Best U.S. Dollar Chequing Accounts In Canada For September 2024 (2024)

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  • Best U.S. Dollar Chequing Accounts In Canada

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Lissa Anderson

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Updated: Sep 9, 2024, 10:49am

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Aaron Broverman

editor

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Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

A U.S. dollar account allows you to hold U.S. dollars locally in Canada without having to convert your U.S. currency to Canadian dollars. There are many reasons a Canadian might want to have a U.S. dollar chequing account, but mainly, it can be useful if you conduct business across the border, are planning a major purchase in the U.S. or simply conduct frequent transactions in U.S. dollars.

We’ve written about the pros and cons of a U.S. dollar chequing account and whether it is better to open an account in Canada or the U.S. In Canada, all the major banks, and some of the regional banks, offer a U.S. dollar chequing account. These are usually easier to open than the ones offered in the U.S. and we’ve assessed the best available across Canada whether nationwide or exclusive to a province or territory.

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  • Featured Partner Offer
  • Best U.S. Dollar Chequing Accounts For 2024
  • EQ Bank U.S. Dollar Account
  • Meridian Credit Union U.S. Dollar Chequing Account
  • CTBC Bank USD Personal Chequing Account
  • National Bank USD Progress Account
  • UNI Financial Corporation $US Build-Up Savings Account (Basic Plan)
  • Affinity Credit Union U.S. Chequing
  • TD Bank U.S. Daily Interest Chequing Account
  • Here’s a Summary of Best U.S. Dollar Bank Accounts In Canada
  • Methodology
  • Banks We Monitor
  • What Is a U.S. Dollar Chequing Account?
  • Benefits of U.S. Dollar Chequing Accounts
  • Factors to Consider When Choosing a U.S. Chequing Account
  • How to Open a U.S. Dollar Chequing Account
  • Frequently Asked Questions (FAQs)

Best Ofs

  • Best High Interest Savings Accounts
  • Best Budgeting Apps
  • Best Banks In Canada
  • Best No-Fee Chequing Accounts
  • Best Online Banks In Canada
  • Best Tax-Free Savings Account

Featured Partner Offer

1

EQ Bank U.S. Dollar Account

Learn More

On EQ Bank’s Website

APY

2.75%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best U.S. Dollar Chequing Accounts For 2024

We’ve compared 15 U.S. dollar chequing accounts at 14 banks and credit unions, both nationally and regionally available, to find some of the best options. See below to learn more about why we picked each account, as well as the pros and cons of each one and the individual account details.

FEATURED PARTNER OFFER

EQ Bank US Dollar Account

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (1)

5.0

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (2)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

2.75%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (3)

Learn MoreBest U.S. Dollar Chequing Accounts In Canada For September 2024 (4)

On EQ Bank's Website

APY

2.75%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Why We Picked It

Besides having absolutely no fees to speak of (not even on transactions and transfers), the EQ Bank U.S. Dollar Account is a great option for banking in U.S. currency because it has the highest annual percentage yield one can generate when compared to any other U.S. dollar account on this list.

Pros & Cons

  • High 2.75% APY on your balance.
  • No fees.
  • No minimum balance requirement.
  • Send U.S. funds between domestic accounts with no transfer fees.
  • Send U.S. funds abroad using the EQ Bank app powered by Wise.
  • Competitive exchange rate with no expensive markup.
  • CDIC insured up to $100,000.
  • Available as a joint account.
  • Must open an EQ Bank Savings Plus Account to open a U.S. Dollar Account.
  • Sending money abroad does have third-party fees charged by Wise based on how you’re paying, the exchange rate and how much you are sending.
  • Money must be transferred to the Savings Plus Account or an account at another bank before it can be used toward purchases on your EQ Bank Card or withdrawn as cash.

Details

  • Earn 2.75% interest on U.S. dollar balances.
  • Must open an EQ Bank Savings Plus Account to open a U.S. Dollar Account.
  • Send money abroad through the EQ Bank app.
  • No monthly fees.
  • No minimum balances.
  • No transaction fees.
  • CDIC insured up to $100,000.
  • Money must be transferred to the Savings Plus Account or an account at another bank before it can be used toward purchases on your EQ Bank Card or withdrawn as cash.
  • Wise charges a fee to send USD abroad through the EQ Bank app based on the current exchange rate, how much you are sending and how you are sending it.

