Which is the best US Dollar Account for Canadians?

Short Answer

Based on the bank’s presence in the US, fees, types of accounts, its security and reputation, Royal Bank of Canada seems to offer one of the best USD based bank account in Canada.

Detailed Answer

US Dollar Bank Account for Canadians

The Canadian and the US economies are intertwined with each other. Canadians are closely in touch with the US economy by having a US-related business, travelling, purchasing and selling goods from and to the United States, purchasing real estate in the US, investing in US markets etc.

For such people, converting Canadian dollars to US dollars and banks to CAD is impractical and expensive. Hence, they prefer to open a US Dollar Account.

Let us explore the Best US Dollar accounts available in Canada.

Best US Dollar Bank Account in Canada

Based on our analysis, Royal Bank of Canada seems to offer one of the best USD account. We have explained its features below:

Royal Bank of Canada is one of the big five banks in Canada. You can open a USD-based savings or a chequing account with RBC. The chequing account does not mandate you to keep any minimum balance and charges nil fee for the first annual maintenance fees. From the second year, you need to pay $39.50 per annum. However, this account charges $1 per debit transaction after the first 10 debits.

You may open a premium chequing account that offers unlimited transactions for free of cost. However, this comes at a costlier annual maintenance rate of $99.95 per annum.

The bank offers US a based savings account. It does not charge any annual fees for those who maintain a bank balance of more than $300 USD. However, this account mandates you to maintain a minimum balance of $100 UISD. The interest rate this account offers is 0.05% per annum.

RBC has a wide presence in the US for seventeen years now with more than 50,000 Automatic Teller Machines (ATM). The account also offers US credit card and US-based mortgages for purchasing real estate.

You can transfer money via PayPal, Apple Cash, Venmo etc.,

The funds in this bank are secured as they are insured by the Federal Deposit Insurance Corporation. The bank is a big 5 bank of Canada, which is a testimony.

Best US Dollar Accounts for Canadians

There are other alternatives, such as TD US dollar account, EQ bank US dollar account, Tangerine US dollar account, Scotiabank US dollar account etc., It is important that you research the different available accounts and see what suits you the best. There is no one fit for al! You must analyze your requirements and then decide which US Dollar bank account is best for you.

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Categories: Banking
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