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Old 08-03-2011, 09:31 AM
895 posts, read 3,470,895 times
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Is there a way to convert funds to Canadian Dollars or to open a Canadian dollar account in US without flying to Canada?

1. AFAIK, the following "Big Five" banks have their branches on the US side of the border.

Royal Bank of Canada
Toronto Dominion Bank
Bank of Nova Scotia
Bank of Montreal
Canadian Imperial Bank of Commerce

Namely, they have offices in Chicago/Buffalo and New York areas.
Do they allow US citizens opening the Canadian dollar accounts?

2. Is there a US bank with branches in Canada?
I have checked Citibank, Chase, BBVA, BofA, Wells Fargo, and a few more banks and none of them have branches in Canada. Citibank closed their offices back in 2008.

Canadian RBC bank has partner banks in Alabama and Mississippi. Not sure yet if they can open a Canadian dollar account and/or convert to Canadian dollars.

3. Is there a way to open US dollar account and Canadian Dollar account and convert funds between them without flying to Canada?
The original idea with Citibank was to have a US account and Canadian Dollar account and wire funds in between.

4. If not a bank, what Investment firm does investments in Canadian Dollars from US side?

Thank you.
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Old 08-03-2011, 10:41 AM
Location: Victoria TX
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I just opened an account last week at Royal Bank, in Canada, by phone. They have given me my account number already, they are mailing me a signature card and a Client Card, which works at any ATM in the US for cash withdrawal.
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Old 08-04-2011, 01:43 PM
Location: Backwoods of Maine
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My understanding is that this can be done in the Forex markets. Any brokerage should be able to handle it for you. Or perhaps jtur88 has an even easier way.
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Old 08-04-2011, 03:43 PM
Location: Vancouver, B.C., Canada
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here is the US RBC site
RBC Bank - Home
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 79,000 full- and part-time employees who serve close to 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 50 other countries. For more information visit www.rbc.com.
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