![]() ![]() The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. As with anything, shop around, compare options and then decide which one works best for you. That's fine if you don't expect to do many transactions, but if you do and the bank charges $3 per withdrawal, you might be defeating the purpose of this account. Are the cheques issued from your financial institution widely accepted across the United States? Are the interest rates competitive? Can you get your money quickly if you need it? Are there transaction fees? Some financial institutions allow one free debit transaction per month. account, there are certain things to look for. dollars, you face fluctuating exchange rates when converting your payment to Canadian dollars, and then again back to U.S. Also, if you do freelance or contract work that pays in U.S. You won't earn much interest, but you'll save on exchange rates and conversion fees. retailers, a chequing account might be the better option. But, if you see yourself purchasing a lot of goods from U.S. If it's just some ready cash you want for quick trips across the border, a savings account might be your best bet. account should you have? That depends on what you plan to use it for. If our dollar is trading 70 or 80 cents U.S., I've potentially earned a tidy return on my investment when I need to cash out, as well as some interest in U.S. This account also serves as a nifty backup emergency fund, there for me if I absolutely need it. dollars than I would have if I bought them all at once - unless I'm lucky enough to time my need for U.S. Over time, I've likely spent a lot less money purchasing my U.S. dollars when the Canadian dollar inches up, my monthly contribution buys more. dollar is higher than the Canadian one (as it usually is), my monthly deposit buys fewer U.S. I do this and find it's a great wanay to take advantage of the currency fluctuations as I grow my account. account by setting aside a modest sum like $20 or $30 per month. Rather than fuss over exchange rates and conversion fees on your credit card, you simply write a cheque from your U.S. Or maybe you want to order an iPad, smartphone or tablet from an American retailer. No worries - just go to your bank and withdraw it from your U.S. Say you just got an invitation to attend a friend's wedding or a baseball game south of the border and need some quick U.S. accounts still a good deal? Sure - when used appropriately. Now that our loonie is flagging at around 80 cents, are U.S. bank account back in 2010 to take advantage of the exchange rate when the Canadian dollar was on par or above the American dollar. ![]()
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