Canada’s biggest trading partner is the United States, so, naturally, a high number of Canadian companies, freelancers and individuals have strong ties with the US.
There is an ever-growing number of Canadians frequently travelling to or working in the United States. As a result, there’s a growing number of Canadians facing one big issue – currency conversion.
It can be difficult for Canadians to find the best way of converting US Dollars (USD) into Canadian Dollars – or vice versa – without losing considerable portions of their money.
If you are in Canada and:
- Travel to the United States regularly
- Send or receive payments in USD
- Require USD for paying bills or making purchases
It is in your best interest to open a USD chequing account in Canada.
Many Canadian banks are introducing multi-currency accounts. These accounts aim to simplify cross-border banking, but are they as helpful as they say they are? We’re going to investigate.
In this post, we will examine the USD Progress Account that is offered by one of Canada’s most popular banks, National Bank of Canada.
Can Anyone Open An Account?
Yes. This account type can be opened by anyone – be it an existing customer or customers that do not have a Canadian Chequing or Savings account at National Bank.
However, the account cannot be opened online. You will have to go in person to a National Bank branch and open an account.
Unlike a lot of multi-currency accounts, National Bank’s USD Progress Account does not charge any monthly fee. Instead, users will have to pay a fee of USD 1.50 per transaction.
These transactions fees can be avoided if you are able to maintain a minimum balance of USD 2500. If you wish to receive paper statements by mail, there is also a charge of USD 2.50 per month.
Considering the fee per transaction element of this account type, it is probably best used as a savings account rather than for day to day transactions.
However, with this account, you need a USD 5000 minimum balance to generate interest on your savings. The interest rates for National Bank’s USD Progress Account are as follows:
Annual Interest Rate
$0 – 4,999
$5,000 – 9,999
Is There A Better Way To Make USD Transactions?
To avoid unfair transaction fees and poor exchange rates offered by banks, you should consider using a Money Service Business (MSB).
Here at REMITR, we offer the best service available to Canadian businesses and individuals to both send and receive money in USD.
Sending Money: With REMITR, you can send money to the US (and over 150 other countries) for as little as $5 per transfer. That’s it! Your days of stressing over bank wire transfer fees are over. We also ensure that your transfer will be processed in just 1 business day.
Receiving Money: When you sign up for REMITR Collect, you receive a free REMITR Global Account. This account allows you to receive US payments directly into their Remitr Global Account (a US bank account), without paying any bank charges. Yes, no bank charges at all! Users have the ability to withdraw funds from their REMITR Global account to their local bank account at any time they wish.
Here at REMITR, we don’t load exorbitant markups when converting currency. We use the best live exchange rate to ensure you don’t lose any money. All REMITR services are available 24/7, meaning you never have to worry about making that dreaded trip to the bank.
Our platform is a 100% secure, FINTRAC-registered service that employs state of the art technology to protect your payments and financial information.
Time is money, save them both by getting in touch with REMITR today.