USD accounts in Canada: Best Options for Expats

Whether you’re a US citizen living in Canada, or a Canadian traveling to the US frequently, a USD account can be a handy tool to make cross currency transactions cheap, quick and convenient.

Cross border banking services offer USD checking and saving accounts to Canadian residents, but there are also ways to open a USD account in Canada with specialist services that can be more flexible. You could choose to open a multi-currency account covering CAD and USD from a provider like the service, for example. This guide covers all you need to know to help you choose the best USD currency account for you.

Table of contents

• What is a USD currency account?What can you do with a USD account in Canada?Types of USD accounts

• What can you do with a USD account in Canada?

• Types of USD accounts

• Best USD currency accounts in Canadamulti-currency accountAirwallex Business USD AccountTD Bank USD Daily Interest Checking AccountScotiabank USD Account

• multi-currency account

• Airwallex Business USD Account

• TD Bank USD Daily Interest Checking Account

• Scotiabank USD Account

• Fees for USD accounts in Canada

• How to open a USD account in Canada

• How to use your USD account in Canada

• ConclusionUseful resources:

• Useful resources:

What is a USD currency account?

A USD currency account is an account which lets you hold US dollars.

You might also be able to hold and exchange other currencies in your account if you choose a USD account with multi-currency features. Other common features include linked check books, debit cards, international transfer services and ways to get paid in USD from others. Some USD accounts from banks also offer interest on the balance you hold.

multi-currency account for USD, and other 40+ currencies

For convenient, cheap cross border transactions, check out the service. Open a multi-currency account to hold and exchange USD and 40+ other currencies, and order your multi-currency debit card to spend and withdraw in 150+ countries. Accounts offer ways to send money to 140+ countries and receive payments globally in USD, CAD and more with local or SWIFT account details.

What can you do with a USD account in Canada?

If you’re a US citizen living in Canada for work or study, or a Canadian resident with a vacation home in the US for example, a USD account can be a useful tool.

Different USD accounts have their own features, but these are some of the more common uses for a US dollar account:

• Hold and convert a USD balance: Hold a balance in USD without needing to convert to CAD if you don’t want to. This allows you to save in USD to pay bills or for planned travel, while cutting out unnecessary conversion costs.

• Receive payments in USD: Get paid by others in USD, often with local account details, allowing the sender to make a local payment which is fast, cheap and convenient for them.

• Send payments in USD: If you’re paying bills in the US, a USD account lets you process cross border transfers in a few taps, with options for regular or recurring payments for bill payments, mortgages and other ongoing commitments.

• Spend and withdraw USD: If you need to spend and withdraw, cross border bank accounts, and specialist accounts from providers like the multi-currency service offer a debit card for convenient and low cost USD transactions in person and online.

Types of USD accounts

Because many Canadians have close ties to the US, for work, leisure travel or study, there are some good USD account products available from major Canadian banks. There are also USD accounts which allow customers to hold, exchange and manage other currencies all in one account, usually from specialist providers. Here are the core options typically available:

Multi currency accounts: Multi currency accounts are commonly available from digital providers. You can hold USD alongside many other currencies in a multi currency account which can be a convenient option for people living international lifestyles.

• multi-currency account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including USD, and SWIFT details for receiving 20+ currencies easily.

• Airwallex Account: Business account supporting 20+ currencies including USD and CAD, with ways to receive customer bank and card payments online.

USD cross border accounts: USD cross border accounts are the more common option from Canadian banks, and support USD only. These accounts may be checking services for day to day payments, or might have interest earning features, which can mean they are a good fit for customers who want to save or invest in a foreign currency.

• TD Bank USD Daily Interest Checking Account: Interest earning account with no monthly fee, and no transaction fee if you hold a minimum balance in your account

• Scotiabank USD Account: Earn tiered interest on your deposits, with a low monthly fee of just 1 USD, plus there’s no account opening fee or minimum balance.

Best USD currency accounts in Canada

There’s not really one best USD currency account in Canada, as different products have their own features to suit different customer needs.

You might prefer multi-currency account and card services from providers like the multi-currency service if you want to hold USD with CAD and other currencies in one account, and spend with your debit card locally and overseas. These services are digital only and do not have a branch network which can be a drawback if you need to deposit cash or checks.

There are also personal USD accounts from banks like TD Bank or Scotiabank. These products are part of the bank’s cross border service, which is aimed at people travelling to the US frequently looking for checking or savings accounts..

