If you are a Canadian or an immigrant in Canada, you might have family or friends who have USD bank accounts, and they encourage you to open your own USD account. At the back of your mind, why should I have a USD account in Canada?
Before answering that question, let’s first clarify a USD savings account. Simply put, it is an account that holds American dollars. Like other savings accounts, it is not meant for daily banking, and you may be unable to access it by ATM. With this account, you can hold, receive, and send USD and cut the cost of switching between USD and CAD currencies.
The Perks of Having a USD Bank Account in Canada
There are numerous advantages to owning a USD account in Canada. Its helpfulness will depend on your purpose and preferences. For example, holding a USD bank account will allow you to enjoy these perks:
- Avoid currency conversion charges when you spend in USD.
- Earn interest in multiple currencies.
- Pay bills hassle-free when you travel to the USA or when you shop with US-based online stores.
- Receive your US salary straight into your account if you are an employer or freelancer paid in USD.
Send money to family and friends in the USA.
If you want to unlock these advantages, you might be convinced to open your USD account. With plenty of banks and online institutions offering USD accounts in Canada, how can you choose the best for your purpose and circumstances?
Factors to Consider When Choosing USD Bank Accounts
All major Canadian banks offer their own US dollar account. However, a discerning person will consider these factors when selecting a provider:
- Interest Rates
- Account Fees
- Transaction Costs
- Exchange Rates
Overall Customer Service and Platform User Experience
These factors affect not only the growth and safety of your money but also your convenience when accessing and using your USD.
Best Banks and Financial Institutions Offering USD Accounts
BMO U.S. Dollar Primary Chequing Account
This USD account from BMO will allow you to manage your USD for easy currency exchanges and payments. The Mastercard exchange rate is +2.5% markup for purchases. For incoming transfer fees, you need to pay around 16 USD. There is a 40 USD rate for outgoing transfer fees. On top of that, there is also a service fee for BMO international money transfers. You don’t need to pay a monthly fee if you maintain a minimum monthly balance using a qualifying Bank Plan.
CIBC Bank USA Smart Account
This USD account from CIBC is perfect for clients who live, travel, work, or shop in the US. There is no monthly fee for unlimited transactions. This account also enables you to withdraw USD at ATMs in the US without the CIBC Bank USA ATM surcharge fees. You can also write and deposit US checks remotely using the CIBC US Mobile Banking App and transfer funds in real time between your CAD CIBC accounts and CIBC Bank USA Smart Account. Incoming transfer fees cost 15 USD per transfer, and outgoing transfer fees cost 40 USD per transfer.
RBC US Personal Account
If you want to keep some USD in your bank, you can open an RBC US Personal Account. When you have this chequing account, you have six debits free per month. Afterwards, you will be charged 1.25 CAD. You will also be charged 17 USD per wire transfer over 50 CAD. If you have outgoing transfers, you will be charged 6 USD for 1 to 1000 USD transfers. For a transaction that costs over 1000 CAD, the fee is 10 USD.
TD Borderless Plan
With the TD Borderless Plan, you don’t need to pay a monthly fee if you have 3000 USD or more in your account at the end of each day of the month. You will also get an annual free rebate of 39 USD for a TD US Dollar Visa Credit Card. Incoming transfer fees cost 17.50 USD per transfer. Outgoing transfer fees can go up to 25 USD for online global transfers.
Simplii Financial™ USD Savings Account
With this USD account, you can grow your USD thanks to its excellent exchange rate. There is no minimum balance requirement, and you can send money to over 130 countries worldwide using Global Money Transfer. You may deposit USD and non-USD cheques into your account. Transferring funds from your Simplii Financial Canadian Dollar account to your USD Savings Account is also possible. You cannot make cash deposits or withdrawals with this USD Savings Account.
Outgoing transfer fees in this account are as follows:
- 30 USD per wire transfer for amounts up to 10,000 CAD or equivalent
- 50 USD per wire transfer for amounts up to 10,001 CAD to 50,000 CAD
80 USD per wire transfer for amounts over 50,000 CAD
Wise
With Wise, you can open a personal or business account in over 40 currencies. The currency conversion fee starts at 0.33%. Incoming transfers are often free except for 6.11 USD for wire transfers and 10 CAD for incoming CAD transfers. Outgoing transfer fees start at 0.33%.
Tangerine US Dollar Savings Account
This USD Bank account has a 0.10% interest rate, no monthly fee, and a zero minimum balance. The bank sets its buy and sell rate for currency conversion, which may include a markup on the standard exchange. As of April 2025, its exchange rates are 1.416 USD for buying and 1.371 USD for selling.
How to Open a USD Account in Canada
The requirements and processes of opening a USD account in Canada may vary depending on your chosen provider, and banks and online alternatives may have different procedures.
To guide you with your USD account application, here are the basic steps you need to accomplish:
Research and choose a provider that is best for your purpose and preferences.
Register for your account by signing up online or visiting a branch.
Give your personal details, such as name, address, and contact information.
Submit required documents to verify your identity, such as a government-issued photo ID, proof of address, business registration documents (if you are opening a business account), and funds for your new USD account.
Often, providers require you to provide two documents that include your name and address or name and birthdate. Here’s a list of documents they usually accept:
- Passport
- Government-issued ID
- Government-issued tax or benefit statements
- Canadian public utility bills
Bank account or credit card statements
Also read: How to Open a Canadian Bank Account
Conclusion
We hope that this list of the best USD accounts for Canadians helps you determine which one is most suitable for your purpose and preferences. The best accounts to hold USD in Canada will be different from one person to another. Hence, it is important to think about why you need a USD account, and then you can choose the best among your choices.
Once you have a USD account, you can maximize your money by exchanging currencies with RemitBee. To enjoy our currency exchange service, you must have CAD and USD accounts in Canada. Connect your USD account with RemitBee and we will exchange the money for you. Then, we can deposit money in any account you wish in the corresponding CAD amount. Plus, we offer the best exchange rates other banks can’t compete with. Did we forget to say our transactions are free? Enjoy the best service now. Start your journey with us by signing up.
