Best US Dollar Account in Canada [2025] 🇺🇲
Whether you're a frequent cross border traveler, a freelancer getting paid in USD, or simply someone who loves to shop with US based online stores, having a USD account can be a smart move. Using a US dollar account to receive, hold and spend dollars can cut the costs of currency exchange and make your foreign currency spending more convenient.
All the major Canadian banks offer some sort of US dollar account. However, they may not be the cheapest or the most flexible options out there. Specialist online providers like Wise can be a good alternative.
In this article, we'll cover what you need to know about opening a USD account, including the best USD account in Canada, the costs involved, and how to open one.
Let's get started.
Quick summary: USD currency account 🇺🇲
💡 Great for: | |
|---|---|
Multi-currency account with 40+ currencies, low fees, a linked international debit card and the mid-market exchange rate | |
TD Bank USD account | Borderless plan for frequent transactions and waived fees with a minimum balance |
BMO USD account | USD primary chequing account with overdraft services, and ways to waive the monthly fees with a minimum balance |
RBC USD account | Access to USD services with a low monthly fee of 3 USD, including 6 monthly transactions before fees apply |
Scotiabank USD account | Low monthly fees waived with a minimum balance and higher interest rates for larger balances |
Questions | Answers |
|---|---|
Can I open a USD account in Canada? | Yes. You can open a USD account easily in Canada with a major Canadian bank like RBC and TD Bank or an online specialist provider like Wise. |
How does it cost to open a USD account in Canada? | Accounts are often free to open but may come with annual or monthly fees which you can only waive by holding a minimum balance requirement. For a more flexible option, look at online services like Wise which often have no minimum balance and lower transaction fees. |
Which Canadian bank has an USD account? | Many major Canadian banks have USD accounts which can include chequing services, cards and savings products. Look for options at banks including RBC, TD Bank and BMO for ideas. |
What is a US Dollar account 🇺🇲?
A US Dollar (USD) account makes it easy to hold, receive, and send USD and cuts the costs of switching between USD and CAD currencies. Beneficial for both individuals and businesses, a US Dollar account can save you time and money, cutting the costs of currency exchange. Here's how it could be benefit you:
🧍For individuals |
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🏢 For businesses |
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Can I open a USD account in Canada?
Yes. You can open a USD account in Canada at many Canadian banks, or opt for an online specialist provider instead. Banks offer both checking and savings accounts, and plans designed for frequent cross border commuters and people getting paid in USD.
However, these accounts typically come with high fees - which can only be lowered or waived if you hold a significant USD balance in your account, or sign up to other products from the same provider.
If you're looking for a more flexible account option, without high fees or restrictive minimum balance requirements, a specialist online account may suit you better. We'll walk through a few top picks, later.
Is it worth opening a USD account in Canada?
Both individuals and businesses which deal with US dollars often can benefit from getting a USD account:
🧍 For individuals |
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🏢 For businesses |
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Best USD accounts in Canada
The best USD account for you will depend on how you'll use the account, and whether you're a personal or business customer. Here are a few options to consider:
Providers | 🇨🇦 Availability in Canada | 💰 Account fees | 💡 Limits to know | 🎯 Great features |
|---|---|---|---|---|
Personal and business customers Debit cards available | Personal accounts are free to open, with no monthly charges One time 55 CAD CAD payment for full business account - no ongoing fees | Often no limit on holding Transfer limits usually around 1 million GBP (about 1.8 million CAD) | Multi-currency account to manage 40+ currencies Account details to receive 20 currencies Send payments to 140+ countries | |
TD Bank | Personal and business customers Debit cards available | Borderless plan - 4.95 USD/month - many transactions are then free | Usually no limit on holding Digital payment limit of 6,500 CAD per day | Preferred USD foreign exchange rates US credit card annual fee rebate Cheque books free depending on the account type |
BMO | Personal and business customers Debit cards available | No fee if you maintain the minimum balance as listed in your primary account plan Variable fees depending on plan if you fall below the minimum balance | Usually no limit on holding Other limits are shown in the BMO app | Overdraft services available Chequing services available |
RBC | Personal and business customers Debit cards available | 3 USD/month - no minimum balance required | Usually no limit on holding Transfer limits 50,000 per day using International Money Transfer - more in branch | 6 transactions a month fee free, 1.25 USD per transaction after that Fees for both outgoing and incoming international payments |
Scotiabank | Personal and business customers Debit cards available | 1 USD/month; waived with 200 USD balance | Usually no limit on holding Limits not stated for transfers | Interest bearing account option, higher interest paid for higher balance amounts 2 free transactions a month, 1.25 USD each after that |
*Information correct at time of writing: 16th June 2025
Wise USD account
⭐ Great for: Wise is a great account choice for people who want the flexibility of a multi-currency account which also allows you to easily hold, send and spend USD. |
Wise accounts for both personal and business customers can handle 40+ currencies, and include account details for 20 different currencies including USD. That means you can pay and get paid from around the world, with the mid-market exchange rate and low, transparent fees every time.
