Can I hold U.S. currency in any registered account?
Yes. All Questrade registered accounts can hold U.S. currency including TFSAs.
What’s the benefit of a dual currency account?
The main benefit is avoiding the forced currency conversion fee normally attached to every trade of a US stock. What does this really add up to? Well, when you get dinged with forced conversions charges at the other brokers, you end up with less money to invest. With Questrade, that money stays in your portfolio.
For accounts that settle in CAD, you still save big when you buy and sell USD securities in the same day. Questrade only converts the net proceeds of the trade ― the difference between any buy and sell.
Can I deposit USD into my account, or do I need to convert CAD?
You can deposit U.S. funds into your account by transferring from another Questrade account, or through any of our approved account funding methods. Please visit our fund an account page for more info. You can also request a conversion while logged into your account.