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CAD account in the US


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Does anyone know whether there is a bank in the US that offers a Canadian dollar account. TIAA excluded (they don't open accounts for non-citizens).

 

Thanks,

 

Rb

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I don't know of any, but would suggest you try the US subsidiaries of the big Canadian banks.

 

What is your goal here? Would a CAD account at a Canadian bank that is linked by the same login to a US account at that Canadian bank's US subsidiary do?

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I've tried all the Canadian banks and none offer it. It seems like a foreign currency account in the US is more rare than the Dodo bird. I actually need a US domiciled CAD denominated account to cash in a quite sizable dividend (7 figures). It needs to go to the US (tax thing) and I'd rather not pay 2.5% FX commission to a bank for the privilege of cashing it in.

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If you can't find a bank to do it, maybe have it wired to a currency exchange house? The one here will accept foreign funds and transfer them at a much more competitive rate. For a 7 figure amount I agree its worth optimizing the fees!

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I've tried all the Canadian banks and none offer it. It seems like a foreign currency account in the US is more rare than the Dodo bird. I actually need a US domiciled CAD denominated account to cash in a quite sizable dividend (7 figures). It needs to go to the US (tax thing) and I'd rather not pay 2.5% FX commission to a bank for the privilege of cashing it in.

If you own it in an US IB account, you will get the dividend/distribution in original currency. If CAD company paying CAD, you will pay withholding tax of 15% though. Does that work for you?
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  • 2 weeks later...

Yeah, I've tried. It appears that it was mission impossible. You just can't get a foreign currency account in the US. I guess it's another one of those American things where the world doesn't exist outside the US unless they have to send the Air Force over there. I decided to pay the dividend in USD and deal with the associated hassle on the Canadian side.

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