Banking · Snowbirds
The best US-dollar accounts for Canadian snowbirds
If you winter in the US or spend in US dollars, the wrong account quietly costs you a 2–3% exchange markup on every dollar. Here's how to hold US cash from Canada, bank like an American when you're south, and stop paying to convert money twice.
First, decide which job you need done
"US-dollar account" covers two very different products. Pick the one that matches how you actually use US dollars — or, like many snowbirds, use one of each.
A Canadian US-dollar account
Holds US dollars inside the Canadian system. Great for parking and growing US cash, converting on your own timing, and avoiding repeat FX markups. No US routing number, so it can't easily pay US bills.
Best pick: EQ Bank US Dollar Account — no fees, real interest.
A cross-border US account
A genuine US bank account with a The 9-digit number that identifies a US bank for domestic US payments and direct deposits. A true US-based account has one; a Canadian US-dollar account does not. , US debit card and US bill pay, built for Canadians who spend months stateside. Usually carries a small monthly fee and sits under US FDIC coverage.
Best pick: RBC Bank (U.S.) — the most complete cross-border setup.
US-dollar accounts for Canadians, compared
Fees and rates are approximate posted figures last checked June 7, 2026 and change often — confirm current terms on the issuer's site. Cross-border means a true US-based account (US routing number). Rankings are editorial and never sold.
| Account | Type | Monthly fee | Interest | Cross-border | Coverage |
|---|---|---|---|---|---|
| EQ Bank US Dollar Account Best to hold from Canada | Savings | $0 | 3.00% | No | CDIC |
| Wealthsimple USD Savings | Savings | $0 | 2.25–3.25% | No | CDIC† |
| RBC U.S. Personal Account Best cross-border | Chequing | US$3/mo | None | Yes | CDIC |
| TD U.S. Dollar / Borderless Plus | Chequing | US$4.95/mo* | None | Yes | CDIC |
| CIBC U.S. Dollar Personal | Chequing | US$4/mo* | None | Yes | CDIC |
| BMO U.S. Dollar Chequing | Chequing | US$5/mo* | None | Yes | CDIC |
| Scotiabank U.S. Dollar Daily Interest | Savings | $0 | ~0.10% | No | CDIC |
* Fee is typically waivable with a minimum balance. † Coverage provided through CDIC-member partner banks.
Our two picks
EQ Bank US Dollar Account
~3.00% on your US balance
- No monthly fee, no minimum balance
- Pays real interest on US dollars — rare for a USD account
- Tight USD↔CAD conversion right inside the app
- CDIC-insured through Equitable Bank (foreign currency included)
RBC Bank (U.S.) U.S. Personal
US$3/mo · no interest
- A real US account — US routing number and US debit card
- Pay US bills and run US direct deposits like a local
- Move money between your RBC Canada and US accounts free
- FDIC-insured in the US (not CDIC)
The real cost is the exchange rate, not the fee
Most snowbirds focus on the monthly fee, but the fee is small change next to the The hidden margin a bank adds to the real exchange rate — typically 2–3% — every time it converts your money. It's separate from, and usually far bigger than, any flat conversion fee. . Banks quote you a retail exchange rate that's typically 2–3% worse than the true The true mid-point exchange rate between two currencies — the rate you see on Google or Reuters, before any bank markup. It's what you'd get in a perfect market. — every time you convert. On a $50,000 USD winter budget, a 2.5% markup is about $1,250 gone, year after year. Holding a US-dollar account lets you convert once, when the rate suits you, and then spend in USD with no per-purchase conversion.
For larger conversions, many retirees use A do-it-yourself currency trick: buy a dual-listed ETF in one currency and sell its twin in the other through a brokerage, converting at close to the true rate for the cost of two commissions. — buying a dual-listed ETF (like DLR) in Canadian dollars and selling its US-listed twin (DLR.U) for US dollars in a brokerage account. After a small commission, you land within a fraction of a percent of the true rate. It's the cheapest way to move a lump sum across currencies.
A simple snowbird setup
The cleanest approach separates holding US dollars from spending them:
- Hold in Canada: keep your US cash in an interest-paying account like EQ Bank's, converting in larger chunks when the loonie is strong.
