Best Euro business account in Canada 2024
Opening a Euro business account can have significant advantages for your business, including letting you receive euro payments, pay invoices to suppliers and contractors in the Eurozone, hold, and spend EUR, as well as giving you the option of converting them to another currency.
However, opening a euro business account in Canada can be tricky and expensive if you choose to use a bank. Specialist non-bank providers like Wise and Airwallex can be good alternatives.
In this article, we'll cover what you need to know about opening a EUR business account, including the best euro business account in Canada, the costs involved, and how to open one.
Can a Euro business account be opened in Canada?
Yes. EUR business accounts can be opened in Canada from some banks and from a large selection of non-bank online providers, including Wise and Airwallex.
Both Wise and Airwallex offer a digital account opening, verification and onboarding process which you can do with just your phone and some key documents. Banks, on the other hand, may need you to visit or call to discuss your specific needs before you can open an account.
EUR business account features and fees can vary widely - but we've rounded up a few popular options for Canada below so you can see if any might suit you.
Advantages of a Euro business bank account in Canada
Some accounts let you hold EUR as well as CAD and a large selection of other currencies
Receive payments from customers who want to pay in Euros, making international growth easier
Connect to PSPs like Stripe or marketplaces like Amazon, to withdraw EUR deposits
Hold a balance in EUR to make payments to contractors and suppliers, or to cover overseas tax
Some accounts offer a debit card you can use to spend and make cash withdrawals in Canada and abroad
Best Euro business accounts
There’s no single best Euro business account - which means you’ll need to compare a few to find out which would suit you best. We’ve summarised some key features for several options, with a bit more detail below, to help you start your research.
| Provider | Opening and ongoing fees | Currency conversion and transaction fees | Best features |
|---|---|---|---|
| Wise | 42 CAD opening fee No monthly fees | Currency exchange from 0.33% Some free ATM withdrawals monthly before fees | Manage 40+ currencies, with local account details to receive payments Debit and expense cards |
| OFX | No fee to open or operate account | Exchange rate markups will apply when converting currencies 15 CAD fee for transfers under 10,000 CAD | Accounts available in 7 currencies Get currency risk management solutions |
| Airwallex | No account opening or ongoing fees | 0.5% to 1% currency conversion fee, depending on the currencies involved 20 CAD - 35 CAD SWIFT transfer fee | Multi-currency account features Ways to take customer card payments |
| RBC | 25 CAD/monthly fee | Exchange rates may contain a markup 10 CAD transfer fee - 17 CAD incoming transfer fee | No minimum balance Make recurring and one off payments |
| NBC | 35 CAD/monthly fee | Exchange rates may contain a markup 10 CAD - 60 CAD online transfer fee + 20 CAD transmission fee | Open accounts in any of 15 currencies Online banking services available |
Wise Business account
Wise Business accounts support Euros as well as 40+ additional currencies. With your digital Wise account you can get local account details for various foreign currencies including EUR, so you can receive payments conveniently from customers, PSPs and marketplace sites. All currency conversion uses the mid-market exchange rate with low, transparent fees. Accounts also offer debit and expense cards for you and your team, perks like batch payments and cloud accounting integrations, and access to a powerful API to streamline workflow.
There’s a one time account opening fee, no monthly charges and low, transparent transaction fees to pay.
Key Features:
Local account details for select foreign currencies
Debit and expense cards
Batch payments, cloud accounting integration and API access
Currency coverage: Multi-currency account to manage 40+ currencies including EUR, USD, GBP, AUD, CAD and more
Receiving payments: Receive payments with local account details in EUR and other major currencies, with further options to receive SWIFT transfers
Account fees: One time 42 CAD business account opening fee, currency conversion from 0.33%, 6.11 USD incoming USD wire fee, 10 CAD incoming CAD SWIFT fee
Debit card: Available to account owner and eligible team members
| Wise Business pros | Wise Business cons |
|---|---|
✅ 40+ supported currencies for holding and exchange ✅ Receive EUR through local transfers with no fee ✅ Get a debit card for spending and withdrawals ✅ No monthly fee | ❌ One time account opening fee of 42 CAD ❌ Some transaction fees apply |
Eligibility: Available for business owners in Canada and many other countries globally, with valid ID and proof of address. Apply online or in-app for a fully digital onboarding
Learn more: Wise Business Account Review
OFX Global Currency Account
OFX is a currency specialist which offers multi-currency accounts aimed at online sellers. Account holders don’t get debit cards, but can get paid in Euros, send transfers and withdraw their money. This means you can use your OFX account to receive payments from marketplace platforms, PSPs and from your own website if you’re an online seller. OFX also offers broader currency services, including currency risk management products like forward exchange contracts, used to cut down the risk involved with fluctuations in the forex markets.
