Personal Bank Account for Incorporated Business (to save on currentcy)..
I want to get a US bank account (not a USD canadian bank account) and with it the RBC Reward Visa card.
The personal US Bank account with RBC is $3.95 per month, the business bank account is 150.00 per month.
I get paid in USD but it's automatically converted to Canadian if the bank is located in Canada. I am only talking about $4000 a month so the $150 in fees isn't worth it but I could say 2.5% on the conversion...
Here is what I would like to do:
Get payment into a personal US Checking account, withdraw money on deposit, convert it to canadian and deposit it to my canadian (business) account.
I know you are supposed to use business account but if I NEVER use the bank account for ANY personal reasons, can I do this to save $150 a month in fees. Seems like a pretty easy way to add 2.5% to the bottom line so long as the tax man/account wont be mad.