Do you runing an economical website, and Paypal requires you to have a US-domiciled business bank account because that’s they only way they’ll deposit funds electronically from their credit card solution (PayPal Pro for Business) when people purchase products in the US.
So what you need are:
- low cost USD business account domiciled in the US
- You also will need a Canadian USD business account (Transfer fund from your USD business account)
- Low cost for transfer online between the US bank and Canadian bank (no conversion because both are USD accounts).
Solutions for cross border business banking:
You have following options:
- Open LLC and open an US-domiciled business bank.
- Open US domiciled business bank account with US bank, but you might need to visit US
- Open US domiciled business bank account with RBC, TD or BMO
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. BMO Harris Business Checking account online. 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.
Wise Business: is not a bank, but wise could provide you a US-domiciled bank account with out cost. But you will need pay $50 setup fee at beginning. more details, you could check here:Wise Business Bank Account Review for Canadian Corporation
US Bank allowed Canandian corporation to open bank account.
If you have a better solution, please share with us. you could send your experience with us. CPBCanada.org will send you a cheque for your kindness.