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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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59 thoughts on “The Best USD Bank Account Options For Canadians in 2024”

  1. Gravatar for Sherri

    Thank you so much, Enoch, for this very thorough and helpful article! I am a freelancer in Canada who has clients in both Canada and the US. PayPal is taking a fair amount of fees and I am not earning any interest on my US funds that are sitting there. I am interested in signing up for a US account here in Canada as you’ve listed because I also travel there a lot and also live on the border. I would need it to transfer the US funds from PayPal so I can start earning some interest, but my main goal is so that my US Clients can just skip PayPal altogether and e-transfer me so I don’t have to deal with the fees. Will that work with the accounts you mentioned for the Canadian Banks? If I give my clients my email can they just e-transfer USD to that account? Also, do any of them offer a debit card so when I’m travelling in the states I can take USD out from that account? Thanks again for this awesome article! If you have a particular bank that you would recommend for what I’m looking for, I’m all ears!

    • Gravatar for Enoch Omololu

      @Sherri: I don’t think that you are able to get Interac e-transfer-type payments from US-based clients to a US-dollar bank account domiciled in Canada. I may be wrong, but the kinds of direct deposits I have been able to receive are more like wires and EFTs and they come with fees.

      You should take a look at Transferwise and their borderless account to see if it meets your needs. I have a review of the service here:

      https://www.savvynewcanadians.com/transferwise-review-canada/

      • Gravatar for Tom

        Great work sir. Transfer wire is intriguing thanks for the lead, will read the https: listed above. How secure do you think these transfers are they regulated. Large USD transfers US and back? Is it wholesale FX intraday trading curency that you would be receiving or sending once money transfers? Thanks again!

        • Gravatar for Enoch Omololu

          @Tom: Yes, I believe Transferwise is regulated, however, I can’t comment on the security as I have not used them personally.

          • Gravatar for Mike S

            I do use Transferwise, Royal Bank, and RBC Bank USA for various business and personal purposes. I also run EUR accounts in the EU. I am satisfied.

            In general I usually use Transferwise for EUR-US bidirectional activity, and Usually Royal Bank and RBC USA for CAD-US bidirectional activity. All work fine and are capable of handling other bidirectional flow combinations. There are limitations on both but they are minor and I think most people would not be inconvenienced by them

    • Gravatar for Mia

      Thank you Enoch, for the advice- I steered me in the right direction and allowed me I do further research. Sherri, my clients use Zelle to transfer money to my USD account for free with TD. All you need is a US address.

      All the best!

      • Gravatar for Enoch Omololu

        @Mia: Thanks for your feedback. Happy to be of help!

      • Gravatar for NICHOLAS

        Hi Mia, are you using a peronal US address or can use TD US address that can be provided?

  2. Gravatar for Roxy

    THANK YOU!
    I’ve been waiting for someone to write a comprehensive post about U.S dollar accounts and credit cards for Canadians. Thank you. So now that you have a U.S dollar account how is the transfer of funds with PayPal now?
    Please keep us posted on what you decide to do about the credit card.

    • Gravatar for Enoch Omololu

      @Roxy: I haven’t tried transferring USD from PayPal yet, as I now receive most USD funds directly in my USD bank account.

      Stay tuned for an update on the USD credit card. 😉

      • Gravatar for Roxy

        [* Shield plugin marked this comment as “Pending Moderation”. Reason: Failed Bot Test (expired) *]
        Yea, I just read that PayPal doesn’t allow you to withdraw U.S dollars into a U.S account in Canada only Canadian dollars. That sucks. Do you know of any of other options besides direct bank transfer? Thanks for your articles btw.

      • Gravatar for Lauren

        Hi Enoch,

        When you receive a payment directly to your TD USD account in Canada does TD charge you a fee for the transaction?

        Thank you,
        Lauren

        • Gravatar for LAuren

          Sorry, to clarify, I am looking for a way to receive payments from the US to my USD TD account without being charged a fee. Thank you.

        • Gravatar for Enoch Omololu

          @Lauren: I’m honestly not sure how it works half the time. In some cases, I get the exact amount the vendor is sending to me. And, sometimes, a small fee is deducted…although I haven’t been able to figure out if they deduct a specific percentage. I’m not aware of options to transfer USD to TD free of charge.