Finally, there are business USD accounts which can be opened with Canadian banks, or with digital first providers like the multi-currency service and Airwallex. Digital accounts like those we feature in this guide offer a broad range of supported currencies, cards, and low fees for common business transaction needs.

Here we’ve selected some different providers and banks offering USD accounts in Canada for personal and business use, looking at convenience, cost and customer intention.

Read on to learn more about each and how their USD account in Canada works.

💡 At a glance

multi-currency account

Hold and exchange USD and 40+ other currencies, spend with a multi-currency debit card in 150+ countries, send and receive payments globally in USD, CAD and more.

Airwallex Account

Business account supporting CAD, USD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

TD Bank USD Daily Interest Account

No monthly fee to pay, with interest earning opportunities on your unused cash, you can also have many common transaction fees waived if you hold 1,500 USD or more

Scotiabank USD Account

Tiered interest account which lets you earn more, the more you hold, with no minimum balance and a low 1 USD a month fee

multi-currency account

Open a multi-currency account online or in the the multi-currency service app, for personal or business use, and hold USD alongside CAD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in USD, CAD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive USD ACH payments (small fixed fee for wires and SWIFT payments in USD) to your multi-currency account.

• Hold and exchange USD and 40+ other currencies

• Mid-market currency exchange with low, transparent fees

• Use your multi-currency debit card in 150+ countries for spending and cash withdrawals

Features:

Account opening fee: No opening fee for personal customers. Business customers pay 55 CAD for full feature access. No minimum balance

Eligibility criteria: Available to residents of Canada and many other countries and regions globally

Supported currencies: USD, CAD and 40+ other currencies

Monthly fees: None

Exchange rates: Mid-market exchange rates

Airwallex Business USD Account

If you need a USD account for business purposes, an Airwallex Business USD Account could help you take customer payments online, with corporate debit and expense cards for business spending online and in person.

Airwallex accounts offer great exchange rates with low fees for exchange, making this a solid choice for ecommerce businesses in particular.

• Receive, hold, send and spend 20+ currencies

• Take customer card payments online easily

• Business features including batch payments, corporate cards, cashback on USD business spending and more

Features:

Account opening fee: None

Eligibility criteria: Canadian business owners with eligible proof of address and ID, as well as business verification paperwork

Supported currencies: 20+ including USD and CAD

Monthly fees: 0 CAD- 99 CAD depending on plan

Exchange rates: Interbank rates with a fee of 0.5% for major currencies and 1% for less commonly traded currencies

TD Bank USD Daily Interest Checking Account

TD Bank is a popular choice for USD accounts as they also have a branch and ATM presence in the US, which can make managing your money when you travel easier. You can open the TD Bank USD Daily Interest Checking Account and then if you also have a US based TD Bank account you can transfer into that conveniently and often with no fee. TD Bank offers additional services including foreign exchange, and a broad range of USD denominated products such as credit cards for people visiting the US regularly.

• Earn interest on your balance

• No minimum balance or monthly fee

• TD Bank also offers other USD products such as credit cards and loans

Features:

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: USD

Monthly fees: No monthly fee

Exchange rates: TD Bank exchange rates which may include a markup

Scotiabank USD Account

The Scotiabank USD Account has tiered interest and a low monthly fee of just 1 USD. You can get 2 free debit transactions, and there’s no account opening fee or minimum balance.

This account is primarily aimed at people who want to earn interest on a USD balance rather than cross border commuters, and the more you save, the higher the interest rate your account will attract. If you need to make currency conversions, this account offers preferential rates. The account is paperless as you will manage all transactions online and in app.

• Low monthly fee, which can be waived by holding a minimum balance of 200 USD

• 2 free teller assisted transactions monthly before a 1.25 USD begins

• Tiered interest on savings, so the more you save the higher the rate of return

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: USD

Monthly fees: 1 USD

Exchange rates: Scotiabank exchange rates whic are likely to include a markup

Fees for USD accounts in Canada

It’s good to know that the fees for USD accounts in Canada might look a bit different to the charges associated with your CAD everyday account . You can often find an account with no ongoing fees to pay, but there are usually some transaction fees to think about. Check your account fee schedule to make sure you understand the costs of your account before you transact.

Here are some fees to look out for:

• Monthly maintenance fee: Some USD accounts might have a monthly fee, or you might find you have to open a CAD account first, which has its own service fees to pay. Not all accounts use this sort of ongoing charge, for a low cost alternative check out providers like the multi-currency service which don’t charge a maintenance fee.

