How to open a USD business bank account in Canada

Why Canadian Businesses Need a USD Account

If you’re running a business in Canada that earns or spends in U.S. dollars, having a USD business account can save you both time and money. Whether you’re selling to U.S. clients, receiving payouts from platforms like Stripe or Shopify, or paying international suppliers, a dedicated USD account gives you more control over your money.

Without one, you're stuck relying on your Canadian dollar account, which means automatic currency conversions, hidden FX fees, and potential delays.

Let’s say you get paid in USD via Stripe or PayPal. Most traditional Canadian banks will auto-convert that money into CAD before it ever hits your account, often at exchange rates 2.5–3% above the mid-market rate. Over time, those fees add up fast.

On the flip side, a proper USD account lets you:

• Receive and hold USD payments directly
• Avoid forced conversions
• Pay suppliers or freelancers in USD without extra charges

This isn’t just about saving a few dollars. For many Canadian businesses, especially ecommerce stores, freelancers, and tech startups, a USD account is essential to running lean and staying competitive in a global market. We’ll dive into some of the different options available to Canadians, and also introduce you to Venn’s USD business account.

What Are Your Options for Opening a USD Business Account in Canada?

There’s more than one way to open a USD business account, but each comes with trade-offs. In Canada, your main options are:

A. Canadian Banks Offering USD Accounts

Big banks like RBC, TD, and CIBC offer USD business accounts, but they typically only support limited features:

• Hold USD? Yes.
• Send/receive USD via wire? Yes, but only via SWIFT (slow and expensive).
• ACH payments? Not available.
• FX fees? Usually ~2.5% above mid-market.

Also, most require an in-person branch visit, and some charge monthly maintenance fees (e.g., $5–$15/month), plus extra for wire transfers.

B. U.S.-Based Banks (For Canadians With a U.S. Entity)

If your business is incorporated in the U.S., you can open a true U.S. bank account with banks like Chase or Bank of America. But that involves:

• Registering a U.S. LLC (state + legal fees)
• Getting a U.S. EIN
• Having a U.S. mailing address
• Usually, visiting a branch in person

This works if you’re running a full U.S. operation, but for most Canadian SMEs, it’s overkill.

C. Online Fintech Platforms (Like Venn)

Modern platforms like Venn offer a faster, more cost-effective way to open a USD account, without a U.S. entity or branch visit. Venn gives Canadian businesses:

• A real U.S. local USD account (with ACH + wire capabilities)
• No forced conversion when receiving USD from Stripe, Shopify, or PayPal
• Ability to send USD via ACH or wire, not just SWIFT
• Lower FX fees than banks (as low as 0.25%)
• No monthly account fee
• Integration with Xero/QuickBooks

That means you can receive, hold, and spend in USD just like a U.S. business, without jumping through hoops.

Comparison of Account Types

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How to Open a USD Business Account in Canada

Opening a USD account in Canada depends on who you go with, a local Canadian bank, a U.S. bank, or a digital provider like Venn. While the process can vary, here’s how it typically breaks down.

If you choose a Canadian bank, you’ll need to book an appointment and bring your incorporation documents, business number, and ID. Most banks, like RBC, TD, or CIBC, require you to visit a branch in person. Once you’re set up, you’ll get a USD account that lets you hold and send U.S. dollars, but you won’t get U.S. routing details like ACH, only SWIFT access for wire transfers.

Setting up a USD account with a U.S. bank is a different story. You’ll need to form a U.S.-based business entity, usually a Delaware or Wyoming LLC for tax reasons, and get an EIN from the IRS. From there, you can open an account at a U.S. bank, but in most cases, you’ll need to show up at a physical branch with all your documents. It’s a longer route, but it gives you full access to U.S. banking rails.

If you want a faster, borderless option, Venn lets Canadian businesses open a USD account without any of that red tape. Sign up online, verify your business, and you’ll receive U.S. account details with both ACH and SWIFT access. No in-person visit, no monthly fees, and no U.S. entity required. It’s an ideal solution for startups, freelancers, and e-commerce sellers who need to get paid in USD quickly and keep their overhead low.

What Documents Do You Need to Open a USD Business Account in Canada?

