Your guide to holding US stocks in a TFSA USD account
A Guide to Holding U.S. Stocks in a TFSA USD Account Diversifying your portfolio with U.S. equities is a standard move for many Canadian investors. However,...
Your guide to online USD accounts at the Royal Bank of Canada
Many Canadians have USD funds for both personal or business reasons. Banks like RBC offer many account options to address this need, which may seem overwhelming at first. Different accounts are offered by RBC and RBC US, a subsidiary group of RBC which operates in the United States, and designed for Canadians (including those living in Canada).
This guide will give an overview of your choices, as well as introducing you to Wise’s personal and business multi-currency accounts, which offer low fees and the mid-market rate.
RBC online USD accounts for Canadian individuals
RBC and RBC US offer four different USD accounts for personal use, depending on what you are looking for. Generally, RBC offers accounts designed for Canadians based in Canada who have US funds which they do not want to convert to CAD. They offer both a chequing and savings account.
RBC US offers accounts designed for Canadians who have stronger links to the USA, particularly those who need to pay bills there. It offers two chequings accounts and one savings account - the one which works best for you will depend on how you plan on using it, particularly how many debit transactions you plan on making.
| RBC US Personal account¹ | RBC US High Interest eSavings Account² | RBC US Direct Checking Account³ | RBC US Premium Checking Account⁴ | Preferred Money market Savings⁵ | |
|---|---|---|---|---|---|
| Offered by | RBC | RBC | RBC US | RBC US | RBC US |
| Designed for | Frequent US travellers | Those with savings in USD | Those who need to pay bills in the US | Those who need to make regular debit payments in USD | Those looking to earn interest in USD |
| Cross border debits | Not available | Not available | Available | Available | Available |
| Free monthly debits | 6 | 1 | 10 | Unlimited | 6⁶ |
| ATM withdrawal | Not available | Not available | Available | Available | Not available |
Personal account fees, rates and limits
Each account comes with different fees. It’s important to understand the fees you’ll be paying, and how often, so you know how much your account will cost. As well as monthly or annual account maintenance fees, you may be charged for debit transactions and wires, but also unexpected fees such as for account inactivity.
Some account fees may also have nuances which can have a major impact on how much you pay for transactions which may, on the surface, appear to be very similar. For example, if you have a RBC US Personal account, a RBC US High Interest eSavings Account, or a Preferred Money Market Savings Account, incoming wire transfers might be free, or up to 17 USD, depending on whether it is coming from within RBC or another financial institution, and the wire’s value.
| RBC US Personal account | RBC US High Interest eSavings Account | RBC US Direct Checking Account | RBC US premium Checking Account | Preferred Money Market Savings Account | |
|---|---|---|---|---|---|
| Maintenance fees | 3 USD/month | Free | 39.50 USD/year | 99.50 USD/year | 5 USD/month, free with 1,000 USD monthly balance |
| Debit transaction fees (after the free limit) | 1.25 USD | 3 USD⁹ (Cheques not permitted) | 1 USD | Not applicable | 5 USD |
| Incoming wire fees | Between 0 and 17 USD⁷ | Between 0 and 17 USD | 15 USD⁸ | 15 USD | 15 USD |
| Outgoing wire fees | Starting at 45 USD | Starting at USD | 25 USD domestic, 75 USD international | 25 USD domestic, 75 USD international | 25 USD domestic, 75 USD international |
*Information correct at time of research - 20th February 2026
When choosing your RBC USD account, you’ll also need to consider the limits and interest rates associated with your account.
| RBC US Personal account | RBC US High Interest eSavings Account | RBC US Direct Checking Account | RBC US premium Checking Account | Preferred Money market Savings | |
|---|---|---|---|---|---|
| Minimum balance | No minimum balance | No minimum balance | No minimum balance, 50 USD deposit required to open account | No minimum balance, 50 USD deposit required to open account | No minimum balance, 1,000 USD deposit required to open account |
| Interac e-transfers | Not available | Not available | Not available | Not available | Not available |
| Interest rate | Not applicable | 0.250% | Not applicable | Not applicable | Up to 0.50% |
*Information correct at time of research - 20th February 2026
One USD accounts for Canadian businesses
If you’ve got a business which needs a USD account, you’ve got several choices with RBC and RBC US.