      • Gravatar for Murali

        Hi Enoch,

        Could you please elaborate how do you receive USD funds into your TD USD account ? I understand that you have TD USD borderless plan account. Roxy has pointed out that Paypal doesn’t allow to withdraw USD into TD USD account. Just wondering how did your clients in US send money to your USD account.

        Thanks in advance

        • Gravatar for Enoch Omololu

          @Murali: Clients who pay USD to my TD USD Borderless account use the bank wire details for the account i.e. bank account, institution number, and the USD routing number (TD gives you these details). I haven’t figured out a way to (or bothered to) transfer PayPal USD to the TD USD chequing. I have read some potential options online that require quite a few steps to accomplish.

  3. Gravatar for Dan

    This is an excellent article. I found it extremely helpful. I am trying to figure out a way to use my US$ from my Questrade account when travelling to the US, without having to convert them to Canadian dollars and back to US dollars. Most of the Canadian US dollar accounts make it challenging to access the money in the account. Ideally, I would like to be able to use my bank debit card in a US ATM and withdraw my US funds. However, most of the US accounts can’t be accessed using your debit card. Please let me know if you are aware of an efficient way to get US cash from any of the US bank accounts.

    • Gravatar for Enoch Omololu

      @Dan: An option would be to open a US dollar account with a U.S. bank. Most of the big banks listed above have U.S. divisions and you can open an account with one of them and obtain a debit card.

      Another option that may work in the future is Transferwise… They have a debit Mastercard in beta that looks promising.

  4. Gravatar for Kathy Desjardins

    Good afternoon,

    I just wish to add, while Simplii does not charge a transfer fee, check with the receiving bank. We were somewhat shocked to find that our US bank (Wells Fargo) charged a $16.00 fee for the transaction, as this is considered a “wire transfer”. Just a FYI.

    • Gravatar for Enoch Omololu

      Good point, Kathy! Thanks for contributing.

  5. Gravatar for Bob

    It seems like Tangerine is my only choice??? Because, there seems like no one else will give me a decent interest rate to park $150k US currency. True? Tks, for any ideas.

    • Gravatar for Enoch Omololu

      @Bob: Yes, Tangerine appears to offer the best rate currently available.

  6. Gravatar for Bob

    TD offers .95% on US dollar ( cash account) held in your trading account. The only hassle is it takes a day or two to send money back to your US checking account, if needed.

    I trade, so no bother for me to transfer back to my checking

  7. Gravatar for Tamara Rietveld

    I’m wondering did you receive a U.S. debit card with this account? I’m a TD customer and have looked into this after a trip to the U.S. traveling across 4 states. Canadian debit cards most often DO NOT work! Thank goodness we also had credit card and cash with us. I hate using credit and wanted to use cash only for emergencies. Ask at the bank and they will say, oh yes your Canadian debit card will absolutely work in the U.S. this is wrong! Great article, very extensive!

    • Gravatar for Enoch Omololu

      @Tamara: No, I did not get a debit card and don’t think they offer it. I ended up applying for the TD U.S. Dollar Visa Card and upgraded my account to the Borderless Plan so I can waive the annual credit card fees.

      It makes sense to use cash when you can abroad. If you do end up getting information about a potential U.S. debit card from a Canadian bank, please let us know.

      Transferwise recently introduced a debit Mastercard, however, I haven’t looked into it.

      Cheers,
      Enoch

      • Gravatar for Chuck

        TransferWise Debit MasterCard is not available yet in Canada

        • Gravatar for F L

          Thanks for this great list. I see Scotiabank USD being advantageous. I believe Wire Inis $15 CAD/USD. But not clear on other fees.

          1) How is USD USD pushed/pulled between banks and brokerages?

          My understanding is only Wire and PAD allow USD transfers and Wire could cost a lot on sending and receiving end.

          I would like to have a USD account to facilitate cross transfers between Questrade, National Bank Brokerage, Interactive Brokers essentially

          Can Transferwise act as a Multi Currency Hub to be part of this such that they can hold USD, CAD.

          Do they allow for PAD to be setup?

          2) Have you considered Interactive Brokers as a Multi Currency Hub?
          I read that can do PAD but I believe PAD is always setup as a “Pull” since it is a Debit.

