Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
As a Canadian with the Vancity USD Chequing account, you don’t need to worry about day-to-day USD transactions. With this account, you can transact in US dollars without stress.
The Vancity USD Chequing account has no monthly fees and offers free online cheque deposits and automated phone transfers.
In-person transactions at Vancity branches and all telephone transactions conducted with the aid of customer service staff, however, attract a $0.75 fee. New account owners enjoy a $790 special offer open until July 31, 2023.
Learn all you need to know about this chequing account and discover alternatives to substitute for it.
Vancity USD Chequing features
When you open this account, you get access to these benefits.
- One free transaction every month, regardless if it’s a pre-authorized transaction or an in-person payment.
- Easily convert the account funds between USD and CAD.
- All account deposits are insured by the Credit Union Deposit Insurance Corporation (CUDIC).
- Easy transfer of funds between US dollar and Canadian dollar accounts.
The pros of the Vancity USD Chequing Account
Protection from Price Fluctuations
Canadians who open the Vancity USD Chequing account are exempt from the risks of price fluctuations. So they won’t lose any money whenever they want to withdraw the dollar they deposited in their account.
No Monthly Fee
There is no monthly fee involved in owning this account. As such, any Canadian that meets the requirements for holding a chequing account can easily open one.
The cons of the Vancity USD Chequing Account
Interac e-Transfers Are Not Available
This Vancity account does not allow Interac e-Transfer transactions. So, all transfers have to be done using the Vancity mobile service or in person at a Vancity branch.
Debit Card Transactions Are Not Available
Canadians who open this account cannot conduct debit card purchases or ABM withdrawals. They won’t be allowed ABM transfers to other banks, either.
Vancity USD Chequing Account fees
If you want to open the Vancity USD Chequing account, you must come to terms with its fee structure, which is shown below:
The first thing you’ll notice about this Vancity chequing account is that there are no monthly fees. All cheque deposits made using the Vancity online service are free. The same applies to all online or automated phone service transfers from Vancity accounts.
All in-person bill payments, account withdrawals, and fund transfers conducted at a branch come with a $0.70 fee. The same is also true for all transactions performed over the phone with the aid of branch service staff.
All pre-authorized transactions and cheque payments from this account incur a $0.50 fee.
Vancity USD Chequing special offers
The Vancity USD Chequing account offers up to $790 in value to all new account owners until July 31, 2023.
New account owners get $400 when they set up a recurring direct deposit to their account for a minimum of 6 months. The remaining $390 is unlocked when the account owner acquires an Enviro Visa Infinite card.
Other Vancity USD Chequing Chequing/Savings Account options
Are the terms and features of the Vancity USD Chequing unsatisfying? Well, many chequing accounts could suit your needs, and those from Vancity include:
E-Package Chequing Account
This is a Vancity account for those individuals who do not want any transaction limits. So, account owners enjoy unlimited Interac e-Transfers and debit transactions while paying a $9.75 monthly fee. However, individuals who keep a minimum of $1,500 in their Vancity account can waive this fee.
USD Chequing Plus for Seniors
Canadian seniors who want to take advantage of a USD chequing account can consider this account. This USD account is for seniors over 55. It comes with no monthly fees, transaction fees, and a $790 welcome offer.
How to open the Vancity USD Chequing Account
You must be a resident of British Columbia and 19 years or older to open a Vancity Chequing account. If you match the requirements, this guide will help you open a Vancity account.
- The first step to opening a Vancity USD Chequing account is to visit the Vancity website.
- Select “Banking” and choose this chequing account from the list.
- Scroll down to “Open an Account” and click on the button.
- Vancity makes their account opening procedure very straightforward, so you’ll be required to choose at this point. You can either choose to visit a bank branch to open the account or schedule a call.
- If you choose to open an account at a branch, you’ll be required to select a branch near you and book an appointment. If you want to open the account over the telephone, you’ll have to schedule a time for the call.
- After which, the meeting details will be confirmed, and you’ll be required to enter your personal information.
- Once you’re done, the appointment will be booked, and you can open your account at that time.
Vancity USD Chequing Account conclusion
The Vancity USD Chequing account is perfect for Canadians who own US dollars. It stores these funds safe from forex trading changes, allowing account owners to convert them to CAD and back. So, if you want to transact with US dollars while in Canada, the Vancity USD Chequing account is your best bet.
You might also like…
