Getting Paid By US Funded Futures Companies (Prop Firms) As A Canadian
A question I often receive is “how can I get paid in US dollar by Apex Trader Funding as a Canadian in Canada?”. (or any other prop firm, just Apex Trader Funding is a very popular company. As of writing this article at the end of 2023 I have 2 primary methods for you. One is the service which Apex uses for all International traders (not just Canada, anyone outside the US). The second method below is specific to Canada. I’ve used for well over a decade (not just as a trader, just in general to have linked US/Canada accounts).
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Method 1: Plane (Apex Trader Funding uses this for all international traders)
First of all and important – this could well change in the future. As companies find other methods and routes of paying traders, Plane might or might not be an option to receive US dollars in Canada. For example, up until late 2023, Wise was a great option. Due to changes with Wise it became no longer viable. Likewise Deel was an option for well over a year with all evaluation companies. Due to changes with Deel, it became no longer an option.
Plane is effectively a month service similar concept to Deel. When you initiate your first withdraw you’ll be sent the forms to fill in to set up a Plane account. Once all is set up, you’ll link your Canadian bank account to Plane. Apex pays Plane, Plane pays you.
That’s about it. You don’t need to set up a Plane account in advance, in fact you need to wait until you initiate a withdrawal so it’s all linked correctly to your Apex account.
What If I’m Not With Apex Trader Funding, and I’m WIth (Topstep/Take Profit Trader/Earn2Trade/TickTick Trader/Other)?
So all companies will have their own solution similar to Plane. I’m reluctant to name a bunch of them since I do fully expect this to change over time. For example, TickTick Trader uses one service, while Earn2Trade uses another, Take Profit Trader, yet another. In general, all of them will have some type of service.
You’ll have to go through a similar process as I listed for Apex Trader Funding & Plane with any of the other companies. KYC (Know Your Customer where you’ll have to upload identity documents, as well as opening an account at whichever money transfer service and linking your Canadian bank accounts.)
Option 2 – Open a US Dollar Account via your Canadian Bank
This is one I think most Canadians don’t realize is an option to get paid in US Dollars in Canada.
Pretty much all major banks offer a US Dollar account. Since people travel often and frequently between the US and Canada, there is a large demand for these accounts. I’m going to use Royal Bank of Canada (RBC) as an example because I’ve had an RBC USA account for well over a decade. When I googled it though, it seems pretty much all major banks offer a similar service.
Short version – you go into a branch, talk to a banker, and set up a US account. Fill in the forms, and shortly (not necessarily that day) thereafter you’ll have a US dollar RBC account which is linked to your main account. It will be it’s own account, and along with that you’ll have the proper US credentials needed to be paid in US dollars. For example you may have heard of ACH transfers (automated clearing house). An ACH number is the US equivalent of a Transit & Routing Number in Canada. The ACH number along with your Account number is all the trader prop firms need to pay your US account in US dollars. You can then move the money to your Canadian account easily through your online portal. Another option is just leave it in your US account.
I will mention as well one side benefit to having a US Dollar account is you can (at least with RBC) also get a debit card for that account. If you do travel to the US often, it works just as any US bank account, and you can use your US debit card in the United States (or online).
Royal Bank of Canada (RBC) Canadian & US Dollar accounts
Below is just a quick visual idea of what you’ll see. I’ve blanked out all my personal info and account numbers and balances.
First, the RBC view online when you log in to your Canadian accounts. You’ll notice (circled in Green) that when you have a US Account you’ll have the option to go to those accounts (they appear in their own dashboard).
When you click on GO to RBC US Banking, this is what you will see. This is your US RBC interface.
Next, if you drop down the “Move Money” option in the menu, you’ll see the first option is “Transfer Money Cross-Border”. You can also see you have lots of other options, but for this article I’m just focused on moving money from US dollars to Canada accounts.
When you click on “Transfer Money Cross Border” you’ll see a list of your US Accounts and Canadian Accounts. It’s as simple as select From your US account, To your Canadian account, the amount, whether the amount you want is Canadian or USD, and hit Continue.
If you are wondering about the USD or CAD for “Currency” – it’s just to make your life easy. Say you want to move $3,000 CAD, but the funds in your USD account are obviously in USD. You set it to $3,000, select CAD, and the bank will figure out the right amount of USD equals $3,000 CAD. Likewise if you set it to $3,000 USD, you’ll receive the CAD equivalent on the Canadian account side.
Your transfer happens immediately. Same as if you moved money between your Chequing and Savings accounts in Canada, just instead you are moving it US to Canada accounts, all within RBC.
Lastly, on your US RBC Dashboard you can also find your full account number and Routing Number. This is all you need to receive payments from Apex Trader Funding or ANY of the funded futures programs. They use the ACH (Automated Clearing House) way of sending funds, and they will arrive within 1-3 days from when they are sent.
Conclusion
Hopefully the above gives you an additional option to receive your US dollar denominated payments in Canada. I’ve had my RBC US account for over a decade with no problems at all. If you are looking for an easy solution to US and Canada banking linked together, I believe it’s worth the bit of effort up front to go to your Canadian bank and set up a US account.
As well I will mention, I just used RBC as an example. You may well be able to do it all online these days with RBC or other banks, keep in mind I opened my account over a decade ago.
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