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So I have the "select service" account at TD, for a variety of reasons that I don't really want to get into. It comes with a TD US Dollar Chequing Account free of extra charge if I'd like.

I don't go to the states much, and don't really want to "play" the exchange game to try and make a tiny bit of money. So, is there any point in having this account?

Thanks,
-Dave
 

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Well for one thing, most money recipients in the US insist on cheques that are drawn on a US bank. So the cheques are more or less worthless.

About the only thing I can think of is that this would be a method of protecting against wild fluctuations in exchange rates, but even then, it's not like you'll have the money there for 10-15 years.

If you buy something online from the US you're probably using paypal or your credit card.

So no, I don't see the point.
 

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Well for one thing, most money recipients in the US insist on cheques that are drawn on a US bank. So the cheques are more or less worthless.
Not actually true anymore. I had one of these "borderless" TD chequing accounts for a couple of years, and I only once had someone in the US tell me their bank wouldn't accept my cheque (that's one out of about 30 cheques that I wrote during that time). That was a small bank in rural North Carolina.

It is now almost impossible for anyone without a US address to open a bank account in the United States due to restrictions imposed by the Patriot Act. I'm a dual citizen and was able to maintain my US bank account, but I read recently that a number of banks are shutting down the accounts of US citizens living abroad because they don't have a US address. If this happens to me, I may have to go back to using TD's Borderless chequing account.

While it's true that credit cards will suffice for most US payments, sometimes small vendors don't accept credit cards and want to be paid by cheque.
 

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I have a borderless USD account with TDW as well. I keep it open to deposit occasional cheques (from ESPP, ESOP proceeds) and sweep US dollars back and forth between TDW. It's also useful if you want a USD bank draft or certified cheque. IMO, there's little harm in keeping one open. If you find you are not using it, you can close it at anytime.
 

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I'll have to check if RBC offers similar accounts, as I'm tired of getting US cheques and converting them into CAD at a horrible rate, and later when I have to pay something in USD losing on the conversion again.
 

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RBC offers a 'high-interest' (not right now though :p) e-savings account if all you need to do is deposit. 2 free non-web transactions per month.

Great when coupled with their self-directed investing accounts.
 

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i use my borderless account for my vacation savings to the US... a bi-weekly deposit to mitigate the effects of the exchange rate... pretty much just average it over time... then from there, i use the funds either for my TDW or for vacation :) I also have the TD US Dollar VISA because it's free with the borderless account, i use that for US-Based purchases and spending across the border.
 
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