          However, can you just set opposing PADs between Accounts to allow Pull both ways?

          That way USD/CAD can be initiated.

          Canadian banking is kind of frustrating

  8. Gravatar for rebecca

    this was so detailed and helpful!! thank you so much!!

    • Gravatar for Enoch Omololu

      @Rebecca: You are welcome! Glad the information was useful for you!

  9. Gravatar for Simon

    Hi Enoch, what is most cost-effective way to electronically transfer USD between two USD accounts domiciled in Canada? Ie., how can I send USD to another person in Canada who wants to keep the funds as USD?

    All the reviews I read on money transfer apps like TransferWise assume that I want to convert to a different currency, which is not what I want to do.

    So far the only electronic option seems to be an expensive wire transfer.

    Thanks!

  10. Gravatar for Jeff Witty

    Hello Mr. Enoch Omololu!

    Glad to message you again. I noticed you didn’t include Toronto Dominion (aka: TD)

    “U.S. Daily Interest Chequing Account”

    With:

    – Do monthly fee
    – Transaction Fee = $1.25 U.S. each
    – Minimum monthly balance for no transaction fees of $1,500 USD (aka: Your transaction fees will be $0, as long as balance is $1,500 USD by end of day)
    – An interest rate greater than 0%… its 0.01% daily.

    This is an ideal for accepting “US Dollar Payments” or Transferring Cryptocurrencies via services that dont accept Canadian Banks and/or if your bank has no SWIFT/BIC number, Like Tangerine or Simplii (like using UpHold to transfer BAT/etc in to fiat & then to your bank (mobile app only supports Canadian banks, AND they must support SWIFT/BIC transfers)

    • Gravatar for Enoch Omololu

      @Jeff: Actually, that’s #1 on the list. 😉

      • Gravatar for Jeff Witty

        OMG, now I feel a fool

  11. Gravatar for John K.

    Hi Enoch, I’m a Canadian citizen starting an e-commerce business in the states. I’ll be buying shipments from China and selling only in the U.S. (for now). I will be drawing funds on a U.S. bank account from time to time. Mostly for reinvesting, shipping brokers, Chinese inspections, taxes… I already have my company formed, corporate documents, EIN number…
    I want to minimize my expenditures as much as possible by eliminating conversion costs and other banking-related costs as much as possible when withdrawing from Canada on a U.S. account.
    On the one hand I am being suggested a “Separate cross-border USD checking account, and you suggest the “TD USD Daily Interest Chequing Account”. Is there a difference between the two?
    Is one better than the other, and why?
    Please keep in mind that my bank here in Montreal is BMO, and I will eventually have to pay U.S. taxes in the states. Which bank do you suggest? Very grateful for having stumbled on your site!
    Best regards always Enoch and thank you!

    John K.

    • Gravatar for Enoch Omololu

      @John: For a business like the one you have described that will be doing business primarily in the U.S., I believe a cross-border US account is preferable. You will be able to write U.S. checks, get a debit card you can use to pay for U.S. expenses (as opposed to only a US dollar-denominated credit card), build U.S. credit history for your business, access to cheaper USD bank transfers within the U.S., faster receipts of payments, deposit USD cheques online vs having to go into the branch every time, etc.

      I don’t have a cross-border account myself, but I do know tha RBC, TD, BMO and probably CIBC have U.S. operations.

  12. Gravatar for Susanne

    The RBC cross border account allows you to transfer US funds from your US bank (or source) to RBC in Canada. The funds are Not converted to Cdn funds until you transfer them to your US Savings Account also at RBC. You also have the option of holding them as US Funds. I transfer funds from B of A to RBC via my cross border account without issue.
    If you need to transfer US funds to a Cdn financial institution or vice versa, you require a 9 digit routing number, and that is precisely what the cross border account has. I discovered all of this info the long way, but it absolutely works. I also received a US debit card and a US credit card with the RBC cross border account. I haven’t used either. The borders remain closed at this writing.

  13. Gravatar for Shefali gupta

    Great article!
    I just opened a TD US Daily Chequings account and wanted to know how will the taxes work for this? I am a Canadian PR holder and I assume I’ll just have to convert USD to CAD at the end of the year and file taxes with CRA.

