38 Replies to “Amazon FBA for Canadians | Why You Need a US BASED Bank Account”

  1. Useful info as always Tamara (even for those of us who aren't Canadian). I thought that TD Bank had an US-based bank service for Canadians though?

  2. Thanks for the info Tamara! What would you suggest doing for a first time order? Should I put it on a US credit card and pay it back, or transfer CDN to a US chequings account and endure the currency exchange?

  3. Perfect timing! Another winning info! This video is very enlightening. Hi Tamara! I just received my BMO Harris personal debit card today. It took me more than 4 weeks to obtain. I asked for US based credit card but I they did not offer me. I was told maybe in the future. Since I don't have a US based credit card right now, do you think it is advantageous to use US based debit card? Free coaching calls would be beneficial to all aspiring Amazon seller like me. One more thing, you earn my 1st YouTube subscription & 1st comment!

  4. 2:50, similar thing happened to me with my personal US-based RBC account several years ago lol. They actually froze my account temporarily so it was kinda scary.

    You mentioned RBC charges $150/mo for their US-based checking account, but they have a $5/mo option as well called "U.S. Business Money Market Savings". $0/mo if you keep $1k in the account.

    When you signed up for your BMO Harris US-based checking account, did they require a Report of Good Standing from your corporation? I'm in the process of signing up with them, but still waiting for this report in the mail.

  5. How do you transfer money to a Canadian bank account from the bmo Harris account? Do you hv to open a us based in Canada account at bmo as well or a Canadian account? How does that work

  6. When you finally switched from a personal chequing to a business account, how did that go over with Amazon? Did you have to re-submit bank account numbers to Amazon? Was it a long process? Because im just starting out and not wanting to incorporate until I see some growth…and it would be faster and easier and cheaper to start with a personal chequing USA based account and sole proprietorship on amazon. Eventually, id make the switch if the sales are there…but im wondering if that screws things up later if i have to change banking info with Amazon. Thanks for the vid, very helpful.

  7. Congrats on 1000 subs!!!

    I got incorporated today and plan to do the next step by calling in BMO Harris tomorrow. Can you confirm that you got the "Essential Business Checking"?

    In addition, without US credit I was just wondering which company you went with for the business credit card. The Chase and CaptialOne ones sounds enticing, but want to know if there are restrictions for non-us residence based on your experience

  8. When you signed up for the US BMO Checking account did they require a minimum of $1000? Where do you recommend getting a US credit card from for points etc? Also do you automatically loose the difference when you transfer your money from Canada to the US account? Im Green to this subject but am starting Amazon very soon, taken courses, and its hard to get a clear answer on banking subjects from someone who knows in Canada. Thanks Tamara! Also joined FB Group!!! Much Love!!

  9. Great video. My question is this: once you get paid from Amazon into your us based business chequing account, how do you pay yourself and put some of that money into your own chequing account? And when you do that, do you lose money with foreign currency fees?? And then do you have to claim that money as personal income?

  10. Hi Tamara thanks for the great info !!!! I just started amazon ( I have not a product listed yet) and at the moment I am using Payoneer as my bank info for amazon, but with your experience do you think Payoneer is ok to using as a start and then maybe later in the road see the option of the US base BMO account !!! I just mean do you have any experience with Payoneer or any thoughts about it ? thanks a lot !

  11. When you transfer money from your US based bank account are you transferring it into a business account or a personal account? Also is the Canadian account with RBC? So I don’t need any Canadian account with bmo?

  12. Thanks so much for the video. I have heard that there are some services like Payoneer or Worldfirst for receiving the Amazon payments. Do you have any comments or suggestions about them? or a comparison between these methods and a US based bank accounts for Canadians?

  13. Hi Tamara, Thank you so much for this video. I searched a lot of video regarding this and finally i got some idea what i am looking for. Please keep it up with your straightforward approach. Definitely new subscriber and send request to join your facebook group.

  14. This is EXACTLY what I was looking for. Thank you so much! πŸ™‚ I just incorporated in Alberta and have yet to start selling due to red tape, this saves me a lot of trouble. Does your US Based BMO account count as nexus? I'm going to try to avoid paying US taxes (legally) by only having products shipping via the tax-free states. Not sure how realistic that is.

    Thanks again! You have a new subscriber, Neighbor.

  15. Hi Tamara – I noticed you mentioned one way to funnel money up to your Canadian account is to pay a bill from your corporate BMO Harris account over to your US-based personal account, and from there transfer to your personal Canadian based account. I tried to set up the bill payment from BMO Harris t my US-based personal account but it’s requiring a US address. What did you use for that?

  16. Hi Tamara, great video, if someone is just starting to sell on amazon US from Canada with no business registered yet, can an US personal chequing account at bmo Harris work? Also, how do you transfer money from your BMO Harris to your canadian bank? Thank you!

  17. Hi Tamara, great video and very useful content! Just wondering which type of incorporation do you prefer? Federal or Provincial?

  18. if i open up a US based personal chequing account with bmo Harris for my business wouldn't they send me an email once i start making a lot of sales like what RBC did to you ?

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