OFX accounts have no opening fee and no monthly fee, but transfer fees apply on smaller payments, and currency exchange includes a markup.
Key Features:
7 supported currencies, with no ongoing or account management fee
Great reputation for customer service
Access currency risk management solutions and payments
Currency coverage: Multi-currency account to manage 7 currencies including EUR, USD, GBP, AUD, and CAD
Receiving payments: Receive payments with local account details in 7 currencies
Account fees: No opening fee and no monthly fee, 15 CAD fee for transfers under 10,000 CAD, currency exchange includes a markup
Debit card: Not available
| OFX pros | OFX cons |
|---|---|
✅ No account opening or monthly fee ✅ Get paid online through PSPs and marketplaces ✅ Manage your account in the OFX app for ease ✅ No international transfer fee for higher value payments | ❌ Exchange rates include a markup ❌ No debit card option |
Eligibility: Available for business owners in Canada and many other countries globally, with valid ID and proof of address. Start your application online or in the OFX app and wait for a call back from the OFX team to discuss your requirements
Learn more: OFX Business Account Review
Airwallex Account
Airwallex Euro accounts are a good option particularly if you need to take customer card payments and want to receive money in EUR to hold or exchange back to dollars later. Accounts come with linked debit cards for easy spending, which can be issued to the account owner or to team members. Virtual and physical cards are available, but it’s useful to know that you can’t make ATM withdrawals.
There are no ongoing account costs but a few fees may apply, including currency conversion costs of 0.5% - 1% and some SWIFT transfer fees.
Key Features:
23 currencies supported to receive, hold and exchange
No opening or ongoing fees
Take customer card payments if you’re an online seller
Currency coverage: Multi-currency account which supports receiving in 23 currencies including CAD, EUR, GBP and more
Receiving payments: Receive payments with local details in select currencies, as well as options to take SWIFT payments
Account fees: No ongoing fees, 0.5% to 1% currency conversion fee, depending on the currencies involved, 20 CAD - 35 CAD SWIFT transfer fee
Debit card: Available
| Airwallex Business pros | Airwallex Business cons |
|---|---|
✅ No monthly fees ✅ 23 supported currencies for holding and exchange ✅ Take customer card payments conveniently ✅ Get payment links and plugins | ❌ Exchange rate fees of up to 1% apply ❌ ATM withdrawals are not offered |
Eligibility: Available to Canadian business owners, and also in a broad selection of other countries and regions. Apply online or in app, with digital verification offered
RBC Online Foreign Currency Account
RBC offers online foreign currency account products in select currencies including Euros. You may need to visit a branch to get your account set up, but once it is up and running you can manage your money online in EUR. You can hold a balance in Euros and exchange with preferential exchange rates whenever you need to. It’s also possible to send and receive payments in EUR.
There’s no minimum balance, but there is a monthly fee of 25 CAD - as well as some transaction fees to pay.
Key Features:
No minimum balance
Online account for digital use primarily
Preferential exchange rates
Currency coverage: Broad selection of currencies including EUR
Receiving payments: Receive payments in select currencies
Account fees: 25 CAD/month, transaction fees including 10 CAD transfer fee and 17 CAD incoming transfer fee
Debit card: Not available
| RBC pros | RBC cons |
|---|---|
✅ Broad range of supported currencies ✅ Receive and send payments in select currencies ✅ Manage your money with online banking ✅ Reduce FX risks | ❌ 25 CAD monthly fee ❌ No debit card option |
Eligibility: To apply you will need to call the bank or visit a branch - there you can check eligibility and talk through your options.
NBC Foreign Currency Account
NBC offers business owners ways to open foreign currency accounts in EUR as well as 13 other currencies. You can also access other currency risk management services like forward exchange contracts, to minimise the risk of FX fluctuations. You can’t deposit or withdraw cash with this account, so it’s intended for businesses taking and making payments digitally only.
Monthly fees of 35 CAD apply, and there are pretty steep international transfer fees including an online fee of 10 CAD to 60 CAD depending on the payment value, and a transmission cost.
Key Features:
No minimum balance requirement
Forward exchange contract solutions available
Online banking options
Currency coverage: Broad selection of currencies including EUR
Receiving payments: Receive payments in select currencies
Account fees: Monthly fees of 35 CAD; international transfers have an online fee of 10 CAD to 60 CAD + 20 CAD transmission fee
Debit card: Not available
| NBC pros | NBC cons |
|---|---|
✅ Send and receive payments conveniently on and offline ✅ Get currency risk management support ✅ Full suite of business banking solutions offered ✅ Secure online banking | ❌ 35 CAD monthly fee ❌ High international transfer fees |
Eligibility: To apply you will need to call the bank or visit a branch - there you can check eligibility and talk through your options.
