When we think of foreign banks in the USA, this could mean banks from other countries opening branches to interact with Americans.  There are many Canadian banks that now have branches in the United States, such as BMO Bank of Montreal, TD Bank, RBC Royal Bank and Scotia Capital to name a few.

Canadian banks offer cross-border accounts so that Canadians that live in the USA, perhaps as a “snow-bird,” can now open accounts without the need of a social security number.

Americans who travel to Canada can do the same.  Utilizing Canadian banks in the United States makes it easier for Canadians and Americans who travel between the two countries for business or family.  These banks fill a niche –  providing a convenient way to access funds and manage expenses while eliminating the hassle of constantly converting currencies when you travel.