Best USD business account in Canada
Canada registered business owners and sole traders might benefit from getting a USD business account if they need to receive, send, hold or spend US dollars. This might be the case if you have customers in the US, work with US suppliers, or have an international team based in the US for example.
US dollar business accounts in Canada can be opened with specialist non-bank providers which work exclusively online or through apps, or from several banks. However, bank USD accounts may not be able to offer the flexibility available from specialist providers like Wise and OFX.
This guide walks through all you need to know including a look at the best US dollar business accounts in Canada, the costs involved, and how to open one.
Can a USD business account be opened in Canada?
Yes. Canadian registered business owners - and in some cases, sole traders or freelancers - can get a USD business account in Canada from banks and specialist providers.
It’s worth knowing that the types of USD accounts available do vary a lot, from some which support USD alongside a lot of other currencies, to others which are USD only and more meant for holding and sending payments. Different account types suit different business needs, but you’ll need to weigh up a few, including features and fees, to see which is best for your specific requirements. This guide is here to help.
Advantages of a USD business bank account in Canada
Useful if you’re receiving payments in USD, and might cut the costs of currency exchange
Access preferential exchange rates, and avoid unnecessarily changing incoming payments from USD to CAD
Helpful to pay suppliers and contractors based in the US, with local payment methods available
Some accounts have debit cards which you can use to spend and withdraw in USD easily
Best USD business accounts
There’s no single best US dollar business account - which means you’ll need to compare a few to find out which would suit you best. We’ve summarised some key features for several options, covering digital providers and banks, with a bit more detail below, to help you start your research.
| Service/Provider | Wise business | OFX business | RBC US business checking | TD Bank US dollar everyday business |
|---|---|---|---|---|
| Open account online | Yes - fully online opening and onboarding | Yes - fully online opening and onboarding | May be possible, depending on business type | No - visit or call a branch to get advice on your options |
| Foreign currencies | Supports 40+ currencies | Supports 7 currencies | Intended for USD use only | Intended for USD use only |
| Account fees | 42 CAD account opening fee Make some free ATM withdrawals monthly, with low fees after that | No ongoing fees | 9 USD/monthly fee Up to 5 USD out of network ATM fee | 19 USD - 72 USD monthly fee, depending on plan Up to 5 USD out of network ATM fee |
| International transfer fees | Send overseas transfers from 0.33% Receive payments in select currencies for free USD wires cost 6.16 USD to receive 10 CAD fee to receive CAD by SWIFT | 15 CAD for payments under 10,000 CAD Outgoing transfers over 10,000 CAD or currency equivalent have no fee but may include a foreign exchange markup Incoming transfers are free to receive | Up to 17 USD incoming payment fee 15 USD - 55 USD outgoing payment fee | 17.5 USD incoming payment fee 50 USD outgoing payment fee |
| Business debit cards | Available for account holder and team members | Not available | Available for account holder | Available for account holder |
Wise Business account
Wise business accounts offer support for USD and CAD as well as 40+ other currencies, making them a smart option if you want to send, receive and manage multiple currencies.
Accounts have no minimum balance requirement and no monthly service charge, and when you need to switch between currencies you get the mid-market exchange rate and just a low, transparent fee. You’ll also get business-friendly perks like batch payment solutions and Xero integration.
Best features:
Hold and exchange USD and 40+ currencies
Receive major currencies including CAD and USD with local account details
Spend in 150+ countries with the Wise business debit card
Currency coverage: 40+ including CAD, USD, GBP, EUR
Receiving payments: Get paid with local and SWIFT details in many currencies - incoming USD wires have a 6.11 USD fee
Account fees: One time business account opening fee, currency conversion from 0.33%, some ATM fees once no fee limit is exhausted
Debit card: Available
| Wise Business pros | Wise Business cons |
|---|---|
✅ Powerful international features ✅ Mid-market exchange rates ✅ Transparent fees ✅ Time saving solutions like batch payments and cloud accounting integrations | ❌ No branch network ❌ Variable currency exchange costs |
Eligibility: Available for freelancers and registered business owners in Canada - if you’re not based in Canada you may still be able to register a Wise Business account using your local documents wherever your business is based. Apply online or in the Wise app.
