Best Euro Accounts in Canada and Providers Compared
There aren’t as many options in Canada for EUR foreign currency accounts as you might expect. Most cross currency account services from banks focus on people dealing between CAD and USD, neglecting many other major currencies.
Plus, when you can find one, euro accounts from Canadian banks can be cumbersome, slow, and, most of all, expensive. Specialist online providers like Wise can be a good alternative with online account management, no monthly fees and mid-market exchange rates.
In this article, we'll cover what you need to know about opening a euro account, including the best euro account in Canada, the costs involved, and how to open one.
Quick summary: Euro currency account
| Provider | 💡 Great for |
|---|---|
| Wise | Personal and business accounts to receive, hold, send and spend Euro alongside many other currencies |
| HSBC | Selection of interest earning account options including fixed term and easy access products |
| RBC | Businesses looking to manage their money and payments in EUR |
| CIBC | High wealth individuals diversifying their assets in registered accounts |
| Scotiabank | Savers, with monthly fee waived with a balance of just 200 EUR |
Here are some frequently asked questions, and their answers:
| Questions | Answers |
|---|---|
| Can I open a Euro account in Canada? | Yes. Open a EUR account with a bank like HSBC or a specialist provider like Wise. |
| How much does it cost to open a Euro account? | You may pay a one off or monthly fee to open a EUR account, or you may need to hold a minimum deposit in your account. Costs vary a lot, so shopping around is essential. |
| Which Canadian banks offer EUR currency accounts? | Banks like HSBC, CIBC and RBC could offer you a EUR account in Canada, although features may be aimed at investors and savers rather than for day to day use. |
Best EUR accounts in Canada
There are various different reasons someone might want a euro account. Because of this, different account types have emerged, with distinct features and benefits. We’ve picked out a few to compare - we’ve got a flexible multi-currency account and card from Wise, a specialist provider, an HSBC account aimed at savers, and RBC’s business banking option for EUR.
On top of that, we’ve picked out euro accounts from CIBC and Scotiabank so you can weigh up all of your options. Let’s see how they measure up.
| Provider | Availability | Fees | Debit card | Other features |
|---|---|---|---|---|
| Wise | Personal and business customers |
| Yes |
|
| HSBC High Interest EUR account | Personal customers |
| No |
|
| RBC | Business customers |
| No |
|
| CIBC | Personal customers - high wealth individuals |
| No |
|
| Scotiabank | Personal customers |
| No |
|
*Information correct at the time of the writing - 22nd November 2024
Can I open a euro account in Canada?
Yes. However, Canadian customers - particularly personal customers - aren’t very well served for foreign currency accounts from banks. Business owners may have better luck as many major banks have some foreign currency service for enterprise level organisations and some smaller companies. However, for personal customers, looking for a EUR account from a specialist provider may be easier.
This guide walks through what you need to do, including an alternative option Wise which can suit both personal and business customers looking for low cost and flexible ways to manage their money across CAD and EUR.
Wise Euro Account
| 💡 Great for: Managing Euro alongside 40+ other currencies with the mid-market exchange rate |
Both personal and business customers can open a Wise multi-currency account online or in the Wise app. Accounts can hold, send, spend and receive EUR and 40+ other currencies. You’ll get local account details for 8+ different currencies including CAD and EUR, to get paid by local transfers conveniently, plus there’s an international debit card for spending and withdrawals.
Currency conversion uses the mid-market exchange rate with low, transparent fees from 0.33%, making this a flexible option for people who travel a lot, shop online with overseas retailers, and for business owners and entrepreneurs who pay and get paid internationally.
| Wise EUR account pros | Wise EUR account cons |
|---|---|
✅ Receive EUR payments for free ✅ Hold and exchange with the mid-market rate ✅ EUR supported alongside CAD, USD and 40+ other currencies ✅ Send money from 0.33% | ❌ Variable fees apply on currency exchange ❌ No branch network |
Wise fees: No fee to open a personal account, 42 CAD one-off fee to open a business account. No monthly fee for either personal or business accounts
Currencies covered: Hold and convert 40+ currencies, get local account details for 8+ currencies
Wise currency conversion: Mid-market exchange rate
Other notable features: Receive payments in 8+ currencies with local details, send money to 160+ countries, spend with your linked debit card in 150+ countries
EUR account details: Available - EUR account number and IBAN supplied
Account limits: In most cases there’s no limit to the amount you can have in your account
Interest rates: Not interest bearing
Read a full Wise Account review, or How to Wise Euro Account to learn more.
