Discovering the most effective USD checking account in Canada can imply saving a whole lot of {dollars} in charges and beneficial alternate charges. The prices of cross-border transactions or a vacation down within the US can actually add up in the event you’re not cautious.
A US Greenback checking account primarily based in Canada could make USD transactions fast and painless, whereas serving to Canadians keep away from getting dinged by shifting alternate charges and international transaction charges.
However not all USD accounts are created equal. Take a look at our fast comparability of the most effective US financial institution accounts for Canadians, in addition to a deep dive into what options needs to be most essential to you in the event you’re contemplating opening a USD account.
The Finest USD Financial institution Accounts for Canadians In contrast
Right here’s some important details about the collection of Canadian USD financial institution accounts. For extra particulars about every financial institution’s choices, see our write-ups beneath.
5 / 5Transaction Charge
None, Preferential Alternate Charges (Powered by Clever)
Canada’s Finest On-line Financial institution. NO account charges! $0 transaction prices and at the very least twice as low-cost as every other Canadian financial institution for forex exchanges. USD financial savings account with excellent charges. *USD Accounts not out there in Quebec.
4.8 / 5Transaction Charge
None, Financial institution-Beating Alternate Charges (As little as 0.4%)
Canada’s greatest approach to switch massive quantities of cash between CAD and USD. Canadian Fintech powerhouse. Not a checking account – simply funds and forex exchanges.
4.1 / 5Transaction Charge
$0 – $7, 1.5%-2% Forex Exchanges7
Finest worldwide checking account in the event you require financial savings accounts in a number of currencies. Costlier for forex exchanges than EQ and Xe. Min account opening: $30,000 deposit.
3.8 / 5Month-to-month Charges
$0 – $4.95 US
Transaction Charge
$0 – $1.25 US, 1.5%-2% Forex Exchanges
Finest USD card – annual price rebate on TD’s US $ Visa + most well-liked international transaction charges. Poor USD financial savings charges and forex alternate charges.
3.6 / 5Month-to-month Charges
$0 (If paying for an additional account)
Transaction Charge
None, Very Excessive Value of Forex Alternate (>3%)
Strong alternative for holding each financial savings and chequing accounts in US greenback, however very poor alternate charges, and really poor rates of interest.
3.3 / 5Transaction Charge
2 free debit transactions, then $1.25 US
Month-to-month price waived when you have a stability of $200 or extra. Tiered rate of interest between 0% and 0.05%.
3.2 / 5Nice alternate charges however solely 0.1% rate of interest.
3.2 / 5Doesn’t permit level of sale purchases, outgoing cheques or ATM transactions. 2.5% rate of interest.
3 / 5Transaction Charge
1 free, then 3$ US
excessive charges for each chequing and financial savings accounts, however good rate of interest at 0.5%.
3 / 5Transaction Charge
1.75% plus $1.50 per withdrawal (deposits are free)
Free account that means that you can ship and obtain cash in 50+ currencies. Alternate fee is sweet, transaction charges can add up.
2.8 / 5No month-to-month price, however excessive transaction charges – cheques and preauthorized funds are $1.25, different kinds of transactions could have bigger charges hooked up.
2.7 / 5In a position to withdraw USD instantly from CIBC branches or US forex ATMs + 0.05% rate of interest.
Finest USD Curiosity Charges in Canada: EQ Financial institution
We’re massive followers of EQ Financial institution, partly due to their stellar customer support, however principally due to their comparatively huge rates of interest. EQ Financial institution’s EQ US Greenback Account is a no-fee account with the best rate of interest on this listing (by far!) at 3.0%.
The EQ US Greenback Account advantages from extremely preferential alternate charges available on the market resulting from their partnership with a serious forex alternate firm – Clever, a British Fintech firm which is valued at over $18bn. The price of exchanging forex with EQ financial institution is about 6 instances cheaper than exchanging with BMO.
Apart from excellent CADUSD charges, focus is on comfort – you’ll be able to switch funds both between EQ accounts or between your US Greenback Account and a linked account from one other financial institution. You may as well ship your US {dollars} to different US greenback accounts in any nation utilizing their built-in partnership Clever (which has no hidden charges).
As a way to open an EQ US Greenback Account, you will need to open a Private account. Then you should utilize the Private account to switch funds to your US Greenback account (and again once more). This feature just isn’t out there for Quebec residents.
Bear in mind, there are NO Transaction Charges for any of this!