Learn more: Wise Business Account Review
OFX Business account
OFX offers a global currency account for small businesses, medium business or online sellers. Accounts support USD among 7 currencies for holding and exchange, and come with local account details to get paid in these currencies conveniently. Send money to contractors, suppliers and staff in many countries around the world, online. To get started, complete the application online and wait for a call back from the OFX service team. Currency risk management products are also available by phone.
Best features:
Receive payments in 7 major currencies including USD and CAD
24/7 phone support as well as online and in app services
Send payments globally with ease and low costs
Currency coverage: 7 currencies offered including USD, CAD, EUR and GBP
Receiving payments: Receive payments in 7 currencies with no fee for transfers using local account details
Account fees: No fees to open or operate account - rates include a small markup
Debit card: Not available
| OFX Business pros | OFX Business cons |
|---|---|
✅No account opening or monthly fee ✅ Hold and receive 7 currencies ✅ 24/7 access to a broker by phone ✅ Large, global and trusted provider | ❌ Exchange rates may include a markup ❌ 15 CAD fee for payments of under 10,000 CAD |
Eligibility: Available for online sellers registered business owners in Canada - if you’re not based in Canada you may still be able to register a OFX Global Currency Account using your local documents wherever your business is based
Learn more: OFX Business Account Review
RBC USD Business account
RBC offers a USD business account through its cross border banking services. Use your account to send ACH payments in USD, send and receive USD wires, pay vendors, manage your money in USD conveniently, and more. There’s the option to get a card for the account holder, which gives access to some no fee withdrawals in the US at select cash machines. You can also get the monthly fee waived if there’s a 2,500 USD balance in your account.
Best features:
Option to have monthly fee waived with a minimum balance
24/7 online and mobile banking solutions
Ways to deposit cash and checks
Currency coverage: USD
Receiving payments: Receive payments in USD
Account fees: 9 USD/monthly fee; Up to 5 USD out of network ATM fee; 15 USD - 55 USD outgoing payment fee
Debit card: Available
| RBC Business pros | USD Business cons |
|---|---|
✅ USD business account from a major bank ✅ Manage your money digitally and in person ✅ Send and receive international payments ✅ Waive monthly fee by holding 2,500 USD in your account | ❌Transaction fees apply ❌ 9 CAD monthly fee |
Eligibility: For Canadian residents who have a registered business. You may be able to apply online if you have a government issued ID and a suitable business registration document.
TD Bank USD Business account
TD Bank’s ‘everyday business’ brand has several different USD plan types to suit different business needs. Accounts come with a debit card and options to make payments at home and abroad. Higher tier accounts include lots of free transactions as part of the package, while the more basic packages operate more on a pay as you go model. To open your account you’re required to call or visit a branch to talk through your needs.
Best features:
Good selection of different plans to pick from
Deposit cash and checks easily
Everyday A, B and C plans have ways to waive monthly fees if you hold a high enough daily balance
Currency coverage: USD
Receiving payments: Receive payments in USD
Account fees: 19 USD - 72 USD monthly fee, depending on plan; Up to 5 USD out of network ATM fee; 50USD outgoing payment fee
Debit card: Available
| TD Bank Business pros | TD Bank Business cons |
|---|---|
✅ Branch network for face to face service ✅Monthly fees can be waived with a minimum balance ✅ Different plans based on transaction needs ✅ Full range of business products and accounts offered | ❌ Monthly fees apply ❌ Transaction fees can be quite high |
Eligibility: For Canadian residents who have a registered business. Applications must be made in a branch.