Wise accounts also come with a linked international debit card allowing you to spend in 150+ countries. If you deal with USD often - but also like to travel elsewhere, or shop online with international retailers based around the world, this could be the perfect account for you.
Features | Wise pricing and limits |
|---|---|
USD account fees | Personal accounts are free to open, with no monthly charges One time 55 CAD CAD payment for full business account - no ongoing fees |
Currency conversion | Mid-market exchange rate, with fees from 0.48% |
Receiving USDpayments | Receive USD payments for free with local account details, including an ACH and Wire routing number, account number and SWIFT/BIC Code. Local payments (non-Swift) are free but USD wire payments come with a fixed 6.11 USD fee per payment. |
Often no limit on holding Transfer limits usually around 1 million GBP (about 1.8 million CAD) | |
⭐ Great features | Send and receive international payments in a broad selection of currencies, spend with your Wise card, get mid-market exchange rates |
*Correct at time of research - 16th June 2025
TD Bank USD account
⭐ Great for: TD has a huge presence in the US, and offers a choice of plans for people who want to hold, receive, exchange and spend US dollars |
The key USD accounts offered are the US Daily Interest Chequing Account and the Borderless plan. These will probably suit different customers - the chequing account option has no monthly fee, but there are charges for all transactions. If you make regular transactions, the chances are that the borderless option would work better, as this comes with a monthly fee - but many transaction fees are then waived.
Fees do apply for some important foreign currency transactions - including a charge for transfers in a foreign currency, which varies depending on how you arrange your payment, and a receiving fee of 17.50 USD for any incoming USD wires. If you set up international transfers in a branch, the transfer fees are higher than for digital payments - and in all cases you're likely to face a marked up exchange rate.
Features | TD Bank pricing and limits |
|---|---|
USD account fees | Borderless plan - 4.95 USD/month - many transactions are then free USD Current Account - no monthly fee, but transaction fees apply |
Currency conversion | Exchange rates are likely to include a markup - although preferential rates are available on USD conversions |
Receiving USDpayments | Receive USD payments using your ABA routing number and account number. A receiving fee of 17.50 USD applies for any incoming USD wires. |
Limits | Usually no limit on holding Digital payment limit of 6,500 CAD per day |
⭐ Great features | Some perks include annual fee waiver on the TD Bank US credit card, free chequing services depending on your account type, and the option to waive monthly fees or transaction charges by holding a minimum balance |
*Correct at time of research - 16th June 2025
BMO USD account
⭐ Great for: No ongoing fees as long as you maintain a minimum deposit, which varies by banking plan |
BMO has a USD chequing account which you may be able to access with no monthly fees based on your underlying banking plan. The account offers chequing services in USD as well as options for overdraft services which can help you cover unexpected shortfalls. BMO has a huge branch network and also online and phone banking services to make it easier to manage your money in USD and CAD.
Features | BMO pricing and limits |
|---|---|
USD account fees | No fee if you maintain the minimum balance as listed in your primary account plan Variable fees depending on plan if you fall below the minimum balance |
Currency conversion | Currency exchange uses the BMO rate which may include a markup on the mid-market rate |
Receiving USDpayments | Incoming wire fees of 16 CAD may apply |
Limits | Usually no limit on holding Other limits are shown in the BMO app |
⭐ Great features | Overdraft services available Chequing services available |
*Correct at time of research - 16th June 2025
RBC USD account
⭐ Great for: Accounts based in both Canada and the US depending on the specific services you require |
As another major player in Canada, it's no surprise that RBC has a strong USD account offering. We've chosen to profile the US personal account here, offered for frequent US travelers - although there is also a USD savings account you may like to look at too.
Alternatively, as RBC has a presence south of the border, you may also be able to open a USD account directly with a US branch of RBC. Account options differ between the two - in Canada you'll be looking for a US personal account, whereas the products on offer from the US side of the RBC operation are likely to be cross-border solutions for people working and traveling frequently in both the US and Canada. It's worth checking both out as the features and fees vary somewhat.
