Personal Finance

Which USD bank account allows transfer funds to RBC Investing in USD

  • Last Updated:
  • Apr 19th, 2018 10:17 am
[OP]
Sr. Member
Apr 24, 2013
565 posts
277 upvotes
Toronto

Which USD bank account allows transfer funds to RBC Investing in USD

I have an RBC Direct Investing account, and I purchase most my stocks in USD.

Currently, I convert USD to CAD for my Canadian account, then transfer them to RBC Investing (with "add payee" option), then convert funds back to USD to purchase stocks.

Is there a USD account that would easily allow me to transfer my funds directly to the RBC Investing USD account and bypass currency conversion to CAD?

I am in Canada.
I got Fido $15/month plan.
4 replies
Deal Addict
User avatar
Nov 18, 2007
3405 posts
441 upvotes
Valleywood
OP, I hope you have not been doing these transactions for too long! That is costing upwards of 6%. Not to mention the 2.5%/3% when selling US holdings for Canadian cash.

You will not be able to use "bill payee" from any Canadian bank to send US$ to another institution.

You will have to start pooling your US$ at RBC. With a US Dollar account you will be able to transfer US$ to RBC DI.

(With BMO Investorline the C$ and US$ accounts are linked to BMO banking accounts for easy access.)

Also, read up on Norbert's Gambit for C$/US$ currency conversion, for future cash exchanging.
[OP]
Sr. Member
Apr 24, 2013
565 posts
277 upvotes
Toronto
fastlayne wrote:
Apr 18th, 2018 7:18 pm
OP, I hope you have not been doing these transactions for too long! That is costing upwards of 6%. Not to mention the 2.5%/3% when selling US holdings for Canadian cash.

You will not be able to use "bill payee" from any Canadian bank to send US$ to another institution.

You will have to start pooling your US$ at RBC. With a US Dollar account you will be able to transfer US$ to RBC DI.

(With BMO Investorline the C$ and US$ accounts are linked to BMO banking accounts for easy access.)

Also, read up on Norbert's Gambit for C$/US$ currency conversion, for future cash exchanging.
I have actually had USD payment coming into my CAD account, then I use Norbits Gambit in my RBC DI account. So I am only losing out 3% + $20 trading fees for conversion.

Can you tell me more about the RBC USD account, where can I read more about it?

And the BMO USD account - I guess cannot be connected to RBC DI?

What would you suggest? Can TransferWise be connected to RBC DI?
I got Fido $15/month plan.
Deal Addict
User avatar
Nov 18, 2007
3405 posts
441 upvotes
Valleywood
RBC U.S. Personal Account is all you should need, but check with RBC DI to be sure it can be accessed from their system for transfers.

(I am not aware of any of the big 5 that will provide account links between institutions, let alone in US funds. TransferWise is a step backwards.)

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