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5 cross-border debits/month
With a US dollar account, you can deposit US dollars into a Canadian bank account, without having to convert USD to CAD. This is convenient if you run a business that operates in the US, if you regularly travel to the US, or if you simply need to make lots of cross-border banking transactions. It also lets you time your currency conversions for when the USD to CAD exchange rate is at its peak.
But with a wide range of banks and other financial institutions offering US dollar accounts, how do you find the best bank to manage your cross-border banking? Keep reading for our guide to the best USD accounts and what you need to know if you need to send money from Canada to the US.
Promoted for
5 cross-border debits/month
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Free Interac e-Transfers
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Hybrid Chequing and Savings Account
If you’re searching for the best US dollar account to maximize your savings, there’s a lot to like about the EQ Bank US Dollar Account. With an interest rate of 3.00% and no monthly fee chipping away at your balance, you might be surprised just how quickly your balance will grow. You’ll get a competitive exchange rate when you need to convert USD to CAD, and you can check EQ Bank’s live exchange rates by logging into your account. You can also use your account to send money from Canada to the US and all around the world with Wise, with no need to worry about hidden fees. And with the ability to make USD transfers in Canada without incurring any fees, there are plenty of good reasons why the EQ Bank US Dollar Account is worth a closer look.
If you’re looking for a cross-border banking solution that offers maximum transactions for minimal fees, the TD Borderless Plan has got you covered. This US dollar account has a low monthly fee of US$4.95, but the fee is waived if you keep your account balance above US$3,000. This entitles you to unlimited transactions per month, so it’s a good choice if you need to make frequent payments, deposits and withdrawals. There are other perks too, including an annual $39 U.S. fee rebated on a TD U.S. Dollar Visa Card and preferred USD exchange rates. And with US bank drafts and cheques available for no extra cost, there’s a lot to like about the TD Borderless Plan if you’re looking for a high-volume transaction account.
Min. Age | N/A |
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Account Fee | $4.95 |
If you’re looking for a US dollar account that won’t eat away at your balance with regular fees, the Tangerine US Dollar Savings Account could be just what you need. With no monthly fee, the money you put into this account stays exactly where you want it to. There’s no minimum balance requirement either, and the fact that you can earn 0.10% interest on your balance is an added bonus. Tangerine is transparent about its USD to CAD and CAD to USD exchange rates too, so you know exactly how much bang you’ll get for your buck.
Prefer to keep your USD with one of the Big Six? We recommend checking out National Bank’s USD Progress Account. This US dollar account doesn’t charge a monthly fee, but it does support branch transactions like withdrawals and transfers. Additional services like cheques and pre-authorized debits attract an extra fee. If you have $0 or more in your account, you can earn interest at a rate of 0.1%, while deposits are covered by the Canada Deposit Insurance Corporation (CDIC). If you’d like to open an account, you’ll need to head to your nearest National Bank branch.
Min. Age | N/A |
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Account Fee | $0 |
If you need an account to make cross-border banking transfers easier, the RBC Direct Checking Account could be just what you’re looking for. For an annual fee of US$39.50, this convenient account supports unlimited transfers between the US and Canada. Transfers are instant and you can send money 24/7, while you can then access your cash without incurring fees at over 50,000 ATMs around the US. You can also earn cash back when you shop at large US retailers, get 10 included debits per month and take advantage of contactless payments. And with no minimum balance requirement — though you will need to deposit at least $50 to open an account — this account makes sending money to the US from Canada very easy indeed.
Min. Age | N/A |
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Account Fee | $39.50 |
If you’re a Canadian who spends a lot of time in the US, the BMO US Dollar Account could help you manage your money more effectively. This day-to-day chequing account lets you access your USD 24/7 to pay bills, make purchases, set up direct deposits and more. There’s no monthly fee if you meet the minimum balance requirement, while you can also access BMO services such as travel insurance, prepaid credit cards and foreign currency exchange. So check out the BMO US Dollar Account if you’re looking for an easy way to spend your money when travelling in the US.
Learn more: BMO US Dollar Account review
One of the biggest traps of cross-border banking is that when you want to access your cash overseas, foreign transaction fees can make it an expensive exercise. But that’s not the case with the EQ Bank Card, which has no foreign transaction fees and no monthly fees. EQ Bank also doesn’t charge and exchange fees or exchange rate markups — you’ll get the Mastercard Currency Conversion rate for your transaction — and it doesn’t charge fees for foreign ATM withdrawals, which means more money in your pocket. Even better, you Earn 4.00% on your card balance for 12 months when you set up $500/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.50% on your balance. on your card balance and 0.5% cashback on purchases. Throw in the fact that you get free domestic ATM withdrawals and you can use your card anywhere Mastercard is accepted around the world, and there’s a lot to like about the EQ Bank Card.