Features | RBC pricing and limits |
|---|---|
USD account fees | 3 USD a month - this gets you 6 free transactions, transactions are 1.25 USD after that |
Currency conversion | Currency conversion likely to include a markup |
Receiving USDpayments | Incoming US wire payments from another RBC Royal Bank account in Canada are for free, as well as payments from another financial institution worldwide with a transaction amount that's less than 50 USD. Payments that are above $50 have a 17 USD fee. |
Limits | Usually no limit on holding Transfer limits 50,000 per day using International Money Transfer - more in branch |
⭐ Great features | No minimum balance; 45 CAD or more to send an outgoing international wire in a branch, 17 USD to receive one |
*Correct at time of research - 16th June 2025
Scotiabank USD account
⭐ Great for: Interest rates which get better the more you hold in your account - making this an attractive option for people with higher amounts of savings. |
Scotiabank's US dollar interest account may be a good choice if you're looking to save in USD and don't need to make frequent transactions. We've featured it here because it has a low monthly fee of just 1 USD, which can be waived with a minimum balance of just 200 USD.
You'll be able to make a couple of transactions a month with no fee, with a low cost of 1.25 USD per transaction after that. There are also free USD bank drafts available through this account.
Features | Scotiabank pricing and limits |
|---|---|
USD account fees | 1 USD/month, waived with a 200 USD balance. Fee includes 2 transactions per month - above this there's a charge of 1.25 USD per transaction |
Currency conversion | Exchange rates are likely to include a markup |
Receiving USDpayments | Receive USD payments using an ABA routing number, and account number. A 15 USD fee applies for incoming wire transfers. |
Limits | Usually no limit on holding Limits not stated for transfers |
⭐ Great features | The more you save, the higher the interest rates applied |
*Correct at time of research - 16th June 2025
How to open a USD account in Canada
Opening a USD account in Canada can vary based on your chosen provider, and banks and online alternatives will have slightly different procedures.
Here are the basic steps you usually need to take to open a US bank account from Canada:
Research and select a provider that best meets your needs
Register for your account by signing up online or visiting a branch
Provide your personal details like your name, address and contact information
Submit the required document to verify your identity. This might include a government-issued photo ID and a proof of address, such as a utility bill or bank statement
Deposit funds into your new USD account and you're ready to start using it
To open a USD bank account in Canada you'll usually need to provide two documents from a reliable source - one document must include your name and address, and the other document must contain your name and date of birth.
💡 Documents usually accepted by banks include: |
|---|
A passport Government issued ID documents Government issued tax or benefit statements Canadian public utility bills Bank account or credit card statements |
How to use a USD account in Canada
A USD account in Canada offers flexibility and convenience for managing US dollars, especially if you frequently hop over the border or you have a business that deals with US dollars. Here are just some of the ways you can utilize your USD account effectively:
🎯 Get the best out of your USD account | |
|---|---|
Receive payments | Accept payments in USD from US clients or employers, or move your money between your own bank accounts |
Spend in USD | Use your account to make purchases directly in USD while avoiding conversion fees, with your linked debit card |
Hold and exchange currencies | Hold USD in your account and exchange it to CAD or other currencies when needed |
Transfer funds | Easily transfer funds between your USD account and other accounts |
Save on fees | Minimize currency conversion fees and benefit from favorable exchange rates by holding USD |
How does a USD account work?
A USD account lets you hold, exchange, spend, and receive US dollars. Depending on your chosen account and provider, you may also receive local USD account details, like the Wise account.
You can then provide these details to receive payments directly in USD, use it for transactions or withdrawals, hold your USD balance to avoid conversion fees or convert it back to CAD and withdraw the money to your bank account. Some USD accounts will also offer a linked debit card for easy spending when you're in the US.
USD account details 🇺🇲
Some providers, like Wise, offer local account details, like routing and account numbers, allowing you to receive and hold US dollars. This is useful for those who regularly make transactions in USD, helping avoid currency conversion fees and making managing USD payments and receipts easier.
To get these details with Wise, log into your account, tap ‘Open', and then ‘Balance'. Choose USD from the list of currencies to open your USD balance and receive your local account details.
Provider | Account details provided |
|---|---|
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Unfortunately, information on USD account details for TD Bank, RBC, and Scotiabank are not provided on their official websites. You can contact these providers directly to learn more about their account details.
How to receive USD payments in Canada
Receiving USD payments in Canada is straightforward thanks to multi-currency accounts like Wise. These accounts provide local USD account details, making it easy to receive payments from the US.
Here's a step-by-step guide on how to receive payments from the US in Canada, using Wise as an example:
Register online by signing up online or via the Wise app.
Verify your identity by providing photo ID, proof of address, and/or a picture of you holding your ID.
