Can You Deposit US Dollars From US Sales Into a Canadian US$ Bank Account?

If you sell to US customers, getting paid in US dollars is often the easy part. The real challenge begins after the sale; when your USD revenue crosses the border and quietly loses value through forced currency conversions, hidden FX spreads, and unexpected bank fees.

Many Canadian businesses don’t realize that it’s possible to receive US dollars from US sales directly into US dollar accounts in Canada, without having those funds automatically converted into Canadian dollars. With the right setup, you can also avoid currency conversion fees that eat into your margins and decide exactly when, and how, to exchange your USD revenue.

This kind of control can make a meaningful difference, especially for businesses with recurring US sales, cross-border invoicing, or large incoming payments. Instead of losing value every time money moves between currencies, you can hold USD, plan conversions strategically, and protect more of what you earn.

In this guide, we’ll explain:

• Whether Canadian businesses can hold USD from US sales
• Why traditional banks often create unnecessary FX costs
• How USD accounts and multi-currency solutions work 
• How MTFX helps you collect, hold, and convert USD on your terms

If Canadians selling into the US and care about margins, this matters more than you think.

The problem: How banks quietly eat into your US Sales revenue

Let’s start with what typically happens for Canadian businesses selling into the US

A company sells to American customers through Amazon, Shopify, Stripe, PayPal, or direct invoicing. The customer pays in US dollars, and the business expects to keep that revenue in USD. But in reality, many businesses never actually receive USD in Canada the way they assume.

Instead, the funds are often routed through traditional banking systems involved in cross-border banking that automatically convert the payment before it even reaches your account.

That means your US sales revenue may be:

• Automatically converted into Canadian dollars
• Exchanged at uncompetitive bank FX rates
• Subject to hidden spreads of 2–4% (or more)
• Hit with incoming wire fees and correspondent bank deductions
• Reduced further through unclear processing charges

For businesses with steady US sales volume, these costs can quietly add up to tens of thousands of dollars per year—without ever showing up as a clear line item on a statement.

This is where the frustration begins: you make the sale, deliver the product or service, and then lose value simply because of how the money is processed.

If your goal is to collect USD from US sales and hold those funds in US dollars, the default banking setup often works against you.

Example: The hidden cost of bank FX

These costs scale fast; and most businesses don’t notice them until margins start shrinking or cash flow becomes harder to predict.

The biggest issue is that the conversion happens automatically, often at the least favourable point in the process, leaving you with little control over timing or pricing.

Check the currency converter below to learn how much you can get with MTFX when you transfer money from US to Canadian bank account. 

Can you receive USD from US sales into a Canadian USD account?

Yes, Canadian businesses can legally and operationally receive US dollars into a USD-denominated account in Canada. If you sell to American customers, you don’t have to accept automatic conversion into Canadian dollars every time a payment comes in.

With the right setup, you can collect USD from US sales directly, keep those funds in US dollars, and decide when it makes sense to convert based on your business needs and market conditions.

This approach is especially valuable for companies managing recurring US revenue, cross-border ecommerce payouts, or larger international invoices.

You generally have two main options:

A USD account at a Canadian bank

Many Canadian banks offer US dollar business accounts, and they can work for basic deposits or holding funds short term. However, these accounts often come with limitations that reduce their usefulness for modern cross-border businesses.

Common drawbacks include:

• Higher monthly account and maintenance fees
• Limited support for ecommerce and platform payouts
• Forced conversions when transferring funds between accounts
• Less flexibility for outgoing USD payments
• Slower processing for cross-border transactions

For businesses that regularly collect USD from US sales, traditional bank accounts may still create unnecessary friction and cost.

A multi-currency account (The smarter option)

A multi-currency account offers a more flexible and cost-effective way to manage US dollar revenue alongside other currencies.

Instead of being forced into immediate conversion, multi-currency solutions allow you to:

• Collect USD as USD, without automatic exchange
• Hold funds securely in US dollars
• Convert only when rates are favourable
• Pay suppliers, contractors, or expenses directly in USD
• Streamline international payments for Canadian businesses operating across borders

This is where fintech platforms like MTFX provide a major advantage over traditional banks. By giving businesses more control over timing, pricing, and payment execution, multicurrency accounts help protect margins and reduce avoidable FX costs.