    • Gravatar for Enoch Omololu

      @Shefali: If you earn interest on your account, TD will send you a T5 tax slip you can use when filing your taxes to account for interest earned. If you are using the account to accept business income (revenue) in USD, you will need to convert the amount at the end of the year to CAD and file taxes with CRA (two ways to do this – you can convert USD to CAD using the Bank of Canada’s (BoC) exchange rate for the day the income was received, or you can convert all USD receipts using the average USD-CAD exchange rate published by BoC at the end of the year).

  14. Gravatar for Austin

    Hi Enoch,

    I will start working at a US company but be based out of Canada. Am I able to receive direct deposits from the company into my Tangerine US$ Savings Account?

    Thanks,

    • Gravatar for Enoch Omololu

      @Austin: I’m not sure whether that is possible…may be best to ask their support to confirm. From my recollection, you need to have a USD chequing account elsewhere before you can open a Tangerine US$ savings account. So the answer is probably “No.”

  15. Gravatar for Oliver G.

    Hello Enoch,

    Such a great read and very instructional. I also have issues transferring US dollars from my PayPal account to my US dollar TD account. PayPal allowed to link my CA$ TD account but wont’ with my US $ TD account. So pretty much I need a US $ based account in order to avoid to avoid ridiculous PayPal conversion fees. Here is my question, what are the requirements to open a US based account. I have no US driver’s license, Social Security Number or US ID

    Please advise. Thanks

    Oliver G.

  16. Gravatar for itolduandso

    Hi Enoch, good information and you have done lots of research and good timing. From what you described it seems in your situation you had USD from your blogging activities and its for personal income transaction like salary. I am looking for USD account allowing me to do conversion-free transactions with Amazon and Ebay which is not exactlly same but I am able to use personal bank accounts as long as I am not operating a business. You list the TD Border-less plan as an account in Canada. Yet, TD bank lists is together with the Convenience account as Cross-border. The CPA Baranov blog talks about 3.5% currency conversion fees with USD denominated Canadian bank accounts to receive USD funds and avoid the exchange rate USD to CAD and again to USD. It unclear what is it that triggers the forced conversion. Baranov CPA blog gives link to the TD bank accounts the Bordeless and Covenience accounts. What puzzles me, if the account is in USD and the funds from Amazon and Ebay are being transferred in USD, what is it that triggers the bank think they need to convert the money twice, first from USD to CAD and then again to USD. And what is it with cross border accounts that doesn’t trigger the conversion.

    baranovcpa.ca/amazon-tax-canadaBusiness
    Section: Can I use my Canadian bank account for registration?

    The issue is nobody knows at the bank when I asked. Amazon doesn’t tell either. So the only way to know is to open the account and try to see if there is a conversion fee or not.

  17. Gravatar for itolduandso

    OK, I looked into it a bit further and what seems the factor is “ACH”. If USD account is on ACH system, then it can receive USD funds without the currency conversion or other foreign exchange fees. With regular USD checking accounts, banks still charge the foreign transaction fees.

    Enoch, how do you receive your USD funds? You have it wired or you have them deposited through ACH?

    • Gravatar for Enoch Omololu

      @itolduandso: I believe the funds are deposited via wire transfer. Sometimes a “fee” is applied and sometimes I get the full invoiced amount. I can’t say for sure what causes the fees to be deducted (or not) as it varies even when the payment is from the same vendor.

  18. Gravatar for itolduandso

    OK, I solved my earlier question. Amazon.com requires for USD transfers an account with ACH and that is only US based USD accounts. If the bank is not on ACH (any-non US bank) then Amazon and Paypal will do the conversions charging in excess of 3-5% currency conversion fees and it gets actually worse because of their exchange rates are so bad. Same goes for Paypal.com for USD transfers.
    So off I go to BMO Harris to open USD account.
    Then Ebay.com on the other hand (…because they use Adyen instead of Paypal) now requires for USD transfers a Canadian bank USD local account and they can’t accept a US bank account because I am resident in Canada.
    .. So here I go again I need another USD account with BMO Canadian branch.
    Two separate USD accounts.
    It’s going to be mess when doing taxes and GST/HST. Need to think about this.

  19. Gravatar for John Molina

    Hi Enoch,

    I will be working for a US company but will be commuting there daily to work.