Which Canadian banks have euro accounts?
Some Canadian banks offer EUR account services, although the options may be aimed more towards business customers and people who need to save and invest, as opposed to people looking for an account for travel use. Some options include:
Scotiabank
- EUR savings products for personal customers
CIBC
- Registered accounts for high wealth individuals who want to diversify
HSBC
- selection of savings products including fixed term and easy access accounts
RBC
- EUR products for individuals who want to save, and businesses transacting internationally
Let's take a look at them in more detail:
HSBC High Interest EUR account
| 💡 Great for: HSBC expat customers who want to invest in fixed term or easy access EUR accounts |
HSBC has interest earning accounts in several major currencies including euros. With a EUR account you can earn interest with a 10,000 EUR minimum balance requirement. Unfortunately there’s no way to withdraw your funds as cash.
Transfers can only be made to other bank accounts, so if you need to withdraw to another account in your name which is not denominated in euros, there may be a fee to pay, including currency conversion costs. This account is aimed at people saving in euros, or sending payments to others in Europe regularly.
| HSBC Euro account pros | HSBC Euro account cons |
|---|---|
✅ Variable savings options including fixed term and easy access ✅ Earn higher yields with fixed term EUR products ✅ Available in 19 currencies for diversification ✅ Automatic reinvesting ✅ Manage your account in the HSBC app | ❌ 10,000 EUR minimum balance requirement ❌ Fees may apply for transactions and transfers ❌ No card service |
Fees: No monthly fee, currency conversion costs may apply
Currency conversion: Account supports EUR only
Other notable features: Interest earning, no debit card and no ATM service
EUR account details: Not specified
Account limits: In most cases there’s no limit to the amount you can have in your account
Interest rates: Variable rate, to 3.1% at time of research
RBC Euro Account
| 💡 Great for: Business customers looking to manage their money in EUR |
RBC has business accounts in several major currencies, including one in euros aimed at business customers trading in Europe. It’s intended to help business customers make payments in EUR, and also to hedge against fluctuations in currency exchange rates by holding a euro balance.
You’ll be able to buy euros when rates look good and hold them for future payments, without the risk that rates will deteriorate and you’ll be left with higher bills than expected for paying foreign suppliers.
RBC does also have some EUR services for personal customers, although the range of products is somewhat limited.
| RBC Euro account pros | RBC Euro account cons |
|---|---|
✅ No minimum balance ✅ Reduce currency exchange risk ✅ Favourable exchange rates ✅ Recurrent payment options ✅ Manage your money online and in app | ❌ 25 CAD/month fee ❌ Transaction fees may apply ❌ No debit card |
Fees: 25 CAD/month
Currency conversion: Account supports EUR only
Other notable features: Business customers only - some other accounts are available to support personal customers
EUR account details: Not specified
Account limits: In most cases there’s no limit to the amount you can have in your account
Interest rates: Not interest bearing
Learn more: RBC Euro Savings Account
CIBC Euro Account
| 💡 Great for: High wealth individuals looking to save and invest in registered accounts |
CIBC offers EUR accounts across Registered Retirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF) and Tax-Free Savings Accounts (TFSA).
These services are managed through the CIBC high wealth organisation - CIBC Wood Gundy. You can process contributions and withdrawals from your account in euros, and also receive dividends, interest and other distributions in foreign currencies.
To learn more about this account service you’ll need to get in touch with a representative from CIBC Wood Gundy.
| CIBC Euro account pros | CIBC Euro account cons |
|---|---|
✅ Several ways to hold euros in a registered account ✅ Personal service through CIBC Wood Gundy ✅ Diversify your investments across different currencies ✅ Receive dividends, interest and other distributions in EUR | ❌ Not for day to day use ❌ Minimum investment amounts may apply ❌ Fees are likely to apply |
Fees: Not specified
Currency conversion: Account supports EUR only
Other notable features: Registered Retirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF) and Tax-Free Savings Accounts (TFSA)
EUR account details: Not specified
Account limits: Not specified
Interest rates: Not specified
Learn more: CIBC foreign currency accounts
Scotiabank eSavings Euro Account
| 💡 Great for: Saving in euros - accounts have no monthly fee with a low minimum balance of 200 EUR |
Scotiabank has a EUR savings account which has no monthly fee if you hold just 200 EUR as a daily closing balance. There’s a variable interest rate, which is set to 0.0% at the time of writing - but which may ultimately mean you can earn on your EUR balance.