What is a multi-currency account?

A multi-currency account allows your business to hold, receive, and send multiple currencies through one streamlined platform, without needing to open separate bank accounts in different countries.

For Canadian companies selling into the US, this is a practical way for Canadians to manage USD revenue without losing value through automatic conversions or unnecessary banking charges.

With a USD multi-currency account, you can:

• Accept US customer payments in USD
• Receive marketplace payouts in USD
• Hold USD balances indefinitely without pressure to convert
• Convert to CAD only when timing and rates make sense
• Pay US suppliers or expenses directly in USD

The key advantage is control over how your US bank account manages incoming revenue and currency conversions. Instead of funds moving through layers of correspondent banks, your revenue stays in the currency it was earned in, helping you avoid currency conversion fees, foreign transaction fees, and reduce exposure to costly spreads.

Multicurrency accounts also help businesses avoid common pain points like cross-border payment fees and surprise deductions that often come with traditional banking routes. Rather than losing value every time money crosses the border, you can keep your US sales revenue clean, local, and cost-efficient.

How MTFX multi-currency accounts work for US sales?

MTFX multicurrency accounts are built specifically for Canadian businesses managing US revenue, international clients, and ongoing cross-border payments.

Instead of relying on traditional bank wires that come with high spreads and international wire transfer fees, MTFX gives businesses a simpler way to collect, hold, and convert USD with full transparency.

Here’s how it works:

Step 1: Open an MTFX multi-currency account

Once you’re onboarded, you gain access to a secure platform that supports multiple global currencies, including:

• USD, CAD, EUR, GBP, and more
• Dedicated currency balances under one account
• Online banking and account management with real-time visibility
• Flexible options for receiving and sending funds internationally

This setup is designed to reduce friction for businesses operating across borders and help you avoid unnecessary banking costs.

Step 2: Collect USD from US sales

With MTFX, you can collect USD from US sales directly into your USD balance, without forced conversion into Canadian dollars.

You can route payments from:

• Amazon (US marketplace)
• Shopify (via Stripe, PayPal, or direct settlement)
• US customers paying invoices
• US platforms and payment processors

Your USD arrives as USD, which helps you avoid currency conversion fees that banks often apply automatically.

This also reduces the impact of hidden spreads, cross-border payment fees, and processing charges that typically come with traditional deposit and wire systems.

Step 3: Hold, pay, or convert—your choice

Once your funds are in your USD balance, you stay in control. Depending on your business needs, you can:

• Hold USD for future purchases or planned payments
• Pay US suppliers, contractors, payroll, or advertising directly in USD
• Convert to CAD at competitive FX rates when conditions are favourable
• Use rate alerts or structured FX tools to manage timing

Instead of losing value through repeated conversions or unexpected international wire transfer fees, MTFX helps Canadian businesses manage cross-border revenue more efficiently and protect margins over time.

Why avoiding forced FX conversions matters?

Forced currency conversions are one of the most common ways Canadian businesses lose value on US revenue. Even if you’ve done everything right; priced in USD, sold successfully, and delivered to US customers, the way funds are processed after payment can quietly reduce what you actually keep.

When you receive USD in Canada, maintaining control over when and how that money is converted is essential. Forced conversions create three major problems for businesses managing ongoing cross-border payments.

Poor timing

Banks typically convert your USD immediately upon deposit, regardless of market conditions. That means your revenue may be exchanged on a day when the rate is unfavourable, leaving you with less CAD than expected. For businesses with frequent US sales, poor timing can create recurring losses that add up quickly. With MTFX, you can hold USD and choose the right moment to convert, helping reduce unnecessary exposure and supporting smarter FX risk management.

Wide FX spreads

Traditional banks often embed their profit into the exchange rate itself through wide spreads, rather than showing fees clearly upfront. This makes it difficult to know what you’re actually paying, and the true currency conversion fee is often hidden in the rate you receive. Over time, these spreads become a major cost for businesses handling large or regular USD inflows. MTFX offers tighter spreads and transparent pricing, helping you convert with more clarity and better overall value.