The documents you’ll need depend on the type of provider you choose. Canadian banks typically ask for standard incorporation paperwork, a business number, and valid ID. If you're going the U.S. bank route, you’ll also need a U.S. business entity and often a local address. Digital options like Venn are more flexible, most let you onboard using your existing Canadian business credentials, fully online.

Here’s a comparison of the documentation needed by provider type:

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Comparing Fees, FX Rates, and Account Access

The cost of holding and moving USD can vary significantly depending on the provider you choose. Canadian and U.S. banks tend to charge monthly fees, wire fees, and often hide markup in exchange rates. Venn, on the other hand, offers transparent, low-cost pricing with no monthly fees or balance requirements, ideal for Canadian businesses working with U.S. clients or platforms.

Here’s how the options compare:

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How to Open a USD Account with Venn

Opening a USD account with Venn is fast, fully online, and designed for Canadian businesses that need U.S. banking features without the red tape. No in-person branch visits, no minimum balances, and no surprise fees.

Here’s how it works:

1. Create your Venn account
   Sign up online in minutes. No need to visit a branch or open a personal account first.
2. Submit your business details
   Share your business name, registration number, and address. If you’re incorporated in Canada, you’re eligible.
3. Verify your identity
   Upload a government-issued ID (driver’s license or passport) and any required documentation, all handled digitally.
4. Get access to your USD account
5. Once verified, you’ll receive your local USD account details (ACH and wire-enabled). You can start receiving payments immediately.
6. Send and convert funds
   Use your Venn account to send USD, pay vendors, or convert funds to CAD at low, transparent FX rates.

No setup fee, just borderless banking built for modern Canadian businesses.

Final Thoughts: Choosing the Right USD Account for Your Canadian Business

Opening a USD business account in Canada no longer means dealing with outdated systems or unnecessary hurdles. Today, you have real options, from traditional banks to digital-first solutions like Venn.

The right choice depends on how you run your business:

• Need a U.S. entity? A U.S. bank might suit you, but be ready for paperwork and physical visits.
• Prefer to stay within Canada? Canadian banks offer USD accounts but often come with fees, limited FX tools, and slower onboarding.
• Want flexibility and speed? Venn lets you open a USD account online, with no monthly fees, live support, and fast onboarding built for Canadian businesses.

Before choosing a provider, compare:

• Onboarding time
• Support availability
• Fee structures
• FX conversion costs
• Whether you need a U.S. or Canadian entity

If you're working with U.S. clients, paying U.S. vendors, or collecting USD online, a digital USD account like Venn can simplify your finances and save you time.

Still deciding?

Check out our full comparison tables above, or get started with Venn and open your USD account in under 5 minutes.

Frequently Asked Questions:

Q. Can a Canadian business open a USD account?
A. Yes. Canadian businesses can open a USD account through Canadian banks, U.S. banks, or digital platforms like Venn. Each option comes with different fees, features, and setup processes.

Q. Do I need a U.S. business to open a USD account?
A. Only if you're opening an account with a U.S.-based bank. For Canadian-incorporated businesses, Venn and some Canadian banks offer USD accounts without needing a U.S. entity.

Q. What documents are required to open a USD business account in Canada?
A. Typically, you'll need your business registration documents, government-issued ID, and a Canadian business number. Requirements can vary by provider.

Q. Can I receive ACH payments in a Canadian USD account?
A. Not with most traditional Canadian banks. However, platforms like Venn provide local U.S. account details that are ACH-enabled, allowing you to receive USD payments from U.S. clients.

Q. What’s the fastest way to open a USD business account in Canada?
A. Venn offers one of the fastest ways. You can complete setup online in under 5 minutes, with no in-person visits or personal account requirements.

Q. Are there fees for holding a USD account in Canada?
A. Yes, most Canadian banks charge monthly maintenance fees. Venn offers a USD account with no monthly fees or minimum balance requirements.

Q. Can I convert USD to CAD with a business account?
A. Yes. Most platforms offer currency conversion, but fees vary. Venn offers competitive FX rates with transparent pricing and no hidden markups.

Q. Which Canadian banks offer USD business accounts?
A. RBC, TD, CIBC, and Canadian Western Bank all offer USD accounts. However, features like real-time FX tools and ACH access may be limited compared to digital-first platforms like Venn.

_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of September 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}

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