Entrepreneurship & Small Business

Accepting USD payments in a US-based Bank Account

  • Last Updated:
  • May 31st, 2020 2:34 pm
[OP]
Deal Addict
User avatar
Jun 30, 2005
2124 posts
22 upvotes
Toronto

Accepting USD payments in a US-based Bank Account

I've been doing business with US (corporate) clients for a while now (through my Ontario corp). And so far I've been using TD's Small Business accounts (a CAD account and a USD account, both based in Canada).

However, I'm starting to get tired of requiring my clients to do the stupid dance of using Transferwise or some of these other payment providers for cross-border payments. I want to have a real US-based USD account so my clients can easily wire the money over domestically (i.e. US account to US account).

I know TD Personal Banking has the ability for you to make a US-based USD account, but I am not sure how that would integrate with my small business accounts as I know they are supposedly separate. Beyond that, are there any other options I should consider?
3 replies
Deal Addict
Jan 21, 2018
3401 posts
3515 upvotes
Vancouver
If you open a real U.S.-based bank account with any of the affiliates of Canadian banks, you can use it to accept ACH direct deposits, or to cash US$ cheques by mobile deposit without the ludicrously long hold period imposed in Canada. But do consider the potential cost of transferring that money back to Canada and converting to CAD once you have it in the U.S. account. A lot of people assume that cross-border transfers would be easy and cheap between affiliates of the same Canadian bank, but not so!
Sr. Member
Feb 4, 2019
883 posts
1317 upvotes
BC
Transferwise for Business provides a USD account with ACH and wire details.
[OP]
Deal Addict
User avatar
Jun 30, 2005
2124 posts
22 upvotes
Toronto
Sounds like I should just use Transferwise then! Thanks I'll give it a shot.

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