Best US Dollar Accounts Compared
| Account | Monthly Fee | USD Savings Rate | FX Spread | Best For |
|---|---|---|---|---|
| EQ Bank USD Account | $0 | 1.50–2.50% | ~0.5–0.8% | Best overall rate + no fees |
| Wise Multi-Currency | $0 (balance), $8/mo (card) | 0% (no interest) | 0.4–0.7% | Best FX rate, global payments |
| RBC US Day-to-Day | $3.95/mo (waivable) | 0.01% | 1.5–2.5% | Cross-border banking |
| CIBC USD Advantage | $3.50/mo (waivable) | 0.01% | 1.5–2.5% | USD chequing with CIBC |
| TD US Dollar Daily Interest | $1.50/mo | 0.01–0.10% | 1.5–2.5% | Cross-border with TD |
| BMO USD Premium Plan | $4.50/mo (waivable) | 0.05% | 1.5–2.5% | BMO Harris cross-border |
| Scotiabank USD Savings | $0 | 0.01% | 1.5–2.5% | Simple USD savings |
| HSBC USD Savings | $0 (Premier) | 0.10–0.50% | 1.0–1.5% | Global banking |
Currency Conversion Cost Comparison
| Method | FX Spread | On $10,000 USD Conversion | Speed |
|---|---|---|---|
| Wise | 0.4–0.7% | $40–$70 | Instant to 1 day |
| EQ Bank | 0.5–0.8% | $50–$80 | Same day |
| Norbert’s Gambit (brokerage) | ~0.1–0.2% | $10–$20 | 2–3 business days |
| HSBC | 1.0–1.5% | $100–$150 | Same day |
| Big 5 bank (branch) | 2.0–2.5% | $200–$250 | Immediate |
| Big 5 bank (online) | 1.5–2.0% | $150–$200 | Same day |
| Airport/hotel exchange | 3.0–6.0% | $300–$600 | Immediate |
| Knightsbridge FX | 0.3–0.5% | $30–$50 | 1–2 business days |
Cross-Border Banking Packages
| Package | Canadian Bank | US Partner | Features | Monthly Fee |
|---|---|---|---|---|
| RBC Cross-Border | RBC | RBC Bank (Georgia) | Linked CAD + USD, easy transfers | $3.95/mo each side |
| TD Cross-Border | TD Canada Trust | TD Bank (US) | Linked accounts, ATM access | $4.95/mo CAD, varies USD |
| BMO Cross-Border | BMO | BMO Harris Bank | Linked accounts, cross-border transfers | $4.50/mo each side |
| CIBC Cross-Border | CIBC | N/A (USD account only) | USD chequing in Canada | $3.50/mo |
| HSBC Premier | HSBC Canada | HSBC US | Global transfers, no FX fees (Premier) | $0 (min balance $100K) |
| Scotiabank USD | Scotiabank | N/A | USD savings only | $0 |
Who Needs a US Dollar Account?
| Use Case | Best Option | Why |
|---|---|---|
| Frequent US shopping/travel | Wise + no-FX credit card | Best exchange rate, no conversion |
| US rental property income | RBC or TD cross-border | Full US banking, mortgage access |
| Snowbirds (winter in US) | RBC Bank (Georgia) or TD US | US chequing, debit, credit card |
| US stock dividends | Brokerage USD account | Avoid forced conversion |
| Freelancing for US clients | Wise or EQ Bank | Receive USD, convert cheaply |
| Cross-border commuter | TD or BMO cross-border | Easy transfers between countries |
| Online business (USD revenue) | Wise Business | Multi-currency invoicing |
| Large one-time conversion | Norbert’s Gambit or Knightsbridge FX | Lowest cost for $10K+ |
Norbert’s Gambit: How It Works
| Step | Action | Cost |
|---|---|---|
| 1 | Buy a US-interlisted ETF in CAD (e.g., DLR.TO) | Brokerage fee ($0–$10) |
| 2 | Call broker to journal shares to USD side (DLR.U.TO) | $0 (most brokers) |
| 3 | Wait 2–3 business days for settlement | — |
| 4 | Sell DLR.U.TO for USD | Brokerage fee ($0–$10) |
| Total cost on $10,000 | — | $10–$20 (0.1–0.2%) |
Available at Questrade, Wealthsimple Trade, Interactive Brokers, and most discount brokerages. Best for conversions of $5,000+.