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Which Canada-Based USD Account allows USD Cash withdrawal from an ATM in Canada

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Nov 23, 2010
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Montreal

Which Canada-Based USD Account allows USD Cash withdrawal from an ATM in Canada

I have a Tangerine USD Savings account, but I can only withdraw USD Cash at a Tangerine Café. Last time I went to the Café in downtown Montreal it was closed for revocation.

I did some research and it seems that CIBC US$ Personal account allows USD Cash withdrawal at an ATM in Canada for $0.75 fee.
Does anyone have experience with CIBC? You can actually do many types of transactions with it. This looks like a full-fledged US chequing account.

Debit purchases
CIBC withdrawals (including CIBC ATM)
Interac e-Transfer® transactions
Transfers
Cheques
Pre-authorized payments
Bill payments (available only to the CIBC U.S. Dollar Aventura® Gold Visa* Card)
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radiko wrote: I have a Tangerine USD Savings account, but I can only withdraw USD Cash at a Tangerine Café. Last time I went to the Café in downtown Montreal it was closed for revocation.

I did some research and it seems that CIBC US$ Personal account allows USD Cash withdrawal at an ATM in Canada for $0.75 fee.
Does anyone have experience with CIBC? You can actually do many types of transactions with it. This looks like a full-fledged US chequing account.

Debit purchases
CIBC withdrawals (including CIBC ATM)
Interac e-Transfer® transactions
Transfers
Cheques
Pre-authorized payments
Bill payments (available only to the CIBC U.S. Dollar Aventura® Gold Visa* Card)
I believe that RBC's ATM (or the majority of their ATMs allow for USD withdrawals). I don't have a USD account with RBC and generally when I want to withdraw USD from my Tangerine account, I just go to the bank that is linked to my Tangerine USD account (TD Canada Trust) and withdraw it from the teller. TD Canada Trust doesn't have USD withdrawals (at least in the TD Green ATMs that I've frequented). I've never found the need to withdraw USD and use another bank's ATM (and pay the associated fees for this privilege). Whenever I've needed USD (like going to the US on a trip), it has never been a spur of the moment decision and I've always had time to go to a TD Canada Trust during their opening hours to withdraw it from my TD Canada Trust USD account whether at my home branch or at the branch closest to where I work.
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Depending on the type of USD account, TD charges $1.25 per transaction (waived with $1,500 minimum balance) OR $4.95 per transaction (waived with $3,000 minimum balance).

With TD, you have to call to transfer to Tangerine or visit a branch to withdraw cash. I like to use an ATM because it’s open 24/7. I prefer to stay away from RBC.
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Nobody here uses the CIBC USD account? Please share your experience.
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radiko wrote: Depending on the type of USD account, TD charges $1.25 per transaction (waived with $1,500 minimum balance) OR $4.95 per transaction (waived with $3,000 minimum balance).

With TD, you have to call to transfer to Tangerine or visit a branch to withdraw cash. I like to use an ATM because it’s open 24/7. I prefer to stay away from RBC.
No you don't. I do it online on Tangerine. I transfer from my TD Canada Trust USD account to my Tangerine USD account (and vice versa) entirely using my Tangerine login. That's how the majority/all of the USD money in my Tangerine USD account wound up in my Tangerine USD account. I didn't have to call TD Canada Trust to do the transfer nor did I go to Tangerine's cafe (when they were open) to deposit the USD (which I heard was possible but I've never visited Tangerine cafe in Montreal as I've heard the Tangerine cafe is nothing more of a place where they will assist customers in opening new accounts).

I have a "fair" amount of USD in my TD Canada Trust account (I have a cross border account with them) so I have unlimited transactions with them since without travelling, I do a minimum of 2 USD transactions per month and once travelling resumes and I go to the US, I would do ~3 or 4 USD transactions per month.

Also, I understand the convenience of an ATM being available 24/7 but we are talking about USD in Canada and generally most people don't need to withdraw USD immediately outside of banking hours while in Canada unlike they might need to do with CAD. I've had my USD account with TD Canada Trust for over 25 years and I've never needed USD "immediately" and I've had my USD account with Tangerine for maybe over 15 and likewise, I've never needed the USD immediately.
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radiko wrote: Nobody here uses the CIBC USD account? Please share your experience.
You can deposit/withdraw USD at CIBC ATMs no problem. All CIBC ATMs take USD cash, both Canadian and US based USD cheques and most branches have at least one ATM that dispenses USD.

However it is useless as an account to pay US bills or do any other US banking unless you’re doing Canadian EFTs to EQ or other brokerage accounts. CIBC does have a US-based account which you can do instantaneous transfers but there’s a monthly fee.
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radiko wrote: Nobody here uses the CIBC USD account? Please share your experience.
I have it. I recently consolidated several of my financial accounts at CIBC (not because CIBC is "great" but because the particular combo of accounts works for me - including the US Personal Account).

The main reason I got it was to hold some relatively small amounts of US funds for travel. Withdrawal of US funds is easy at most CIBC ATMs.

As far as the other functions:
- I've got it linked with my EQ US account, so yes, it supports EFT direct debits/credits from other Canadian domiciled US$ accounts (of course the "others" have to support such transfers too).
- Can DEPOSIT US cash at CIBC ATMs.

I would NOT call it a "full fledged US" account as that functionality is only available in an actual US DOMICILED account, not a Canadian-based $US account. Which you can see that:
- Bill payments only available to CIBC's own US VISA card.
- EFTs are only between Canadian based accounts but does support transactions in US currency
- Cheques are in US funds but are Canadian encoded, so not as readily cleared in the USA
- Interac e-Transfers cannot be sent from this account
- Transfers between CIBC $CAD accounts will use CIBC's non-optimal FX rates

Question is what do you want or expect to do with this account?
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Thank you ozzie16 and robsaw.

I already have a TD US-based account. I was looking for an account to save for travel and be able to deposit/withdraw to/from an ATM. CIBC US$ does that. The important thing is that it has no minimum balance and no monthly fee. I will have to live with the $0.75 transaction fee.

I used to go to a TD branch, deposit USD into my TD Direct Investing USD cash account then wait 24 hours, then call TD and have the money moved to Tangerine USD account. Withdrawing cash is only available at the Tangerine Café in downtown Montreal but currently it’s closed due to renovations.

CIBC has a branch near me so it should be less of a hassle.
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radiko wrote: ...
I used to go to a TD branch, deposit USD into my TD Direct Investing USD cash account then wait 24 hours, then call TD and have the money moved to Tangerine USD account. Withdrawing cash is only available at the Tangerine Café in downtown Montreal but currently it’s closed due to renovations.
...
Not sure why you need to call TD since you should be able to do the transfer online unless it has something to do with TD Direct Investing.

For me, my Tangerine USD account is linked to my TD Canada Trust USD account and I transfer money back/forth entirely online on Tangerine.
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lmcjipo wrote: Not sure why you need to call TD since you should be able to do the transfer online unless it has something to do with TD Direct Investing.

For me, my Tangerine USD account is linked to my TD Canada Trust USD account and I transfer money back/forth entirely online on Tangerine.

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I do not have a TD Canada Trust USD account. I has a TD US-Based. And yes, it’s transfers from my TDDI USD Cash account.
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Overtaxed, Underpaid, Overpriced Proud Canadian!

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