CIBC offers cross-border US accounts that make it easy to save and transfer US dollars between a Canadian and a US account. One of the best chequing accounts is the CIBC USA smart account. This account is different from the CIBC US Personal Account, as it’s registered as a real US account (with a routing number) and affiliated with CIBC US.
Who is this account for?
- If you frequently travel to the US or partially live there, the CIBC US Smart account will be a valuable option. It’s a proper US registered account, affiliated with CIBC USA. It might be easy to confuse it with a Canadian US dollar account that allows you to deposit and save US dollars. An easy way to distinguish the two is, the CIBC US Smart Account will have a routing number.
- If an employer or contractor only deposits paychecks in US accounts, opening a CIBC US Smart account will solve this issue. A perfect example would be for individuals who use Amazon Mturk, which only allows payments to a US account. Also, if you already have a CIBC account, transferring money to your Canadian account is instant.
- No minimum deposit.
- Transfer money easily between your CIBC Canadian accounts with your US account.
- The account comes with a Mastercard Debit that will work with online or physical purchases.
- Pay no monthly fee for one year with unlimited transactions.
- Pay US bills, write USD checks and set up direct deposits for US dollar payroll checks from US-based companies.
- No exchange rate fees
- Real-time transfers
- 2 people can open a joint account.
- Monthly maintenance fees sit at $4.95 a month.
- If you decide to close the account within 90 days of opening, you will not be charged.
- Stop payment will cost you $30 per check.
Requirements to open this account.
- You need to be a CIBC client with a personal account or line of credit.
- Have access to online banking
- Be at least 18 years old and have a valid ID.
In addition: TD, RBC, BMO, and Scotiabank also offer great cross-border banking solutions for Canadians. Make sure to research the different types of accounts before starting an application.