9:14 am
May 28, 2013
I note that Hubert has a US dollar savings account which currently pays 0.75% - not great, but much better than their competitors. Alas, they do not yet have the ability to link their US$ accounts to outside accounts in the same easy way (without having to submit a blank cheque) as they do for their CAD accounts, but they say this is coming 'soon'. They told me:
"You can open a Hubert US Dollar Savings at any time. If you would like to transfer US dollars in, we will need you to provide your USD account number as well as the route and transit numbers of the other financial institution. The easiest way to do this is to scan us a copy of a cheque drawn on the USD account. If you do not have cheques, you can just send them in an email. As links between US accounts cannot be setup yet, we will process the transfer for you though.
US funds are covered by the Deposit Guarantee Corporation of Manitoba. Have a great day!"
So, they can get money in, but currently to get it out one has to use expensive wire transfers.
Does anyone know of other institutions offering good rates on US$ accounts?
2:09 pm
October 21, 2013
I think you have about summarized the situation. I don't think there are any good alternatives at the moment.
Beware of situations where you may be required to transfer your money into Cdn$ and then back into US$ in order to move from one institution to another; always ask this specific question.
There was another thread about this some time ago, as I recall.
JustMe said
I just wanted to say 'go to Tangerine' but what a shock! They pay only 0.25% interest. What a crooks. They used to be one of the best. Not that I have a lot of US$ (~100) maybe the best way will be to move them to PayPal and get wild at eBay. What a pity AliExpress does not take PayPal...
As far as I know, Paypal only takes USD fund from a US based bank, not Tangerine (or other Canadian based banks) USD account.
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