Best GBP account in Canada limits and features compared
If you travel frequently to the UK, or run a business working with customers, suppliers or employees based in the UK, you might be wondering about getting a GBP account.
Unfortunately in Canada there aren’t huge numbers of options for personal GBP accounts which can handle British pounds from banks. You may fare better if you have a registered business, as most of the major Canadian banks offer corporate or treasury services covering foreign currency accounts.
However, for both personal and business customers, GBP accounts from Canadian banks can tend to be cumbersome, slow, and, most of all, expensive. Specialist online providers like Wise can be a good alternative.
In this article, we'll cover what you need to know about opening a GBP account, including a look at a flexible online GBP account, and a couple of options from banks for personal or business use. We’ll focus on convenience, the costs involved, and how to open one.
Let's get started.
💡 Key points: British pound account in Canada
⭐ Quick summary: British pound currency accounts | |
|---|---|
Hold and receive GBP alongside many other currencies and convert with mid-market rates - debit card available for spending | |
TD Bank | Hold a balance in GBP for sending payments overseas, ways to receive GBP offered |
Scotiabank | Business account which lets you receive, send and hold British pounds conveniently |
RBC | Business customers can manage GBP payments conveniently with digital and in branch services |
Can I open a GBP account in Canada?
There are not many GBP accounts from the major Canadian banks which are aimed at personal customers. Business and corporate accounts are more easily found, with most major banks offering some foreign or multi-currency account products for businesses.
However, that doesn’t mean you can’t open a flexible, low cost GBP account in Canada - you’ll just probably be better off looking at a specialist online service instead of a bank. We’ll walk through one option - Wise accounts for personal and business customers - alongside a couple of bank GBP products, later.
How does a GBP bank account work?
If you choose to open a GBP account in Canada - either for yourself or for your business - you’ll be able to hold a balance in British pounds, which can be helpful when you send and receive international payments.
Some accounts are optimised for paying bills or receiving your salary, while others - like the WIse account - are all round options which have linked debit cards for easy spending and withdrawals.
Here are some things you can do with many GBP accounts:
Hold a balance in GBP, for things like diversifying savings, or for future travel or to pay bills
Send payments in British pounds to banks in the UK without needing to convert currencies
Receive payments from the UK like a local using UK account information
Spend when you travel or online in British ecommerce stores with no foreign transaction fees
What are the advantages of a GBP account in Canada?
The main advantages of using a GBP account are the same for both personal and business customers.
If you need to work frequently in a foreign currency like British pounds, you could be worse off if you’re forced to switch to GBP instantly when you want to pay for something - or if you need to convert back to CAD every time you receive a transfer. In both cases, if the exchange rate at the time you need to transact is poor, you lose out.
Having a GBP account gives you the option to hold your GBP funds and switch when the time is right. You can buy GBP for future use and hold them in your account until you need them - or hold a payment there until the exchange rate picks up and switch it back to CAD only when it’s beneficial to you. In both cases, you’ll cut costs - and can make life far more convenient, too.
Best GBP accounts
The best GBP account for you will depend on how you’ll use the account, and whether you’re a personal or business customer. Here are a few options to consider:
Providers | 🇨🇦 Availability | 💰 Account fees | 💡 Limits to know | 🎯 Great features |
|---|---|---|---|---|
Personal and business use Debit card available | No fee to open a personal account; 55 CAD fee for business account No monthly fee | No limit on holding GBP Send up to 1.5 million CAD depending on payment type | Hold 40+ currencies, receive in 20+ currencies | |
TD Bank | Personal use | 1.5 GBP/monthly fee | No stated limits for holding Limits for digital transfers 6,500 CAD/day - higher limits in a branch | Send and receive payments in GBP for easy bill payment |
Scotiabank | Business use | 10.3 GBP/monthly fee | No stated limits for holding Limits for digital transfers 50,000 CAD/payment - higher limits in a branch | 2 wires free every month |
RBC | Business use | 25 CAD/monthly fee | No stated limits for holding or transfers | 1 free debit monthly |
*Details correct at time of research - 17th November 2025
Wise GBP Account
Both personal and business customers can open a Wise account in GBP, which can hold 40+ currencies. You’ll also get GBP account details so you can get paid by local transfer from the UK, or using SWIFT.
