Using Canadian USD account in the US

[mjhtvchick]

I realize this is probably a silly and naive question but here goes...

With the recent improvement in the CAD-USD conversion, I opened a TD Canada Trust US$ DAILY INTEREST CHEQUING ACCOUNT and transferred over some money from my regular CAD chequing account.

Now I am trying to figure out how I access this money in USD when I travel to the US - I haven't been sent a debit card yet, so I assume that is not it.

Can I "link" this to my regular debit card and just select "savings" when I am using it at a store/restaurant in the US? Or do I have to withdraw it in cash from an ATM in the US?

 

[SaraMc]

I’m pretty sure you just link them.

 

[sweethannah]

You probably can not. I'd still call to see but my experience is that unless you have a TD bank(us bank) instead of a TD Canada trust account you can't. I use a US credit card with an annual fee waived when I meet a 1000$ minimum spend requirement.

 

[ottawamom]

Call the bank and ask them what works and what doesn't. I know my son said he could use his Cdn debit card in the US but you will want to know for your particular account set up.

 

[efrant]

I realize this is probably a silly and naive question but here goes...

With the recent improvement in the CAD-USD conversion, I opened a TD Canada Trust US$ DAILY INTEREST CHEQUING ACCOUNT and transferred over some money from my regular CAD chequing account.

Now I am trying to figure out how I access this money in USD when I travel to the US - I haven't been sent a debit card yet, so I assume that is not it.

Can I "link" this to my regular debit card and just select "savings" when I am using it at a store/restaurant in the US? Or do I have to withdraw it in cash from an ATM in the US?

Because the TD Canada Trust US$ DAILY INTEREST CHEQUING ACCOUNT is denominated in USD, you cannot conduct transactions on it using your Canadian debit card. In other words, you cannot access funds in that account at ATMs, nor can you make purchases on your debit card from that account.

If you want to be able to withdraw USD in the U.S. or make purchases, then you need a U.S. domiciled account from TD Bank, not TD Canada Trust. The Convenience Checking account is pretty good, and there are no monthly fees if you keep a minimum daily balance of US$100. And transfers between it and your TD Canada Trust US$ DAILY INTEREST CHEQUING ACCOUNT are free.

 

[Debbie]

You probably can not. I'd still call to see but my experience is that unless you have a TD bank(us bank) instead of a TD Canada trust account you can't. I use a US credit card with an annual fee waived when I meet a 1000$ minimum spend requirement.

I do the same. I transfer money into my US$ account relatively regularly. Before the trip, I usually grab some cash for the small amounts that I need during the trip. During the trip, I use the USD credit card and then pay off after my trip.

 

[Theoat]

The BMO USD MSTR is $35usd/year and if you put $1,000/year on it, you are rebated the fee.
It was the lowest fee Canadian, USD credit card when I was looking.

If you are going to buy USD multiple times, you can also use an FX exchange service to get a bit of a better rate like VBCE.

You set it up so you can buy from your CDN account and credits your USD account at your bank.

A previous financial advisor told me if your CC is breached, its the CC company's money, so they had an interest in fixing the issue.
If it was your debit card it was your money so not as much push to resolve the issue. Take it for what it's worth.....

 

[sweethannah]

The BMO USD MSTR is $35usd/year and if you put $1,000/year on it, you are rebated the fee.
It was the lowest fee Canadian, USD credit card when I was looking.

If you are going to buy USD multiple times, you can also use an FX exchange service to get a bit of a better rate like VBCE.

You set it up so you can buy from your CDN account and credits your USD account at your bank.

A previous financial advisor told me if your CC is breached, its the CC company's money, so they had an interest in fixing the issue.
If it was your debit card it was your money so not as much push to resolve the issue. Take it for what it's worth.....

This is the card I have. In my 2nd year I didn't meet the annual spend and called advising I would be closing the card. They waived the annual fee. YMMV but imo, having a USD $$ account and a US credit card is the best of both worlds.

 

[Theoat]

This is the card I have. In my 2nd year I didn't meet the annual spend and called advising I would be closing the card. They waived the annual fee. YMMV but imo, having a USD $$ account and a US credit card is the best of both worlds.

The only downside for me is that I have to take USD cash over to BMO to pay the balance on the CC.
I bank at RBC and you aren't able to pay the BMO CC balance through online banking from your other bank USD account.

 

[Debbie]

The only downside for me is that I have to take USD cash over to BMO to pay the balance on the CC.
I bank at RBC and you aren't able to pay the BMO CC balance through online banking from your other bank USD account.

I transfer/save my money in a Tangerine US$ account, and have it linked to my BMO US account. I always keep a little in that account for those times when I want cash quickly to go over the border....haven't had to do that in the past year. . I do the transfer from Tangerine and then pay off the credit card. It's a few steps...but everything is done online unless I actually want to go in and get some US cash.

 

[sweethannah]

The only downside for me is that I have to take USD cash over to BMO to pay the balance on the CC.
I bank at RBC and you aren't able to pay the BMO CC balance through online banking from your other bank USD account.

yea I have to do the same. luckily it’s not often but it would be nice to be able to pay it directly from my US account

 

[minnie56]

I have an RBC / USD account here in Canada and associated Visa card.

I also have an RBC/ USD account in the US and associated Visa card.

The physical bank ( RBC Centura ) was in Florida when I opened it - I believe it’s now in Georgia. I use the US Visa mostly and easily pay from my US acct here by transferring to the US acct stateside. But I also have a US issued debit card I can use.

Clear as mud?