Bank Accounts in United States

A common approach is to prepare Canadian dollars with a service like Wise before departure, then open a local account within a week or two of arriving. Banks like Scotiabank and CIBC accept online applications before arrival, which makes things smoother. Try to finish before school and housing search get bu⁠s⁠y⁠.

Standard accounts at major banks charge roughly $10⁠–⁠18 per month, but student plans and newcomer programs usually waive the fee if you meet the conditions. Waiver periods and requirements vary by bank, and proof of enrollment may be required. Fees resume automatically once conditions end, so also check how to close the account before you return ho⁠m⁠e⁠.

Compare the real cost: fees plus the exchange-⁠rate margin. Transfer services like Wise tend to stay close to the mid-⁠market rate, keeping costs low. Bank wires may involve receiving fees, so choose based on the amount and frequency of your transfe⁠r⁠s⁠.

Typically a passport, your study or work permit, a Canadian address, and a SIN (Social Insurance Number). Requirements vary by bank and plan, and student plans may need proof of enrollment. Check the official site for the latest document list before visiting a bran⁠c⁠h⁠.