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The short answer
Most large Canadian banks offer US dollar accounts, held in Canada, that let you receive and keep dollars without converting them. TD, for example, lists a U.S. Daily Interest Chequing Account with no monthly fee and US$1.25 per transaction unless you keep US$1,500 each day (March 2026). You open one with the same ID as any account, and CDIC covers eligible foreign currency deposits up to $100,000 per category.
Why Nigerians in Canada open one
Dollars often arrive from Nigeria as US dollars: a wire from a domiciliary account, a client paying in dollars, or the proceeds of a sale converted in Lagos. Paid into a Canadian dollar account, they are converted at the bank's rate on arrival, whether or not that suits you. A US dollar account lets the money land as dollars, so you choose when, or whether, to convert. It is also useful if you pay US dollar costs, such as US school fees or travel through the United States, or if you send dollars back to a domiciliary account in Nigeria and want to avoid converting twice, once into Canadian dollars on arrival and again into US dollars on the way out.
What the banks list
| Bank | US dollar accounts on its own pages | Fees shown |
|---|---|---|
| TD Canada Trust | U.S. Daily Interest Chequing Account; Borderless Plan | Daily Interest Chequing: US$0 monthly, US$1.25 per transaction, waived if the daily closing balance is US$1,500 or more every business day of the month (fee guide effective 5 March 2026). Borderless Plan: US$4.95 a month, rebated with a US$3,000 minimum monthly balance |
| RBC Royal Bank | U.S. Personal Chequing Account; U.S. High Interest eSavings; foreign currency accounts in USD, HKD, EUR and GBP | Not shown on the accounts page read; check RBC's fee schedule |
Other banks and credit unions offer similar accounts; compare monthly fees, per-transaction fees, the interest rate and whether a debit card is available for the US dollar account.
What you need to open one
The Financial Consumer Agency of Canada says you have the right to open a personal account without a job or a deposit, if you show acceptable identification: either two documents from a reliable source, such as one with your name and address and one with your name and date of birth (a foreign passport is accepted), or one document plus confirmation from a customer in good standing or a respected community member. Non-citizens can open accounts with proper ID but may need to visit in person (FCAC, October 2025). TD's page says to visit a branch to apply for its US dollar chequing account.
As part of their own checks, banks may also ask about the source of any large deposit, so keep the Nigerian statements and transfer advice for money you bring in.
Costs to watch
- Per-transaction fees, which add up if you use the account for frequent small payments.
- Incoming wire fees. TD lists $17.50 per wire received, charged in US dollars for US dollar wires.
- Conversion spreads when you move money between your Canadian and US dollar accounts. The bank uses its own rate, not the Bank of Canada's indicative rate. See the cost of converting CAD and USD.
- Cheques and cards. US dollar cheques and cards may carry separate fees or may not be available on every account.
When a US dollar account is not worth it
If US dollars reach you only once or twice a year and you always convert them straight away, a US dollar account may add fees without saving anything, because you will convert at the bank's rate either way. It earns its place when dollars arrive regularly, when you spend in dollars, or when you want to wait for a better rate before converting. Check too whether the account can receive transfers from abroad directly or only from your own Canadian dollar account, and whether the per-transaction fee applies to incoming wires as well as to payments out. Ask the branch to confirm both before you give the details to anyone in Nigeria.
Deposit insurance
CDIC insures eligible deposits at member institutions, including deposits in foreign currency, up to $100,000 per insured category, principal and interest together (CDIC, modified October 2026). A US dollar chequing account at a CDIC member bank is therefore covered in the same way as a Canadian dollar one, within the limit for its category. Our article on CDIC cover for foreign currency deposits goes into categories.
Steps
- Compare US dollar accounts at your bank and one or two others, including fees and interest.
- Book a branch appointment if the bank requires it, and bring two pieces of ID.
- Ask for the account's incoming international wire instructions, including any intermediary bank for US dollars.
- Send those instructions to whoever will pay you from Nigeria; see Nigerian bank wires to Canadian accounts.
- Decide on a holding plan: CAD or USD savings covers the trade-offs.
Where Pryme fits
A Pryme Personal Account, which you can open from Canada, holds USD alongside NGN, GBP and EUR, each with local account details, so dollars from Nigeria can arrive and stay as dollars, and naira can sit next to them. Conversion happens only when you use Swap and approve the rate and fee shown. See multicurrency accounts.
Questions people ask
Can I open a US dollar account in Canada as a newcomer?
Yes, with acceptable ID; FCAC says a foreign passport counts as one document. Some banks ask you to apply in a branch.
Are US dollar accounts in Canada insured by CDIC?
Yes, eligible foreign currency deposits at CDIC members are covered up to $100,000 per category, CDIC says.
Does TD charge a monthly fee on its US dollar account?
TD lists no monthly fee on its U.S. Daily Interest Chequing Account but US$1.25 per transaction, waived with a US$1,500 daily closing balance.
Can I receive a wire from Nigeria into a Canadian US dollar account?
Yes. Give the sender the account's wire instructions; your bank may charge an incoming wire fee.
Sources
- TD Canada Trust: U.S. dollar accounts · accessed Oct 2026
- TD Canada Trust: About Our Accounts and Related Services (effective 5 Mar 2026) · accessed Oct 2026
- RBC Royal Bank: Bank accounts (U.S. dollar and foreign currency accounts listed) · accessed Oct 2026
- FCAC: Opening a bank account (modified 17 Oct 2025) · accessed Oct 2026
- CDIC: What's covered (modified 16 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.