The EQ Bank US Dollar Account is one of the best U.S. bank accounts available in Canada, offering a higher interest rate than most similar accounts, as well as many other valuable money-saving features. EQ makes it easy to move your U.S. funds around, but it doesn't offer unlimited transactions, which would be a nice added touch.
Overall, this account can save you considerable amounts of money on transactions and conversion fees, especially when compared with similar accounts on the market. It's not a perfect account, but it does cover all the bases and more.
EQ Bank US Dollar Account features
Here are the main features of the EQ Bank US Dollar Account:
Why You Want It
Earn 2.75% interest + Send international money transfers using Wise.
Special Features
- Send money abroad with Wise
- Free, unlimited USD to USD transfers within Canada
- Very reasonable exchange rates
Eligibility
- Canadian citizen
- Age of majority in your province
- Need a social insurance number
- Need a Canadian phone number
- Need an EQ Bank Personal Account
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Interest Rates
Any balance
2.75%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
EQ Bank US Dollar Account product rating: 3.5 stars
The EQ Bank US Dollar Account can help you easily send and receive U.S. funds without the expense of transaction fees. There's no monthly fee, a competitive exchange rate is offered, and USD to USD transfers to and from your EQ Bank Personal Account and other linked external accounts are free and quick. Best of all, it boasts a high interest of 2.75%.
However, it may be easy to transfer U.S. funds with this account, but you can’t make direct withdrawals. If you’re looking for an account for everyday transactions, this one won’t work for you.
Rating methodology
To determine our Genius Rating, we first take the product, list all of its features, and compare these with features of direct competitors. Then, we give each feature a rating of 0 to 5 stars. Finally, we average out all of these ratings to find the overall Genius Rating.
Learn more about our rating methodology.
The pros of EQ Bank US Dollar Account
The free EQ Bank US Dollar Account offers many benefits and perks:
Pros
High interest rate on USD balance
The EQ Bank US Dollar Account pays you 2.75% per annum on your deposits. That’s far more than most savings accounts in Canada, never mind other U.S. accounts. Most competitor accounts offer 0.025% to 0.1%, which is a significant difference.
Competitive USD exchange rate
Compared to the big 5 banks, EQ Bank provides cheaper exchange rates for USD. Of course, these rates change regularly, so we can't tell you exactly what they are, but account holders can login and use the conversion rate calculator to find real-time rates.
Free EFT between linked accounts
If you have another linked Canadian bank account (either USD or CAD), you get unlimited EFTs between accounts for free. Each customer can have up to 10 linked accounts. Transfers take place via EQ's mobile app and are limited to $22,000 USD outbound and up to $75,000 USD inbound.
Send international transfers
Conveniently, EQ Bank US Dollar Account holders can conduct international money transfers using Wise. This is a handy integration that enables you to send money to a U.S. account in another country within a few hours to just 2 days. Wise’s fees are generally much lower than bank transfers.
The cons of EQ Bank US Dollar Account
There's a lot to love about this account, but the EQ Bank US Dollar Account does have a few drawbacks to be aware of:
Cons
Not available in Quebec for now
The EQ Bank US Dollar Account isn't available in Quebec, even though other EQ Bank products are available there. Since EQ initially didn't offer any services to Quebecers but now offers several, it seems possible that this detail may change in the future and everyone will have access to this feature-rich U.S. account.
No physical locations
EQ Bank is an online-only bank. This means lower operating costs for you, but it also means you cannot access customer service in person – only via phone, chat, fax, or mail. This may not be an issue for you, but some Canadians still prefer the personal touch of in-person service.
No direct withdrawals or deposits
You cannot pay bills, send or receive Interac e-Transfers, or use mobile cheque deposit with the EQ Bank US Dollar Account. Instead, the only ways to send and receive money from this account are to transfer funds to your EQ Bank Personal Account, send an EFT to an external linked account, or make an international money transfer.
EQ Bank US Dollar Account alternatives
The EQ Bank US Dollar Account is impressive, but there are a few interesting alternatives to consider – you can see some here
 |  |  | |
|---|---|---|---|
| Account | Scotiabank U.S. Dollar Daily Interest Account | Tangerine US Dollar Savings Account | BMO US Dollar Premium Rate Savings Account |
| Genius Rating | |||
| Why You Want It | Earn up to 0.05% with minimum balance + Save on currency exchange fees. | Earn 0.1% interest on every dollar + Keep your USD funds safe with free transactions. | Earn interest on your U.S. dollars + No added monthly fees. |
| Interest Rates |
|
|
|
| # Of Free Transactions | 2 | N/A | See Issuer for Details |
| # Of Free Interac E-Transfers | N/A | N/A | N/A |
| Max Promotion Rate | N/A | 4.5% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | October 31, 2025 | N/A |
| Open an account See more Scotiabank products Compare | Learn More See more Tangerine products Compare | Learn More See more BMO products Compare |
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FAQ
What’s the minimum balance for an EQ Bank US Dollar Account?
Thankfully, this account doesn’t have a minimum balance requirement, nor is there a monthly fee. However, it does require that you first open an EQ Bank Personal Account. You may not be able to transfer funds in or out without it.
What is the maximum balance for an EQ Bank US Dollar Account?
The maximum balance you can hold in an EQ Bank US Dollar Account is $150,000 USD per customer. If you have a joint account, though, the maximum amount is raised to $375,000 USD per customer.
What are the benefits of a USD account in Canada?
With a USD account, you can transfer funds to other countries safely, quickly, and affordably. The EQ Bank US Dollar Account offers especially reasonable exchange rates that are much lower than those offered by big banks and other currency exchange services.
Can you withdraw cash from an ATM with EQ Bank?
Yes, you can withdraw from your EQ Bank Personal Account at any ATM in Canada and EQ Bank will reimburse any fees incurred within 10 business days. Unfortunately, you can’t withdraw funds directly from your EQ Bank US Dollar Account.
Can you use an EQ Bank card in the U.S.?
Yes, your EQ Bank Card is accepted anywhere Mastercard is accepted, all across the world – although some transactions may require you to enter a PIN. No international transaction fees apply, though it is still subject to Mastercard's currency conversion rate.
Can you deposit a U.S. dollar cheque into an EQ Bank US Dollar Account?
No, EQ Bank does not accept cheques from non-Canadian financial institutions. However, you can deposit a cheque into your EQ Bank Personal Account and then transfer the funds to your EQ Bank US Dollar Account for free.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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