Can I Deposit USD in My Canadian Bank Account?

Do you have extra USDs you want to save for later use? If so, you can deposit your USD in your Canadian bank account in different ways.

Open a USD Account

Though USD and CAD are both dollars, they are different currencies. If you want to deposit USD in your account in a Canadian bank, it is recommended that you open a USD Account in the Canadian bank of your choice. Most Canadian banks offer their existing customers a free or affordable US Dollar account if they already have a Savings or Chequing Account with the said bank.

The average cost for opening a USD account varies in Canada from 1 USD to 10 USD. However, these may be waived if you reach the maintaining balance set by your bank.

The Perks of Having a USD Bank Account in Canada

The US and Canada are top trading partners. In 2021, these countries traded over 2 billion USD in goods and services daily. This shows that most Canadians have financial transactions with the US, which makes having a USD account beneficial.

Did you know that having a USD bank account can be used to earn passive income? Your savings account will allow you to accumulate interest in your currency. Once you convert your USD interest to CAD, you can make more since 1 USD is equivalent to 1.36 CAD.

Aside from convenience and profit, having a USD account in Canada is also practical. The majority of Canadian banks charge around 2.5% and 4% in foreign transaction fees. On top of that, they may add a 1% conversion fee. You are also unlikely to get the best exchange rate when banks do the currency conversion for you.

The Key

As you’ve seen, to gain from your USD, the key is currency exchange. However, as previously mentioned, banks don’t give the best exchange rates because that is how they profit from you. Obviously, you want to outsmart the bank and maximize your money’s potential.

If you are searching for the best currency exchange service provider in Canada, look no further, as RemitBee is the best. The currency conversion rates we provide are close to what the actual currency exchange is.

Moreover, we don’t charge any fees when you exchange with us. This allows you to maximize your money’s worth!

RemitBee operates 100% online. So, you can avoid long lines when exchanging currencies. Go to RemitBee’s website or download the RemitBee app on your smartphone. Sign up for an account and start converting currencies!

Check out our USD/CAD currency converter so you can see in real-time how much your money will be converted into when you exchange with us!

Individuals can convert up to 250,000 per day, and business accounts can convert up to 1 million dollars daily. Currency exchange can take up to two days at most. The money will be directly deposited into your Canadian bank account. Note that all the money you exchange and transfer is 100% insured, so you can have the peace of mind that your money is safe with us.

What are you waiting for? Open a CAD or USD account in a Canadian bank and start converting money with us!