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If you regularly deal with US dollars — as a freelancer, investor, snowbird, importer, or remote worker — a USD account in Canada can save you hundreds of dollars a year in conversion fees. But not all options are equal. We compare the Big 5 banks against EQ Bank, Wealthsimple Cash, and Wise so you can pick the right one for your specific use case.
USD Account Comparison Table (Canada, 2026)
| Provider | Account | Monthly Fee | Min Balance to Waive | USD→CAD Spread | USD Interest (APY) |
|---|---|---|---|---|---|
| Wise | Multi-currency USD | US$0 | None | ~0.4–0.8% (mid-market) | 3.14% (launched May 2026, excl. QC) |
| EQ Bank | US Dollar Account | US$0 | None | No FX markup (no conversion service — pair with Wise) | 2.50% |
| Wealthsimple | Cash USD savings | US$0 | None | ~1.5% (Core tier); ~0.05% (Premium/Generation) | 2.25% (down from 4.00% Dec 2025) |
| Scotiabank | US Dollar Daily Interest | US$1.00 | US$200 (or 60+ yrs) | ~2.8% | Tiny (≤0.05%) |
| RBC | US Personal Account | US$3.00 | Bundle/promo only — no standard balance waiver | ~2.7% | None (chequing) |
| TD | US Daily Interest Chequing | No monthly fee — US$1.25 per transaction unless US$1,500 daily min | US$1,500 (to waive per-tx) | ~2.7% | Tiny |
| TD | Borderless Plan | US$4.95/mo (waived with US$3,000 daily min) | US$3,000 (to waive monthly) | ~2.7% | Tiny — but free TD Bank US ATM access |
| BMO | U.S. Dollar Account | US$4.00 | US$1,500 | ~2.8% | Tiny |
Fees verified May 2026 from each provider's published schedule. Conversion spreads are typical mid-market deviations and vary daily. Wise USD Interest (3.14% APY) launched May 4, 2026 — currently unavailable in Quebec.
Provider-by-Provider Breakdown
Wise Multi-Currency USD + Jar — Best Overall (May 2026)
Wise holds USD inside a multi-currency account alongside 50+ other currencies. Free account converts USD↔CAD at the real mid-market rate plus a small transparent fee (~0.4–0.8% depending on amount and funding method). Request a free Wise Card to spend USD in the US with no extra fee while you hold a USD balance. On May 4, 2026, Wise launched a USD Interest "Jar" in Canada paying 3.14% APY — currently the highest USD rate available to Canadians, though not available in Quebec yet. Note: Wise is a registered money services business under FINTRAC, not CDIC-insured (funds are held in safeguarded segregated accounts at partner banks).
EQ Bank US Dollar Account — Best CDIC-Insured No-Fee Option
EQ Bank's US Dollar Account has no monthly fee, no minimum balance, and pays 2.50% APY on USD deposits. EQ Bank itself doesn't perform CAD↔USD conversions — to fund or withdraw to CAD you typically move via Wise or another service. CDIC-insured through Equitable Bank: coverage applies up to CA$100,000 per category, in CAD-equivalent (≈ US$73,000 at May 2026 rates). Digital-only — no branches, no USD cheques, no USD debit card.
Wealthsimple Cash USD — Best for Spending in the US Daily
Wealthsimple Cash supports USD balances directly in the app alongside CAD. No monthly fee, no minimum. Spend USD in the US with the Wealthsimple Cash card directly from your USD balance — no conversion fee while USD funded. Conversion between USD and CAD inside Wealthsimple costs 1.5% in the Core tier (reduced to ~0.05% for Premium/Generation clients). Interest on USD balances is 2.25% APY (dropped from 4.00% on December 10, 2025). The USD balance is held by Wealthsimple Investments Inc. and protected by CIPF up to $1M — not CDIC (the CAD Cash account is CDIC-insured via partner banks; USD is CIPF only).
RBC US Personal Account — Best for Cross-Border Integration
RBC's USD account integrates with the rest of your RBC profile. Transfer USD↔CAD inside the RBC app in seconds, and RBC's partnership with RBC Bank USA enables true cross-border services (US mortgages, US credit cards, free unlimited transfers between RBC Canada and RBC Bank USA). Monthly fee is US$3.00 — no standard balance-based waiver, only bundling with eligible chequing packages or promotional offers. Conversion spread is ~2.7% — high. Use RBC for the ecosystem; use Wise to actually convert.
TD US Daily Interest Chequing — Best for Frequent US Travelers
TD's US Daily Interest Chequing has no monthly account fee but charges US$1.25 per transaction unless you maintain a US$1,500 daily minimum balance. TD Bank (the US arm) operates 1,100+ east-coast branches, making it convenient for Canadians with extended US stays — particularly snowbirds. Best if you have predictable USD activity and can keep $1,500 USD parked.
Scotiabank US Dollar Daily Interest — Lowest Big-Bank Fee
Scotiabank charges US$1.00/month — the lowest among the Big 5 — and waives it with US$200 minimum balance OR if you are 60 years or older. Good for small USD balances at a traditional bank.
BMO U.S. Dollar Account — Highest Fees
BMO charges US$4.00/month and waives it with US$1,500 minimum balance. Unless you already bank with BMO, there's no reason to choose this over the alternatives above.
Bank USD Account vs Wise — Which Wins for Conversion?
Mid-market rate (live from Bank of Canada): 1 USD = 1.3890 CAD
| Amount (USD → CAD) | Big Bank (2.7% spread) | Wise (0.6% fee) | Savings with Wise |
|---|---|---|---|
| US$1,000 | CA$1,351 | CA$1,380 | CA$29 |
| US$5,000 | CA$6,757 | CA$6,902 | CA$145 |
| US$10,000 | CA$13,514 | CA$13,805 | CA$291 |
For amounts above CA$5,000, Norbert's Gambit beats even Wise — typically saving $200+ vs a bank conversion.
How to Pick the Right USD Account
✅ Hold USD long-term, earn interest, zero fees → EQ Bank US Dollar Account
✅ Spend USD in the US with a debit card → Wealthsimple Cash USD or Wise Card
✅ Send USD to/from the US frequently → Wise + EQ for storage
✅ Need US mortgage, US credit card, or RBC-integrated banking → RBC US Personal Account
✅ Spend extended periods in the US (snowbird, business trips) → TD US Daily Interest + Wise Card
❌ Don't use the bank's own USD→CAD conversion — it's 2.5–3% expensive. Always pair a bank USD account with Wise or Norbert's Gambit for the actual conversion.
Use Case Recommendations
Snowbird
EQ Bank to hold USD savings + Wealthsimple Cash USD or Wise Card to spend in Florida/Arizona. Pre-fund in summer when CAD is typically stronger; spend through winter. See our snowbird guide for the full playbook.
Canadian Freelancer paid in USD
Wise Business or Wealthsimple Cash USD to receive USD invoices with low-fee local USD bank details, then convert in batches to CAD at the mid-market rate when needed. Avoid PayPal — fees stack to 4–5%.
Investor (buying US stocks)
Use Norbert's Gambit through Questrade to convert CAD→USD before US stock purchases. Cost: approximately US$10 total (Questrade journaling fee ~$9.95 + tax) vs $250+ at a bank on $10,000. Note: as of May 2026, Wealthsimple Trade has announced but not yet launched Norbert's Gambit support — currently Questrade is the only zero-fuss route.
Get the real USD→CAD rate — not the bank rate
Wise uses the mid-market rate. Save ~CA$291 on every US$10,000 vs your bank.
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