Enjoy no monthly fees on your USD account—and make free USD to USD transfers within Canada.
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Shouldn’t your worldly US savings
be rewarded?
Your smart approach to saving shouldn’t be punished with the nonsense of monthly fees or exchange rates that don’t make the cut. So welcome to earning more on your US dollars, and sending them where they need to go without the hassle.
Smart features
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3.00% 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!
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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.
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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.
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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.
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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 Personal Account. Learn more about that here.
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 Personal 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 Personal Account first (through our hassle-free online sign up). From there, opening your US Dollar Account is a breeze.
Get started by opening a Personal Account
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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Common questions answered
Is the US Dollar Account available in Quebec?
Unfortunately, the US Dollar Account is not currently available in the province of Quebec.
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 PersonalAccount, 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 herefor more information on US Dollar Account holds).
- If you would like to move funds from your PersonalAccount 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 PersonalAccount, 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 PersonalAccount 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 PersonalAccount, 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 herefor more information on US Dollar Account holds).
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 PersonalAccount, 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?
Sign up online in minutes to start earning more on US money without all the banking nonsense.
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