Best USD Bank Accounts in Canada (2025)

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If you regularly deal with US dollars — whether as a freelancer, investor, snowbird, or business owner — having a USD bank account in Canada can save you hundreds of dollars a year in conversion fees. But not all USD accounts are created equal. Here's how Canada's four biggest banks compare in 2025.

💡 Quick answer: All four big banks offer USD accounts, but differ significantly in monthly fees and minimum balance requirements. For most Canadians, RBC offers the most integrated USD experience, Scotiabank has the lowest fees, EQ Bank is the best digital-only option (no monthly fee, earns interest), and Wise offers the best conversion rate when moving money between currencies.

USD Bank Account Comparison — Canada's Big Banks

Bank	Account Name	Monthly Fee	Min Balance to Waive Fee	USD→CAD Spread
RBC	RBC US Personal Account	US$2.50/mo	US$200	~2.7%
TD	TD US Daily Interest Chequing	US$2.50/mo	US$1,500	~2.7%
BMO	BMO U.S. Dollar Account	US$4.00/mo	US$2,000	~2.8%
Scotiabank	Scotia US Dollar Daily Interest	US$1.50/mo	US$200	~2.8%
EQ Bank	EQ Bank USD Savings Account	US$0/mo	No minimum	~2.5%

Bank-by-Bank Breakdown

RBC — Best for Cross-Border Integration

RBC's USD account integrates seamlessly with their CAD account and the RBC Banking app. You can transfer between USD and CAD in seconds, and RBC has the most extensive cross-border banking features due to their partnership with RBC Bank USA. The conversion spread is ~2.7%, in line with competitors.

TD — Best for US Access

TD has a strong presence in the US through TD Bank, making it convenient for Canadians who spend time in the US. The US$1,500 minimum balance to waive fees is the highest of the four banks — a downside if you keep smaller balances.

BMO — Higher Fees, Fewer Advantages

BMO charges US$4.00/month and requires US$2,000 to waive fees. Unless you're an existing BMO customer, there's little reason to choose their USD account over competitors.

Scotiabank — Best Fee Structure

Scotia offers the lowest monthly fee (US$1.50) and requires only US$200 to waive it. A good option if you want a low-cost USD parking account without keeping a large balance.

EQ Bank — Best Digital USD Account (No Monthly Fee)

EQ Bank's USD Savings Account stands out as the only major Canadian USD account with no monthly fee and no minimum balance. Unlike the big 5 banks, EQ Bank also pays a competitive interest rate on USD deposits — currently among the highest offered by any Canadian institution. The trade-off is that EQ Bank is digital-only (no branches) and doesn't offer a chequing-style USD account with transaction features. It's ideal as a USD savings/holding account.

Bank USD Account vs Wise — Which Wins for Conversion?

Mid-market rate: 1 USD = 1.3650 CAD

Amount (USD converted to CAD)	Big Bank (2.7% spread)	Wise (0.6% fee)	Savings with Wise
US$1,000	CA$1,328	CA$1,357	CA$29
US$5,000	CA$6,641	CA$6,784	CA$143
US$10,000	CA$13,282	CA$13,569	CA$287

How to Pick the Right USD Account

3-Step Picker:

✅ You have a large USD balance (>US$5,000) → RBC or TD (best integration)
✅ You want low fees on a small balance → Scotiabank (US$1.50/mo, waived at US$200)
✅ You want no fees + earn interest on USD → EQ Bank (US$0/mo, no minimum, earns interest)
✅ You need the best conversion rate → Wise (mid-market rate, 0.6% fee)

Get the best USD→CAD rate — not the bank rate

Wise uses the mid-market rate. Save CA$143 on every US$5,000 vs your bank.

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Frequently Asked Questions

For most Canadians, RBC or Scotiabank offer the best combination of features and fees. Scotiabank has the lowest monthly fee. RBC offers the best cross-border integration with the US.

Yes. All major Canadian banks offer USD accounts. Your funds are held in US dollars, and you only pay conversion fees when you move money between USD and CAD.

Yes, if you regularly receive or spend USD. Holding USD in a USD account lets you choose when to convert, so you can wait for a favorable rate rather than converting automatically at whatever rate your bank offers that day.

Yes. EQ Bank offers a USD Savings Account with no monthly fee, no minimum balance, and a competitive interest rate on USD deposits. It's a digital-only account — there are no branches — but it's one of the best no-cost options for holding US dollars in Canada.

Yes, most offer a small interest rate on USD balances (typically 0.01%–0.5% depending on the bank and current US rates). Check each bank's current posted rates.