Euro business account fees
Choosing a Euro business account with low fees is essential to keep down your overall operating costs. This table summarises some key costs for the providers we've mentioned above.
| Provider | Account opening fees | Monthly fees | Transfer fees | Currency conversion fees |
|---|---|---|---|---|
| Wise | 42 CAD opening fee | No monthly fees | Outgoing transfers from 0.33% No fee to receive EUR with local account details Incoming USD wires: 6.11 USD Incoming CAD SWIFT payments: 10 CAD | From 0.33% |
| OFX | No fee | No monthly fees | 15 CAD fee for outgoing transfers under 10,000 CAD No incoming transfer fee | Exchange rate markups will apply |
| Airwallex | No fee | No fee | No incoming payment fee for loca transfers 20 CAD - 35 CAD SWIFT transfer fee | 0.5% to 1% currency conversion fee, depending on the currencies involved |
| RBC | None | 25 CAD | 10 CAD transfer fee 17 CAD incoming transfer fee | Not specified - currency conversion is likely to include a markup |
| NBC | None | 35 CAD | 10 CAD - 60 CAD transfer fee depending on value + 20 CAD transmission fee Incoming transfers 5 CAD - 25 CAD | Not specified - currency conversion is likely to include a markup |
As you can see, the fee structures can change a lot depending on the bank or non bank alternative provider you decide to open an account with. Here’s a quick summary of the options outlined above:
Wise: One time account opening fee, then low transfer and conversion costs from 0.33% - some incoming payments have fees, but many are free
OFX: No account opening or monthly fees, transfer fees of 15 CAD for payments under 10,000 CAD, exchange rate markups, which are a fee added to the conversion rate also applied
Airwallex: No account opening or maintenance fees, but charges apply including conversion fees of up to 1% and some transfer fees
RBC: 25 CAD monthly fee, transfers from 10 CAD, incoming payments 17 CAD
NBC: 35 CAD monthly fee, transfers from 30 - 80 CAD, incoming payments up to 25 CAD
How to open a Euro business account in Canada
Different banks and non-bank providers have their own processes to open a euro business account.
Digital first providers like Wise and Airwallex will allow you to open your account online or in an app while banks can often ask you to call them to talk through your options - particularly if you're a new customer.
That said, the steps you’ll usually need to take to open a euro business account in Canada are broadly similar, whichever service you decide on. They can include:
Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account in a branch, online, or through the provider app
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
All banks and non-bank alternative providers will need to get some documents and information from you to be able to legally open your account. Exactly what is needed depends on the bank or provider you pick and also your business entity type - but you’ll pretty much always be asked for:
Government issued photo ID to prove your identity
Photo ID for any other ‘beneficial owner’ - anyone who directly or indirectly controls 25% of more of your business
Proof of address - a utility bill or bank statement in your name for example
Business registration documents which can vary based on your entity type
How to open a Euro business account online
If you’re using a provider which offers digital onboarding you’ll be able to complete the application and verification process without needing to visit a branch.
The steps are similar to opening an account in a physical location, but you can manage them from your phone or laptop:
Download your preferred provider’s app or visit their desktop site
Select the Open account option
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
The verification process will require documents to be provided - as in the list above. However, in this case you can simply upload clear images of your personal ID, address proof, and business documents. That means you can get started with nothing more than your phone.
Conclusion: Business euro accounts
Opening a EUR business account can be very helpful if you have customers, suppliers or contractors in the Eurozone. You’ll be able to send and receive Euro payments more easily, and can also help to cut out unnecessary - and costly - currency exchange by holding a balance in EUR for future use.
Use this guide to consider your options - from a non-bank provider like Wise or Airwallex, a currency specialist like OFX, or a local bank like RBC.
Euro business bank account in Canada FAQs
Can a Canadian open a Euro business account?
Yes. If you have a registered business, you should be able to open a Euro business account as a non-resident and Canadian citizen. Different providers have their own eligibility rules - but many global services like Wise and Airwallex are available to people living in many countries and regions. Apply using your Canadian ID documents and proof of address, and open a Euro balance for international use. Related: Best international business bank accounts
Can I open a Euro business account in Canada?
Yes. Open a Euro business account from a bank, or a specialist non-bank online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply. Generally, non-bank providers offer more flexible accounts and a digital onboarding which can be handy for business owners.
How much does it cost to open a Euro business account?
Some Euro business accounts can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees or a one off fee for opening, followed by transaction charges. Compare a few to find the right one for you.