Is the DBS Multi Currency Account not available in Canada? Here’s an alternative
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
As one of North America’s leading banking giants, the Royal Bank of Canada or RBC has steadily made a name for itself as an ally for businesses doing business across borders. The institution provides an impressive blend of banking services and can facilitate seamless and efficient cross-border transactions.
If you frequently make and receive payments in US dollars, this US business account at RBC could be a powerful tool to fit into your business's financial strategies. We’ll explore how the innovative money transfer service, Wise, opens up potential routes for even better global financial management, with or without an RBC account.
Empower your business with Wise
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The RBC US Dollar Business Account comes with a range of features tailored to the needs of international businesses, which include¹:
This account is especially useful for businesses that regularly pay and receive in US dollars, as it gives them the convenience of handling their finances without worrying about fluctuating exchange rates.
If you're a business that has a large volume of monthly transactions in USD or if you own an online business that sells to US customers, this account can benefit you by providing smoother, more efficient transactions.
Overall, this account is a good fit if you:
If you’re interested in applying, here’s where and what you need to do so.
Since the US Dollar Business Account is considered an RBC Specialty Account, you won’t be able to apply for it online. Here are the two ways you can apply:
Whether you decide to open your account by phone or in person, you’ll need to bring the following documents to an RBC branch for verification purposes³
RBC US Business Account fees⁴ include
There’s no minimum balance to open or maintain the account. Otherwise, all other account fees follow the standard fees and charges that other accounts do.
Here are some of the main fees :
When it comes to the Wise Business Account, it is your handy alternative to banking. Wise provides you with account details in CAD, USD, EUR, GBP, AUD and even more, in seconds! You can conduct all your business transactions from one place, including:
And lots more! With Wise, it is easier than ever to manage your company’s cash flow.
Wise is a great choice for all kinds of businesses - and it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).
Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.
To start exploring your business spending options, check out Wise.
Sources
*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.
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
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