Personal Finance

USD accounts

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  • Jun 29th, 2006 7:39 pm
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Sr. Member
Mar 19, 2003
664 posts
310 upvotes

USD accounts

I am looking to open a USD bank account just for a medium for transferring money from XE to an ING USD account or something. Is there a good one that is offered by one of the major banks in Canada?

I did some research:

TD - need $1000 minimum and get unlimited transactions, thing is, I'm not gonna ever have $1000 in the account

Scotiabank - $200 minimum, a bit better, but only allows 2 free transactions per month

Royal Bank - no minimums, but only allows 1 debit and 1 payroll credit monthly.

I am leaning towards the Scotiabank one. I'm gonna need to use at least 2 transactions monthly, one for XE and one for ING. With that said, is there something like Royal bank's account but allowing 2 transactions?

I also check Bank of America, but I need a direct deposit in order to waive the monthly fee. Any other suggestions/recommendations?
7 replies
Deal Fanatic
Mar 6, 2005
5785 posts
810 upvotes
Just to clarify, what exactly are you trying to do? From what i read, you are trying to setup a USD account up here so you can transfer money via XE to an ING US Based account?

If you are using XETrade you do know that you cannot use it to transfer funds directly (i.e. USD --> USD).

If you are opening up an ING USD Account in Canada you can transfer directly between the accounts provided you send them a cheque (to link it up).
Deal Addict
User avatar
Nov 19, 2004
2839 posts
1398 upvotes
Markham, ON
If you have an ING USD account, use your existing Canadian account to transfer funds to XE trade then convert it to USD and to the ING USD Account.

Example

Your CDN Account (Canadian Dollars) -> XE Trade (Conversion) -> ING USD Account (US Dollars.)

I'm using my PC Financial Account (Canadian Dollars) -> XE Trade (Conversion) -> Bank of America Account (US Dollars.)
Sr. Member
Mar 19, 2003
664 posts
310 upvotes
[QUOTE]Your CDN Account (Canadian Dollars) -> XE Trade (Conversion) -> ING USD Account (US Dollars.)[/QUOTE]

hmm, actually, I never thought of that...let me try it out
Jr. Member
Jan 12, 2005
157 posts
77 upvotes
Toronto
tkyoshi wrote: If you are opening up an ING USD Account in Canada you can transfer directly between the accounts provided you send them a cheque (to link it up).
Is cheque avaialbe for ING USD Account in Canada?
Member
User avatar
Aug 9, 2004
468 posts
Parts Unknown
dablackgoku1234 wrote:Any other suggestions/recommendations?
yeah, work for a bank... :lol:
Deal Fanatic
Mar 6, 2005
5785 posts
810 upvotes
wruoca wrote:Is cheque avaialbe for ING USD Account in Canada?
Not for ING because they are savings accounts. I meant you send ING your USD Check (from a canadian institution) then from the ING Online or Telephone Banking you can let them know and they will withdraw it from your other Canadian Chequeing USD account.
Deal Addict
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Aug 2, 2003
4846 posts
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B.C.
tkyoshi wrote:Not for ING because they are savings accounts. I meant you send ING your USD Check (from a canadian institution) then from the ING Online or Telephone Banking you can let them know and they will withdraw it from your other Canadian Chequeing USD account.
It's true, we do this all the time. We have a great USD account at our credit union (no fees, four free withdrawls a month and no holds). We put our USD paycheques into the USD account, then write a personal cheque from the credit union USD account and send it to ING Direct. Our credit union doesn't do direct transferring between the two accounts, the one downside, so we have to send the cheque.

Anyway, they *do* put a seven-day hold on the cheque at ING Direct (it would be 14 days I believe if it was a USD cheque drawn on a U.S. bank). We can transfer the funds between the Canadian and U.S. ING accounts even while the money is being held in the USD account.

The Hans
If I had more time, I would have written a shorter post

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