How does the RBC USD chequing account for businesses work ? A closer look

Canadian businesses that send or receive US dollar payments often need a way to hold USD without triggering unnecessary currency conversions. Royal Bank of Canada's U.S. Dollar Business Account is designed for day-to-day USD transactions, with pay-as-you-go pricing, online access, and a monthly fee that can be waived by maintaining a minimum balance.

For businesses that also move money across borders or work with more than one currency, Wise offers an alternative focused on transparent pricing and access to the mid-market exchange rate.

Who can open a RBC USD account?

The U.S. Dollar Business Account from Royal Bank of Canada is offered to business customers in Canada that make and receive payments in US dollars. RBC positions the account for companies that want to hold USD balances, reduce currency conversions, and manage US dollar cash flow alongside their other business banking.

The account is part of RBC's wider business banking offering, which means it must be opened as a business account through RBC. Setup can be completed online, by phone, or in person at a branch, with identity and business verification handled as part of RBC's standard account opening process.

Features of the RBC USD account

RBC's U.S. Dollar Business Account supports day-to-day USD activity by letting businesses hold funds in US dollars and carry out common banking tasks without automatic conversion back to CAD. It's built for handling routine inflows and outflows in USD within RBC's existing business banking setup.

How much does a RBC USD business account cost?

Pricing for the U.S. Dollar Business Account from Royal Bank of Canada is based on a pay-as-you-go structure, with a monthly fee and separate charges for individual transactions. RBC publishes fees for account activity and cash handling on the official product page, but does not list wire transfer fees for this account.

The USD 9 monthly fee only applies if the account's minimum monthly balance falls below USD 2,500. If the total cost of debit and credit transactions in a given month exceeds USD 9, those transaction fees are charged instead of the flat monthly fee.

It's also worth noting that US dollar deposits can't be made through RBC Royal Bank ATMs. Based on the account disclosures, deposits must be handled through approved cash deposit methods rather than self-service machines.

Exchange rates and sending money internationally

The U.S. Dollar Business Account allows businesses to hold and use US dollars directly, which helps avoid unnecessary conversions when payments are made and received in USD. This can reduce currency-related costs for routine US dollar activity.

When a transaction does involve conversion, RBC applies its own foreign exchange rate. While RBC does not state on the USD Business Account page whether this rate includes a markup over the mid-market rate, or how large that markup may be, bank exchange rates typically do include a markup. Any foreign exchange cost is therefore built into the rate quoted at the time of the transaction, rather than shown as a separate fee.

Information on international transfers is limited on the product page, so businesses may need to confirm available transfer options, exchange rates, and any additional charges directly with RBC before sending money internationally.

Limitations of the RBC USD account for international use

The U.S. Dollar Business Account from Royal Bank of Canada is built for holding and managing US dollars, rather than for sending money internationally. On the product page, RBC focuses on domestic USD activity, with no reference to dedicated cross-border transfer features.

There's no information provided on outbound or inbound international payments, supported destinations, transfer times, or pricing for cross-border transfers. The page also doesn't clarify whether the account includes US routing numbers or other account details commonly used to receive payments from overseas platforms or non-US banks.

While RBC offers international payment services and foreign currency accounts elsewhere in its business banking range, the USD Business Account sits firmly within its US dollar banking products rather than its international payments tools. For businesses that need to move money across borders or work across multiple currencies, this can limit how useful the account is on its own without adding other RBC services.

How Wise compares to the RBC USD Business Account

Wise Business is built for companies that manage money across borders, rather than operating in a single foreign currency. From one account, Canadian businesses can hold, exchange, and send 40+ currencies and make payments to 140+ countries, without opening separate currency-specific bank accounts.

When converting money, Wise uses the mid-market exchange rate and shows fees upfront before you send a payment. There are no monthly subscription fees². Businesses pay a one-time 55 CAD setup fee², then only pay for the services they use.

Payments are designed to support growing teams and higher volumes. Invoices, suppliers, and staff can be paid quickly, with over half of payments arriving in around 20 seconds and most completing within 24 hours.

Batch payments allow up to 1,000 recipients in a single upload, which can help reduce admin time for payroll and supplier runs, and volume discounts apply once monthly transfers, spending, or conversions exceed the equivalent of 20,000 GBP³.

Wise also offers multiple ways to get paid, including invoices, payment links, and card payments. Businesses receive local account details in selected currencies, such as a US routing number and an EU IBAN, making it easier to collect funds from international customers and platforms.

Spending is handled through multi-currency Wise Business debit cards, available as physical and digital cards. Businesses can pay online or in store using their existing balances, while expense cards give team members controlled access with preset limits and real-time visibility.

Conclusion

The U.S. Dollar Business Account from Royal Bank of Canada can be a practical option for Canadian businesses that operate mainly in US dollars. It supports holding USD and handling routine US dollar payments, which can help reduce unnecessary conversions for US-based activity.

However, the account is less suited to international use. It isn't positioned as a cross-border transfer tool, and provides limited visibility into foreign exchange costs with no support for managing multiple currencies from a single account.

Businesses can manage US dollars alongside 40+ other currencies from one Wise Business account, without separating balances across multiple bank accounts. Payments can be sent to 140+ countries, while local account details such as a US routing number make it easier to receive money from abroad. Fees are shown upfront, with conversions using the mid-market exchange rate as international activity grows.

Sources verified on 21 April 2026