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The best accounts for Canadians to hold USD
Opening a US dollar account is a great way to manage your money in multiple currencies. You can spend in the US without hefty currency conversion charges, or send money to family and friends across the border.
Let’s take a look at some of the best USD accounts in Canada, including everything you need to know about fees, account options and spending abroad. We’ll also look at Wise – your digital transfer alternative. Send and receive CAD and USD in one international account.
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Benefits of a USD Account in Canada
There are many benefits to holding money in a US dollar bank account. You can:
- pay bills in the US
- avoid currency conversion charges when you spend in USD
- earn interest in multiple currencies
- receive your US salary straight into your account
- send money to family and friends in the US
Use your USD account to spend like a local when you buy online or in person. You can easily travel between the US and Canada or earn interest on your money.
Things to consider when choosing a USD account in Canada
It’s easy to open a USD account in Canada, but you’ll need to consider which account type best suits your purposes. There are many great options out there!
A savings account is a good choice if you want to save money rather than make regular USD transactions. You may earn interest on your funds, but you may not be able to withdraw cash or make point-of-sale purchases.
A US dollar chequing account at a major Canadian bank such as BMO® or CIBC® may be more suitable for everyday payments.
Some accounts come with additional fees, such as a monthly charge. You may also need to maintain a minimum balance to avoid that fee.
An online account can be a flexible option. You may be able to switch between currencies and avoid converting money for every transaction, but an online provider may offer different features from a traditional bank.
Online USD accounts in Canada
There are lots of different USD accounts available for Canadians, including digital and online options.
Let’s take a look at some of the best USD accounts in Canada, including fees and exchange rate charges for international transactions.
| Provider | Simplii | Wise | Tangerine |
|---|---|---|---|
| Accounts available | Personal savings account – you can’t make cash deposits or withdrawals¹ | Personal and business accounts in over 40 currencies | Personal savings account² |
| Exchange rate | Rates set by Simplii®¹ | Mid-market exchange rate – no added markups or margins | Rates set by Tangerine®² |
| Currency conversion fee | No fees, but Simplii earns revenue from the spread between its price and the market value³ | Starting at 0.19% | Tangerine sets its buy and sell rate for currency conversion – this may include a markup on the standard exchange rate² |
| Incoming transfer fees | N/A | Free, except for 6.11 USD for incoming USD wire transfers and 10 CAD for incoming CAD wire transfers | N/A |
| Outgoing transfer fees | Up to 10,000 CAD or equivalent: 30 USD per wire transfer 10,001 CAD to 50,000 CAD or equivalent: 50 USD per wire transfer More than 50,000 CAD or equivalent: 80 USD per wire transfer⁴ | Starting at 0.19% | Tangerine shows applicable fees before you confirm a transfer⁵ |
| Countries covered | Simplii Global Money Transfer covers 130+ countries¹ | 150 countries and territories | Canada and the US² |
USD accounts at Canadian banks
Let’s take a look at a few other Canadian USD bank accounts, including RBC®, TD Bank®, CIBC and BMO.
| Provider | BMO U.S. Dollar Primary Chequing Account | CIBC USA Smart Account | RBC US Personal Account | TD Borderless Plan |
|---|---|---|---|---|
| Exchange rate | BMO sets the exchange rate; preferred rates may apply to eligible USD transfers¹⁰ | Rates set by CIBC⁸ | Rates set by RBC⁶ | Rates set by TD Bank⁷ |
| Incoming transfer fees | 16 USD per wire transfer¹⁴ | 15 USD per wire transfer¹³ | For a wire transfer from another bank (more than 50 USD): 17 USD¹¹ | 17.50 USD to receive wire transfers in USD¹² |
| Outgoing transfer fees | 40 USD per outgoing wire transfer You’ll also pay a service fee for BMO international money transfers¹⁴ | 40 USD per outgoing international wire transfer⁸ | For RBC International Money Transfer: 1 USD to 1000 USD: 6 USD per transfer More than 1000 USD: 10 USD per transfer¹⁵ | Up to 25 USD for online global transfers¹² |
| Free transactions/month | The number of free transactions depends on your linked bank plan | Unlimited transactions⁹ | 6 debits per month¹⁶ | Unlimited transactions⁷ |
| Monthly or annual fees | No monthly fee when you maintain a qualifying Canadian chequing account¹⁷ | No monthly fee⁹ | 3 USD per month¹⁶ | 4.95 USD, waived if you maintain a minimum monthly balance of 3,000 USD⁷ |
| Inactivity fee | After 2 years of dormancy: 20 USD After 5 years of dormancy: 30 USD¹⁴ | 2 to 4 years: 20 USD per year 5 to 8 years: 30 USD per year 9 years: 40 USD per year¹³ | 2 to 8 years: 20 USD Year 9: 40 USD¹⁵ | TD Bank doesn’t mention an inactivity fee |
| Account closing fees | Account closed within 14 days of opening: free Account closed after 14 days of opening: 20 USD¹⁴ | CIBC doesn’t mention an account closing fee | 20 USD, waived if closed in person¹⁵ | 15 USD to close your account and transfer the balance to another bank¹² |
How to use Wise to hold your money in US dollars
Get your Wise account in a few clicks 🚀
Wise is an international account and money transfer alternative. Send and receive money in supported currencies, including US dollars.
Whether you’re paying for a hotel or making a business expense, spend in USD at the mid-market exchange rate.
Many money transfer providers add a markup to the exchange rate. Wise uses the standard rate instead, and you won’t pay an inactivity fee or monthly subscription for your account.
Wise lets you convert, hold, send and spend money internationally. You can access USD account details to receive and spend money like a local in the US. Hold CAD and USD, convert currencies and make digital transfers in your online Wise account. Conversion fees start from 0.19% per transaction.
You can also use your Wise card to spend in over 40 currencies and 150 countries and territories.
# Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions
Final thoughts
Using a USD bank account is a handy way to spend and save in US dollars. You can make purchases in local currency or earn interest on your funds.
There are a few great USD bank accounts in Canada, including saving and chequing accounts, to help you make the most of your US dollars.
To start spending in USD, CAD and more, open a Wise account today.
Open a Wise Business account online
**Sources**
- Simplii
- Tangerine
- Simplii
- Simplii
- Tangerine
- RBC
- TD Bank
- CIBC
- CIBC
- BMO
- RBC
- TD Bank
- CIBC
- BMO
- RBC
- RBC
- BMO
Sources verified on 04 September 2026
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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