Best USD Bank Accounts in Canada (2025): RBC vs TD vs BMO vs Scotia
Getting paid in US dollars or moving money across the border? A USD chequing or savings account in Canada helps you hold USD, avoid auto-conversion, and time your exchanges. Below we compare RBC, TD, BMO, and Scotiabank—what matters, where they differ, and how to pick the right one.
Live USD→CAD rate (today)
Reference only (mid-market). Banks use a consumer rate with a built-in spread. Check the USD→CAD live rate for more.
What actually matters for a USD account
- FX spread: Banks convert at a consumer rate (often ~2–4% away from mid-market). Holding USD lets you avoid forced conversion and use a cheaper route when you’re ready.
- Monthly fees & waivers: Many USD accounts waive the fee if you keep a minimum balance or bundle with a premium chequing plan.
- USD deposits & transfers: Mobile USD cheque deposit, incoming USD wires, and USD-to-USD moves between your own accounts.
- Cross-border pairing: Links to a U.S. affiliate bank (for U.S. bill pay/ATM) can be a big win for snowbirds and frequent travelers.
RBC vs TD vs BMO vs Scotia — quick comparison
| Feature | RBC | TD | BMO | Scotiabank |
|---|---|---|---|---|
| Monthly fee (typical) | Waived with min. balance / bundle | Waived with min. balance / bundle | Waived with min. balance / bundle | Waived with min. balance / bundle |
| USD mobile cheque deposit | Available | Available | Available | Available |
| Incoming USD wire support | Yes (fee may apply) | Yes (fee may apply) | Yes (fee may apply) | Yes (fee may apply) |
| Cross-border U.S. partner | RBC Bank (U.S.) link | TD Bank (U.S.) link | BMO (U.S.) link | International options; no comparable U.S. retail partner |
| FX conversion in-app | Bank consumer rate (spread) | Bank consumer rate (spread) | Bank consumer rate (spread) | Bank consumer rate (spread) |
| Best for | Snowbirds & cross-border bill pay | Frequent U.S. travel & ATM access | Everyday USD holding (personal or small biz) | Existing Scotia clients wanting simple USD holding |
Exact fees and features vary by plan and province. Always check the latest schedule before you move funds.
How to pick the right USD account (3 quick steps)
- Decide your main use: getting paid in USD? paying U.S. bills? snowbird ATM cash? That drives your choice.
- Minimize fees: look for fee waivers via minimum balance or bundle plans you already use.
- Control FX: avoid auto-conversion. Hold USD, then convert when ready—ideally near the mid-market rate using a transparent converter.
Example: what the spread does to your money
Here’s a rough idea using today’s live rate: if a bank’s USD→CAD rate is 2.7% worse than mid-market, you keep less CAD than converting at mid-market with a ~0.6% transparent fee.
| Amount (USD) | Bank rate (2.7% spread) | Mid-market – 0.6% fee |
|---|
Numbers are estimates; your bank’s spread and fees change day to day.
Pros & cons
| USD bank account (Canada) | |
|---|---|
| Pros | Hold USD without forced conversion; receive USD wires/cheques; time exchanges; pair with a U.S. partner bank for cross-border use. |
| Cons | Low interest; monthly fees unless waived; FX conversions inside the bank use a marked-up rate. |
FAQ
Can I send Interac e-Transfer in USD?
No—Interac e-Transfer is CAD-only. For USD you’ll use wires/ACH or third-party apps.
Do these accounts pay interest?
Often very low (if any). Treat them as transaction accounts for holding USD and moving funds, not for yield.
How do I avoid monthly fees?
Keep the required minimum balance or use a bundled banking plan that waives the USD account fee.
Verdict
RBC, TD, BMO, and Scotiabank all offer solid USD accounts. Pick based on cross-border needs (U.S. partner link), fee waivers you qualify for, and how you plan to convert. For the actual conversion, you’ll usually keep more by targeting the mid-market rate and avoiding hidden spreads.
See also: Wise vs RBC: USD→CAD fees and our PayPal USD→CAD fees (Canada) guide.