Cash flow friction

Constant automatic conversions can disrupt financial planning, reconciliation, and forecasting. When funds move in and out of CAD unpredictably, it becomes harder to match revenue with expenses, especially if you pay US suppliers or advertising costs in USD. Holding multicurrency balances simplifies accounting and supports smoother cash flow management across borders. For Canadian companies making recurring cross-border payments, this flexibility can significantly improve operational control and reduce unnecessary FX disruptions.

Who benefits most from USD multi-currency accounts?

A USD multi-currency account is especially useful for Canadian companies earning revenue in US dollars or managing regular cross-border obligations. The ability to control how funds are received, held, and converted can reduce unnecessary costs and improve cash flow planning. For many growing firms, this is becoming an essential tool for smoother international operations.

Ecommerce sellers and online marketplaces

Ecommerce businesses selling into the US are among the biggest beneficiaries of multicurrency solutions. If you run an online business through major platforms, having the ability to receive USD in Canada without automatic conversion can make a meaningful difference.

Common marketplaces include:

• Amazon.com
• Shopify (US-based stores)
• Etsy
• Other US ecommerce and payout platforms

Instead of watching earnings shrink through hidden spreads, businesses can hold USD, manage platform settlements more efficiently, and deposit USD into a Canadian account while keeping more of their revenue intact.

Importers and distributors managing USD supply chains

Importers and distributors also benefit significantly from US dollar accounts in Canada, especially when inventory, supplier contracts, or manufacturing costs are priced in US dollars. A multicurrency setup helps keep cash flow aligned with real business expenses.

By holding USD and paying suppliers directly, businesses reduce repeated conversions and gain more predictability in international payments for Canadian businesses operating across borders.

Service businesses billing US clients

Service-based companies are another strong fit, including SaaS providers, consultants invoicing in USD, and marketing agencies working under US contracts. Receiving payments in USD without forced conversion simplifies collections and supports better forecasting.

With a multicurrency account, these businesses can convert strategically, avoid unnecessary FX charges, and maintain more control over cross-border revenue cycles.

Property and investment buyers with USD exposure

Canadian businesses and individuals involved in US real estate transactions or cross-border investments also benefit from being able to hold funds in USD. Large payments often require careful timing, and automatic conversion can add significant cost.

Using a multicurrency setup allows you to hold balances securely and convert only when rates are favourable, helping protect the value of major transactions.

Paying USD expenses without double conversions

One of the biggest advantages of holding US dollars is avoiding the costly cycle of back-and-forth currency conversions. Many Canadian businesses earn revenue in USD but still end up losing value when payments are routed through accounts that automatically convert funds multiple times.

Without a proper USD business account in Canada, businesses often face unnecessary conversions just to pay routine US expenses. That can look like this:

CAD → USD → CAD → USD

Each step comes with added spread, processing costs, and hidden charges that quietly reduce your bottom line. Over time, these repeated conversions can create significant cross-border payment fees, especially for businesses making frequent USD payments.

With MTFX, the process becomes much simpler:

USD → USD

No conversion is applied when you’re paying U.S. expenses directly from your USD balance. That means fewer deductions, more predictable cash flow, and less exposure to unwanted FX timing.

This is especially powerful for Canadian businesses paying ongoing US-based costs such as:

• Facebook and Google advertising spend
• SaaS subscriptions priced in USD
• US contractors and remote service providers
• Freight, logistics, and cross-border shipping partners

Instead of paying conversion costs every time you move money through the banking system, you can keep funds in USD and send payments efficiently; often avoiding both unnecessary spreads and high international wire transfer fees.

For businesses with recurring US obligations, eliminating double conversions is one of the simplest ways to protect margins and improve payment efficiency.

FX risk management: More than just payments

By this point, it’s clear that receiving USD is only part of the equation. The real advantage comes from what you can do after the funds arrive, especially when exchange rates are volatile and margins are tight.

MTFX isn’t just a payments provider. It’s a platform designed to help Canadian businesses manage foreign exchange exposure with more control, transparency, and planning.

Instead of letting banks dictate conversion timing and cost, MTFX gives you tools to reduce uncertainty and avoid currency conversion fees that quietly add up over time.

