Opening a USD global account in Canada in 2025: no US entity required

You're a Canadian business ready to tap into the massive US market. Your products are perfect, your strategy is solid, but there's one major roadblock – accessing US dollars without the complexity and cost of incorporating in the United States. Opening a traditional USD account through a U.S. bank is generally difficult for non-citizens and even harder for non-residents ¹. Most banks require a Social Security Number (SSN), proof of residency, or even an in-person visit to open a USD account ¹.

The good news? Canadian businesses can now access USD global accounts without ever setting foot in the US or creating an American entity. This breakthrough eliminates traditional barriers that have kept Canadian companies from competing effectively in US markets.

Why Canadian businesses need USD accounts more than ever

USD is the currency that guides most international trades ¹. For Canadian businesses targeting US markets, the need for USD account access has become critical. U.S. clients and platforms prefer paying into domestic bank accounts ¹. When you invoice American customers in Canadian dollars, you're adding friction to the transaction and potentially losing sales.

The challenges extend beyond simple preference. Foreign exchange (FX) risk refers to the financial uncertainty businesses face due to fluctuations in currency exchange rates ². FX risk can significantly impact the cost of transactions, potentially leading to unexpected financial losses ². Every time you convert currencies, you're exposed to rate fluctuations that can erode your profit margins.

Consider the current trade environment. U.S. President Donald Trump announced on June 27, 2025, that the U.S. is immediately ending trade talks with Canada ³. The decision to end trade talks was in response to Canada's digital services tax on technology companies ³. This political uncertainty makes having direct USD account access even more crucial for maintaining stable cross-border operations.

Traditional barriers: why US incorporation isn't the answer

Many Canadian businesses assume they need to incorporate in the US to access proper USD financial services. This path comes with significant challenges and costs. Opening a USD account through a traditional bank often requires a U.S. address or SSN, a physical visit, extensive documentation with complex KYC requirements, and comes with long approval times ¹.

The costs add up quickly. Beyond incorporation fees, you'll face ongoing compliance requirements, tax obligations in both countries, and the need for US-based registered agents. For small and medium-sized Canadian businesses, these barriers can be insurmountable.

Even Canadian banks offering USD accounts come with limitations. CIBC offers a US$ Personal Account for Canadians that allows deposit and withdrawal of U.S. funds without converting currencies ⁴. However, each transaction for the CIBC US$ Personal Account costs $0.75 US ⁵. The CIBC U.S. Dollar Current Account has a monthly fee of $8.00 US ⁶. These fees quickly accumulate for businesses with regular transaction volumes.

The global account revolution: your workaround to US market access

Global accounts represent a fundamental shift in how Canadian businesses can access international markets. Unlike traditional bank accounts, global accounts provide local account details in multiple currencies without requiring physical presence or entity formation in those countries.

Airwallex offers a US Dollar business account that can be opened from Canada ⁷. The USD account comes with local US bank and branch codes and a dedicated account number ⁷. This means your US customers can pay you as if you were a local US business, eliminating cross-border payment friction.

The transformation extends beyond simple account access. An Airwallex Global Account empowers your business to enhance its financial operations on the international stage ⁸. It's a modern alternative to a traditional business bank account, giving you the ability to open domestic and foreign currency accounts in minutes ⁸.

How USD global accounts work without US incorporation

The mechanics behind global accounts leverage modern financial infrastructure to bypass traditional banking limitations. When you open a USD global account from Canada, you're accessing a network of partner financial institutions that provide local account details without requiring local entity formation.

Here's how the process works:

Account opening from Canada

Airwallex allows for the opening of multi-currency accounts online ⁷. The entire process happens digitally, with no need to visit a US branch or provide US-specific documentation. You'll need standard Canadian business documentation, including your business registration, proof of address, and identification for key stakeholders.

Local US account details

Once approved, you receive genuine US account details including routing numbers and account numbers. These aren't virtual or temporary – they're real account details that US businesses and payment processors recognize as domestic.