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Meridian Credit Union U.S. Dollar Chequing Account

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (5)

4.2

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (6)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

0.025% to 0.1%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (7)

APY

0.025% to 0.1%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Why We Picked It

The lack of monthly fees and minimum deposit requirements and a relatively high APY make the Meridian Credit Union U.S. Dollar Chequing account an attractive option—but only if you don’t need to conduct many transactions.

Meridian Credit Union is the third largest credit union in Canada, giving its users access to its network of 43,000 thousand ABMs nationwide. Its U.S. dollar account offers notably higher interest rates than its competitors on balances, especially if they are on the higher side.

It’s worth mentioning that, regardless of your balance, you will pay a dollar for each self-service transaction—including ABM withdrawals, bill payments, electronic transfers, telephone banking and pre-authorized debits. As a result, the Meridian Credit Union U.S. Dollar Chequing Account is probably best for those that are seeking a higher interest on a no-monthly-fee account, but do not execute many transactions on a regular basis.

Pros & Cons

  • No monthly fee or minimum balance to worry about.
  • Relatively high interest earned on balances.
  • Digital and in-person banking services available.
  • Anyone living or working in Canada can open an account.
  • $1 fee per banking transaction.
  • In-branch banking available only in Ontario.

Details

  • No monthly fees.
  • No minimum balance requirement.
  • Interest earned on every dollar:
    • 0.025% on balances $0 to$4,999
    • 0.05% on balances $5,000 to$24,999
    • 0.10% on balances over $25,000
  • Regardless of bank balance, $1 is charged for every transaction.
  • Banking services available online, via mobile device, in-branch and over the telephone.
  • The account can be opened online.
  • Cheques available.
  • Debit card available.
  • ABM network of 43,000.
  • Unlimited deposits.
  • While anyone who lives or works in Canada can join, branches are located in Ontario only.
  • Also offers a U.S. dollar credit card.

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CTBC Bank USD Personal Chequing Account

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (8)

4.2

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (9)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

0.01%

Minimum Deposit Requirement

$1,000 (to avoid fees)

Monthly Maintenance Fee

$5.00 (if minimum deposit requirement is not met)

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (10)

APY

0.01%

Minimum Deposit Requirement

$1,000 (to avoid fees)

Monthly Maintenance Fee

$5.00 (if minimum deposit requirement is not met)

Why We Picked It

CTBC could be the best U.S. Dollar Chequing account for you if you are a British Columbia or Ontario resident and plan to keep a minimum of $1,000 in your account. With this minimum deposit, the low monthly fee of $5 is waived and so are the fees for five monthly ABM debit transactions a month.

Pros & Cons

  • Low monthly fee.
  • With qualifying balance, the monthly fee and 5 ABM withdrawal fees a month are waived.
  • Exchange funds and make free withdrawals or deposits at any CTBC branch.
  • Some additional fees can be avoided by keeping a minimum balance.
  • Little to no interest earned on your balance.
  • Must maintain a $1,000 minimum balance to avoid fees.
  • Available in British Columbia and Ontario only.

Details

  • Low monthly fee.
  • Must maintain a $1,000 minimum if you want to avoid a monthly fee and to waive the withdrawal fees on five monthly debit transactions a month. $0.50 debit transaction fee for each additional debit .
  • Interest calculated on the daily closing balance and paid monthly:
    • $0.00 to $999.99 = 0.00%
    • $1,000.00 to $2,999.99 = 0.01%
    • $3,000.00 and over = 0%
  • No ABM fees for CTBC Bank of Canada and The Exchange network ABMs.
  • An option for a monthly statement or passbook (but not both).
  • Must be a British Columbia or Ontario resident to be eligible for the account.