We are able to’t stress sufficient how improbable EQ’s rate of interest is. A fee of three% in a non-competitive surroundings the place 0.05% is taken into account “excessive” is admittedly particular. If it is advisable to settle for funds from the States, or in the event you want a Canadian-based account that permits you to develop your cash and maintain it in US forex, EQ’s US Greenback Account is an ideal alternative.
The addition of the EQ Financial institution Card in 2023 was the cherry on the highest of their international forex dominance. The cardboard not solely makes day-to-day transactions simpler, but it surely additionally contains no international forex alternate charges.
In case you weren’t conscious, most bank cards will cost you 2.5% each time you utilize them overseas. In actual fact, this has confirmed to be such a preferred characteristic that EQ talked about in a current press launch that 20% of their transactions on the cardboard have been from different nations because it was launched. I’ve personally contributed to a number of of these!
Finest USD to CAD Charges for Massive Transfers: Xe
Xe is rated #1 amongst our worldwide cash switch corporations as a result of they provide each an unbelievable alternate fee and really private service for these transferring massive quantities (above $50,000).
Xe is probably probably the greatest recognized non-bank Canadian monetary establishments that began in 1993 because the world’s premier forex alternate charges web sites and advanced right into a full-on funds firm.
The idea of Xe is the power to alternate currencies at preferential charges and pay any checking account globally with no fastened prices. In contrast to Canadian banks that switch funds internationally utilizing the SWIFT protocol that may make issues difficult, gradual, and costly, most of their transfers are made domestically – by debiting your Canadian account in CAD and crediting the recipient account within the desired forex via a neighborhood wire.
Xe’s fee protocol makes it totally controllable on-line! Whereas some Huge 5 banks in Canada will pressure you to bodily go to your department as a way to switch massive volumes overseas, you’ll be able to switch utilizing Xe on-line from wherever on the planet (or to your individual USD account).
One other perk about Xe is the actual fact you have got a devoted account supervisor who’s following up in your switch and is available via e mail or telephone when you have any questions or issues. That is one thing no Canadian financial institution would provide.
Finest International Account: HSBC Expat Account
The HSBC Expat account permits you to maintain cash in 19 completely different currencies, with engaging charges for each saving and forex alternate. It’s a bit like Clever or revolut, whereas being hooked up to a extremely respected, international financial institution, with nice financial savings charges.
The account is good for anybody who needs to go international. It doesn’t matter if you’re planning to maneuver to Canada or away from it – HSBC Expat helps you deal with the method seamlessly. There are additionally no transaction charges, or switch charges between HSBC accounts.
The HSBC Expat account usually has a reasonably hefty $85,000 minimal deposit requirement – however by utilizing our hyperlink you’ll solely have to deposit roughly $30,000 (15k GBP) to open one. Alternatively, you too can present proof of incomes of at the very least $200,000 a yr to waive the minimal deposit requirement altogether
Finest Card: TD Financial institution USD Financial institution Accounts
TD offers you two account choices for a Canada-based USD account.
1) The TD US Every day Curiosity Chequing account offers you no month-to-month price, however a $1.25 US transaction price. The transaction price is waived in the event you keep a stability of at the very least $1,500 US within the account.
This account pays a 0.01% rate of interest in your stability (not improbable, but it surely’s a chequing account, not a high-interest financial savings account).
2) The TD Borderless Plan has a month-to-month price of $4.95 US, but it surely’s waived in the event you keep a stability of $3,000 US. There aren’t any transaction charges.
The TD Borderless Plan doesn’t pay curiosity on account balances, but it surely does provide you with an annual price rebate on TD’s US $ Visa, in addition to most well-liked international transaction charges. Relying on what number of transactions you anticipate to wish month-to-month, this can be the higher possibility regardless of the bigger month-to-month price ($4.95 = about 4 transactions).
Each of TD’s accounts provide you with 10% off TD Journey Medical Insurance coverage, plus no extra charges for cheques or financial institution drafts. Like many accounts on this listing, they don’t permit ATM withdrawals or level of sale transactions (which is why that US Visa card may actually come in useful in the event you journey ceaselessly!).
BMO USD Financial institution Account
BMO provides Canadians two US greenback account choices: one chequing and one financial savings.
The BMO US Greenback Main Chequing Account is a no-fee account if you have already got a BMO account. If not, BMO’s month-to-month price is often about $4/mo. Account holders can arrange PAPs, write and deposit cheques, make transfers, and arrange on-line invoice funds. Overdraft companies can be found.
