US Dollar Account Earn more with 2.00% interest^* and a super-low exchange rate.

Enjoy no monthly fees on your USD account—and make free USD to USD transfers within Canada.

Smart features

2.00% interest^* on US dollars

We’re tired of seeing really low interest rates on US currency, so please enjoy our refreshingly high interest rate, and if your US money is tucked away in another USD bank account, move it to EQ Bank to earn more—and that’s on all your dollars, all the time!
US dollars shouldn’t mean monthly fees

Why would we charge monthly fees on your US dollars, when we don’t charge monthly fees on Canadian dollars? We’re nothing if not fair.
A seriously competitive exchange rate

Tired of feeling the financial squeeze of high conversion markups? We’re right there with you. That’s why our exchange rate is one of the best in the Canadian banking market^**—so you can get more without the nonsense of high markups.
Send US dollars where they need to go

Whether you’re looking to send US dollars to USD bank accounts in the United States or another country, get your money there fast using Wise.
Different currency, same deposit security

Our US Dollar Account offers the same peace of mind as our other products, with all US dollar deposits eligible for Canada Deposit Insurance Corporation (CDIC) protection^†.

Send US dollars abroad without the hassle

Need to send US dollars to the United States or another country? We’ve got an app for that (spoiler alert: it’s our EQ Bank app—or desktop banking, whatever you prefer).

Once you open our US Dollar Account, sending US dollars abroad couldn’t be easier. Here’s how it works:

You can send US dollars to the United States, or another country where your recipient has a USD account
In just a few easy steps, you can send USD dollars abroad with no hidden fees, powered by Wise
How fast is it? On many popular routes, your money can arrive within a day, or even instantly! Talk about a no-nonsense approach.

You can also send international money transfers with your Canadian dollar funds through your Savings Plus Account. Learn more about that here.

Man thinking about sending US money abroad

How about moving US dollars within Canada?

You can do that too, and it’s free. Make as many USD to USD transfers within Canada as you need to—it will always be convenient, and it’ll never cost a thing.

Move CAD funds to your USD account in a snap

If you’re looking to fund your US Dollar Account with Canadian savings, it couldn’t be simpler. In fact, it’s as fast and seamless as if you were sending money to your Savings Plus Account. No extra steps, no nonsense.

No paperwork, no line ups, just a US Dollar Account in minutes.

If you’re not yet an EQ Bank customer, no problem. Simply start by opening a Savings Plus Account first (through our hassle-free online sign up). From there, opening your US Dollar Account is a breeze.

Get started

If you’re already an EQ Bank customer, you can open a US Dollar Account from your web browser or mobile app in a few simple steps.
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Static laptop image showing US Dollar Account interface

Common questions answered

Is the US Dollar Account available in Quebec?

How is the US conversion rate calculated for the EQ Bank US Dollar Account?

What transactions can I make with my EQ Bank US Dollar Account?

Our US Dollar Account allows you to transfer funds in a number of ways:

You can transfer funds from a linked external account (from a Canadian Financial Institution—in CAD or USD) to your EQ Bank US Dollar Account. When you transfer funds in CAD, the transaction will first appear in CAD in your Savings Plus Account, and then it will be automatically deposited into your USD account in US dollars. It will appear as 2 steps in your account, but will only require one step on your end; convenient, right? Note: our hold period will apply (click here for more information on US Dollar Account holds).
If you would like to move funds from your Savings Plus Account to your EQ Bank US Dollar Account, you can do so by making a transfer that will convert the funds from Canadian dollars to US dollars.
If you would like to move funds from your EQ Bank US Dollar Account to your Savings Plus Account, you can do so by making a transfer that will convert the funds from US dollars to Canadian dollars.
You can also transfer funds between your EQ Bank US Dollar Account and a US dollar account held in the United States or another country, by utilizing our International Money Transfer service, powered by Wise.

Talk about a lot of options to fit your needs!

Note: Bill payments, Interac e-Transfers® and EQ to EQ Transfers are not available through the EQ Bank US Dollar Account, but you can transfer funds to and from your Savings Plus Account to complete these types of transactions.

How do I deposit or withdraw funds from my US Dollar Account?

You can transfer funds as follows: to and from your externally linked CDN or USD bank accounts held at a Canadian financial institution, to and from your Savings Plus Account, or you can also send US dollars to a US dollar bank account held in another country using our International Money Transfer service, powered by Wise.

Note: When you deposit funds with us by Electronic Funds Transfer (EFT), we will place a hold on your deposit to verify that the funds will be available from the account of the other financial institution (click here for more information on US Dollar Account holds).

Do you have a US dollar conversion calculator?

Does the EQ Bank US Dollar Account offer CDIC coverage?

Good news, CDIC coverage does apply to foreign currencies, including US dollars! Here’s how it works: eligible deposits must be payable in Canada. Your deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits." For example, you’re covered for up to $100,000 combined across your individual Savings Plus Account, EQ Bank GICs, EQ Bank US Dollar Account and any deposits in your name that you have with Equitable Bank.

You can read more about this on the CDIC website.

Visit our FAQ to learn more about our US Dollar Account.

Ready to make the most of every US dollar?

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Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Savings Plus Account. Rates are per annum and subject to change without notice.

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Footnote **: Based on research conducted by Equitable Bank comparing non-cash foreign currency exchange rates for transfers where no physical foreign cash is exchanged from Tangerine, Royal Bank of Canada, Bank of Nova Scotia and TD Canada Trust. Research is based on the sum of the exchange rate spread using publicly available information taken from public websites on January 21, 2022. Foreign currency exchange rates are subject to change at a moment’s notice. Rates can only be guaranteed at the time the purchase or sale is conducted.

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Footnote †: Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.

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Footnote ®: Trade-mark of Interac Corp. Used under licence.

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Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, the EQ Bank Card, International Money Transfers, RSP Savings Accounts, and RSP GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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US Dollar Account Earn more with 2.00% interest* and a super-low exchange rate.

Shouldn’t your worldly US savings be rewarded?

Smart features

2.00% interest* on US dollars

US dollars shouldn’t mean monthly fees

A seriously competitive exchange rate

Send US dollars where they need to go

Different currency, same deposit security