This account does not offer a linked debit card, but you can transact in a branch by getting teller assistance. 2 transactions a month are free.
| Scotiabank Euro account pros | Scotiabank Euro account cons |
|---|---|
✅ Variable interest ✅ Monthly fee waived with minimum balance of 200 EUR ✅ 2 teller assisted transactions a month for free ✅ Competitive exchange rates | ❌ 0% interest at time of writing ❌ 1 EUR/month fee if you don’t maintain a balance ❌ No card service |
Fees: 1 EUR/month, plus some teller transaction fees depending on how you use your account
Currency conversion: Account supports EUR only
Other notable features: Monthly fee waived with minimum balance of 200 EUR
EUR account details: Not specified
Account limits: Not specified
Interest rates: Variable - 0% at time of research
How to open a euro account in Canada
The process to open a euro account in Canada depends entirely on the provider you pick, and whether you’re choosing a personal or business account. If you use a specialist specialist service like Wise you’ll be able to get your account entirely set up online.
Banks may require you to visit a branch to show your paperwork and get verified - especially for business accounts.
In any case, the outline steps to open a euro account in Canada are pretty similar:
Choose the best provider for your needs
Register for your account online, through the provider app, or in a branch
Give your personal and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
Requirements to open a euro bank account in Canada
To open your EUR account you’ll need to provide some paperwork to the bank, and in some cases you must also provide a minimum opening deposit amount. Some banks will ask you to attend an appointment in person, while specialist digital services can offer an online and in app registration journey.
All financial service providers need to ask for some paperwork for verification - for personal accounts that’s usually:
Government-issued ID, such as a passport, driver's licence or Canadian Permanent Resident card
Proof of your address, such as a recent bank statement or utility bill
If you’re opening an account for a business you’ll need all of the above for any owners and directors, plus:
Details of your business, the work you do and who is involved
A business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business Licence
How to open a Euro bank account online
If you’ve already got a CAD account with a particular bank, you’ll often be able to add on a EUR account online without needing to visit a branch. However, in some cases, the only way to get your account setup will be to head into a branch with your paperwork in person.
Specialist services like Wise offer a fully digital application, verification and onboarding experience which you can manage with just your phone or laptop. Here’s how to set up a Wise account as an example:
Download the Wise app or head to the desktop site and tap Sign up
Follow the prompts to enter your personal and contact details
Confirm if you need a business or personal account
Upload an image of your ID and address documents for verification
Once your account is verified you can tap on the + symbol to add a EUR currency balance and access your EUR account information
With your Wise account you can choose to order a debit card for easy spending and withdrawals, and you can also use your account to hold and send payments. You can hold 40+ currencies in the same account which gives you great flexibility and you can convert from one currency to another in the app in just a few taps, with the mid-market exchange rate.
What are the advantages of a euro account in Canada?
The features and target customers of different EUR accounts can vary enormously:
Euro accounts are popular with anyone who needs to send or receive payments in euros regularly, as they can cut down on the need to convert currencies and pay the associated fees.
Some people want a EUR account to save, or to diversify an investment portfolio. Finally, frequent travellers may prefer a EUR account which comes with a debit card that can be used when travelling in the Eurozone.
Businesses which pay and get paid in euros can also benefit from a EUR account, as it’s then possible to hold a EUR balance as a hedge against exchange rate fluctuations, or for future payments.
EUR accounts also allow businesses to reach more customers, and get paid in EUR by clients, marketplaces and PSPs like Stripe.
How to use a Euro account
Let’s look at some of the most common ways to use a EUR account:
Receive EUR payments: Get an account which has local EUR details, including an account number and IBAN, which you can use to receive payments in EUR from others. Or, as a business use your details to get payments from customers or through PSPs and marketplaces
- Send money internationally: Send personal or business transfers in EUR and other currencies, with low fees and a fast delivery time. Handy for making one off and recurring payments to anyone in Europe
- Hold EUR & USD in one place: Manage your money in different currencies side by side, to conveniently check transactions and spend in whichever country you choose
- Exchange between EUR & USD: Switch funds between dollars and pounds in your account. Look out for a good exchange rate and switch when you need to, before holding your balance in whichever currency you prefer
- Spend in Europe & Canada: Get an account which offers a linked debit card to spend and withdraw when you travel. It’s usually free to spend a currency you hold in your account, so once you’ve got a EUR balance you can use your card in Europe with no foreign transaction fee
How does a EUR bank account work?
