If you receive USD income, shop across the border, or travel to the US regularly, a USD account in Canada lets you hold and use US dollars without constant currency conversion.
EQ Bank launched a USD savings account with no monthly fees and competitive interest on USD balances. You can receive USD, hold it, and convert at competitive rates when needed. No foreign transaction fees on USD purchases in the US.
Wise offers a Canadian resident a USD account with a real US routing number and account number. You can receive US ACH transfers, hold USD, and convert at mid-market rates. No monthly fee, but a small fee to convert currencies.
RBC's US personal account lets you hold USD and comes with a US debit card. Useful for snowbirds with a US bank relationship. RBC has US banking operations (City National Bank), making cross-border banking easier.
TD is uniquely positioned with its ownership of TD Bank USA. Canadian TD customers can open a US dollar account and link it to a TD USA account for seamless cross-border banking.
Simplii (owned by CIBC) offers a USD savings account with no monthly fee. Good for holding USD with CDIC insurance protection.
| Account | Monthly Fee | Conversion Rate | US Routing Number | CDIC Insured |
|---|---|---|---|---|
| EQ Bank USD | Free | Competitive | No | Yes |
| Wise | Free | Mid-market (best) | Yes | No (safeguarded) |
| RBC US Account | $4/month | Bank rate (poor) | No | Yes |
| TD USD Account | $4.95/month | Bank rate (poor) | No | Yes |
| Simplii USD | Free | Bank rate | No | Yes |
Yes. Most major Canadian banks (RBC, TD, BMO, Scotiabank, CIBC) offer USD accounts. Online banks like EQ Bank and Simplii also offer USD savings accounts with no monthly fees.
Yes. USD deposits at CDIC member institutions are insured up to $100,000 CAD equivalent per depositor category. EQ Bank and the Big 5 are all CDIC members.
Most Canadian banks don't support US ACH routing. Wise is the best solution — it gives you a real US bank account number and routing number that accepts ACH deposits. You can then convert to CAD or hold as USD.
Wise is ideal for freelancers — you get a real US routing number to receive USD via ACH, hold it in USD, and convert to CAD at the mid-market rate when you need to.
If you earn interest on your USD account, that interest is taxable income in Canada, just like CAD interest. Currency gains may also be taxable depending on when you convert.