• ATM withdrawal fees: If your USD account has a debit card, check if ATM fees apply. Costs can be either a flat charge or a percentage of the withdrawal, and often taking money out overseas is far more expensive than in Canada. Providers like the multi-currency service offer some no fee ATM use each month to help you lower your transaction costs.

• Foreign transaction fees: A foreign transaction fee can push up the costs of purchases in a currency you don’t have in your account by about 3%. This fee doesn’t usually apply on accounts like the multi-currency account, which allow you to spend currencies you hold with no fees, and convert with low charges where needed.

• Wire transfer fees: Banks have variable fees on wire transfers which may even look pretty low at first. However, also check the exchange rate used as it is likely to include a markup. That’s a fee added on top of the mid-market rate you’d see on Google. Providers like the multi-currency service may offer more competitive rates than many banks.

How to open a USD account in Canada

The most convenient way to open a USD account in Canada is online. All digital providers offer an online account opening option, but this isn’t always an option with banks.

Before you sign up to any USD account read through the eligibility criteria and application process. While this does vary a bit, it’s usually pretty similar across different banks and providers, including providing your proof of ID and address, as well as your Social Security Number for verification.

Here’s an outline of the USD account opening process:

With banks: Some banks let you add a USD account online if you already have a CAD account, but you might find you need to go to a branch instead. This isn’t always the most convenient option, but you can often book an appointment in advance and  then you’ll be talked through the application by a team member on arrival.

With online providers: Specialist providers like the multi-currency service don’t have branch locations so you’ll complete your account application, verification and onboarding all digitally. You’re guided through the process by onscreen prompts and you’ll need to take a snap of your ID and address documents with your phone to get verified.

How to use your USD account in Canada

Finally let’s look at how using a USD account can help you manage your US dollar payments and transactions with lower fees and less time spent navigating administration.

• Send international money transfers: Send payments to the US and many other countries with just your phone, often with great exchange rates and low fees. Providers like the multi-currency service use their own payment network to make sure you get a super fast transfer time, too.

• Hold and exchange USD and CAD: Keep USD and CAD all in one account to make it easier to budget and plan across different currencies. Multi-currency accounts can also let you manage different currencies for things like saving for travel or to send a payment, too.

• Receive USD payments: Use your USD account to receive USD easily with local or SWIFT account information that the sender can use to initiate your transfer without needing to convert it to CAD.

• Use your debit card for spending and withdrawals: Use your USD debit card to spend and withdraw with low costs and no foreign transaction fees in many cases. Choose a provider like the multi-currency service and it’s free to spend a currency you hold sufficient balance in, and cheap to convert to any currency you might need to cover a purchase.

Conclusion

As many people in Canada have close personal or professional ties to the US, there are several different ways to open USD accounts in Canada, depending on how you need to transact.

You could pick a USD account from a bank if you need checking services, or if you want to send payments to Canada to cover a mortgage or bills. Bank USD checking accounts also often earn interest which can make them appealing to savers.

As a more flexible alternative with multi-currency features you might prefer the multi-currency service which lets you hold USD along with CAD and 40+ other currencies. Use your account to send, spend, hold and receive USD for day to day payments, travel and bills, with low costs and great exchange rates.

Useful resources:

• Airwallex Pricing, Airwallex Canadian account descriptions and pricing plans

• Multi-currency services Pricing, multi-currency account & card pricing for accounts based in Canada

• Scotiabank USD Account, Scotiabank USD Account details

• Scotiabank fee schedule, Scotiabank personal fees

• TD Bank USD Daily Interest Checking Account, TD Bank Cross Border Banking options

• TD Bank fee schedule, TD Bank personal fees

Conclusion

As many people in Canada have close personal or professional ties to the US, there are several different ways to open USD accounts in Canada, depending on how you need to transact.

You could pick a USD account from a bank if you need checking services, or if you want to send payments to Canada to cover a mortgage or bills. Bank USD checking accounts also often earn interest which can make them appealing to savers.

As a more flexible alternative with multi-currency features you might prefer the multi-currency service which lets you hold USD along with CAD and 40+ other currencies. Use your account to send, spend, hold and receive USD for day to day payments, travel and bills, with low costs and great exchange rates.

Useful resources:

• Airwallex Pricing, Airwallex Canadian account descriptions and pricing plans

• Multi-currency services Pricing, multi-currency account & card pricing for accounts based in Canada

• Scotiabank USD Account, Scotiabank USD Account details

• Scotiabank fee schedule, Scotiabank personal fees

• TD Bank USD Daily Interest Checking Account, TD Bank Cross Border Banking options

• TD Bank fee schedule, TD Bank personal fees