Do you need a USD account?
Thinking about opening a USD account? You are now! We’ve compiled some reasons why you might want to consider it.
Hassle-free hustle
Whether you have a side hustle or you’re a full-time entrepreneur, chances are you’ve been paid in US dollars at least once. If your side hustle spoils are being paid into a USD account at another Canadian bank, we can imagine your payday glow might lose some shine once you see the current exchange rate. But good news; you could transfer that money into an EQ Bank US Dollar Account for free, and have access to one of the best exchange rates in the Canadian market**! What’s more, the EQ Bank US Dollar Account, in true EQ Bank fashion, comes with no monthly fees, regardless of whether you do one transaction per week, or one per year.
A family matter
Thanks to an onslaught of digital tech, there are lots of interesting ways the world has become a little smaller. We can chat with a long distance loved one without leaving our living rooms, work without commuting to an office, and even play games with friends in every corner of the world. Maybe you have a spouse, family, or friends who live in the states, and are constantly at the mercy of fluctuating exchange rates. Open a USD account and say goodbye to those worries faster than a cross-border sprint to Target. The EQ Bank US Dollar Account links with Wise, meaning you can easily transfer your US funds – and not just to the US. Using Wise means you can send US Dollars to other countries where the recipient has a USD account - look whose life just became borderless!
In your best interest
A primary rule of investing, no matter what you invest in, is to diversify your holdings. In other words: mix it up! Many Canadians do this by holding some investments in US funds. Although it is possible to purchase US investments in Canadian dollars, the funds will be converted for you by your brokerage, and most likely not at the most favourable rate. This MoneySense article illustrates the major differences between funding your US investments in Canadian or US dollars. Whether you’re facing a bull or a bear, why not give yourself the best possible chance to increase your buying power?
Bottom line? If US dollars are part of your life, consider an account with no monthly fees and a great interest rate and thank yourself for taking one more thing off your “to worry about” list.
**EQ Bank foreign exchange rates include an exchange rate margin.