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National Bank USD Progress Account

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (11)

4.1

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (12)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (13)

APY

0.1%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Why We Picked It

The National Bank USD Progress Account does not cost anything to open or maintain, making it a great choice if you don’t want to worry about the cost of opening an account. You can also earn relatively high interest on any balance over $5,000 in your account.

One drawback of this account, however, is the inability to conduct transactions online or at an ABM. While you can monitor your transactions through online banking, you will need to use branch services to conduct them. This means the National USD Progress Account is probably best for those who have easy access to a National Bank branch and prefer in-person transactions.

Pros & Cons

  • No monthly fees.
  • No minimum balance.
  • Tiered interest paid on specific balance ranges.
  • No fees for ABM withdrawals, transfers or bill payments at National Bank branches.
  • Anyone living or working in Canada can open an account.
  • Minimum balance of $5,000 before interest is generated.
  • No online banking for this account.
  • No transactions can be conducted at ABMs.
  • Cannot open an account online.
  • Low rating with the Better Business Bureau (D-).

Details

The National Bank USD Progress account pays interest on your account balance over $5,000. However, all your transactions will need to be conducted in-person at a branch for this account.

  • No monthly fee.
  • No monthly minimum balance to maintain.
  • $5,000 minimum balance in order to start generating interest:
    • Over $5,000 – .01%
    • Over $10,000 – 0.1%
  • Transactions cannot be carried out at ABMs, through your online bank or with a debit card at points-of-service.
  • Online banking can only be used to track services and not to conduct transactions.
  • Transactions must be conducted in-person at a National Bank of Canada branch.
  • While there are branches in most provinces, they are concentrated in Quebec.
  • Overdraft protection available on approved credit.
  • Free online statements.
  • Transaction fees:
    • $1.25 per pre authorized debit
    • Monthly fee of $2.50 for a passbook
    • Bill payment service $2.00 per transaction
    • Bank drafts in foreign currency:
      • $5,000 or less: $9.00 per draft
      • Over $5,000: $12.50 per draft
  • Personalized cheques offered.
  • Access to cheque images is free.
  • $1.25 per cheque.

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UNI Financial Corporation $US Build-Up Savings Account (Basic Plan)

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (14)

3.9

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (15)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

$0

Minimum Deposit Requirement

$1,500 (to avoid fees)

Monthly Maintenance Fee

$3.95 (if minimum deposit requirements are not met)

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (16)

APY

$0

Minimum Deposit Requirement

$1,500 (to avoid fees)

Monthly Maintenance Fee

$3.95 (if minimum deposit requirements are not met)

Why We Picked It

The low monthly fee and the free 12 transactions that are included each month make the UNI Financial Corporation $US Build-Up Savings Account a good bet if you are in New Brunswick. Although you won’t be earning interest on your balance, the money you save from the free monthly transactions could more than make up for what you might have earned on interest.

Pros & Cons

  • Low monthly fee.
  • With the basic plan, 12 transactions are included a month.
  • With qualifying balance, the monthly fee of $3.95 is waived.
  • Over 40 branches and ABMs in New Brunswick.
  • No interest earned on balances.
  • No debit card for the U.S. account.
  • Cannot view cheques images online.
  • Eligible account holders must live in New Brunswick.

Details

  • With the basic plan, 12 transactions are included a month.
  • Excess Transactions:
    • Counter withdrawals and transfers: $1.25
    • Bill payment at the counter: $2.25
    • Automated services (online or ABM): $1.25
    • Pre Authorized payment: $1.25
  • Free online statements.
  • Cheques available.

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Affinity Credit Union U.S. Chequing

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (17)

3.6

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (18)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

0.01%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (19)

APY

0.01%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Why We Picked It

The Affinity Credit Union U.S. Chequing account may be your best U.S. dollar account option if you are a resident of Saskatchewan. Not only does it offer some interest on your balance, this chequing account does not charge monthly fees and there is no minimum balance to maintain.

Pros & Cons

  • No monthly fee.
  • No minimum deposit.
  • APY of 0.01 on balances up to $25,000 (no minimum balance needed).
  • Online banking.
  • ABM withdrawal options and overdraft protection aren’t available on this account.
  • Limited to Saskatchewan.

