Opening a USD account from Canada with TD
Written on Apr 19th, 2015

A friend of mine is making preparations to leave on a big European adventure, and trying to get everything ready before she leaves. One of her recent questions on Facebook was regarding how to be paid as a US-based contractor via PayPal and not lose any excessive money due to currency conversion. This is actually a tricky problem for a few reasons. First, most banks in Canada only deal in Canadian dollars. If you want to deposit USD into your CAD account you can, but the banks usually tack on an extra 2-3% to the base rates as another way to make money from you. Only a $100 it’s not a huge deal, but when you’re dealing with $1,000s of dollars the difference can add up to a week’s worth of groceries abroad. The astute reader might right away think that the solution is to open a USD-based account at […]