Best US Domiciled Business Account in Canada 2026 Guide

Best US Domiciled Business Account in Canada (And The Best Alternatives)

If you're a Canadian business collecting payments from US customers, you've probably discovered a frustrating truth: most "USD accounts" offered by Canadian banks aren't actually US-domiciled. They can't send or receive ACH payments. Instead, you're stuck paying wire fees on what should be simple domestic US transfers.

This guide breaks down your actual options for getting a US-domiciled business account as a Canadian company. We'll cover eligibility requirements, ACH capabilities, and the practical differences between providers so you can stop losing money on unnecessary fees and delays.

Whether you're a SaaS company billing US clients, an ecommerce brand paying US suppliers, or an agency invoicing American customers through Stripe, you need real US payment rails. Here's how to get them.

What "US-Domiciled" Actually Means (And Why It Matters)

US-Domiciled vs USD Account in Canada

A US-domiciled account gives you actual US routing and account numbers. This means access to the ACH network, the backbone of domestic US payments. ACH transfers typically cost pennies and settle within one to two business days.

A USD account at a Canadian bank is different. You're holding US dollars, but your account sits on Canadian infrastructure. When a US company sends you money, it travels through SWIFT, the international wire network. You pay incoming wire fees (often $15-20 CAD) even though the sender thinks they're making a domestic US transfer.

The practical impact is significant. With a Canadian USD account, you pay wire fees on every incoming payment. Outgoing payments to US vendors require expensive international wires. Settlement takes longer. Your US customers may face their own fees for what they assume is a simple ACH payment.

Quick Self-Check: Do You Need ACH or Just USD Holding?

Before diving into options, clarify what you actually need:

• You need ACH access if: US clients pay you via ACH, you pay US contractors or vendors regularly, you use Stripe/Shopify/PayPal and want to avoid cross-border fees, or you want faster settlement without wire costs

• USD holding may be enough if: You occasionally receive large payments and don't mind wire fees, you convert to CAD immediately, or your US payment volume is minimal

For most Canadian businesses with meaningful US revenue, ACH access delivers real savings.

Quick Picks (For Skimmers)

Best overall for Canadian operators: Venn. A comprehensive business financial platform offering local CAD plus real local US accounts with ACH, plus EUR/GBP accounts, multi-currency cards with 1% unlimited cashback, and QuickBooks/Xero integrations.

Best traditional bank cross-border option: RBC Bank (US). Offers Business ACH Origination for companies wanting bank-branded infrastructure, though monthly fees are notably higher.

Best US fintech if you already have a US entity: Mercury. Strong option for US-formed companies with Canadian founders, though eligibility depends on having a US LLC or corporation.

Best global receivables alternative (not a bank account): OFX Global Business Account. Useful for local currency collection across multiple markets, though it's important to understand this is not a bank account.

Comparison Table: Best US-Domiciled (Or Closest Equivalent) Options Available To Canadians

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Best Option #1: Venn (Best Overall Choice for Canadians Needing Real US Rails)

What Venn Is:

Venn is a Canadian business banking platform designed specifically for Canadian businesses (except Quebec) that need modern financial operations. The platform combines local currency accounts, payment capabilities, corporate cards, and accounting automation in one integrated system.

Funds held with Venn are safeguarded and covered under CDIC insurance protection.

Why Venn Wins for US-Domiciled Needs:

Venn stands apart because it provides a real local US account that can send and receive ACH. This is genuinely rare in Canada. Most Canadian banks and fintechs offer "US accounts" that actually sit on Canadian infrastructure, meaning you still pay wire fees and can't access ACH.

The multi-currency capability extends beyond just USD and CAD. You also get local EUR and GBP accounts, enabling SEPA and Faster Payments for European transactions. This matters if your business operates across multiple markets.

The corporate card deserves special attention. Venn offers 1% unlimited cashback with no minimum spend threshold. The card automatically uses the currency you're paying in first, which eliminates unnecessary FX conversions when you're making purchases in USD, EUR, or GBP.

On the operations side, Venn integrates directly with QuickBooks and Xero, offers payables automation, and provides OCR receipt capture with invoice matching. Pricing is per account rather than per user, which creates significant savings for growing teams.

