Many Canadians need access to US dollar accounts — whether for cross-border business, US investments, snowbird living, or frequent US travel. Canadian banks offer USD account options, but fees and foreign exchange rates vary significantly. Here's how to find the best USD account for your needs.
TD is the standout option for Canadians needing USD banking. TD is also TD Bank USA — the same institution operating on both sides of the border. Canadian TD customers can open a TD Bank US account and move money between TD Canada and TD US relatively easily. TD's US Border Account is specifically designed for Canadians who travel to the US or have US financial needs.
RBC offers USD chequing and savings accounts in Canada. The USD accounts allow you to hold, receive, and spend US dollars without converting to CAD. Particularly useful for Canadians receiving USD income who don't want to convert at current rates.
All offer USD deposit accounts in Canada with varying fee structures. Monthly fees and minimum balance requirements apply.
Wise is not a Canadian bank but offers Canadians a multi-currency account that holds USD, CAD, EUR, and many other currencies. Wise's exchange rates are close to mid-market (significantly better than bank rates) and fees are transparent. Excellent for freelancers receiving USD and wanting to hold or convert efficiently.
Wealthsimple's USD investment account is popular for Canadians holding US stocks and ETFs in USD, avoiding currency conversion on every US trade.
Best USD Account by Use Case:
When converting CAD to USD (or vice versa) at a Canadian bank, the exchange spread is typically 2%–3%. On $100, that's $200–$300 lost to currency conversion. Wise's exchange rates are typically 0.35%–1% — a significant difference for regular conversions.
For Canadians with regular US dollar needs, a two-account strategy works best: keep a USD account at a Big 5 bank for stability and integration with your existing banking, and use Wise or a similar service for currency exchange when you need competitive conversion rates.
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