A closer look at personal USD accounts offered by RBC in Canada

Many Canadians hold both USD and CAD for travel, bills, and day-to-day spending. This guide outlines RBC's personal USD account options, fees, and requirements to help you decide which may suit your needs. We'll also look at how a Wise account can support currency conversions and international spending.

RBC's personal USD account options explained

RBC offers two USD accounts: the RBC USD Personal Account and the RBC USD High Interest eSavings Account. Each account has different features, benefits, and fees.

RBC also has a US division, which offers cross border banking – this is aimed at Canadians living and working in the US, and offers a different suite of accounts.

An overview of the RBC U.S. Personal Chequing Account

The RBC U.S. Personal Account is a USD chequing account designed for frequent travellers to the United States.¹ By allowing you to hold funds in USD, it can save you the need to convert unnecessarily to CAD. This may reduce conversion costs if you regularly receive USD and plan to spend it in the United States.

To apply, you'll need your SIN, and your drivers license, passport or government ID.² You'll need to be 18 or over, and live in either the US or Canada.

What is the RBC U.S. High Interest eSavings Account?

The RBC U.S. High Interest eSavings Account is designed for Canadians who want to earn interest on their USD savings. Interest is calculated daily and paid monthly.³

Unlike the US Personal Account, this is designed for those looking to save, rather than spend, their USD. Only a single free debit is included per month, with each subsequent debit costing 3 USD. These fees can add up quickly if you make regular withdrawals.

Are there other RBC foreign currency account options besides USD?

If you're looking to hold funds in other currencies, there's a chance RBC has an account for you. As well as USD accounts, RBC offers savings accounts in Euros, Hong Kong Dollars and British Pounds.⁴ These accounts are all interest earning and have no monthly fee.

If you want to hold several currencies, you'll need to open a separate account for each. RBC does not offer a multi-currency account. If you regularly convert currencies or hold multiple balances, a specialist provider may offer more flexibility and transparent conversion pricing.

Features and benefits of RBC USD accounts

The RBC USD accounts have a range of benefits which vary depending on the account, meaning what works best for you will depend on your individual circumstances.

The convenience of using RBC USD accounts for US travel and shopping

A RBC US Personal Account can help make frequent travel to the US easier, by giving you a ready supply of USD. This can help avoid repeated currency conversions when spending in USD.

The RBC US High Interest eSavings account might be a good fit if you regularly receive funds in USD. It may help you save on conversion costs, as you won't need to exchange for CAD to hold your funds.

What you need to know about exchange rates at RBC

RBC applies a retail exchange rate for currency conversions.⁵ This rate typically differs from the mid-market rate and may include a margin compared to interbank rates. As a result, the total cost of conversion may not be reflected in a separate transfer fee.

You can convert your CAD to USD using RBC's International Money Transfer service. You can view RBC's exchange rate using its online calculator⁶ before confirming a transaction, although rates may change before processing. The rate at the time of purchase will be used, with funds typically arriving within 2 business days.⁷

How RBC USD accounts work with your Canadian banking

If you hold RBC accounts with balances in both CAD and USD, you can use the RBC International Money Transfer service to convert between the two. The RBC USD Personal account is designed to allow you to hold USD in Canada – if you are planning on moving to the US or buying property, consider cross border banking options instead.

Comparing RBC's USD accounts: fees and requirements

Both accounts have fees and usage conditions to consider. Some are set, but others will differ depending on how you use your account. Reviewing these fees in advance can help you estimate overall account costs.

Understanding monthly fees and how they may be waived

The RBC USD Personal account charges a 3 USD monthly fee, whereas the high interest eSavings account has no monthly fee. However, there are options available to have the USD Personal account monthly fees waived.

Until the 31st October 2026, RBC has an introductory offer for the USD Personal account. If you switch to RBC Canada, they'll waive the monthly fee for a year⁸ – though other fees may still apply. This applies to the USD Personal account, a Canadian account, and an eligible USD credit card when you apply in-branch. As the terms of this offer may change, or the offer could be withdrawn without notice, make sure to check before you open your account. Normal terms, conditions and eligibility requirements still apply.

Transaction limits and other potential charges

As well as monthly fees, both accounts are subject to transaction limits. Included in the personal account are six free monthly debit transactions, with a 1.25 USD charge per transaction after this. If you open a High Interest eSavings Account, you'll only get one free transaction per month, with a 3 USD charge per transaction thereafter. These charges can accumulate if you make frequent withdrawals, so it's worth reviewing how often you expect to use the account.

Both accounts also have wire fees.⁹ For paid wires, you can contact RBC for further pricing depending on how much you plan to send or receive.

Additional service fees may apply depending on how you use the account, such as card replacement or statement copy fees. Take these fees into consideration before you open your account to avoid any unexpected charges.

RBC USD account fee and feature comparison

Minimum balance requirements for RBC USD accounts

Neither the RBC USD Personal account nor the USD High Interest eSavings account have minimum balance requirements. This flexibility allows you to deposit and withdraw as works best for you.

Opening your RBC personal USD account

Opening your RBC Personal USD account doesn't have to be stressful: the bank is there to help you, and the process is a simple one.

A step-by-step guide to opening an account

In most cases, you can apply online for your USD account.¹⁰ Simply navigate to the 'open account' section on the webpage for the account you want to open. You'll be able to create an account if you don't already have one, or sign into online banking, if you're already an RBC customer. From here, follow the on-screen instructions and provide the documents needed to verify your identity. The entire process should only take a matter of minutes.

In some cases, you may be required to visit a physical branch, such as if¹¹:

• You are 14 years or older, but below the age of the majority in your province
• You want to open a joint account
• RBC requires further information from you

What documents you'll need

To open your account, you'll need proof of ID, such as a passport or driver's license.¹² You'll also need to give some personal information, such as your name, address and date of birth.

Using Wise alongside RBC USD accounts

RBC offers a way to hold USD for existing customers, though exchange rates may differ from specialist providers when converting CAD. RBC uses a retail exchange rate, which is likely to be unfavourable compared to the mid-market rate. Retail exchange rates may include a margin compared to this exchange rate, which can affect the final USD amount received.

A Wise account allows you to hold up to 40 currencies in a single account, including both CAD and USD. You can convert currencies at any time, including using optional rate alerts.

Your Wise account comes with a free Wise card, which lets you pay in over 160 countries and territories globally, including the US and Canada, both in-store and online.

RBC USD accounts vs Wise for holding and moving USD

Conclusion

RBC's USD accounts provide options for holding USD in either a chequing or savings format. If you're already an RBC customer, their accounts are likely to be convenient, and a brick and mortar bank certainly appeals to some.

If you frequently convert between CAD and USD, it may be helpful to compare exchange rates and fees across providers. Costs may vary depending on the provider and exchange rate applied. Wise uses the mid-market exchange rate and displays conversion fees separately, making costs visible before you convert.

Sources verified on 11 March 2026