Additional advantages include free unlimited Interac e-Transfer® for Canadian payments, competitive FX rates (0.25%-0.45% depending on plan), and 2% interest on USD/CAD balances with no minimums required.

Best-Fit Industries:

Agencies and professional services: Invoice US clients in USD, receive ACH payments directly, and automate bookkeeping through QuickBooks or Xero integration.

Ecommerce and importers: Pay US suppliers via ACH instead of expensive wires, manage FX strategically, and control team spending with card limits and approvals.

Software and SaaS: Connect Stripe to your local US account to eliminate cross-border fees (saving up to 1.5%), manage multi-currency runway, and streamline expense management.

How It Works:

Open a Venn account, get your local currency accounts (CAD, USD, EUR, GBP), collect USD via ACH from US customers, pay US vendors via ACH, and convert only when rates are favorable. The platform handles the complexity while you focus on running your business.

Best Option #2: RBC Bank (US) Cross-Border Business Banking

When RBC Bank (US) Makes Sense

RBC Bank (US) is the US subsidiary of Royal Bank of Canada, offering cross-border business banking for companies that want traditional bank infrastructure. If you already have a deep RBC relationship and prefer working within that ecosystem, this path provides legitimate ACH access.

The Business ACH Origination service allows you to send and receive ACH payments. You get US routing and account numbers, plus access to RBC's broader banking services.

What to Watch For

Pricing is meaningfully higher than fintech alternatives. The publicly listed monthly fee is $150, and Business ACH service adds another $25 monthly ($175 total). There may be additional transaction fees depending on volume.

Setup typically runs through your RBC relationship manager rather than self-serve onboarding. This can mean longer timelines and more paperwork.

Who Should Choose Venn Instead

If you want a more modern approach with multi-currency accounts, integrated cards with 1% unlimited cashback, accounting automation, and faster self-serve onboarding, Venn offers a more comprehensive solution at lower cost.

Best Option #3: Mercury (Best For US-Formed Companies With Canadian Founders)

When Mercury Makes Sense

Mercury has built an excellent reputation among startups and tech companies. If you already have a US LLC or corporation, Mercury provides a modern banking experience with strong team management features, integrations, and a clean interface.

The platform supports US companies with founders located globally, making it popular among Canadian entrepreneurs who've incorporated in Delaware or another US state.

Key Eligibility Realities

Mercury requires a US business entity. You cannot open an account with just a Canadian corporation. They also maintain restricted countries lists, so verify your specific situation before applying.

Mercury positions itself as a fintech rather than a bank, using partner banks for FDIC coverage. This is similar to how many modern financial platforms operate.

Where Venn Still Fits

Even if you use Mercury for your US entity, many Canadian operators still need a strong Canadian operating layer. Venn handles CAD payables, Canadian tax payments, local vendor payments via Interac e-Transfer®, and provides the accounting integrations that keep your Canadian books clean.

The two platforms can complement each other: Mercury for US entity banking, Venn for Canadian operations and multi-currency management.

Best Option #4: TD Cross-Border Banking Paths

What TD Offers

TD Bank has extensive US operations and offers cross-border solutions for Canadian businesses. Their commercial services include ACH origination capabilities, and TD Bank US provides online banking with ACH for business payments.

Practical Considerations

In-person requirements and regional availability can vary significantly. Some services may require visiting a branch or working through specific relationship channels. Confirm current onboarding steps directly with TD before committing.

The experience tends to be more traditional banking than modern fintech, with the associated paperwork and timelines.

Where Venn Compares Strongly

Venn offers multi-currency accounts, 1% unlimited cashback, integrated payables automation, and accounting workflow integration in one platform with self-serve onboarding. For businesses wanting modern financial operations rather than traditional banking relationships, Venn provides a more streamlined path.

Best Option #5: OFX Global Business Account (Useful, But Not A Bank Account)

Use-Case Fit

OFX Global Business Account helps businesses receive and hold multiple currencies, manage conversions, and make international payments. It's useful for companies with global receivables who want local collection details in multiple markets.

Important Clarification

OFX explicitly states that its Global Business Account is not a bank account. This matters for businesses that need actual banking functionality, deposit insurance, or specific regulatory protections.