Seamless payment acceptance

Your US customers can pay you through ACH transfers, wire transfers, or other standard US payment methods. Airwallex's service allows for receiving payments in the same currencies that customers pay in ⁷. This eliminates unnecessary conversion fees and delays.

Currency management

Airwallex's service allows for conversion of balances to different currencies ⁷. You can hold USD until exchange rates are favorable, then convert to CAD or other currencies as needed.

Comparing global account providers for Canadian businesses

The market for global accounts has expanded significantly, with several providers now serving Canadian businesses. Understanding the differences helps you choose the right solution.

Airwallex: built for business scale

Airwallex was founded in Melbourne, Australia, in 2015 and has secured over $800 million in funding, achieving a valuation exceeding $5.5 billion ⁹. Airwallex's platform supports over 50 currencies and offers real-time foreign exchange rates for major currency pairs ⁹.

Key advantages include:

• Airwallex does not charge account opening fees, monthly maintenance charges, or have minimum transaction requirements⁷

• Airwallex structures its pricing with a foreign exchange markup of 0.3-0.6% above the interbank rate⁹

• Airwallex provides end-to-end encryption and bank-level security⁷

Wise Business: established player with limitations

Wise is a registered Money Services Business (MSB) in Canada ¹⁰. Wise Business account offers free and paid tier features for a one-time fee of 55 CAD ¹⁰. Over 600,000 businesses use Wise Business every quarter to send, receive, and manage money across borders ¹⁰.

Wise's pricing approach includes a conversion fee ranging from 0.35% to 2% depending on the currency pair ⁹. Common fees for Wise Business account include currency conversion fees starting from 0.48% ¹⁰.

Finofo: emerging Canadian solution

Finofo was founded in Calgary by Prateek Sodhi and Charles Maranda ¹¹. Finofo is launching a $29/month Small Business Plan ¹¹. Finofo is free to use with no account sign-up fees or monthly maintenance fees ¹².

Real-world benefits: Canadian businesses winning with USD global accounts

The impact of USD global accounts extends across various business scenarios. Let's examine how different Canadian businesses leverage these accounts for growth.

E-commerce and digital services

For freelancers working with American clients, remote employees, and business owners targeting US markets, having access to a USD bank account can simplify finances and expand earning potential ¹. Some digital services, like advertising platforms or online subscriptions, require payment in USD ¹.

One in five shoppers would abandon a cross-border purchase if their preferred payment methods were not available ¹³. By accepting USD payments directly, Canadian e-commerce businesses remove this friction point.

B2B transactions and invoicing

Invoicing in a foreign currency simplifies the buying process for international clients and makes a business more appealing to them ¹⁴. Not invoicing in local currency can confuse the actual cost of products or services ¹⁴.

McLaren Racing modernizes cross-border payments with Airwallex ⁸. RYSE transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations with Airwallex ⁸.

Managing currency risk

Holding earnings in dollars can help avoid exchange losses ¹. FX risk is a major concern for businesses operating across borders, as it can affect profit margins, cash flow, and overall financial stability ².

By maintaining USD balances, Canadian businesses can:

• Time their currency conversions for favorable rates

• Pay US suppliers without conversion costs

• Maintain stable pricing for US customers

• Reduce exposure to daily rate fluctuations

Step-by-step: opening your USD global account from Canada

Getting started with a USD global account is straightforward. Here's the process:

1. Choose your provider

Evaluate providers based on:

• Fee structure and transparency

• Currency coverage and exchange rates

• Integration with your existing systems

• Customer support availability

• Security and compliance standards

2. Prepare documentation

Typical requirements include:

• Canadian business registration documents

• Proof of business address

• Director and shareholder identification

• Business activity description

• Expected transaction volumes

3. Complete online application

The application process typically takes 15-30 minutes online. You'll provide business details, upload documents, and answer compliance questions about your business activities.

4. Verification and approval

Providers typically complete verification within 2-5 business days. They may request additional documentation or clarification during this process.

5. Receive account details

Once approved, you'll receive your US account details immediately. You can start accepting USD payments right away.

