Simplify Your U.S. Dollar Transactions
U.S. Business Deposit Account
Bank in U.S. dollars to manage your foreign exchange needs in a cost-effective manner with the pay-as-you-go fee structure of this account.
This Account May Be Right for Your Business If:
You are making and receiving payments in U.S. dollars and you want to save on foreign exchange costs
You buy and sell products in U.S. dollars
You need to pay employees or vendors based in the U.S.
Take Advantage of Monthly Fee Savings
When you hold a minimum daily balance of $2,5002, your monthly fee will be waived.
Lower Your Foreign Exchange Costs
If you want to avoid foreign exchange fees use this account to hold your balances in US dollars, allowing you to run your business as cost effectively as possible.
24/7 Access to Your Account: Manage your money anytime, anywhere through RBC Online Banking for business.
Access U.S. Cash at Over 200 ATMs3: Pay no exchange fees when you withdraw U.S. dollars from your RBC U.S. Business Deposit Account.
Cross-Border Advisors Are Here to Help: Our dedicated team of Business Banking Advisors will provide you with personalized service and support on both sides of the border.
Monthly Fee: US$9View Full Pricing Chart
|Transaction - Credit or Debits||Fee|
|Debits / Cheques||$1.252 U.S. each|
|Credits / Deposits||$1.252 U.S. each|
|Items deposited||$0.223 U.S. each|
(Night and Day deposit4) chutes
|$2.25 per $1000 U.S.|
|$2.50 per $1000 U.S|
This fee is applied when same-day value is given for U.S. cheques which are deposited into an account and given credit but settlement is not received from the bank on which the cheques are drawn until several days later. To compensate for this difference, RBC Royal Bank will apply this US Float Fee where the average monthly credit balance in the account is less than the average monthly US float balance requirement – if the account balance is equal to or greater than the average monthly float balance requirement the US Float Fee may be charged. For complete details on the application of this fee and how it may apply to your deposit accounts ask your Account Manager or Business Advisor for details.
For a number of years, there have been U.S. laws in place that restrict the ability of U.S. persons, businesses and financial institutions from engaging in specified transactions with certain countries, individuals and entities. However, many U.S. dollar transactions, including those originated by non-U.S. financial institutions, must clear through a U.S. bank, and are in turn, governed by these U.S. laws (for example, the par crossed cheques associated with our U.S. dollar accounts clear through our branch in New York). Consequently, the U.S. laws must be respected by financial institutions and people and businesses in other countries that transact or operate in U.S. dollars and, therefore, through the U.S. banking system.
As a result, there are additional compliance procedures for U.S. Dollar Accounts and these procedures may differ depending on the particulars of the U.S. country sanction programs for those countries targeted by U.S. sanctions or embargos.
When opening a U.S. dollar Business Account, Royal Bank of Canada requests that our Business clients provide specific information in connection with their Business operations, including the countries in which they operate or otherwise conduct business. In addition to Business operations, we request disclosure of the citizenship and residency for individuals holding significant ownership positions in such businesses.
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