US banks in Canada [2025 guide]
The Canadian Banking Association names 16 different US banks as having subsidiaries and branches in Canada, offering services focused on corporate and institutional banking, as well as some investment and credit products. Generally, US banks in Canada are there to serve the treasury and payment needs of large corporations, rather than offering Canadian account services to retail customers in the US.
This guide looks at some of the options for US banks in Canada – plus we’ll introduce alternative providers like Wise and Revolut if you want a US based account which lets you hold and handle CAD conveniently.
Quick summary: US banks in Canada
| Provider | 💡 Great for |
|---|---|
| Citi Canada | Private and commercial banking services including investments for high wealth individuals, and institutional banking for mid-sized businesses |
| PNC Canada Branch | Cross border business banking services through a single relationship manager looking at both US and Canadian operations |
| Fifth Third Bank | International corporate banking services in Canada including credit, loans, letters of credit and treasury management |
| J.P. Morgan Canada | Services for commercial banking, and options for institutional level investors working across North America |
| Wise | Personal and business account services with 40+ supported currencies including CAD and USD from a specialist digital provider |
| Revolut | Specialist provider offering personal and business account options on various tiers which offer 25+ supported currencies |
| OFX | Currency and payment specialist service with digital accounts for businesses and online sellers supporting 7 currencies including USD and CAD |
Can you have a US bank account in Canada?
While there are a few US banks with branches and services in Canada, they mainly focus on institutions and businesses, or on high wealth investors. There are fewer bank options if what you want is to open a flexible account for day to day payments and card services.
If you need ways to manage your money in CAD from the US, you might find that a specialist provider like Wise or Revolut fits your needs better.
These providers aren’t banks but they do offer safe and simple ways to spend, send, hold, exchange and receive currencies for day to day flexibility for yourself or your business. We’ll look at options like these a little later.
US banks in Canada
Let’s take a closer look at the US banks in Canada we featured earlier, and the types of service they provide.
Citibank
Citibank has office locations in Canada but offers services only to larger business customers and very high networth individuals. You can use the Citi Canada commercial banking services if you have a mid-size or larger business and need to trade across currencies – or you may want to choose Citi Private Bank if you have a very high networth of around 100 million USD.
Key services:
- Capital Markets and Advisory
- Citi Commercial Bank for mid size and larger businesses
- Citi Treasury and Trade Solutions for businesses operating internationally
- Citi Private Bank for very high wealth individuals
Can I open a Citibank account in Canada?
Citibank Canada offers commercial and private banking services in Canada. Commercial services are only offered to business customers – usually looking at mid-size or larger enterprises. Citi Private Bank serves customers with an average net worth of 100 million USD.
Citi Canada does not offer regular retail banking services. If you have a Citibank US account and plan to move to Canada you’ll have to ask in your local branch if you are able to maintain your account or the services you use, from Canada.
Does Citibank have locations in Canada?
Yes, Citibank has Canadian offices in Vancouver, Calgary, Montreal, Toronto and Mississauga.
PNC Canada Branch
PNC has some services in Canada but retail customers are not able to access everyday or checking accounts. Instead, the offerings are mainly around business financing and offer ways for companies to get funds to buy anything from equipment to their own private jet.
Key services:
- PNC Equipment Finance for businesses, governments and institutional entities looking to acquire assets
- PNC Business Credit provides asset based lending for mid-size companies and private equity firms
- PNC Aviation Finance for businesses looking to buy a private jet
- Relationship manager which offers co-ordinated account management across the US and Canada for businesses
Can I open a PNC Canada Branch account in Canada?
PNC offers services in Canada for business customers only. You can get finance and credit from smaller businesses through to institutional companies, but personal customers can not open PNC Canada accounts. If you already have a PNC account in the US and move to Canada you may need to close your account and find a new provider in Canada instead.
Does PNC Canada Branch have locations in Canada?
PNC has one branch in Canada, in Toronto, Ontario.
Fifth Third
Fifth Third Bank Canada has one branch and offers corporate banking services for US based businesses trading in Canada or multi-nationally. There are no Fifth Third retail products available for personal customers in Canada, and you can not use a Fifth Third branded ATM at the local Toronto office.
Key services:
- International Corporate Banking products are available for multinational corporations
- Business services including revolving lines of credit and loans
- Treasury management services for companies doing cross-border trades
Can I open a Fifth Third account in Canada?
Fifth Third Bank Canada offers services for international corporate banking only. Personal customers can not open a Fifth Third Bank account through the Canada Branch. This bank does not offer personal or retail banking products or have Fifth Third Bank branded ATMs.
Does Fifth Third have locations in Canada?
Fifth Third has one branch in Canada, in Toronto, Ontario.
J.P. Morgan
J.P.Morgan is a familiar name in the US and also has branches in Canada. However, in Canada the services offered are really only for business and corporate customers and other niches like hedge fund managers. You can not open a standard checking account from J.P.Morgan in Canada for personal use.
Key services:
- Commercial banking including credit, financing, treasury and payment solutions
- Services for hedge funds, asset managers and institutional investors
- Asset Management for investors
Can I open a J.P. Morgan account in Canada?
J.P. Morgan in Canada doesn’t offer services for retail customers, so you would only be able to open an account if you have an eligible business. If you are a J.P. Morgan customer in the US and you move to Canada you will need to contact the bank directly to understand how to manage your account as a non-resident.
Does J.P. Morgan have locations in Canada?
Yes, there are branches in Calgary, Montreal, Toronto and Vancouver for business customers.
