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Why do you have a US dollar account?

Our dollar is taking a beating.


I have holdings and investments in the US that pay directly into US banks and, because it’s easy, I transfer to the Canadian US accounts in US dollars. If the exchange rate is favorable I can seek where the best rates are offered and sometimes it’s not the bank but a brokerage but the point is having a local US account is handy.

I don’t worry about the US dollar but its relationship to the Canadian dollar. Right now, with the Canadian dollar at about 96 cents I am moving more US dollars into Canadian. When the Canadian dollar was higher I bought US dollars.

Having accounts in both meant I could do this locally.

One point to add: transferring large sums across the border – in excess of $100,000 – and that has to be reported to whatever agencies there are. If you have banking accounts in both countries and agreements between banks that is not a concern.

A thought: your bank can set up a Canadian dollar account and you could then buy Canadian CDs (a bit of a hassle but it can be done),

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