A closer look at Vancity’s USD account in Canada

Many Canadians need US dollar accounts for travel, online spending, or business. Vancity offers both personal USD Chequing and business USD Chequing accounts that allow customers to hold and transact in US dollars, helping avoid currency fluctuation losses. But how much flexibility do they really offer — and what will it cost?

We'll walk you through what the Vancity USD account includes, who can open one, and how it compares to a fintech alternative like Wise.

What does the Vancity USD account offer?

Vancity's USD accounts are designed for people who want to manage and move US dollars without converting to Canadian dollars. Whether you're earning in USD, shopping on US websites, or getting paid from across the border, these accounts let you hold and use US dollars locally in Canada.

You can choose between a personal USD chequing account or a business USD chequing account, depending on your needs. Both accounts are held in Canada and come with online banking access, so you can view balances, download statements, and move money 24/7.

You can also easily transfer funds between your Canadian and US dollar accounts via Vancity's online banking or mobile app, and both accounts let you make US dollar withdrawals by cheque, draft, or in cash at a Vancity branch. However, they don't come with debit cards, and you can't make international wire transfers directly from the account.

Who is eligible for a Vancity USD account?

To open a USD account with Vancity, you'll first need to meet their membership requirements,¹ which include:

• Being a resident of British Columbia
  Vancity membership is only open to British Columbia residents.
• Having a Social Insurance Number (SIN)
  You'll need this when applying for membership or opening an account.
• Making a 5 CAD deposit
  This is your membership share and is required when you join Vancity.

Once you're a member:

• Personal USD accounts can be opened online in just a few minutes.
• Business USD accounts require booking an appointment at a Vancity branch and bringing business registration documents plus ID.

Vancity USD account features and fees

Vancity's USD chequing accounts are fairly simple. You can deposit and withdraw USD, view balances online, and easily transfer between accounts while protecting yourself from exchange rate fluctuations. Customers get one free transaction per month. However, there's no debit card for everyday purchases, and the business account carries a monthly fee unless you maintain a minimum balance.

Here's how the personal and business accounts compare:

Key features of Vancity USD accounts (Personal vs Business)

How much does it cost to use a Vancity USD account?

Here's a breakdown of some common fees you'll encounter with a Vancity USD account:

• Personal USD account: No monthly fee,² but charges apply for transactions like wire transfers and cheques
• Business USD account: 3 CAD monthly fee, waived with a 1,500 CAD balance³
• International USD transfers: Must be done via wire as there is no Global Money Transfer option like with big banks
• Exchange rates: Vancity applies a margin on foreign exchange, which adds to your total cost⁴

So while you can hold USD, you won't get free transfers or a debit card for everyday spending.

Vancity exchange rates and sending USD internationally

Beyond the monthly fee, the other main costs you'll encounter with a Vancity USD account are tied to currency exchange. You'll pay a margin on the exchange rate when converting USD to CAD or vice versa, which is where costs can add up, especially if you're moving large sums or doing it frequently.

Wise, on the other hand, uses the real mid-market rate with a transparent low fee, making it a more cost-effective option if you're converting or sending money abroad.

Example of USD to CAD conversion (Vancity vs Wise)

*As of 3rd August 2025 at 13:41

Pros and cons of the Vancity USD account

Vancity's USD account gives you a way to manage US dollars locally in Canada. It's a simple option for holding USD and making occasional cheque payments, with no monthly fee for personal accounts.
But it also has some cons, like no card access or international transfer options.

How Wise compares to the Vancity USD account

Wise is a multi-currency account that lets you hold, send and receive USD alongside 40+ other currencies with no monthly fees or hidden costs. You get local USD account details (like a US bank account number and routing number), and you can send USD internationally with low, transparent fees, making it easier to receive payments from the US.

Is a Vancity USD account right for you?

A Vancity USD account could be the right fit for you if you:

• Want a local place to hold US dollars in Canada
• Need to write USD cheques from time to time
• Already bank with Vancity and prefer to keep accounts in one place

But it may not be ideal if you:

• Want to spend USD internationally using a card
• Need to send USD abroad quickly and affordably
• Prefer transparent pricing and the mid-market exchange rate

Wise gives you a smarter way to manage your USD — plus dozens of other currencies — without hidden bank fees or unnecessary markups.

Sources verified on 16 February 2026