Wise currency exchange uses the mid-market exchange rate and low, transparent fees - whether you’re making a payment with your Wise debit card, sending an overseas transfer, or switching currencies within your account.
There are no monthly fees and no minimum balance requirements when you open a Wise account, making this a cheap and straightforward way to manage your money in pounds - and a broad range of other global currencies too.
Wise is great for: | Wise may not be for you if: |
|---|---|
✅ Holding GBP alongside many other countries ✅ Debit card for spending and withdrawal ✅ Mid-market exchange rate on conversions ✅ Send payments easily with just your phone or laptop | ❌ You need to deposit cash ❌ You want foreign currency services alongside access to an overdraft |
Wise GBP Account fees and limits
Features | Wise pricing and limits |
|---|---|
Wise GBP account fees | No fee to open or maintain a personal account One time opening fee for business customers of 55 CAD |
💱 Wise currency conversion | Mid-market rate with conversion from 0.48% |
⬇️ Receiving GBP payments | No fee to receive payments with local account details Low, fixed fee for incoming SWIFT payments, depending on the currency |
⬆️ Sending payments to the UK | Send online and in app with fees from 0.48%, and automatic fee discounts on large transfers |
🚀 Limits | Often no limit on the amount you can hold Transfer limits set by currency, usually around 1 million GBP |
⭐ Great features | Receive payments to your account with local or SWIFT details, send money to 140+ countries Large payments get discounts on fees, and come with access to a dedicated support team |
*Details correct at time of research - 17th November 2025
TD Bank GBP Account
TD Bank has personal foreign currency accounts which include a GBP account that allows you to hold a GBP balance, and send and receive wires in British pounds.
The account has a monthly fee of 1.5 GBP and does not come with a debit card, making it an option more for people paying bills in the UK or receiving regular transfers in pounds, rather than for travel spending.
To open a TD Bank GBP Account you’ll have to go to a branch in person and meet with a Personal Banking Associate. You can make an online appointment to make the process a little more convenient.
TD Bank is great for: | TD Bank may not be for you if: |
|---|---|
✅ Hold a balance in GBP ✅ Send and receive wires in GBP conveniently ✅ No fee to send a GBP Global Transfer online ✅ Manage your GBP in app and online | ❌ You send high value payments - for transfers over 6,500 CAD in value you need to visit a branch and pay a higher fee ❌ You need a debit card |
TD Bank GBP Account fees and limits
Features | TD Bank pricing and limits |
|---|---|
TD Bank GBP account fees | 1.5 GBP/monthly fee |
💱 TD Bank currency conversion | TD Bank uses its own rate which may include a markup |
⬇️ Receiving GBP payments | Receive wires to your account - fees of the equivalent of 17.5 CAD may apply |
⬆️ Sending payments to the UK | No fee to send up to 6,500 CAD/day online; 50 CAD fee for higher value transfers in a branch |
🚀 Limits | No stated limit on holding amounts, digital transfers capped at 6,500 CAD/day |
⭐ Great features | Send and receive payments in GBP for easy bill payment |
*Details correct at time of research - 17th November 2025
Scotiabank GBP Account
You can open a Scotiabank GBP Account for your company to hold GBP and manage your account via the ScotiaConnect online business banking platform.
This account may suit business and enterprise customers who want to hold and receive a GBP balance, and send payments in GBP, CAD or USD. Your first 2 wires monthly have no Scotiabank fee. However, there are incoming payment costs and in-branch transfers beyond the 2 free transactions come with costs of 0.2% with a minimum of 30 CAD, and a 15 CAD destination fee.
Digital transfers may be cheaper - fees are set out once you sign up for the ScotiaConnect service.