    What is the best way to approach this? I will be receiving USD from the employer, but would need to convert it to CAD for the apartment rental and other CAD bills.

    I find your blog really helpful.

    John Molina

    • Gravatar for Enoch Omololu

      @John: A Wise multi-currency account may be your best bet. Cheers

  20. Gravatar for Karen T.

    I have a tangerine US dollar account, but I can’t deposit a cheque in US dollars to it through an ABM. I don’t understand how to cash the cheque and maintain it in US funds rather than converting it to Canadian dollars. Is there something I’m missing?

    • Gravatar for Enoch Omololu

      @Karen: I have been able to directly transfer USD from other USD bank accounts to my Tangerine USD account. I don’t think you can deposit the cheques using an ABM. It may be best to give them a call to see if there are other options available.

  21. Gravatar for Sidhu Pai

    Hi, is it possible to deposit a Bank of America check to TD US daily interest chequing account instead of wire transfer?

    • Gravatar for Enoch Omololu

      @Sidhu: I deposit US checks in my TD Borderless account all the time and believe the same is possible for the US daily interest chequing account. It takes a few business days for the funds to clear though.

  22. Gravatar for Jenny H

    Hi all,
    I would like a USD no fee credit card and would like to use my USD dollars in my account to then pay the credit card off . Which bank offers this in the least complicated manner?
    Also, with Tangerine USD account, you can push or pull money from Canadian banks without any fees. I was able to deposit a very large amount of USD from my credit union USD account (who received the original USD transfer from the US for $16 fee) to Tangerine USD account by having Tangerine “pull” the money from credit union account. After collecting 2.1% interest for 5 months, I plan to do something else with the money, so have been “pushing” it back to my credit union account in USD. You can only transfer max of $50000 USD to another bank in a 24 hour period. It all stayed in USD.

  23. Gravatar for Matt

    Hi, people used to say that you can link a Tangerine US dollar account with a US dollar account at another large bank such as RBC. Like Jenny H. said above, that let people push and pull money between the Tangerine USD account and the RBC or other USD account.
    But RBC is telling me that they don’t let their RBC USD accounts get linked to any other bank’s accounts. And BMO isn’t letting me link a USD account to Tangerine’s USD account either.
    So what has changed since last year? Do ANY major Canadian banks still let people link a USD account with another USD account at Tangerine?

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Matt: That’s interesting. I linked my Tangerine USD account to a TD USD account some years back and have been able to send money back and forth without issue. I haven’t made any recent transfers though (in several months), so can’t 100% say it still works.

  24. Gravatar for Matt

    Thanks for your reply. I went onto the Tangerine app and linked that USD account with my USD accounts at BMO and RBC, and the money transferred from both accounts without a problem after several business days, so as of September 2022 it still works. I hope it keeps working! The average folks at BMO must be unaware of it or unwilling to acknowledge it, even though one would think it should be a common feature in this day and age.

  25. Gravatar for VM

    EQ Bank does not accept international money transfers – November 2022.

  26. Gravatar for Dana Cooper

    Thanks Enoch. I opened up an EQ US Account after reading your article as I have been looking for a way to keep US funds as I am frequently down there. I have friends there that sometimes pay me back for expenses. Of course they pay in US funds. We checked multiple options for e-transferring from US banks to Cdn. banks and apparently their ability do not cross the border. (Paypal was not an option for some down there). I will definitely look at Wise closer. However, as there did not seem to be any electronic transfer options from US banks to Cdn. banks, one of my friends wrote me a cheque. So I opened the EQ Bank account and tried to deposit my US cheque into my US account, however, was informed that you cannot deposit into the account, only transfer funds into it from another US account at a Cdn. bank. So I am very confused about how I can receive US funds and deposit them into a US account without the transaction/exchange fees of converting to Cdn. and then back to US. I am hoping to be receiving some income soon from US sources, so need to find a way to deposit them. Very confused. Dana

    • Gravatar for Enoch Omololu, MSc (Econ)

      #Dana: For US cheques, I use a TD USD chequing account. Electronic deposits seem to work well for Wise, but cheque deposits are not supported. Same for EQ Bank. When I need USD in Wise but only have vendors paying by PayPal, I transfer the funds from PayPal to Wise for free (Wise gives you bank details for a USD account that belongs to you).

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