I was recently looking at account options with the Bank of Montreal (BMO) making sure that I have the right options. I came across the U.S. Dollar Accounts and realized that this account is not for a person like me. It is basically for people who find themselves travelling to the U.S. frequently or those who deal with U.S. currency often.I am neither of the above, I will exchange the one off time when I am going to Buffalo or somewhere in the U.S. to make my purchases (nothing too extravagant).
A U.S. Dollar Account has pretty much two main types of accounts to choose from; a U.S. Dollar Daily Interest Chequing Account and a Borderless Plan. Your accounts can be used to pay bills either online or through the phone.
A U.S. Dollar Daily Interest Chequing Account allows you to manage your funds easier whether you are travelling or investing in the U.S. Your deposits can be maintained in U.S. dollars; this chequing account offers tiered rates which grow as your balance grows. Meaning Tier 1 would be $0 to $499.99 and Tier 8 $60,000 and over.
You get free debit transactions if you maintain a monthly balance of $1,000 U.S. Want overdraft protection? Well it is available for peace of mind.
The Borderless Plan offers a range of benefits for customers who frequently travel to the U.S. Whenever you buy or sell U.S. money you save; you receive a preferred exchange rate every time you change Canadian dollars to U.S. dollars (vice versa) on amounts up to $25,000 U.S.
You can save on your monthly fee once you maintain a minimum monthly balance of $3,000 U.S. throughout the month. Enjoy no fee $U.S. transactions – this includes cheques, withdrawals, bill payments or transfers.
Looking over the options for the U.S. Dollar Accounts; there are many reasons to get one once you do find use for it. For people like me who go over to the States once in a while it is definitely not worth it. Now for the frequent traveller it is a definite yes on getting this account. Check it out at your bank and you might not regret it.