With MTFX, businesses can:

• Set rate alerts to convert when targets are met
• Lock in forward contracts for future USD needs
• Budget US dollar expenses months in advance
• Protect profit margins during currency volatility
• Reduce the impact of unpredictable FX movements

For companies with consistent US revenue or recurring USD expenses, this level of planning can be the difference between stable cash flow and FX-driven surprises.

It also helps eliminate hidden costs, including the typical currency conversion fee embedded in bank exchange rates.

Compliance, trust, and Canadian regulation

When managing cross-border revenue, security and regulation matter just as much as pricing. Businesses need to know their funds are handled properly, transactions are documented, and compliance standards are met.

MTFX is built specifically for Canadian businesses, offering the confidence of a regulated domestic provider rather than an offshore fintech solution.

MTFX is:

• Canadian-owned and operated
• FINTRAC-regulated
• Trusted by thousands of businesses across Canada
• Operating with more than 25 years of industry experience

This matters because it supports:

• Clear audit trails for accounting and reporting
• Strong compliance readiness for reviews and due diligence
• Cross-border regulatory clarity when moving large amounts
• Peace of mind for finance teams and business owners

And for companies using US dollar accounts in Canada, MTFX provides a more strategic way to hold, convert, and deploy USD without unnecessary friction.

Unlike traditional banks that force conversions automatically, MTFX is designed to give Canadian businesses more control, better visibility, and smarter FX execution.

Start collecting USD the smarter way

If your business earns US dollars, you should be able to keep them in US dollars; until converting makes sense for your timing, costs, and cash flow needs.

Too many Canadian businesses lose value through automatic bank conversions, hidden spreads, and unnecessary fees that quietly chip away at revenue. A more strategic setup gives you control over how and when your USD is used.

MTFX helps Canadian businesses:

• Collect USD from US sales with no forced conversion
• Hold US dollar balances securely and efficiently
• Convert at competitive rates when the timing is right
• Pay suppliers and partners globally with greater flexibility

With an MTFX multicurrency account, you can manage US revenue on your terms, protect margins, and reduce avoidable FX costs as your cross-border business grows. Create an MTFX account today to see how smarter USD collection and conversion can strengthen your bottom line.

FAQs

1. Can Canadian businesses receive USD from US customers without converting it to CAD?

Yes. Many Canadian businesses can receive USD in Canada directly by using USD-enabled accounts or specialized payment platforms. This prevents automatic conversion into Canadian dollars and helps you hold funds in USD until you decide to exchange, improving cost control and timing.

2. How can I collect USD from US sales more efficiently?

To collect USD from US sales, businesses can use a solution that supports USD settlement without forced conversion. Instead of losing value through bank spreads, you can receive payments into a USD balance, hold funds, and convert strategically when needed.

3. What are US dollar accounts in Canada used for?

US dollar accounts in Canada are commonly used by businesses that earn revenue or manage expenses in USD. They allow companies to hold US dollars locally, reduce repeated currency exchanges, and improve cash flow planning for cross-border operations.

4. How do I avoid currency conversion fees when getting paid in USD?

The best way to avoid currency conversion fees is to receive payments into a USD account rather than letting banks convert funds automatically. This gives you the ability to choose when to exchange currencies, often resulting in better rates and lower overall costs.

5. What is a multicurrency account and how does it help Canadian businesses?

A multi-currency account allows businesses to hold, receive, and send multiple currencies from one platform. It supports smoother cross-border payments by reducing unnecessary conversions, simplifying international transactions, and helping companies manage USD revenue more efficiently alongside other currencies.

6. Can I deposit USD into a Canadian account directly?

Yes, you can deposit USD into a Canadian account if it is set up to hold US dollars. This is useful for businesses receiving American revenue, as it avoids immediate conversion and allows you to keep funds in USD until you choose to exchange.

7. What fees do banks charge for international USD transfers?

Traditional banks often apply international wire transfer fees, correspondent bank deductions, and hidden FX spreads when moving money across borders. These costs can reduce the amount received and become significant for businesses making frequent USD transfers or large cross-border payments.

8. How does FX risk management support businesses with regular USD exposure?

Strong FX risk management helps businesses reduce uncertainty when exchange rates fluctuate. By using tools like rate alerts, structured conversions, or forward planning, companies can protect profit margins, improve budgeting, and avoid unexpected losses from unfavourable currency movements.