Scotiabank is great for: | Scotiabank may not be for you if: |
|---|---|
✅ Business solutions for holding GBP ✅ Payments in GBP and other major currencies ✅ Receive incoming GBP transfers ✅ Familar and reliable option | ❌ You want a personal account for GBP ❌ You would prefer a debit card for spending and withdrawals |
Scotiabank GBP Account fees and limits
Features | Scotiabank pricing and limits |
|---|---|
Scotiabank GBP account fees | 10.3 GBP/month fees |
💱 Scotiabank currency conversion | Currency conversion uses the Scotiabank rate which may include a fee |
⬇️ Receiving GBP payments | Receive incoming wires with a fee of 18 CAD per payment |
⬆️ Sending payments to the UK | Send transfers in branch from 0.2% with a minimum of 30 CAD, and a 15 CAD destination fee Digital transfers may be cheaper - fees available in app on signup |
🚀 Limits | No stated limits for holding Limits for digital transfers 50,000 CAD/payment - higher limits in a branch |
⭐ Great features | 2 free wire transfers monthly |
*Details correct at time of research - 17th November 2025
RBC GBP Account
RBC doesn’t advertise a GBP account for personal customers - but you can get a foreign currency account for your business which operates in GBP as well as a range of other major world currencies. No minimum balance is required for regular RBC business accounts.
RBC states that this account can help customers manage currency fluctuations by holding a range of currencies instead of being forced to switch back to CAD frequently. You’ll also be able to set up recurring payments and export reports to make it easier to reconcile your accounts and cut down on admin time.
RBC is great for: | RBC may not be for you if: |
|---|---|
✅ Business handling GBP payments ✅ In branch services ✅ 1 free debit monthly ✅ No stated limits on sending or holding GBP | ❌ You want an account with no monthly fees ❌ You would prefer to convert at the mid-market rate |
RBC GBP Account fees and limits
Features | RBC pricing and limits |
|---|---|
RBC GBP account fees | 25 CAD/month |
💱 RBC currency conversion | Conversion uses the RBC rate which may include a fee |
⬇️ Receiving GBP payments | Incoming wires cost 17 CAD |
⬆️ Sending payments to the UK | 10 CAD transaction fee from your account |
🚀 Limits | No stated limits for holding or transfers |
⭐ Great features | 1 free debit monthly |
*Details correct at time of research - 17th November 2025
How to open a GBP account in Canada
The process to open a GBP account will depend on whether you’re looking at a personal or business account, and whether the provider is a bank or an online alternative. Here are the application routes available for the providers we highlighted above:
Wise - apply online or in the Wise app
TD Bank - visit a branch to open an account with the help of an advisor
Scotiabank - visit a branch and speak to a specialist
RBC - visit a branch or call the business helpline to discuss your needs
If you’re applying to a bank or provider you don’t already hold an account with, you’ll need to complete a verification step. With online services, this is entirely done remotely by uploading documents. For banks, you’re likely to need to visit a branch and show your documents in person.
Whether you’re applying online or in a branch, you’ll usually need to provide two documents:
One document must include your name and address
One document must contain your name and date of birth
Documents usually accepted by banks include:
A passport
Government issued ID documents
Government issued tax or benefit statements
Canadian public utility bills
Bank account or credit card statements
How to use a GBP account in Canada
🎯 Get the best out of your GBP account | |
|---|---|
Receive GBP payments | Most accounts let you receive pounds with local or SWIFT details, feed may apply |
Send money internationally | Transfer out of your account using online and in branch services depending on the account you pick |
Hold and exchange GBP | Hold your balance and convert at a time that suits you - some providers like Wise have rate alert functions so you can convert when the rate is good more easily |
Spend GBP with a debit card | If your account offers a card - like the Wise card - you can spend in person and online in GBP with no fees to spend a balance you hold |
Make cash withdrawals when you travel | Debit cards can be used to get cash overseas, to cover your spending needs when you travel |
Conclusion: What is the best British pounds account in Canada?
In our globally connected world you may be surprised that personal customers in Canada aren’t better served when it comes to foreign currency and multi-currency accounts. However, it’s pretty tricky to open a personal account in a foreign currency (other than USD), and while businesses have a better choice, they’re still often hit by high fees and poor exchange rates.
The good news is that online providers can present a great alternative, with an intuitive onboarding and account management process you can handle from your phone.
Use this guide and our top GBP account picks as a starting point to see which fits your needs best.
⭐You can also check out our guide on How to open a UK bank account from Canada
British pounds account FAQs
Can I open a GBP account in Canada?
Yes. However, the major Canadian banks don’t offer many options for GBP accounts for personal customers. Check out online specialist providers as a strong alternative which can be cheaper and more flexible too.
How does it cost to open a GBP 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.