Details

The Affinity Credit Union U.S. Chequing account mirrors that bank’s regular chequing account, only it is in U.S. dollars instead of Canadian and ABM withdrawal and overdraft protection is not available. Other details include:

  • No monthly fee.
  • No minimum deposit.
  • APY of 0.01% on balances up to $25,000.
  • Transaction fees
    • Interac e-Transfer: $1
    • Processed cheque or staff-assisted debit: $1
    • Staff-assisted bill payment: $1.25
    • ABM withdrawals outside Canada: $5
  • Free online statements.
  • Free deposits.
  • Cheque images are included in monthly statements.
  • For Saskatchewan residents only.

FEATURED PARTNER OFFER

TD Bank U.S. Daily Interest Chequing Account

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (20)

3.6

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (21)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

0.01%

Minimum Deposit Requirement

$1,500 to avoid transaction fees

Monthly Maintenance Fee

$0

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (22)

APY

0.01%

Minimum Deposit Requirement

$1,500 to avoid transaction fees

Monthly Maintenance Fee

$0

Why We Picked It

The TD U.S. Daily Interest Chequing Account could be for you if you spend time in the U.S. and want to be able to access TD branches on both sides of the border. This combined with the ability to transfer between your accounts, in addition to a dedicated support line for cross-border banking, makes the T.D. U.S. Daily Interest Chequing Account the most comprehensive choice on our list.

Pros & Cons

  • No monthly maintenance fee.
  • No transaction fees with minimum balance.
  • Dedicated cross-border banking support line.
  • Bank branches across Canada and the U.S.
  • Transfer funds between your accounts online.
  • Debit card and online banking services.
  • Anyone living or working in Canada can open an account.
  • Low APY on balances.
  • $1.25 transaction fees if balance under $1,500.

Details

The choice with the most services. If you maintain a minimum monthly balance of $1,500, there are no transaction fees.

Other details include:

  • No monthly maintenance fee.
  • No transaction fees with a minimum balance.
  • 0.1% APY.
  • Ability to transfer funds between your TD Canada Trust account and your U.S. Dollar account online through online banking or the TD app
  • TD has a bank presence in both Canada and the U.S.
  • No transaction fees if you have the minimum monthly balance of $1,500 in your account at the end of each day . Otherwise, transactions are $1.25.
    • A transaction is defined as withdrawals from your account including ABM withdrawals, cheques, bill payments, purchases using your debit card and pre-authorized payments.
  • Free online statements.
  • Other services:
    • With their Borderless plan, you can conduct banking transactions in the U.S.
    • U.S. dollar credit card
  • Anyone living or working in Canada can open an account.

Here’s a Summary of Best U.S. Dollar Bank Accounts In Canada

Bank/Credit UnionForbes Advisor RatingMinimum Deposit RequirementMonthly Maintenance FeeExcess Transaction Fee
EQ Bank U.S. Dollar Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (23)
$0$0$0
Meridian Credit Union U.S. Dollar Chequing Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (24)
$00€$1 per self service transaction
CTBC Bank USD Personal Chequing Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (25)
$0 (or $1000 to avoid fees)$5.00 (or $0 with a minimum balance of $1,000)$0.50
National Bank USD Progress Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (26)
$0$0$1.25 to $2.00
UNI Financial Corporation $US Build-Up Savings Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (27)
$0 (or $1,500 to avoid fees)$3.95 (or $0 with a minimum balance)$1.25
Affinity Credit Union U.S. Chequing
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (28)
$0$0$1 to $5.00
TD Bank U.S. Daily Interest Chequing Account
Best U.S. Dollar Chequing Accounts In Canada For September 2024 (29)
$0 (or $1,500 to avoid transaction fees)$0$1.25

Methodology

To create this list, Forbes Advisor Canada analyzed 15 U.S. dollar chequing accounts at 14 banks and credit unions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 19 data points within the categories of fees, access, customer experience and digital experience. Plus the minimum deposit and balance needed to avoid monthly fees.