- Spend in the US: fund a cross-border account (RBC Bank, TD Bank) for US bills, a US debit card, and ATM access while you're south.
- Convert smart: use Norbert's Gambit or your USD account's in-app rate for big moves — never a marked-up debit/credit purchase abroad.
- Stay insured: keep Canadian-held US dollars under the $100k CDIC limit per category; US-held funds sit under FDIC.
Pair this with the rest of your cash plan — a fee-free everyday account and a high-interest reserve. Our best accounts for retirees guide covers the Canadian-dollar side, and the HISA comparison ranks where to keep loonies.
Build the rest of your retirement cash plan
No-fee everyday accounts, top savings rates, GIC ladders and CDIC structuring — all in one place.
Frequently asked questions
What is the best US-dollar account for a Canadian snowbird?
It depends on the job. To simply hold and grow US dollars from Canada, the EQ Bank US Dollar Account leads — no fees, real interest (around 3% as of June 7, 2026), and a tight in-app conversion rate. To bank like an American while wintering in the US — a US routing number, US debit card and US bill pay — a cross-border program like RBC Bank (U.S.) or TD Bank is the better fit. Many snowbirds use both: EQ to hold US cash cheaply, and a cross-border account to spend it stateside.
Does CDIC insure US-dollar accounts in Canada?
Yes. Since April 30, 2020, CDIC coverage has included foreign-currency deposits, so US dollars held at a CDIC member bank are insured up to $100,000 (in Canadian-dollar equivalent), per depositor, per category — the same as a Canadian-dollar account. Note this applies to deposits held in Canada; money you move into a US-based account (e.g. RBC Bank in Georgia) is covered by the US FDIC instead, not CDIC. See our CDIC guide for how the categories work.
How do I avoid losing money on currency conversion?
The big leak is double conversion — converting CAD to USD to spend, then back again — and the 2–3% exchange markup banks bake into their rates. Holding a US-dollar account lets you convert once, on your timing, and spend in USD without a per-transaction FX fee. For larger conversions, snowbirds often use Norbert’s Gambit (buying a dual-listed ETF in CAD and selling it in USD through a brokerage) to get close to the true mid-market rate. The worst option is a regular Canadian debit or credit card abroad, which converts every purchase at a marked-up rate.
What’s the difference between a Canadian US-dollar account and a cross-border US account?
A Canadian US-dollar account (EQ, Scotia, a Big Five USD chequing account) holds US dollars but lives inside the Canadian banking system — it has no US routing number and can’t easily pay US bills or run US direct deposits. A cross-border account (RBC Bank, TD Bank, CIBC Bank USA) is a true US bank account with a US routing number, US debit card and US bill pay, designed for snowbirds who spend months in the States. The trade-off: cross-border accounts usually charge a monthly fee and live under US FDIC coverage, not CDIC.
Can I earn interest on US dollars?
Some accounts, but not most. Big-bank US-dollar chequing accounts typically pay nothing. The exceptions are savings-style accounts: the EQ Bank US Dollar Account pays a real rate (around 3% as of June 7, 2026), Wealthsimple’s USD Savings pays tiered interest (2.25%–3.25% by client tier), and Scotia’s US Dollar Daily Interest account pays a token amount. If your goal is to grow idle US cash rather than spend it day to day, an interest-paying USD savings account is the better home. Confirm the current rate on the issuer’s site before opening.
Do I need a US address or SSN to open a cross-border account?
Generally no. The Big Five cross-border programs (RBC Bank, TD Bank, BMO, CIBC) are built specifically for Canadians and can be opened using your Canadian credentials — that’s the whole point of the program. You may need a US mailing address (many snowbirds use their winter address) for a debit card or statements, and tax reporting rules can apply, but you do not need US citizenship or a Social Security Number to get started. Confirm each bank’s exact requirements, as they differ.
This guide is for educational purposes only and is not financial advice. Account fees, exchange rates, interest rates, deposit-insurance limits and cross-border eligibility vary by institution and change frequently; figures referenced were last checked June 7, 2026 and are approximate — confirm current details with the institution. CDIC coverage applies to eligible deposits (including foreign currency) at member institutions; US-based accounts are covered by the FDIC. See our methodology.