Monthly Fee | $0 |
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Transaction Cost | $0 |
Foreign Transaction Fee | 0% |
Monthly Fee | $0 |
Rewards | 0.5% cashback |
When you need to send money from Canada to the US or vice versa, foreign exchange fees and exchange rate markups can significantly increase the cost of your transaction. But that’s where the Wise US Dollar Account can offer a cost-effective solution. When you receive money in USD, you can convert it to CAD (or over 50 other currencies) at the mid-market exchange rate. The fee for converting money varies depending on the currency but starts at just 0.43%, so Wise offers very competitive FX fees for money transfers. And with the ability to send, hold and spend funds in dozens of currencies, using Wise for money transfers could save you a whole lot of money compared to your bank.
If you want to manage your cross-border banking needs with an Ontario credit union, Meridian Credit Union’s US Dollar Chequing Account is well worth a look. This account is all about simplicity. There’s no monthly account fee and unlimited free deposits, while a $1 fee applies to other transactions. You can also earn a tiered rate of interest on every dollar in your account — 0.025% on balances up to $4,999, 0.05% on balances $5,000-$24,999 and 0.10% on balances $25,000 and over. And when you need to exchange funds or make a withdrawal, you can simply visit your nearest Meridian Credit Union branch.
Min. Age | N/A |
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Account Fee | $0 |
The Coast Capital US Dollar Chequing Account is another option well worth considering. This cross-border bank account supports unlimited deposits and one free withdrawal per month, with no monthly fee. There’s a US$1 fee for additional transactions, but those transaction fees are waived if you maintain a monthly balance of US$1,000 or more. You can also manage your account via online and mobile banking, making the Coast Capital US Dollar Chequing Account a very competitive option.
Min. Age | N/A |
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Account Fee | $0 |
Why open a US dollar account in Canada? There are plenty of reasons, such as:
In this guide, we’ve looked at the best US dollar accounts with Canadian banks.
However, another option you may want to consider is opening a USD account at a US bank. While the account-opening process is a little more complicated than opening an account with a Canadian bank, non-US citizens can open accounts in the US.
There are a few reasons why you might want to do this. First, it makes it much simpler to pay any US bills you may have, such as if you have a USD credit card, and to pay for purchases using a debit card. It also allows you to avoid any foreign transaction fees that may apply, and build your US credit history.
But there are also a few things to watch out for. For example, you may be asked to provide proof of a US address to open an account. And if you have a question about or problem with your account, it’s not exactly convenient to pop into your nearest branch. Finally, keep in mind whether you’ll have any tax obligations in the US if you earn interest on your account.
If you want to send money from Canada to the US, maintaining a US dollar account allows you to avoid the cost of converting from CAD to USD. You can then send US dollars to Canada in a few ways, such as sending a bank transfer, writing a USD cheque, or even withdrawing US currency so you can send a cash transfer.
However, if you have Canadian dollars, there are several ways to send money to the US.
If you need to transfer money from Canada to the US, consider these four options:
There’s a lot to consider when choosing a cross-border banking account for USD. Keep the following factors in mind when comparing your options.
While some US dollar accounts don’t have any monthly fees, many do. Check the monthly fee that applies and find out whether the fee will be waived if you meet a minimum balance requirement.
You’ll also need to check the fine print for details of any other fees that apply. These could include transaction fees, cheque fees, ATM withdrawal fees and more.
Check how you will be able to access the funds in your account. For example, can you write USD cheques? Is there a debit card attached to the account? Does the bank operate ATMs that allow you to withdraw US currency? How can you transfer money from your USD account to another account?
Make sure the account you choose offers easy and convenient access to your money.
It’s worth remembering that monthly transaction limits often apply to US dollar accounts. Check the terms and conditions to find out how many transactions you’re entitled to, and what transaction fees will apply if you exceed the limit.
Also check whether you get access to additional features like US cheques and bank drafts, and whether the account offers overdraft protection.
If you’re searching for a USD savings account, check the interest rate that applies to your balance. Is the interest tiered so that a higher rate applies to larger balances, or is it a flat rate for all accounts?
Foreign currency deposits are eligible for coverage from the Canada Deposit Insurance Corporation (CDIC). Check to make sure your bank is a CDIC member for extra peace of mind before opening an account. [link to CDIC Finder post]
Finally, compare any promotions or rewards that are offered with the account. For example, you may be able to access discounts on other products from the saame bank, such as an annual fee rebate on an eligible credit card.
You can typically apply to open a cross-border banking account online, but some banks will require you to visit a branch to complete the signup process.
You’ll need to be the age of majority in your province or territory and provide:
You’ll need to provide two pieces of Government-issued identification, such as a driver’s licence and passport, to prove your identity. You may also be asked to provide proof of address.
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