Maximizing value from your USD global account

Simply opening a USD global account is just the beginning. Here's how to extract maximum value:

Strategic currency management

By invoicing in local currency, businesses can have more control over the efficiency of their payments ¹⁴. Hold USD when rates are unfavorable, convert when advantageous. Set up rate alerts to notify you of favorable conversion opportunities.

Integration with accounting systems

Finofo integrates seamlessly with accounting platforms like QuickBooks ¹². Wise Business account can be connected to popular accounting platforms like Xero, QuickBooks, and Wave ¹⁰. This automation reduces manual reconciliation and improves accuracy.

Expanding to multiple currencies

Once you've mastered USD operations, consider expanding. Airwallex offers a Canadian Dollar business account from Canada with local CAD bank and branch codes and a dedicated account number ¹⁵. You can also access accounts in EUR, GBP, and other major currencies.

Payment optimization

34% of respondents in the study felt more incentivized to buy from a store outside their home country if prices were shown in their local currency ¹³. Display USD pricing for US customers, accept USD payments directly, and eliminate conversion confusion.

The future of cross-border finance for Canadian businesses

The landscape of international payments continues to evolve rapidly. Global cross-border payments are expanding at an estimated 5% annually ¹⁶. Business-to-consumer (B2C) segments such as payroll and contractor payouts are projected to grow at an even faster pace of 11.1% CAGR through 2032 ¹⁶.

Emerging technologies are reshaping possibilities. 46% of diaspora consumers across Europe regularly send money home, making it an essential financial activity ¹⁷. 65% of respondents rank speed as their top priority when choosing a payment method ¹⁷.

The shift away from traditional banking continues. HSBC Canada has been acquired by the Royal Bank of Canada (RBC) for $13.5 billion in December 2023 ¹². RBC lacks the global reach that HSBC provided, potentially leading to less favorable exchange rates, slower payments, and higher cost of sending wires for businesses ¹².

Common challenges and solutions

Compliance concerns

Many Canadian businesses worry about regulatory compliance when using global accounts. The reality is that reputable providers maintain strict compliance standards. Airwallex maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities ⁹.

Integration with existing systems

Technological integration is a major challenge for companies, especially small and medium-sized firms (SMEs), when it comes to adopting digital payment systems ¹⁸. Choose providers with robust APIs and pre-built integrations to minimize disruption.

Security considerations

Cybersecurity and fraud risks present serious concerns for the digital payment market ¹⁸. Look for providers offering multi-factor authentication, transaction monitoring, and fraud prevention tools.

Making the decision: is a USD global account right for your business?

Consider a USD global account if you:

• Sell products or services to US customers

• Pay US suppliers or contractors regularly

• Want to reduce foreign exchange costs

• Need to simplify US market entry

• Seek better control over currency timing

The benefits extend beyond simple cost savings. Invoicing in the local foreign currency of clients is crucial to growing sustainable customer relationships and opening up revenue opportunities ¹⁴. Invoicing in local currency can make a business more competitive in foreign markets ¹⁴.

Conclusion: your gateway to US market success

Opening a USD global account from Canada without US incorporation isn't just possible – it's becoming essential for competitive cross-border operations. The traditional barriers that once forced Canadian businesses to choose between expensive US incorporation or unfavorable currency conversions are dissolving.

Airwallex's USD account can be used to receive, manage, and send US dollars with no hidden fees ⁷. This capability transforms how Canadian businesses can compete in US markets.

The global digital payment market is expected to reach $32.07 trillion by 2033 ¹⁸. Canadian businesses that embrace global account solutions today position themselves to capture their share of this massive opportunity.

Don't let traditional banking limitations hold your business back from US market success. Explore USD global account options and unlock your cross-border potential without the complexity of US incorporation.

FAQ

Can Canadian businesses open USD accounts without incorporating in the US?