The following is the weight assigned to each category:

  • Fees: 50%
  • Branch and ABM access: 15%
  • Digital experience: 10%
  • Customer experience: 10%
  • Balance to avoid monthly fee: 10%
  • Minimum deposit requirement: 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ABM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

U.S. dollar accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. Given that there are very few U.S. dollar chequing accounts available nationwide, the scope was expanded to include accounts available to residents in specific provinces and territories only.

Banks We Monitor

Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.

What Is a U.S. Dollar Chequing Account?

A U.S. dollar bank account is an account that holds funds in U.S. dollars at your Canadian bank without converting them to Canadian dollars. You may prefer to keep your U.S. dollars in its native currency for various reasons, such as having American clients who pay you in U.S. dollars, planning a major purchase in the U.S. or if you are a Canadian resident working for an American employer who pays you in U.S. dollars. Due to transaction fees and currency conversion rates, opting to keep your money in its original currency can potentially save you a significant amount of money.

Benefits of U.S. Dollar Chequing Accounts

U.S. dollar chequing accounts offer an number of benefits to the Canadians that want to or need to open them. Some of these benefits are:

  • Avoid transaction and conversion fees.
  • Pay U.S. bills more conveniently.
  • Make major purchases in the U.S. and/or in U.S. dollars.
  • Earn passive income.
  • Invest in U.S. securities.

Factors to Consider When Choosing a U.S. Chequing Account

If you’re looking for a U.S. chequing account, there are a number of factors you should consider before you open one.

Fees and Charges

Some U.S. dollar accounts charge you fees for making transfers, withdrawals, debit transactions or just simply keeping the account open every month. Others, like the EQ Bank U.S. Dollar account, do save you from these fees, so that just proves the importance of checking out how much a U.S. dollar account could cost you.

Interest Rates

You’ll want to know if your U.S. dollar account generates interest on your balance, giving you a solid APY that grows your balance. It’s a nice bonus that could give certain accounts an advantage over others.

Convenience and Accessibility

You’ll also need to make sure your money is easily accessible and convenient for you to get to. Not every U.S. dollar account has an ATM network, so make sure there’s a clear and preferably fee-free way to get cash when you need it. Also make sure where your account is located is close enough to drive to in case you need to visit a branch in person or if its a branchless bank, make sure the online presence is robust with good customer service.

How to Open a U.S. Dollar Chequing Account

Opening a U.S. dollar chequing account can happen in minutes, especially if you’re doing it online. You can also do it via mobile app or in-person if you like that human touch. Before you open the account, you must be a Canadian resident (this is not an account at a U.S. bank, after all) and the age of majority in your province or territory. You’ll have to supply the following identifying information as well:

  • Name
  • Address
  • Social Insurance Number (SIN)
  • Government-issue identification
  • A recent utility bill or other confirmation of address.

Frequently Asked Questions (FAQs)

Is it better to get a U.S. dollar chequing account in Canada or just open a chequing account at an American bank?

Opening a U.S. dollar account at a Canadian bank is generally easier than opening one at a bank across the border. There are times, however, when it may be a better idea to open an account in the U.S.

For individuals who spend a considerable amount of time in the U.S., having a U.S.-based bank account may help establish a credit history, which may be necessary to qualify for loans and credit cards. Plus, having the convenience of visiting a U.S. bank branch for service and using a debit card to pay at stores and restaurants are additional advantages.

If you do open an account in the U.S. though, you may be subject to capital gains tax on both sides of the border, so consulting a tax professional with experience in cross-border clients is recommended.

What Canadian banks have U.S. dollar chequing accounts?

Most of the major banks in Canada offer U.S. dollar chequing accounts. We’ve reviewed a few of the best here. Additionally, banks like RBC, BMO, and EQ Bank offer a variety of bank account options tailored to Canadians who conduct business across the border and often have branch offices in the U.S. too.

When should you use a U.S. dollar chequing account?

Opening a U.S. dollar chequing account to keep your money in its original currency could save you a substantial amount of money. It is a good idea to use your U.S. dollar chequing account whenever you transact to and from U.S. dollars to avoid high foreign transaction fees, unpredictable exchange rates, and conversion fees.

