ING USD account?

[ChisJo]

Does anyone have an ING USD account? I was thinking of opening up a USD account, but my bank doesn't have them (PC financial) and my husbands bank charges a monthly fee, even if the account isn't used throughout the month. The account at ING appears appealing, but I have to wonder if others are happy with it. If you have one, do you need to also open up an ING savings account to transfer it over, or can you just use your regular account from another Canadian financial institute?

 

[livingskies78]

I am interested to know the answer to this as we are going to be down there for 20 + days between wdw and a cruise.

 

[Debbie]

To do the ING US$ account, you have to do one of two things.

1. Transfer Canadian money to your Canadian ING, then from your Canadian ING, you can transfer back and forth to your American ING. To get the money OUT, you have to reverse the process. (which means it comes out of ING as Canadian funds that you have to change over at your local bank)
2. Have an American $ account at a bricks and mortar bank, which is linked to your ING account. THEN you can transfer back and forth, American $ from that account to the ING account.

Basically, while you can transfer Canadian<-->US funds within ING, in order to transfer in/out of ING, the currency has to be the same. Is that as clear as mud?

My BoM US$ account used to be free. Now, I think I have to pay an annual fee if I don't move a certain amount of money through it. Oops. I need to make sure DH is on it....he's a senior so the fee would be waived. Something to do this week!

 

[The House of Mouse]

We have a USD account at ING and Royal Bank. The rates are better at ING, and the money is out of my reach! When rates are good I transfer from my ING savings to my US account. Then when I am going on vacation I transfer to my Royal Bank US account from my ING US account and withdraw my money. Very easy!

 

[minnie56]

Why not consider opening a US account with RBC in Florida?
I have a USD account here and another in Orlando. I can transfer when the $$ is good (as I just did) from my CAD chequing into my USD acct here.. then transfer from that account to my Orlando RBC Centura account. I have a USD debit card that when I am Stateside I can use without issue..I have a daughter that goes to school in NYC and I pay all of her utilities this way as well as my own US credit card payments. Very civilized..

 

[livingskies78]

Did you open the rbc usd account when you were down there

ali

 

[sk8jdgca]

you open the rbc us bank account here in Canada- they link both of their on-line banking sites together so you have one sign in. Not sure why you'd have the ing US bank account its only 0.6% higher int per annum-just seems like alot of work for a tiny amount of int

 

[minnie56]

Did you open the rbc usd account when you were down there

ali

My banker opened it here for me...I told her which branch. DD has one too..she opened hers here as well and then went in to the branch in Orlando and opened a Visa etc there. Very easy.

 

[vDunninger]

TD Canada Trust has a free US$ chequing account (i.e. no monthly fees). Withdrawals where monthly balances as under $1000 are $1.25 (as I recall). No transaction fees where balance is over $1000. I got one there a couple of years ago to save some US cash for our trips to WDW and it works out very economically with opportunities to transfer some Cdn funds into US when the exchange is good, and just use those funds when the exchange is not. Access those fund from any TD/CT branch in Canada. Not sure if you can access them from the TD branches down in the states.

 

[minnie56]

I wouldn't think you can access the TD acct from US TD banks. DD in NYC banks with TD and her card is not able to be used here and I can't even send money from a TD branch here to her acct. They are run very independantly unlike RBC.

 

[4orm]

Sorry to bump and old thread - just wondering if ING is a more viable option since they now have Thrive chequing accounts? I know you can link your card to another account you have with them ie. the US dollar savings, and then you an use the card at atm in the US on the exchange network (Dolphin, Swan and Contemporary all have exchange network atms).

 

[4orm]

I answered my own question - you can use an ING account easily to exchange currency and withdrawal from an ATM. The only catch is (I think) that ING ATMs seem to be the only ones in Canada that have US cash withdrawals. Luck for me I live where there are a few. I already have a Thrive account. I just got a US$ account. $200 US cost $194.60 Canadian and if I want I can take a stroll and get it out of the ING ATM right now. I'm so happy I can finally do my currency exchanges in my PJs!