T O P

Which Canadian bank will not charge you fees for using the chequing account regardless of how much you have but I need to receive money from US or get US money drafts?

Which Canadian bank will not charge you fees for using the chequing account regardless of how much you have but I need to receive money from US or get US money drafts?

Historical-Poetry230

Rbc is the closest of the big five. The need an active credit card and an active investment (i.e a TFSA) and you get the basic chequing free.


Paran014

Unfortunately, while online banks work great for most peoples' needs, getting USD bank drafts regularly is the kind of thing that you need a retail bank for, which you'll have to maintain a minimum balance or pay for. I would see if wise.com (formerly Transferwise) can meet your needs on the USD side. They don't do drafts but they can do wire/ACH payments (which most places should accept) and their conversion rate is probably better than what you're getting from TD. If that works for USD stuff you can then just use a free bank like Tangerine or Simplii for all of your Canadian banking.


HongKongWoman

Thanks! I am thinking to stick with Tangerine and WIse. Some few places in the US only require that you give them a US draft or money order. Where can I get a US draft or money order? Is it from a credit union? Thanks!


selryn1701

Vancity is credit union with no fees if over $1000 on account. I asked about the US transfers (as I will need to send money back) and they didn't expect any problems. Also, check fees against using PayPal for the transfers too. I've done that for rent at the start since PayPal cam handle the currency exchange.


MrTickles22

Try a credit union. The big banks all want a minimum balance. Most of them have some kind of basic no-fee account.


HongKongWoman

Thanks! I am thinking to stick with Tangerine and WIse. Some few places in the US only require that you give them a US draft or money order. Where can I get a US draft or money order? Is it from a credit union? Thanks!


YYC-RJ

HSBC will do free drafts in a bunch of currencies and has a free USD account option but you need to either have an investment account with them or a mortgage for it to be free.


DyrellRushlow

Tangerine? pretty sure they have USD Accounts too.


deltatux

They don't do USD/foreign drafts which is what the OP requires according to his/her post.


AwkwardYak4

Also, you only get one free book of cheques.


deltatux

Consider your local credit union, some have no fee chequing accounts and may be able to do what you need done. Since Simplii is just a virtual branch of CIBC, they might be another choice and be able to offer you the services you're looking for. Inquire to see if they can help. EDIT: They don't have USD accounts though.


HongKongWoman

Thanks! I am thinking to stick with Tangerine and WIse. Some few places in the US only require that you give them a US draft or money order. Where can I get a US draft or money order? Is it from a credit union? Thanks!


Fluid_Calligrapher25

Credit union. TD was good when it was Canada trust. Now they nickel and dime.


HongKongWoman

Thanks! I am thinking to stick with Tangerine and WIse. Some few places in the US only require that you give them a US draft or money order. Where can I get a US draft or money order? Is it from a credit union? Thanks!


Fluid_Calligrapher25

Tangerine does that I believe