If it is an online bank based in Canada and registered with the US regulator, you might not need to visit Canada to get an account set up although they probably want proof of ID documents in the mail. Why do you need it, because there might be other ways to manage it? I use Paypal for most of my foreign currency things.

That is a good point, and you may have to go through a ton of red-tape and time. This may not ultimately be worth it.

In recent years the US Government has cracked down hard on what they term to be "off shore banking" due to tax evasion and money laundering so be aware. This may make your choice for banking more limited. It has been reported on other sites that many foreign banks are not interested in dealing with the US rules and will not consider taking on more US banking clients. A heads up as I think FrankN may be right on banking if they have established themselves with a US presence.

I've never thought about doing this before. What would be an advantage to banking with an institute outside of the US? Also, aren't these banks regulated differently?

It's possible if they have a branch in the US. Otherwise, you will have to visit the bank personally during your visit to the Canada. They would need identification proofs, such as passport or credit cards. I've heard that online access should be available to all accounts regardless of the citizenship.

You can easily bank with a institution based in Canada if they have operations in the US. Also you can do it all online as well.

What are the rules concerning U.S. citizens banking with institutions based in Canada?.

Also, for someone who does a lot of online banking, would it be beneficial to cross the border?