U.S. Dollar accounts

A U.S. Dollar Savings Account is an account designated in USD currency that allows you to deposit funds, make transfers, and earn interest on your savings in USD. Transactions within a U.S. dollar account are conducted in U.S. dollars, which can help avoid currency conversion fees and fluctuations in exchange rates.

U.S. Dollar accounts are particularly beneficial for individuals or businesses that frequently engage with U.S. currency. This includes frequent travelers to the United States, those earning income in USD, or doing business with US-based clients or suppliers.

Offering features comparable to those in Canadian dollar accounts, a U.S. Dollar Savings Account enables deposits and withdrawals, fund transfers, and earning interest on deposits in interest-bearing accounts. Transactions within a U.S. dollar account are conducted in U.S. dollars (USD), which eliminates currency conversion fees and exchange rate fluctuations.

Advantages of having a U.S. dollar account

A U.S. Dollar Savings Account provides a secure way to save with the added benefit of growing your funds by earning interest on your balance . ³

U.S. Dollar Saving Account interest rate

UCU pays interest on the U.S. Dollar Savings Account. ³   For the latest rates, please visit the rates page. Additionally, UCU’s U.S. Dollar GICs present options for higher interest rates over various terms. For current rates on U.S. dollar GICs, refer to the rates page. ⁴

A U.S. Dollar Chequing Account is a bank account denominated in U.S. dollars (USD) that allows you to deposit funds, write cheques, and conduct other transactions in USD. This type of account provides a convenient way to manage US currency for individuals or businesses with US-based transactions.

Benefits of a U.S. Dollar Chequing Account

A U.S. Dollar Chequing Account simplifies the management of US currency, allowing you to avoid currency conversion fees and mitigate the impact of exchange rate fluctuations. It is particularly useful for individuals or businesses that frequently deal with US currency, including regular travelers to the United States, individuals receiving income in USD, and businesses transacting with US-based clients or suppliers.

To open a U.S. Dollar Savings Account or U.S. Dollar Chequing Account at UCU, you can visit your local branch or call the UCU Contact Centre at 1.800.461.0777 for assistance. Our representatives will guide you through the process and provide you with all the necessary information and documentation required to open your U.S. dollar account. Any UCU member can open a U.S. dollar account at UCU.

How do I deposit funds into my U.S. dollar account?

You can deposit funds into your U.S. dollar account through various methods, including wire transfers, electronic transfers from other accounts, cheque deposits in USD, or converting Canadian dollars to U.S. dollars.

Can I open U.S. dollar account online?

Yes, you can open the US Dollar account online.

Yes, you can write cheques in U.S. dollars from your U.S. Dollar Chequing Account drawn on our credit union in Canada, allowing you to make payments to recipients requesting payment in U.S. dollars based in Canada or the United States.

How do I obtain cheques for my U.S. Dollar Chequing Account?

Call the UCU Contact Centre at 1.800.461.0777.

No, there are no fees for transferring funds between your Canadian dollar and U.S. dollar accounts. Currency conversion for transfers between accounts is executed at the credit union’s currency conversion rates at the time of the transaction.

Yes, you can set up U.S. dollar direct deposits to your U.S. Dollar Chequing Account.

Your employer/organization may provide a direct deposit form to fill. This form will typically require your 3-digit institution number, 5-digit transit number and your account number.

Once the form is submitted, the institution will set up your direct deposit.

After the direct deposit is set up, monitor the account to ensure that the deposit was made successfully.

A cheque can clear anytime after it is deposited by the recipient, including the same day. Typically, it can take 5-14 business days (but could take up to 1 month) for a cheque to clear your U.S. dollar account.