Venn Positioning

If you need both local Canadian operating capabilities and real US rails with ACH access, Venn serves as the core platform. OFX can be a complementary tool for specific international collection scenarios, but shouldn't replace a proper business banking solution.

How To Choose The Best US-Domiciled Business Account (Decision Framework)

1) Eligibility and Onboarding

Start with what you can actually qualify for:

• Canadian corporation only: Venn, RBC Bank (US), TD cross-border, or OFX

• US LLC/Corp: Mercury becomes an option, plus the above

• EIN requirement: Most US-based accounts require an Employer Identification Number

• US address: Some providers require this, others don't

2) Payment Rails Checklist

Match your needs to capabilities:

• Receive ACH from US clients: Yes/No

• Send ACH to US vendors: Yes/No

• US wire costs and speed

• Canadian payments (EFT, Interac e-Transfer®, bill pay)

3) FX and Revenue Capture

Consider when you actually need to convert currency versus when you can hold USD. Look for transparent FX pricing and the ability to collect in local currency to avoid unnecessary conversions.

4) Finance Operations and Controls

Evaluate the operational features that save time daily: multi-user permissions, approval workflows, card controls, receipt capture, and accounting sync. Also compare pricing models, as per-user fees add up quickly for growing teams.

Step-By-Step: How Canadian Businesses Can Get Set Up For US Payments

• Map your flows: Identify who pays you (US clients, Stripe, marketplaces) and who you pay (vendors, contractors, US taxes)

• Decide on entity structure: Determine if you need a US entity or if a Canadian corporation with proper US-domiciled account access is sufficient

• Gather documents: Business registration, ownership information, government IDs for beneficial owners

• Open your account(s): Complete onboarding with your chosen provider

• Update payment portals: Configure Stripe, Shopify, PayPal, and invoicing systems with your new US account details

• Set accounting rules: Configure QuickBooks or Xero categories, receipt workflows, and reconciliation schedules

Common Reasons Applications Get Rejected (And How To Avoid It)

• Inconsistent business details: Ensure names and addresses match exactly across all documents

• Unsupported industries: Some providers restrict certain business types, so check eligibility before applying

• Missing formation documents: Have your articles of incorporation and EIN documentation ready

• Ownership verification issues: Prepare clear beneficial owner information and valid government IDs

Conclusion

For Canadian businesses with US revenue, the best solution combines real ACH access with strong Canadian operating capabilities. You need to receive payments from US customers without wire fees, pay US vendors efficiently, and keep your Canadian operations running smoothly.

Venn delivers this combination: a real local US account with ACH, local CAD accounts for taxes and Canadian payables, multi-currency cards with 1% unlimited cashback, and direct accounting integrations. For most Canadian operators, this represents the modern financial stack that eliminates the patchwork of multiple providers.

FAQs

Q: What’s the difference between a USD business account in Canada and a US-domiciled business account?

A USD business account in Canada holds US dollars but operates on Canadian banking infrastructure, typically relying on SWIFT for transfers. A US-domiciled business account has actual US routing and account numbers and connects directly to the ACH network, enabling faster, cheaper domestic US payments.

Q: Do Canadian USD accounts support ACH?

Typically no. ACH is a US-only payment network that requires US-based banking infrastructure. Most Canadian USD accounts cannot send or receive ACH and instead rely on international wires, resulting in higher fees and longer settlement times.

Q: Do I need a US LLC and EIN to open a US business bank account?

It depends on the provider. Some US-based platforms require a US entity and EIN. Other platforms, such as Venn, provide US-domiciled account access with ACH capability to Canadian corporations without requiring US incorporation.

Q: What’s the simplest way to get paid by US customers without losing money on wires and FX?

The simplest option is using a platform that provides a real local US account with ACH access. This allows US customers to pay you via ACH, which is low-cost and fast, while letting you hold USD and avoid forced currency conversion and wire fees.

Q: Can I keep USD and only convert when rates are favorable?

Yes. With a multi-currency account, you can hold USD indefinitely and convert to CAD only when it makes sense for your business. This gives you control over FX timing and reduces unnecessary conversion costs.

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**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.