Get local USD account details, including a routing and account number, by selecting ‘open a balance' and selecting USD.
Tap ‘get account details' and copy the account information.
Share these account details to the person making a payment .
Receive payment. The sender transfers the USD amount to your account using the details you provided.
Once the payment has been received, you can access your funds. Hold them in USD, convert them to CAD or use them for other transactions as needed.
⭐ Read more - How to receive USD payments in Canada |
USD account with debit card
If you are looking to hold USD and spend directly from your USD balance, consider opening accounts with Wise or TD Bank. Both providers offer debit cards linked to your USD account, allowing you to spend in USD without any conversion fees.
Wise Account & card: Hold USD along with 40+ other currencies and spend any currency you hold with the linked Wise debit card in 150+ countries. If you don't have currency you need, take advantage of automatic conversion at the mid-market rate with low fees from 0.48%.
TD Bank Account & Card: Every TD Checking Account comes with a free visa debit card that allows you to spend directly from your account balance.
USD business account in Canada
Need ways to receive, hold, send and spend USD for your business? Some of the providers and banks we've looked at here support business USD accounts in Canada as well.
Provider | 💡 Great for |
|---|---|
Business account to hold and exchange 40+ currencies with debit and expense cards and no ongoing fees. Currency exchange uses the mid-market rate | |
RBC Business | 9 USD monthly fee, waived with a balance of 2,500 USD, for a flexible USD account to receive, hold and send payments easily |
TD Bank Business | Choose from different accounts in USD, including the basic account with fees of just 5 USD/month including 5 transactions |
⭐ Read more - Best USD business accounts in Canada |
Best USD savings accounts in Canada
If you have money in USD and want to earn interest from your balance you need to find the best USD savings account based on your preferences and needs. Different banks have their own accounts which may have fees and minimum balance requirements to consider. SHop around to see which might suit you, including a look at options like these:
Provider | Account fees | Balance requirements | Interest |
|---|---|---|---|
Tangerine | No ongoing fees | No minimum balance | 0.1% |
Scotiabank USD savings account | 1 USD/month, waived with a 200 USD balance | No minimum balance stated | Up to 0.05% depending on balance |
TD Bank Daily Interest USD account | No ongoing fees | No minimum balance | 0.1% |
*Information correct at time of writing: 16th June 2025
If these options aren't right for you, it's worth shopping around some other providers including EQ bank which has high interest rates that can appeal to many customers.
Free USD accounts in Canada
You can't get a completely free USD account in Canada, but some providers do waive fees if you hold a minimum balance, and may include some transactions in the monthly costs for free as well.
Provider | 💡 Their no-fee USD account services |
|---|---|
No ongoing monthly or annual fees No fee to open a personal account | |
TD Bank | No ongoing fee for chequing account Monthly fees waived for cross border account with 3,000 USD minimum balance |
BMO | No fee for your account as long as you meet the minimum balance requirement in your underlying banking plan |
RBC | 6 debits for free monthly, no way to waive the 3 USD monthly fee |
Scotiabank | No monthly fee if you hold 200 USD or more 2 free debits monthly |
Do you need to send money between the US and Canada?
If you're a cross border commuter or regular traveler to the US you may also need to make overseas payments. There are different options here, depending on the bank or provider you pick - here are a few you might consider to keep your costs as low as possible
💰 Transfer fees | 💱 Exchange rates | 💡 Transfer limits | 🌎 Coverage | |
|---|---|---|---|---|
Fees from 0.48% | Mid market rates | Transfer limits usually around 1 million GBP (about 1.8 million CAD) | US and 140+ other countries | |
15 CAD No fee over 10,000 CAD | Exchange rate includes a small markup | No limit | US and 170+ other countries | |
No transfer fee | Exchange rate includes a small markup | No limit | Send in 40+ currencies including USD | |
Variable transfer fees | Exchange rate includes a small markup | 15,000 CAD (25,000 CAD when sending to India) | US and 170+ other countries |
If you;'re sending payments between the US and Canada often don;t forget to look carefully at both the fees you pay and the exchange rate you're offered, to make sure you don't lose out on unexpected costs.
Conclusion: Best USD accounts for Canadians
Opening a USD account in Canada can be handy for a range of individuals and businesses. Basically, anyone who frequently needs to receive, send or spend USD could cut their costs by picking the right USD account according to their personal situation. You'll be able to transact internationally more conveniently, and won't have to switch funds from CAD to USD every time you need them - just keep a balance in your USD account for whenever you travel or have to send a payment.
Use this guide and our top USD account picks as a starting point to see which fits your needs best.