Your guide to chequing accounts at the Bank of China in Canada
This article helps you understand chequing accounts with the Bank of China in Canada, and introduces you to Wise as an alternative
The Scotia US Dollar Daily Interest Account is perfect for Canadians frequently traveling to the United States or working with US companies. It is a cross-border bank account that lets you earn interest in US dollars at a tiered rate, starting at 0.1% daily for 1000 USD¹.
However, you are liable to pay 1 USD as maintenance fees, if your savings drop below the 200 USD daily limit. Also, transferring your savings from your Scotiabank USD account to a CAD account regularly can incur you significant losses due to the foreign exchange rates.
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Here are the key features of a Scotia US Daily Interest account²:
If you are wondering how to open a US account at Scotiabank, you will have to :
Please note that while these are the most commonly required documents, the bank can make additional requests if deemed necessary.
d. The account application form¹⁴
Note: Make sure to read Scotiabank’s Personal Financial Services Agreement¹⁵ for all the details on having an account with Scotiabank.
Besides the documentation, there are two eligibility criteria you must be aware of as part o Scotiabank US account requirements:
Here are the fees for Scotia US Dollar Daily Interest Savings Account⁵:
Type of Fee | Cost for clients |
---|---|
Monthly account fees: | 1 USD for daily closing balance below 200 USD |
Paperless transactions / withdrawals | No fees |
Transactions with paper statements | No fees |
Purchase of USD drafts | No fees |
Transactions with paper statements and cheque image return | 2.50 USD per month |
Debit transactions (after 2 free transactions per month) | 1.25 USD per transaction |
There are no transaction limits, but you are only allowed 2 free debit transactions per month, after which you have to pay 1.25 USD per transaction⁶.
These transactions can be cheques, bill payments, cash withdrawals or account transfers. You are not allowed to make any ATM withdrawals or debit purchases.
Here are some pros and cons of opening a Scotia US Daily Interest account:
Pros | Cons |
---|---|
Earn interest in USD, amounting to more money. | No interest if the balance held in the account is less than 1000 USD |
2 free debit transactions per month | No online application |
No minimum deposits to keep the account active | Monthly fees of 1 USD incurred, if you fail to maintain the 200+ USD daily account balance or are not eligible for the Seniors Discount |
No fee for US dollar drafts | 1.25 USD per debit transaction after free limit runs out |
Enables automated deposit of paycheck or pension | No ATM withdrawals - Only teller-assisted debits allowed from the account |
Higher exchange rates - since the bank earns money from the markup in exchange rates¹² |
Yes. Scotiabank is available 24/7 to answer questions regarding your banking, borrowing, and investing needs, on call. You can also visit one of their branches.¹⁷
For General Inquiries⁹
You can only open a Scotia US Daily Interest account by visiting a Scotiabank branch (you can book an appointment at your nearest branch online) or by talking to them via call on this number: 1-800-747-3208¹⁰.
You can benefit from up to 2 free debit transactions¹¹ on a Scotia US Daily Interest Account. These transactions can be cheques, bill payments, cash withdrawals or account transfers; no ATM withdrawals or debit purchases are allowed.
Sources last checked on: 26 May 2023
*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.
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