The BMO US Greenback Financial savings Account’s charges are the identical because the chequing account. Cash on this account earns 0.05% curiosity. The BMO USD Financial savings Account doesn’t permit point-of-sale purchases or ATM withdrawals.
As a result of it has no chequing capabilities, it’s doubtless greatest used along side a USD chequing account except you’re simply searching for an account to obtain US funds and maintain onto money earlier than changing it to Canadian.
Scotiabank USD Financial institution Account
Scotiabank has a single US greenback account out there for Canadians. The Scotia US Greenback Every day Curiosity Account prices a $1.00 month-to-month price except you have got a stability of $200 or extra (or in the event you’re a senior). Account holders obtain 2 free debit transactions, then the price will increase to $1.25.
Scotiabank has tiered rates of interest:
- 0% for balances underneath $1,000
- 0.010% for balances between $1,000 and $4,999
- 0.025% for balances between $5,000 and $9,999
- 0.05% for balances over $10,000
Account holders have entry to 2 free debit transactions monthly, together with:
- Cheques
- PAP
- Money withdrawals
- Account transfers
Scotiabank additionally provides no-fee USD financial institution drafts.
Tangerine USD Financial institution Account
Tangerine Financial institution has one US forex account, the US Greenback Financial savings Account. This account has no charges or minimal stability, a 0.1% rate of interest, and a fantastic alternate fee.
The draw back of Tangerine’s US Greenback Financial savings Account is the usual draw back of the opposite conventional financial savings accounts on this listing: you’ll be able to’t use it to make purchases in both the US or Canada. Funds in your Tangerine US Greenback Financial savings Account can solely be accessed through e-transfer, which makes it inconvenient for cross-border procuring.
Nevertheless, you’ll be able to obtain US greenback funds to this account after which switch your cash to a Canadian account as wanted. The usefulness of this account will rely in your private circumstances.
Simplii Monetary USD Financial institution Account
Simplii Monetary has one US forex account, the USD Financial savings Account. This account doesn’t permit level of sale purchases, outgoing cheques, or ATM transactions. Nevertheless, you’ll be able to deposit a cheque in any forex by mailing it to Simplii (there is no such thing as a cellular or ATM deposit out there), or ship a International Cash Switch, financial institution draft, or cash order.
Mainly, this account is greatest for accepting incoming cheques and wires and holding US {dollars} till you’re able to switch them to different accounts. When you’re holding the funds in your Simplii account, you’ll be able to earn a fantastic 2.5% every day rate of interest, which is calculated every day and paid month-to-month.
RBC USD Financial institution Account
Royal Financial institution of Canada provides two Canada-based, US-dollar accounts:
The RBC US Private Account is a chequing account. Charges are $3 /month, with 6 free debit transactions, then $1.25 per withdrawal. This account prices no charges for e-transfers. Overdraft safety is offered for $5/month.
The RBC US Excessive Curiosity eSavings Account is a no-fee financial savings account. Account holders can full 1 free transaction a month, after which they price $3 every. The account contains a 0.5% rate of interest.
RBC’s accounts don’t permit cross-border debit transactions or non-RBC ATM withdrawals. Account holders can switch cash throughout the border to their US-based RBC Checking account (extra on this later) or convert it to Canadian {dollars} by transferring to a Canadian greenback RBC account.
Clever Account
Clever (previously Transferwise) accounts are “common financial institution accounts” that may maintain over 50 sorts of forex. Clever accounts are FINTRAC regulated, safe, and designed to make it simple for account holders to ship and obtain cash all around the world. In actual fact EQ Financial institution, our high really useful US account, makes use of Clever to energy its international cash transfers.
There’s no month-to-month price for accounts with balances underneath $15,000 CAD, and also you’re assured mid-market alternate charges. Clever’s switch charges can add up in the event you’re not paying consideration, however they’ve overwhelmingly constructive evaluations on TrustPilot, and we see why.
Clever enterprise accounts are perfect for freelancers or enterprise house owners who reside in Canada. Receiving funds from different nations, together with the US, will be difficult, and Clever goals to streamline the method. We want EQ for comfort and ease of use, plus the power to earn curiosity, however Clever is an attention-grabbing possibility, particularly in the event you want to have the ability to receives a commission or entry funds in quite a lot of currencies.
Nationwide Financial institution USD Financial institution Account
Nationwide Financial institution’s USD Progress Account is a chequing account with no month-to-month price. Transaction charges fluctuate – cheques and preauthorized funds are $1.25, however different kinds of transactions could have bigger charges hooked up. You possibly can write cheques, arrange invoice funds, or withdraw US funds at a Nationwide Financial institution department. Rates of interest for this account fluctuate from 1 to 0.1% curiosity, relying on the account stability.