Is opening a U.S. dollar chequing account worth it?

A U.S. dollar chequing account can be worth it for the following reasons:

  • You live in Canada but get paid in U.S. dollars.
  • Your often making purchases in U.S. dollars.
  • Your looking for a better exchange rate and reduced conversion fees.
  • Your travel to the U.S. or spend a significant amount of time there.
  • You’re looking to make a big purchase in U.S. dollars.
  • You need a convenient place to access and store your U.S. funds.
  • You want to generate interest on your U.S. dollars.

As long as you’re using it and not paying very expensive fees for the privilege, a U.S. dollar account can make your cross-border financial life that much easier.

Can Canadians get a U.S. dollar bank account?

Yes. U.S. dollar bank accounts are provided to Canadian clients at Canadian banks and are for customers that often deal in U.S. dollars. If you want to open a regular bank account in the U.S., you have to have a U.S. address.

What is the best U.S. dollar bank account in Canada?

The EQ Bank U.S. Dollar Account is the best U.S. dollar account in Canada because it gives you a 2.75% annual percentage yield on your balance and carries no fees whatsoever. Plus, you can send U.S. dollars abroad through the EQ Bank app at an extra cost. The only drawback is you need an EQ Bank Savings Plus Account to open an EQ Bank U.S. Dollar Account.

Best Ofs

  • Best High Interest Savings Accounts
  • Best Budgeting Apps
  • Best Banks In Canada
  • Best No-Fee Chequing Accounts
  • Best Online Banks In Canada
  • Best Tax-Free Savings Account

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Lissa AndersonContributor

Lissa Anderson was a diplomat with the US State Department for over a decade, having served in Indonesia, Sri Lanka, Iraq and France. Since leaving the State Department, Lissa has lived as an American expatriate in the UK, Singapore and Canada and personally experienced the financial concerns and challenges that many expatriates face. As a result of her own questions, Lissa developed a passion for resolving cross border financial issues. She is currently an Associate Cross Border Financial Planner and holds a Juris Doctorate in Law (J.D.).

Aaron BrovermanEditor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.

Best U.S. Dollar Chequing Accounts In Canada For September 2024 (2024)

FAQs

Best U.S. Dollar Chequing Accounts In Canada For September 2024? ›

As a Canadian - can I even open a U.S. account? Yes! To open an RBC Bank U.S. account, you don't need to be a resident of the U.S., a U.S. address or Social Security number. You simply need to be 18 years or older and live in Canada or the U.S. Signing up takes just a few minutes.

Can I open a US checking account in Canada? ›

As a Canadian - can I even open a U.S. account? Yes! To open an RBC Bank U.S. account, you don't need to be a resident of the U.S., a U.S. address or Social Security number. You simply need to be 18 years or older and live in Canada or the U.S. Signing up takes just a few minutes.

Is it worth having a US dollar account in Canada? ›

With a USD account, individuals and businesses can quickly transfer funds to other countries. It eliminates the need for currency conversion and can save money on conversion fees. It also makes tracking and managing international transactions more accessible, as all the funds are in one currency.

What is the best no fee chequing account in Canada? ›

Here's a Summary of Best No-Fee Chequing Accounts In Canada
Bank/Credit UnionForbes Advisor RatingExcess Transaction Fee
EQ Bank Joint Account5.0$0
Tangerine Bank No-Fee Daily Chequing Account4.5$0
First Nations Bank of Canada Value Chequing Account4.3$1.25
Motus Bank No-Fee Chequing Account4.0$0
1 more row

How to have an USD account in Canada? ›

What do I need to open a Foreign Currency Deposit Account? You'll need to be a resident of Canada and have a piece of Government Issued Photo ID to open a Foreign Currency Deposit Account. Visit a Scotiabank branch to open a foreign currency deposit account today.

