US Dollar Account

Earn 2.50%* on every US dollar

  • Low exchange rate
  • No minimum balance
  • 2.50%* interest
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The US Dollar Account is not currently available in Quebec.
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Put your US dollars where the growth is

Earn up to 10x more interest** on your USD compared to other banks. Funding your account is fast too, with seamless transfers from any Canadian bank account. 

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10x**

Move CAD to USD without missing out

If you want to fund your US Dollar Account with Canadian dollars, it’s as fast and simple as if you were making a transfer to your Personal Account—no extra steps required.

You also get more bang for your buck, with one of the best exchange rates in Canada.

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Looking to move money internationally?

Forget the nonsense of markups and sending money that takes forever to arrive. International money transfers are fast, easy to send, and up to 5× cheaper‡ with EQ Bank, powered by Wise.

Learn more

Who is the EQ Bank US Dollar Account for?

Investors

If your diversification strategy for investing includes US stocks or ETFs, you’ll know that every dollar counts. Stop absorbing high FX fees and unattractive exchange rates every time you fund your trading account and start keeping more of your gains.

Travelers

If you spend your winters in the United States, or travel there often, having a dedicated US dollar account—funded by your Canadian dollars—can help keep things simple (while simultaneously growing your savings).

Is our US Dollar Account right for you?

It’s right for you if:

  • You need an account to save US dollars.
  • You want to make free USD to USD transfers within Canada.
  • You want to pay low FX fees to convert CAD to USD.
  • You’re looking for an account that’s eligible for CDIC protection.
  • You're looking for a completely digital banking experience.

It’s not right for you if:

  • You don’t need to save US dollars.
  • You need an account where you can withdraw cash in US dollars.
  • You need an account for everyday banking services in a currency other than US dollars.
  • You’re a Quebec resident.

Looking for more info? Get all the details over on our Fees and Features page.

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

Ready to earn more on US dollars? The first step is opening a Personal Account, which takes just minutes.

Get started

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Common questions answered

Visit our FAQ for more details about our Personal Account.

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

We don’t believe in the nonsense of high markups, and that’s why we offer a low-markup, highly competitive exchange rate in the Canadian banking market. Exchange rates are constantly fluctuating, but you can access our live US dollar exchange rate by signing in to your 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 Personal 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 Personal 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 Personal 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 Personal Account to complete these types of transactions.

Do you have a US dollar conversion calculator?

We do! A conversion rate calculator is built into the online banking experience, so you can see the real time conversion of your funds from CAD to USD (and vice versa).

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 Personal 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.

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Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

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