International alternatives to banks
US banks in Canada tend to offer more services to large corporations rather than personal customers looking for flexible account services, or smaller businesses which need ways to manage money across currencies. Instead of opening an account with a US bank in Canada you may want to compare your options with these alternative services:
| Providers | Personal finance | For businesses |
|---|---|---|
| Wise | Multi-currency account supporting 40+ currencies, and account details in 20+ currencies for receiving payments Wise Multi-Currency Card for spending and withdrawals | Services offered to personal customers plus batch payments, multi-user access, accounting integrations, API for workflow management and other business-specific features |
| Revolut | Choose from 3 different account plans which all support 25+ currencies including CAD and USD, with linked debit cards. Accounts have different features and fees – Standard plans have no ongoing charges | Choose from 4 different plans based on your spending and transacting requirements, from the Basic plan with no monthly fee to enterprise level products. All accounts support CAD and USD alongside other currencies. |
| OFX | Account services are not available – you can send payments and access currency risk management services only | All the features available to personal customers, plus Global Currency Accounts which support 7 currencies including CAD and USD to receive and hold. |
Wise
Wise offers free to open personal accounts to customers in the US which can hold and exchange 40+ currencies including USD and CAD side by side.
You can also order a Wise Multi-Currency Card to spend and withdraw cash globally with low fees and the mid-market exchange rate. Just add money to your account yourself in USD, or have someone send you a payment in USD, CAD or any of the other 20+ currencies supported for receiving, and spend as you go.
Currency conversion costs start from 0.57% and there’s no foreign transaction fee for card spending.
Wise also has business accounts which offer all the features of the personal account with a few key extras. You’ll pay a one time fee to open a Wise Business account, but on top of the benefits extended to personal customers you can also get perks like batch payments, multi-user access, accounting integrations, and a powerful API.
Can I open a Wise account?
Yes. If you are a US resident you can open a Wise US account – or if you’re already a Canadian resident you can choose Wise Canada instead. While the fees do vary a little depending on where you’re based, the features are similar, and the process to apply for your account is simple and all managed through your smartphone.
Learn more – How to open a Wise Account
Revolut
Revolut US offers personal accounts across 3 different tiers, allowing customers to select the one which best meets their spending needs. You can choose a standard account for no monthly fee, or upgrade to an account with ongoing charges and more perks.
All accounts support 25+ currencies for holding, including USD and CAD, and come with cards for spending and withdrawals. You can exchange currencies on a weekday to your plan’s monthly limit with the Revolut rate and no extra fee. After this, fair usage charges apply.
In the US Revolut also has 3 different off the shelf business account options, and the choice for large enterprise level customers to create a custom made plan. Basic accounts have no monthly fee, while the higher tier Scale account offers more features for 119 USD a month. All accounts operate cross currency and come with card services.
Can I open a Revolut account?
If you are a Canadian resident, no – Revolut does not offer services in Canada.
You can open a Revolut account if you have a US residential address.
Learn more – Revolut Review
OFX
OFX is a currency specialist which offers payment and currency risk management services for personal and business customers. Business customers can also open a Global Currency Account which holds USD and CAD alongside some other major currencies. You can get paid in foreign currencies conveniently to your account and send payments globally whenever you need to. There are no corporate card services for US or Canadian customers.
Can I open a OFX account?
Yes. If you are a business customer you can open a Global Currency Account with OFX in either Canada or the US. The fee structures may vary a little but in both cases you get access to 7 currencies including USD and CAD.
Learn more – OFX Review
Which US banks allow cross border banking with Canada?
All major US banks offer some cross border services to customers who need to send payments to Canada in CAD, or who want to receive payments from Canada in USD. You’ll simply need to talk to your bank about sending or receiving an international wire to understand how this works. Usually payments can be arranged in your online banking although fees are likely to apply.
It is less common to find that US banks offer CAD accounts to customers, which can mean your options are a little more restricted for managing your money across the currencies. If you need to be able to send and receive payments in multiple currencies, and also want ways to hold and balance in CAD and other currencies you may find a specialist service from a provider like Wise or Revolut are more suitable.
Best Canadian bank accounts for Americans
If you’re a US resident looking to open a CAD account with a US bank, you are likely to struggle. Few US based banks offer account services across multiple currencies for everyday use. You may find you can open an account to hold, save or invest a foreign currency like CAD, but the terms are often quite restrictive.
If you need a flexible account for yourself or your business, to manage USD and CAD side by side, you may find your best option is a specialist like Wise or Revolut. These providers are not banks, but they offer multi-currency account services with linked payment cards which can help you keep down the costs of transacting internationally. Here’s a reminder of the account options we looked at earlier:
- Wise: Multi-currency account supporting 40+ currencies, and account details in 20+ currencies for receiving payments, as well as the Wise Multi-Currency Card for spending and withdrawals
- Revolut: 3 different personal account plans which all support 25+ currencies including CAD and USD, with linked debit cards
- OFX: Global Currency Accounts to receive, hold and exchange 7 currencies including CAD and USD, for business customers only
Conclusion: Are there American banks in Canada?
While there are 16 US banks licensed to operate in Canada which have branches or subsidiaries in the country, the focus for services is typically for business and enterprise level customers. This means it’s hard to open a Canadian account with a US bank if you are a regular retail customer looking for a checking account with a card. Instead, you may find you prefer the options from specialist providers like Wise and Revolut.
Wise and Revolut are not banks but offer multi-currency accounts to support CAD and USD alongside many other currencies, as well as card services, ways to send money, options to receive payments in local and foreign currencies and more.
