banker tells you unless they put it in writing.

Your Canadian banking options


CIBC doesn’t have anything special to make it easy to transfer funds between the US and Canada regularly, but they do offer discounts for new residents. They also provide basic US bank accounts and credit cards for Canadian residents. They are liberal with giving out free wire transfers, so this could be a good option if you need to occasionally wire money to or from your home country.


I never really looked into HSBC, since they have the reputation for requiring six-digit minimum balances. That’s true for some accounts, but they also have accounts with $4 monthly fees for regular folks like us.

If you have an existing HSBC account, they make it really easy for you to transition to Canada. Even if you don’t currently have an account, they claim to provide no-fee accounts for new residents and to transfer your credit history. They provide services specifically for newcomers to Canada, but you still need to wire money between accounts. They do make it easy to view your HSBC accounts in any country in one place, which is a great feature.

PC Financial

Have you always dreamed of banking in a grocery store? Loblaws has granted your wish. They also give you a chequing account without fees, which is a rarity in Canada.

If you’re heading to the US and want to have cash in hand when you arrive, PC Financial ATMs usually are able to dispense American dollars. You can use PC Financial or CIBC ATMs.

Unfortunately, they don’t offer linked US accounts. They also don’t serve Quebec.


Tangerine is advertising their cash back credit cards all over, but they might not be the best option for new residents. While it’s an online bank, you’ll still need to visit a branch in person in order to provide ID. You might get flagged for having no Canadian credit history, which is weird for a checking or savings account.

While I tried (and failed) to open a Tangerine account when I first arrived, once I’d filed taxes in Canada for the first time I tried again because they have the best rates. If you include my “key” when you sign up for an account, you’ll get $50: 53207848S1.


Scotiabank offers the standard chequing account options, along with a cross border debit card to make it easy to shop, with debit, when you’re back in the US. They don’t offer a US credit card.

Your new credit score (zero)

Credit flows freely in the US, which makes us an unusual country. One of the most common types of identity theft is parents opening credit cards in the names of their children. What does that say about credit in America? Babies can get loans higher than the median US salary.

Canada isn’t quite the same, but Canadian banks with cross-border banking options will consider your US credit score when issuing credit cards and mortgages, allowing you to rebuild your credit history in Canada.

Getting a Canadian credit card

If you apply for a Canadian credit card with a bank that’s affiliated with a US bank, it’s likely they’ll take your US credit score into consideration. Even with this, it’s likely that you’ll be given a low credit limit, like $2k.

If you apply for a Canadian credit card without utilizing your US credit score, it’s likely they’ll require you to start with a secured credit card. This will allow you to build your credit score in Canada, which is a great way to start over if your credit in the US wasn’t so great.

Some banks offer special credit card deals for new residents. TD offers a credit card with a limit of $1k for new residents. You can get a higher limit with a secured card from TD. CIBC offers similar options for temporary workers.

Amex Global Card Transfer

If you have an eligible US AmEx, you can apply for a new AmEx in Canada with your US credit score.

Filing taxes as an American in Canada?

cross border taxes by cori carl book cover

If you're a US citizen or permanent resident, you still need to file with the IRS every year, no matter where in the world you live.

 CPAs who are certified on both sides of the border are hard to find and incredibly expensive. Many accountants encourage clients to meet outdated and unnecessary requirements, creating a nightmare of paperwork if you have common accounts like TFSAs.

Other guides to filing taxes with both the CRA and IRS don't give you any of the information you actually need to file, they're just sales pitches for high priced wealth management firms.

Cross Border Taxes tells you what you need to know to file your own taxes, on both sides of the borders.

The book does more than just walk you through the filing process, it also provides a big picture overview for all sorts of tax scenarios, so you can make the choices that are right for you. Common situations, like selling your home, can create a tricky tax scenario if you don't know what to expect from both countries ahead of time.

Understanding how cross border taxes work can save you thousands of dollars and hours of frustration, both this year when you file taxes and in the future thanks to smart financial planning.

This book is current for filing your taxes for the 2019 tax year as well as long-term financial planning.