USD business account fees
Here’s a closer look at account fees when you open a Canadian USD business account.
| Wise Business account | OFX Global Currency Account | RBC US business checking | TD Bank US dollar everyday business | |
|---|---|---|---|---|
| Open account fee | 42 CAD | None | None | None |
| Monthly fee | None | None | 9 USD/monthly fee | 19 USD - 72 USD monthly fee, depending on plan |
| Send international payment fee | From 0.33% | 15 CAD if sending under 10,000 CAD - waived above this | 15 USD - 55 USD outgoing payment fee | 50 USD outgoing payment fee |
| Receive international payment fee | Receive payments with local details for free USD wires: 6.11 USD incoming fee CAD SWIFT payments: 10 CAD fee | Receive payments in 7 currencies with local details for with no fee | Up to 17 USD incoming payment fee | 17.5 USD incoming payment fee |
| Currency conversion and exchange rate | Mid-market rates, exchange from 0.33% | Exchange rates include a markup | Exchange rates include a markup | Exchange rates include a markup |
*All features and fees correct at time of writing - 13th September 2024
Different banks and non-bank providers have their own fee structures, which can include other transaction costs. It’s important to review each provider you’re considering carefully to avoid unexpected fees.
How to open a USD business account in Canada
You may be able to open a USD business account online or through an app - although the easiest option if digital account opening is important to you may be to use a non-bank online specialist like Wise or OFX. Some banks ask customers to call them to talk through the account types available, and you might need to call into a branch to get your account set up.
That said, the steps you’ll usually need to take to open a US dollar business account in Canada are broadly similar, whichever service you decide on. They can include:
Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account online, through the provider app, or in a branch location
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
To comply with law, all banks and non-bank providers will have to ask you to complete a verification step before you can use your account freely. This is to stop illegal account use, and to prevent financial crimes like money laundering.
The details and documents you need can vary a bit depending on the account and provider you’re using, but will usually include:
Government issued photo ID to prove your identity
Photo ID for any other ‘beneficial owner’ - anyone who directly or indirectly controls 25% of more of your business
Proof of address - a utility bill or bank statement in your name for example
Business registration documents which can vary based on your entity type
If you’d like to open a business account in the US from Canada, this guide might help: How to open a business account in the US as a non-resident
How to open a USD business account online
Digital only providers like Wise and OFX will offer a fully online or in app onboarding experience. You’ll still need the same documents and information as you would opening an account with a bank, but there’s no need to leave home. Just complete the application online or through the provider’s app.
Here’s an example of how the process works with Wise:
Download the Wise app or open the desktop site and tap Sign up
Register by entering your personal details and confirming you need a business account
Follow the prompts to enter your business information and upload the required documents
Once your account is verified you can open a currency account in USD by tapping on the + symbol in the Wise app
You’ll be able to access local account details for USD which you can use to get paid by others, or you can top up your account in CAD, USD or select other currencies yourself
Related: Best online business accounts in Canada
Conclusion
If you need to send or receive USD payments, opening a USD business account might be a simple choice. Use your account to receive money from customers, PSPs and marketplaces in US dollars, and to hold a balance as a hedge against fluctuations in exchange rates.
USD business accounts do have pretty varied features and fees to suit different customer needs. Use this guide to compare the products from a non-bank provider like Wise or OFX, or a bank like RBC, and see which suits you better.
USD business bank account FAQs
Can a Canadian open a USD business account?
Yes. Some Canadian banks offer USD services through their cross border banking functions. Or, if you’d prefer a more flexible option you can also open an account with a non-bank provider like Wise or OFX, which offers account services to Canadian residents and allows you to hold, send, receive and spend USD easily.
Can I open a USD business account in Canada?
Yes. Open a US dollar business account from a bank, or a specialist non-bank online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply.
If you have an international business, this guide might help you find the right bank account for your business: Best international business bank accounts in Canada
How much does it cost to open a USD business account?
Some US dollar business accounts can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees or a one off fee for opening, followed by transaction charges. Compare a few to find the right one for you.