Like lots of the accounts on this listing, the USD Progress Account has no ATM, level of sale, or on-line banking transactions. Nationwide Financial institution US Progress Account takes this a step additional and limits on-line and phone banking entry to checking balances, statements, and account historical past. If you happen to don’t have common entry to a Nationwide Financial institution department, this received’t be the suitable alternative for you.
CIBC USD Financial institution Account
CIBC’s US$ Private Account is a chequing account with no month-to-month price. Account holders pay solely $0.75 per transaction, which is the bottom transaction price on this listing (moreover the free ones, clearly).
This account doesn’t have a particular minimal stability, you simply have to maintain some cash, any quantity, within the account for it to stay energetic. The account additionally pays 0.05%- 0.25% curiosity, calculated every day, and paid month-to-month.
One wonderful thing about the CIBC US$ Private account is the pliability. You possibly can write a cheque in US {dollars} or withdraw USD from any CIBC department or CIBC US forex ATM in Canada. The ATMs are a pleasant (and uncommon!) contact.
Why Open a USD Financial institution Account in Canada?
A US greenback account generally is a lifesaver for Canadians who:
- Work with American purchasers and wish a simple approach to receives a commission
- Often go to the States and wish to maintain American forex as a substitute of adjusting it forwards and backwards.
- Pay any form of payments within the US (this can be a particular case – extra on this later)
These accounts can imply massive financial savings as a result of it permits you to keep away from hefty international transaction charges, to not point out further charges from fee processing platforms like Paypal. Not everybody wants a USD checking account, however for the individuals who do, the accounts on this listing are the proper answer.
Easy methods to Open a USD Account in Canada
Making use of for a USD account in Canada is straightforward, particularly if you have already got a Canadian-dollar account with the financial institution you’re making use of to. Banks equivalent to RBC, CIBC, and TD help you full the appliance in minutes on-line, whereas others equivalent to Scotiabank and Nationwide Financial institution immediate you to e book an appointment or name them.
Both approach, you have to be of the age of majority with a legitimate e mail deal with and Canadian deal with. As a way to open an account on-line, you have to be making use of for a private account in your individual title – in order for you a joint account, you’ll have to contact the financial institution instantly.
Easy methods to Examine USD Accounts in Canada
In our comparability of USD accounts we arrived at our rankings primarily based on 5 key standards.
1) Curiosity Charges
2) Account Charges
3) Transaction Prices
4) Alternate Charges
5) Total Buyer Service and Platform Consumer Expertise
For many individuals, crucial consider any financial savings account is the precise financial savings rate of interest. In the case of USD accounts in Canada, the banks mainly take a look at it as, “we’re already offering you with the comfort of retaining your cash in one other forex, and in return, we’re going to pay you 0.05% curiosity.” That is clearly a large benefit for EQ’s 3% fee.
The opposite essential comparability level needs to be the account charges and transition prices that every account will cost you. If you happen to’re paying a $10 month-to-month price on a USD account that you simply use twice a yr, you is likely to be higher off not bothering!
Many accounts provide a sure small variety of transactions without cost, or maybe limitless free transactions with a “premium account” that includes a big month-to-month price. Be sure and browse the nice print if you’re evaluating accounts, and attempt to anticipate what number of transactions you would possibly make in the event you take an prolonged journey south through the winter, or do a good quantity of on-line procuring within the States.
One side that may be onerous to match is the alternate charges charged by every financial institution. Now the Huge 6 banks are fairly aggressive with each other, however typically talking, the smaller on-line banks offers you a greater “forex unfold” in relation to buying and selling Canadian {Dollars} for American {Dollars}.
USD Account in Canada vs USD Account within the States
Along with US forex accounts primarily based in Canada, Canadians have the choice to open a US greenback account within the States. These will be (however aren’t all the time) barely extra difficult to open, however they are often properly price it, particularly in the event you spend vital time within the US.
Execs:
- Your money is broadly out there from ATMs within the US
- You possibly can pay on the level of sale together with your debit card
- Invoice fee within the US is straightforward (nice for snowbirds)
- Transferring US Paypal funds is straightforward
- You save on alternate charges
Cons:
- Opening an account will be extra difficult (though it’s not in the event you go along with the suitable financial institution)
- You possibly can’t go to a department if you’re residence in Canada (ditto)
- In case your account earns curiosity, you’ll have to pay taxes within the US
A number of of the massive Canadian banks have US-based divisions that permit for seamless transfers throughout the border. You possibly can join your US-based account from Canada by visiting a Canadian department or going surfing (it varies by financial institution, so test their web site when you make your choice).
