Can I have an USD account?
Yes, you can have a USD (U.S. dollar) account in Canada. Many Canadian banks offer accounts specifically designed to hold and transact in U.S. dollars.
Major banks in Canada, such as RBC, TD Canada Trust, CIBC, and Scotiabank, offer USD accounts. Some online banks and credit unions may also offer these accounts.
Who offers multi currency accounts?
Several financial institutions offer multi-currency accounts, which allow you to hold and manage multiple currencies within a single account. These accounts are particularly useful for businesses and individuals who frequently deal with international transactions or travel.
- HSBC Canada - HSBC Premier Multi-Currency Account
- Scotiabank - Scotiabank Multi-Currency Account
- RBC - RBC Global Banking and Markets Services
- TD Canada Trust - TD Global Transfer and Foreign Currency
- CIBC - CIBC Foreign Currency Accounts
- Wise - Wise Multi-Currency Account
- BMO - BMO Foreign Currency Accounts
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.50% | 875 |
| 25,000 | 3.60% | 900 |
| 25,000 | 3.70% | 925 |
| 60,000 | 3.80% | 2,280 |
| 60,000 | 3.90% | 2,340 |
| 60,000 | 4.00% | 2,400 |
| 140,000 | 4.10% | 5,740 |
| 140,000 | 4.20% | 5,880 |
| 140,000 | 4.30% | 6,020 |
| 340,000 | 4.40% | 14,960 |
| 340,000 | 4.50% | 15,300 |
| 340,000 | 4.60% | 15,640 |
Can I open a foreign currency trade account in Canada?
Yes, these accounts, often referred to as forex trading accounts, allow you to trade foreign currencies and can be opened through various financial institutions and online brokers.
Popular Forex Brokers in Canada are OANDA, Questrade, Forex.com, Interactive Brokers, TMX Group.
See the similar FAQ at the link:
- BMO RDSP
- BMO S&P 500 index ETF
- BMO SelectTrust portfolios
- BMO US dividend fund
- BMO US dollar monthly income fund
Details of companies offering the financial services:
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
CMC Markets
Head office’s address: 133 Houndsditch, London, United Kingdom
Contact center: +44 (0)20 7170 8200
Web-site: https://www.cmcmarkets.com/
FOREX.com
Web-site: https://www.forex.com/en-ca/
Interactive Brokers
Head office’s address: 1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6, Canada
Web-site: https://www.interactivebrokers.ca/
National Bank
Head office’s address: 600 Gauchetiere St W, 4th Floor, Montreal
Contact center: 888-483-5628
Phone: 844-394-4494
Web-site: https://www.nbc.ca/en/personal.html
Swift code: BNDCCAMMINT
Stock code: NA
BSB: 006
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Windsor Family Credit Union
Head office’s address: 3000 Marentette Ave (Corporate & Administration Office), Windsor, ON
Contact center: 519-974-3100
Web-site: https://mywfcu.ca/