With a EUR account, you’ll be able to:
Hold and exchange euros and other currencies
You may get local EUR account details to receive payments
Send payments in EUR and other currencies to other bank accounts
Spend EUR with a linked debit card
Exchange currencies in your account, to withdraw a balance to CAD for example
Euro account details
If you need to get paid by others in euros, you’ll want to find a EUR account which has its own local euro bank details for receiving local payments. To do this, you’ll need EUR account information including an IBAN and bank name, but once you have these details you can receive a payment in euros just like a local.
| EUR account details |
|---|
|
How to transfer money to your EUR account in Canada
If you’re going to be using your EUR account for payments to Europe you’ll need to add some money to it. Some banks and specialist providers give you local EUR account details which you can use to send money to your account yourself, or to give to others who need to send you money. Consider using a provider like Wise if this is an important feature as you’ll get EUR account information which you can use to receive convenient local payments in EUR.
Once you have funds in your account you can send payments through the bank or provider you hold the account with, or through another third party service.
Let’s look at how to send money with Wise as an example. To send a transfer with Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.
Once your account is up and running make payments online and in the Wise app:
Log into your account
Type in how much you want to transfer, or how much you need the recipient to get
Enter the recipient’s details - bank account number or email
Check over the details
Fund your payment using a card or bank transfer
Confirm and your money will be on the move
How to transfer large amounts from your EUR account
If you’re using your account for high value payments you’ll want to know about the limits which apply to it to ensure you can transact freely. In many cases, limits are variable depending on how you use your account and the type of transaction you’re trying to make.
If you have a big payment coming up you’ll need to check the limits which may apply to your account directly with your banks. It’s common to find that you need supporting documents when making a large transfer too - so ask your bank what they’ll need to process the payment securely.
If you’ll be sending a high value payment you might want to check out Wise as an option, Wise has very high transfer limits and low fees.
Euro account with debit card
If what you want is a euro account which comes with a debit card to give you easy access to your money when you travel, and to allow you to shop online in euros seamlessly, you may struggle to find a good match from a bank. Specialists like Wise can help, and allow customers to hold a balance in multiple currencies and spend and make withdrawals all over the world.
Of course, you could always pick an alternative for your trip, such as a travel money card from a service like Canada Post or Wise.
Travel cards can be handy, but they don’t usually have broad functionality to receive payments from others, or to send money internationally. Wise lets you do all this and more, with a selection of 40+ supported currencies. Plus, with a provider like Wise there’s no account dormant fee, which typically kicks in with travel cards when they’ve not been used for 6 or 12 months.
If you’re looking for a euro account for travel use, which comes with a linked debit card, take some time to look at your options including specialist services, to see which works best.
EUR business account in Canada
The banks we have featured in this account offer foreign currency business services, but these may be aimed more at corporate clients looking for treasury management. Smaller businesses may prefer to have a more flexible account for EUR which you could use in the following ways:
Hold and exchange EUR and other foreign currencies
Send low cost payments in EUR to contractors and suppliers
Receive payments in EUR from customers
Get a debit or expense card for team spending.
Alternative providers can often offer a comprehensive EUR account which has lots of great perks for businesses - you might consider these specialist services:
Wise business account: There’s a one time fee to open an account, and no ongoing charges. Hold 40+ currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments
Airwallex business account: Hold and exchange 20+ currencies, send payments, and get physical and virtual cards for spending. No monthly fee to pay
Conclusion: Euro accounts in Canada
Euro accounts can be helpful for both personal and business customers. However, Canadian banks don’t actually offer a great selection of products for people looking to manage their money flexibly across borders. Instead, accounts tend to be aimed at savers and businesses, rather than people who travel and need access to their money day to day.
This is where specialist services like Wise have emerged to fill the gaps.
Use this guide to compare a few options based on your specific preferences and requirements, including looking at Wise for a flexible account and card you can use to hold 40+ currencies, spend in 150+ countries and get paid with local details for 8+ currencies.
Euro account in Canada FAQs
Can a euro account be opened in Canada?
Yes. However, you may be surprised to learn that Canadian banks don’t offer many options for euro accounts for personal customers. Check out online providers like Wise, as an alternative which can be cheaper and more flexible too.
Learn more: Best multi currency accounts in Canada
How does it cost to open a euro account?
Accounts are often free to open but may come with annual or monthly fees, plus transaction fees. For a more flexible option, look at online services which often have no minimum balance and lower transaction fees.