RBC USD Business accounts: Key features and details
RBC offers the US Dollar Business Account, and RBC US offers both the US Business Checking account, and the US Business Money Market Savings Account.
| US Dollar Business Account¹⁰ | US Business Checking Account¹¹ | US Business Money Market Savings Account | |
|---|---|---|---|
| Offered by | RBC | RBC US | RBC US |
| Designed for | Businesses making and receiving payments in USD | Businesses who need to easily and quickly convert between USD and CAD funds | Businesses with surplus funds in USD |
| Free monthly debits | None | 100 per month | 6 monthly transactions per statement cycle |
Business account fees, limits and interest
As with personal accounts, business accounts have many fees associated with them. We’ve included a list of the most common fees, but it’s important to read through all the fees you could be charged to avoid any surprises when you get your first bill.
| US Dollar Business Account | US Business checking | US Business Money Market Savings | |
|---|---|---|---|
| Maintenance fees | 9 USD/month | 150 USD/month¹² | 5 USD/month |
| Transaction fees (after the free limit) | 1.25 USD/transfer | 0.35 USD/transfer | 5 USD/transfer |
| Incoming wire fees | Up to 17 USD | 15 USD each | 15 USD each |
| Outgoing wire fees | Starting at 15 USD | 25 USD domestic, 75 USD international | 25 USD domestic, 75 USD international |
*Fees correct at time of research - 22nd February 2026
Whilst RBC business accounts don’t generally have a minimum balance, accounts may be subject to minimum initial deposits, which might impact your choice of account. Similarly, only the US Business Money Market Savings account offers interest, so if you’ve got extra funds, you may want to choose this account.
| US Dollar Business Account | US Business checking | US Business Money Market Savings | |
|---|---|---|---|
| Minimum balance | No minimum balance, 2,500 USD required to waive the monthly fee | 1,000 USD deposit required to open account | 1,000 USD deposit required to to open account |
| Interest rates | Not applicable | Not applicable | Between 0.15% and 3.60% APY, depending on your balance¹³ |
*Information correct at time of research - 22nd February 2026
If you’re not sure about which provider to go with, check out our article on the Desjardins business account too.
Managing foreign exchange rates
Whilst the USD accounts offered by RBC and RBC US don’t require you to make a currency exchange if you already hold USD, the chances are that if you need one of these accounts, you’re making frequent conversions. If so, you might be paying over the odds for your exchanges.
When you make a currency conversion, most banks set their own exchange rate, which may be different to the mid-market rate, which is what you see online. Often, they’ll buy the currency for less than they sell it, called a foreign exchange markup, and keep the difference as profit. This means you may receive less currency than expected, adding a hidden fee to every transaction.
As a result, when choosing the provider to make your conversion with, it’s important to use the total amount of foreign currency you’ll receive, rather than only the upfront fees being advertised.
Hold CAD, USD, EUR, GBP, JPY and more with your Wise account
For some, RBC’s USD accounts offer a convenient way to hold your USD - but they might not give the best value for money. As a specialist provider, Wise may offer a more streamlined service than a bank like RBC. If you frequently make international purchases or currency exchanges, whether for personal or business reasons, currency conversion fees can stack up quickly.
Making sure you use the right provider might save you time, money and hassle in the long run. Wise offers both a personal and business account, which allow you to hold up to 40 currencies, and transfer between them at the mid-market rate, with a low, transparent fee.
| Features | Wise Personal Account | Wise Business Account |
|---|---|---|
| Holding USD | Available¹⁴ | Available¹⁵ |
| Converting between currencies | Available | Available |
| Transfer fees | Variable - see online calculator | Variable - see online calculator |
| Exchange rate | Mid market rate | Mid market rate |
Conclusion
The USD account which works best for you will depend on your individual circumstances. Factors to consider include whether you already hold USD or need to convert your CAD, how many transactions you want to make, and how much you’re willing to pay for your account.
When you’re deciding which account to choose, it’s important to consider alternatives to banks like RBC. A specialist like Wise might be able to better provide the service you need.
Sources:
- RBC - US Personal Account
- RBC - US High Interest Savings Account
- RBC - Cross Border Direct Checking Account
- RBC - Cross Border Premium Checking Account
- RBC - Cross Border US Bank Accounts
- RBC - Cross Border Bank Accounts: Preferred Money Market Saving
- RBC - Additional Account Services
- RBC - Personal Schedule of Fees
- RBC - Bank Accounts: US Foreign Currency Accounts
- RBC - Business Accounts: USD Business Account
- RBC - Cross Border Business Banking
- RBC - Business Schedule of Fees
- RBC - US Bank Rates: Business Rates
- Wise - Which Currencies Can I Keep and Receive in my Wise Account
- Wise - Business
Sources verified on 15 June 2026
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Your guide to USD accounts at Desjardins
US dollar accounts are a helpful solution for Canadians who regularly travel and work in the US. You can spend money like a local or work with international...
Can you get an IBAN with Desjardins? A closer look
Receiving an international wire transfer should be straightforward. Many users encounter an unexpected barrier when a foreign bank or business insists on an...
Is it possible to open a US account online in Canada? A closer look
This guide explains how to navigate U.S. banking requirements from Canada so you can manage your money efficiently. We’ve also explained how Wise simplifies...
A closer look at the Tangerine USD savings account
Is the Tangerine USD Savings account your best option for holding USD? Check out this guide to find out
What are the best USD chequing accounts in Canada? A closer look
Read on to discover USD chequing accounts in Canada, including the Wise account that might save you money, while meeting your requirements