Yes, Canadian businesses can now open USD global accounts without establishing a US entity. Modern fintech providers like Airwallex offer global USD accounts that allow Canadian companies to receive, hold, and send US dollars directly from Canada. This eliminates the traditional barriers of US incorporation, complex compliance requirements, and the associated costs of maintaining a US business entity.

What are the main benefits of a USD global account for Canadian businesses?

USD global accounts provide Canadian businesses with direct access to US dollar transactions without currency conversion fees, faster payment processing for American clients, and reduced foreign exchange risk. They also enable businesses to maintain US dollar reserves, simplify accounting for US-based revenue, and provide American customers with familiar USD payment options, ultimately improving cash flow and competitiveness in the US market.

How does Airwallex's USD global account work for Canadian companies?

Airwallex's USD global account provides Canadian businesses with real US bank account details, allowing them to receive payments as if they had a traditional US bank account. The account supports ACH transfers, wire transfers, and other standard US payment methods. Canadian companies can hold multiple currencies in one platform, convert funds when favorable exchange rates are available, and manage all their international finances through a single dashboard.

What documentation is required to open a USD global account in Canada?

To open a USD global account, Canadian businesses typically need to provide business registration documents, proof of Canadian incorporation, director identification, and business activity verification. Most providers require Know Your Customer (KYC) documentation including business licenses, tax identification numbers, and proof of business address. The exact requirements vary by provider, but the process is generally simpler than traditional US bank account opening procedures.

Are there any limitations to USD global accounts compared to traditional US bank accounts?

While USD global accounts offer most functionality of traditional US bank accounts, some limitations may include restricted access to certain US-specific services like SBA loans or specific merchant services. However, for most business purposes including receiving payments, making transfers, and holding USD funds, global accounts provide equivalent functionality. They often offer better exchange rates and lower fees than traditional cross-border banking solutions.

How do USD global accounts help manage foreign exchange risk?

USD global accounts help Canadian businesses manage FX risk by allowing them to hold US dollars without immediate conversion to CAD. This means companies can time their currency exchanges strategically when rates are favorable, rather than being forced to convert at potentially unfavorable rates. Businesses can also match their USD revenue with USD expenses, naturally hedging against currency fluctuations and protecting profit margins from exchange rate volatility.

Citations

1. https://grey.co/blog/how-to-open-a-usd-bank-account-remotely-without-us-citizenship

2. https://www.mtfxgroup.com/post/foreign-exchange-fundamentals-what-is-fx-risk-and-how-to-protect-your-business/

3. https://www.reuters.com/sustainability/boards-policy-regulation/trump-says-us-ending-trade-discussions-with-canada-over-digital-tax-2025-06-27/

4. https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/us-personal-account.html

5. https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/us-personal-account/fees-and-details.html

6. https://www.cibc.com/en/business/accounts/us-dollar-current-account.html

7. https://www.airwallex.com/ca/business-account/global-accounts/usd-account

8. https://www.airwallex.com/ca/blog/what-is-an-airwallex-global-account

9. https://www.trykeep.com/newsroom/airwallex-vs-transferwise

10. https://wise.com/ca/blog/wise-business-vs-personal-canada

11. https://financialit.net/news/fundraising-news/finofo-raises-33m-transform-cross-border-financial-operations-mid-market

12. https://www.finofo.com/blog/why-it-might-be-time-to-say-goodbye-to-your-hsbc-canada-account

13. https://www.paypal.com/in/brc/article/cross-border-online-payment

14. https://www.mtfxgroup.com/post/is-billing-foreign-customers-in-their-local-currency-better/

15. https://www.airwallex.com/ca/business-account/global-accounts/cad-account

16. https://financialit.net/news/payments/mytu-enables-instant-global-payouts-visa-direct-and-mastercard-cross-border-services

17. https://www.thunes.com/news/top-growth-drivers-in-consumer-cross-border-payments/

18. https://www.globenewswire.com/news-release/2025/05/28/3089198/0/en/Digital-Payment-Industry-Report-2025-Market-to-Hit-32-07-Trillion-by-2033-Government-Initiatives-Propel-Global-Shift-to-Cashless-Transactions.html