Listed here are a number of choices to get you began:
RBC Financial institution USA Direct Checking Account
Primarily based in Georgia, RBC Financial institution is Royal Financial institution’s American division. You possibly can open an account on-line or in-branch at residence in Canada with out a social safety quantity or a US deal with.
RBC Financial institution’s account makes it simple to switch cash throughout the border, whereas additionally supplying you with the power to buy or use over 50,000 ATMs within the US for no further price. It syncs together with your on-line banking, supplying you with a seamless banking expertise.
This account has a price of $3.95/month (or $39.50/yr) and provides you 10 free debits, and $1/transaction after that. RBC Financial institution additionally provides a premium possibility which prices $9.95/month ($99.95/yr) and provides you limitless transactions.
CIBC Financial institution USA Good Account
CIBC Financial institution USA’s Good Account offers you a US debit card, US cheques, and entry to ATMs within the US. The Good Account is linked to your CIBC on-line banking. You possibly can apply for it on-line and don’t want a social safety quantity or US deal with.
CIBC Financial institution USA’s Good Account prices charges on a sliding scale, beginning at $4.95/month for as much as 12 month-to-month transactions. Limitless transactions price $14.95/month (considerably greater than RBC Financial institution’s premium account, which can also be limitless… however prices solely $99.95/yr).
TD Financial institution Comfort Checking
The Comfort Checking account from TD Financial institution USA prices account holders $15/month—or $0/month in the event you keep a stability of at the very least $100. Comfort Checking purchasers obtain a debit card for level of sale transactions and ATM withdrawals (for no price at TD/TD Financial institution ATMs within the US and Canada).
These are just some choices to get you began. If you wish to know whether or not your present financial institution has a US-based division, attempt looking for “[your bank name] cross border banking.”
Finest Alternate options to a USD Financial institution Account
If opening a US greenback account (within the US or Canada) isn’t actually interesting, you do have another choices to discover.
If you happen to merely want a simple approach to store within the States often, you could possibly contemplate a Canadian bank card with no international transaction charges. This lets you spend cash within the States with out worrying about transferring US forex to completely different accounts. The draw back to this plan is that you’re nonetheless spending Canadian {dollars} and are due to this fact on the mercy of a variable alternate fee.
A US Greenback bank card is another choice, though these often include hefty charges and are actually solely helpful if you’re making a US greenback buy – whereas a Canadian no-fx bank card is useable everytime you store in Canada as properly.
If it is advisable to settle for funds from US-based companies, Paypal can do it for you – however then you need to select between retaining the cash sitting in your Paypal account…and coping with less-than-awesome international alternate charges if you switch it over.
Another choice price contemplating is Clever’s Borderless account. This account means that you can maintain over 40 completely different currencies in a single account and change between them as wanted. It permits you to keep away from international transaction charges and provides you entry to a greater alternate fee than the banks do.
An app like Clever or Western Union permits you to switch US forex simply, which may work in the event you merely want a approach to get US {dollars} to another person, but it surely’s much less useful in relation to procuring or dwelling within the US – you want someplace to place the cash you’re sending!
The most effective answer for you is admittedly going to rely in your private wants, so maintain an open thoughts and see what stands out essentially the most.
Canadian U.S Greenback Accounts FAQ
Which Canadian USD Financial institution Account Is Finest For You?
Our decide for the most effective US greenback account for Canadians is the US Greenback Account from EQ Financial institution. The dearth of each month-to-month and transaction charges, plus an rate of interest that’s actually 30 instances that of most rivals make it a no brainer for holding your US {dollars} and letting them be just right for you between visits to the States.
If you happen to’ll ultimately have to withdraw American {dollars} for journey, invoice fee, or procuring, you need to contemplate opening at the very least one extra account to make that simpler.
You possibly can maintain your funds in your EQ checking account, incomes curiosity, after which switch money to a US-based account like TD Financial institution’s Comfort Checking or RBC Financial institution’s Direct Checking account as you want it. A USD bank card would additionally do the trick.
No matter your particular US checking account wants are, you’ll find one thing that may deal with it on this listing. And an EQ Financial institution US Greenback Account is a wonderful place to begin. You possibly can learn our detailed EQ Financial institution Evaluation, or see our listing of the most effective banks in Canada to see precisely why it ranks on the high.