Which Canadian bank has the best US dollar account? ›

Here's a Summary of Best U.S. Dollar Bank Accounts In Canada
Bank/Credit UnionMinimum Deposit RequirementExcess Transaction Fee
National Bank USD Progress Account$0$1.25 to $2.00
UNI Financial Corporation $US Build-Up Savings Account$0 (or $1,500 to avoid fees)$1.25
Affinity Credit Union U.S. Chequing$0$1 to $5.00
4 more rows

Which American banks allow cross-border banking with Canada? ›

CIBC, BMO, TD Bank, and RBC all offer cross-border banking solutions to allow Canadians to open a US-domiciled bank account.

Which US banks offer Canadian dollar accounts? ›

HSBC US. HSBC US offers a Global Money Account in 8 currencies including CAD. It's free to open the account, although you'll need an HSBC deposit account to link to it. This account is operated entirely from your phone or mobile device, which will suit people who need to manage their money on the go.

What are the benefits of having a US bank account in Canada? ›

A U.S.-Based Bank Account. Avoid expensive foreign transaction and conversion fees. You decide if and when to convert your currency, enabling you to take advantage of market rates. It's easy to open an account.

Are U.S. dollar accounts insured in Canada? ›

Deposit insurance covers the following types of deposits: savings and chequing accounts. Guaranteed Investment Certificates (GICs) and other term deposits. foreign currency (for example, US dollars)

Which bank is best for foreigners in Canada? ›

  • Best overall newcomers offer: National Bank.
  • Best chequing account for newcomers in Canada: BMO Performance Chequing Account.
  • Best premium chequing account for newcomers in Canada: RBC VIP Banking Account.
  • Best hybrid chequing and savings account offer for newcomers in Canada: EQ Bank Personal Account.
Aug 12, 2024

Which Canadian bank has a free checking account? ›

Alterna Bank

They have a no-fee chequing account with unlimited transactions as well as E-transfers. You have access to over 3,300 ATMS, and you can earn 0.05% on deposits. Alterna Bank also has CDIC (Canada Deposit Insurance Corporation) Insurance.

Which debit card is best in Canada? ›

The best rewards debit cards in Canada for 2024
CategoryAccount
Best for rewardsPC Money Account
Best for rewards (honourable mention)Scotiabank Ultimate Package
Best for studentsScotiabank Student Banking Advantage Plan
Best for cash backKoho Easy*
Mar 4, 2024

Which Canadian banks have branches in the US? ›

Number of U.S. Branches
BankNumber of U.S. Branches
TD Bank1,100+
BMO Bank600+
CIBC Bank USA24
RBC Bank0
Mar 5, 2024

Can I deposit U.S. dollars in Canadian bank account? ›

But the vast majority of Canadian banks have partnerships with US financial institutions that allows them to process US dollar-denominated funds. Many big banks in Canada even offer US dollar accounts for Canadian citizens and residents to simplify these cross-border transactions.

Does Scotiabank have a US chequing account? ›

Scotiabank offers a smarter way to save your US dollars in an account you can manage easily from your phone or via their online banking and app. Here are the account's key features. ⬤ No monthly account fee with a minimum balance of 200 USD. ⬤ Two debit transactions per month are free.

Can I open a bank account in Canada if I am a U.S. citizen? ›

Yes. You can open a bank account in Canada as a US citizen. However exactly how you get started will depend on whether you're planning to move to Canada or need an account as a non-resident.

Can I open a Bank of America account in Canada? ›

Bank of America offers accounts to US residents and Green Card holders, with no specific restrictions based on nationality. If you're a non-resident alien you can also open an account with Bank of America — but you'll need to have a US address, which you provide to the bank alongside your permanent foreign address.

How can a non-resident open a bank account in Canada? ›

Non-residents looking to open a bank account need to fulfil certain requirements. These include providing proof of identification, proof of residency, a minimum deposit or proof of income, and a tax identification number. You can ask the bank about their requirements before opening an account to ensure accuracy.

How can I open a US bank account from abroad? ›

To apply for a US bank account as a non-resident, you will need to provide the following documents: Passport – a government-issued passport serves as your proof of identification. You may be asked to provide a second form of identification, as well. In this case, a state-issued ID card or driver's license will work.

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