Why are USD accounts so bad or non-existent in Canada?

🏗️ Building Neo
1

U.S. Dollar is the moss popular currency in the world, but for some reason Canadian financial institutions seem to struggle with it. Why?

• Scotia offers a USD account with TWO transactions a month (lol)

• Wealthsimple now offers a USD savings account – users can store USD but can’t pay in USD (why?)

• CIBC offers a USD account that requires a U.S. credit check (why?)

• RBC offers something, but it’s only free for first year (and is likely offline for 50% of the year for scheduled maintenance);

• TD offers something with some weird transfers between Canadian and U.S. TD banks, minimum balances and a limit on how much money you can send between your own accounts.

• EQ has a USD account that you can’t withdraw cash from (??)

• Simplii and Tangerine offer a USD account, but it is a savings account that you can’t do much with

• Neo doesn’t offer anything USD at all.

I am curious why can’t there be a normal USD account to do whatever people want to do with their U.S. dollars that does not require weird gymnastics?

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Hi @Paul! Just wanted to jump in and share that USD accounts and international transfers are on our long term roadmap. So this is definitely on our radar!

I will be sending you a DM to get your info to add you to our follow-up list and we’ll keep you updated when the changes go live!

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