Stop losing 2.5–3% on every currency conversion. Hold USD and spend it like a Canadian — without the hidden fees.
| Account | Monthly Fee | USD Interest | FX Spread | Best For |
|---|---|---|---|---|
| EQ Bank USD Account Top Pick | $0 | 1.50% USD | 1.5%–2.0% | USD savings |
| Wealthsimple USD | $0 | 0% | 1.5% | US stock investors |
| RBC USD Savings | $0 | 0.50% USD | 2.5% | RBC existing clients |
| TD USD Chequing | $4.95/month | 0.10% USD | 2.5% | Cross-border frequent |
| Scotiabank USD | $0 (min. $200) | 0.10% USD | 2.5% | Scotiabank clients |
| KOHO (CAD w/ low FX) | $0 | N/A (CAD) | 1.5% | US spending abroad |
| Wise (multi-currency) | $0 | 0% | ~0.5% mid-market | Frequent travelers |
FX Spread explained: Banks profit by offering you a worse exchange rate than the interbank mid-market rate. A 2.5% spread means for every $1,000 USD exchanged, you lose $25. Over time this adds up significantly.
Canadians increasingly need to hold and spend US dollars for:
Without a USD account, every transaction forces you through a currency conversion at your bank's retail FX rate — typically 2.5–3% worse than the mid-market rate.
| Annual USD Activity | Big Bank (2.5% FX) | EQ Bank USD (1.75% FX) | Wise (~0.5%) |
|---|---|---|---|
| $5,000 USD exchanged | $125 in fees | $87.50 | $25 |
| $100 USD exchanged | $250 in fees | $175 | $50 |
| $25,000 USD exchanged | $625 in fees | $437.50 | $125 |
| $50,000 USD exchanged | $1,250 in fees | $875 | $250 |
A Canadian investor converting $50,000 CAD to USD to buy US stocks saves $375–$1,000 per conversion by using a better platform than a standard big bank account.
EQ Bank launched a dedicated USD account that pays 1.50% interest on USD balances — rare among Canadian institutions. Key features:
For investors holding US ETFs or stocks, parking idle USD in EQ Bank's USD account earns meaningful interest while waiting to deploy capital.
If you're converting large amounts of CAD to USD (or vice versa) for investments, "Norbert's Gambit" can reduce your FX cost to 0.1–0.2%. The strategy involves:
You effectively exchange currency at the mid-market rate minus a very small commission. Available at Questrade, IBKR, and most self-directed brokers. See our best online brokers in Canada for platforms that support this.