Entrepreneurship & Small Business

Best business USD account?

  • Last Updated:
  • Jul 12th, 2020 10:19 am
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[OP]
Newbie
Aug 30, 2018
18 posts
3 upvotes

Best business USD account?

Currently I am using with TD for $19 USD monthly fee. I usually have 2/3 incoming wire per month and 5-10 outgoing transfers. Which bank would you suggest? Thanks.
3 replies
Member
Sep 26, 2016
207 posts
204 upvotes
RBC is working for me. Their wire and EFT online capabilities are better than BMO or CIBC, cannot comment on TD.
Fee is 9USD/m, waived for 2500USD balance
Deal Fanatic
Jan 21, 2018
7576 posts
8165 upvotes
Vancouver
A true U.S.-based account is probably best for most business purposes, especially if you are doing business with U.S.-based customers. You can open one from Canada with several banks - you don't need to go to the U.S., and you don't need a U.S. address or tax number. You just need to send them a W-8BEN-E form along with the other paperwork to affirm that you are a Canadian company with no U.S. presence. We use BMO Harris. They offer a USD chequing account that has no fee as long as you maintain a US$1500 average monthly balance (average, not minimum). We use their mobile app to cash USD cheques, which clear in 2 business days instead of 30 business days like BMO Canada. You can also do ACH/direct deposit transactions in the U.S. banking system with that type of account.

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