The minimum monthly fee payable across all your accounts is $4 and comes with 12 free transactions and $1.25 per transaction after. chequing in that there is no monthly fee if you own another BMO account. Dollar Savings Account: You earn 0.05% on your balance. A $1.25 fee applies to any transactions exceeding 12 free ones.īMO U.S. The minimum account fee at BMO is $4 and comes with 12 free transactions across all your accounts. Dollar Chequing Account: The cost of this account depends on whether you already pay monthly fees on any other BMO account. Bank of Montreal US Dollar AccountsīMO U.S. You can open either of these accounts online or by going into an RBC branch. You can earn up to 0.50% interest on your account balance. After that, a $3.00 fee applies per transaction. High-Interest Savings Account: This account has no monthly fees and comes with 1 free transaction per month. Personalized cheques, bank drafts, and overdraft protection are available at a fee. Personal Account: This comes with a $2 monthly account fee that includes 6 free debit transactions per month and $1.25 per transaction after. bank accounts can easily be opened online or in-branch. annual fee (this fee is waived if you open a Borderless Plan account). Dollar Visa Card, which comes with a $39 U.S. You can also pair these accounts with the TD U.S. If your balance at month’s end is $3,000 or more, the monthly fee is waived. TD Borderless Plan: This account comes with a monthly $4.95 USD fee and unlimited free transactions. This account pays interest up to 0.01% on your balance. There is a transaction fee of $1.25 however, you pay no transaction fees if you keep a minimum $1,500 balance in your account at the end of the month. Daily Interest Chequing Account: This account has no monthly account fee and pays interest on balances of $1,000 or more. dollar chequing and savings accounts did not appear to be much different as some offered to pay interest on your balances and transaction fees applied subject to certain conditions. These were the Canadian banks I researched before making a choice, and they offer U.S.-denominated accounts with different pros and cons. I finally went with a USD account at a Canadian bank. dollar cheques.Īnother USD Account Option For Canadians Best U.S. also makes it easier to conduct some transactions, particularly if you are a Canadian snowbird who lives part of the year in the U.S., owns a property in the U.S., or who often needs to write U.S. dollar account at a bank resident in the U.S. Bank. This option would make it easy to transfer USD from PayPal without incurring losses due to the exchange rate. Alternatively, I could use a no-FX markup Canadian credit card and only worry about the exchange rate set by Visa or Mastercard. However, these usually come with a hefty annual fee. This would save me 2.5% or more in foreign currency conversion fees when I have to pay in USD. Dollars to CAD unless required, and then I could exchange my money utilizing third-party FX companies with friendlier exchange rates. This would make it easy to receive and keep USD. Dollar Bank account (chequing or savings) in Canada. Dollar Accounts in Canada, I considered the options that I had at that time: A USD account option worth considering is the multi-currency account from Wise, a low-fee multi-currency account offering real mid-market exchange that beats bank rates.īefore I settled for a bank offering the best U.S.These US dollar accounts offer various benefits, such as no monthly fees, unlimited free transactions, and up to 3.00% interest on your balance.The best USD bank account options for Canadians include the US dollar accounts offered by TD Canada Trust, Royal Bank of Canada, Bank of Montreal, EQ Bank, and CIBC.In this post, learn more about my personal experience finding the best USD bank account options for Canadians. These include US dollar accounts offered by TD Canada Trust, Royal Bank of Canada, Bank of Montreal, EQ Bank, and CIBC. After thorough research, I found the best USD bank account options for Canadians. So, I started looking at the various options available to me. When I transferred the money from PayPal to my Canadian chequing account, it was automatically converted to Canadian dollars at an exchange rate that was ridiculous at best. However, there was a problem with accessing U.S. When I needed to pay for services in USD, and they had PayPal as an option, it was easy to make direct payments in USD and save on the 2.5% foreign transaction fee that would otherwise be charged by my credit cards. I initially experimented with accepting U.S. I recently opened a US Dollar Account in Canada to accept the US currency payments I get from my blogging business.
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