Best International Business Account 2024
Having a separate business account is essential to keep your personal and company finances apart - and may even be mandatory depending on the type of business entity you have. If you transact internationally - taking customer payments from overseas, or sending money to suppliers and contractors abroad for example - you might be interested in international business banking solutions to help you manage your business finances across currencies more easily.
This guide walks through your options for a couple of the best international business banks in Canada, and because the best global business banking for you may not come from a bank at all, we’ll also look at some non-bank alternatives like Wise and OFX.
Quick summary: Best bank accounts for international businesses
Wise Business Account: Hold and exchange 40+ currencies, with the mid-market exchange rate
OFX Global Currency Account: Hold and exchange 7 major currencies, and access currency risk management solutions 24/7
Airwallex Business Account: Get paid by local transfer from 13 countries - plus easy ways to take customer card payments globally
TD Bank Everyday Business Bank Account: 3 different account pricing plans depending on the number of transactions required
RBC Flex Choice Business Account: Flexible account which has preferred pricing and discounts on some RBC services
Best banks for international business
You can open a global business bank account with a local Canadian or global bank, or you can choose an international business account from a non-bank provider. This guide will explore both options, including a look at Wise, OFX and Airwallex as non-bank options, and 2 major Canadian banks - TD Bank and RBC. First, an overview of the international business account options from each:
| Account name | Account fees | Currencies covered | Key features |
|---|---|---|---|
| Wise Business Account | 42 CAD for full account access No ongoing fees | 40+ currencies for holding and exchange Receive payments with local details in 18 currencies | Mid-market exchange rates Multi-user access, batch payments, accounting integrations, powerful API |
| OFX Global Currency Account | No account opening fee | 7 currencies for holding and exchange Receive payments with local details in 7 major currencies | Currency risk management solutions also available |
| Airwallex Business Account | No account opening fee | 22 currencies for holding and exchange Receive payments with local details for 13 countries, Transact in 60+ currencies | Easy ways to accept card payments from customers No code options available Tailored packages offered |
TD Bank Everyday Business Bank Account | 19 CAD - 72 CAD monthly fee, depending on your transaction needs | CAD only - alternative products offer USD coverage | Business account from a major bank All plans offer free transactions monthly, and ways to waive fees by maintaining a balance |
| RBC Flex Choice Business Account | 6 CAD monthly fee | CAD only - alternative products offer USD coverage | Business account from a major bank Low monthly fee with pay as you go services |
*All features and fees correct at time of writing - 11th July 2024
As you can see, the features and fees associated with different international business accounts can vary a lot.
Business accounts from Canadian banks usually allow a balance in CAD only, but you can still receive and send international payments and spend overseas with a linked debit card in most cases.
Online specialist alternatives like Wise and OFX may be more flexible with multi-currency holding options, linked cards, instant overseas payments and some free ATM withdrawals, for example.
Read on for more on each of the providers and banks we’ve selected above, to see if any suit your needs.
Wise Business account
🏅 Great for: Freelancers and business owners looking for flexible ways to hold, send, spend and receive multiple currencies with mid-market rates and low, transparent fees
Wise Business accounts can be opened online or in the Wise app and support 40+ currencies for holding and exchange. There’s a one time fee of 42 CAD to get full account access, then no ongoing fees to worry about. Accounts offer ways to send money to 160+ countries, often instantly, with mid-market exchange rates and low fees from 0.33%, and local account details to get paid in 18 currencies conveniently by clients, PSPs and marketplaces.
Accounts offer: linked debit and expense cards for easy spending and withdrawals - plus batch payment solutions, multi-user access, cloud accounting integrations and a powerful API to streamline workflow and cut admin.
Eligibility: Available for freelancers and registered business owners in Canada - if you’re not based in Canada you may still be able to register a Wise Business account using your local documents wherever your business is based
Best features of Wise Business account
40+ supported currencies
Mid-market exchange rates and low fees
No ongoing costs or minimum balance requirements
| Advantages of Wise Business account | Disadvantages of Wise Business account |
|---|---|
✅ Powerful international features ✅ Mid-market exchange rates ✅ Transparent fees ✅ Time saving solutions like batch payments and cloud accounting integrations | ❌ No branch network ❌ Variable currency exchange costs |
Supported currencies: Hold and exchange 40+ currencies, get paid in 18 currencies internationally
Hold and exchange: 40+ currencies including currencies listed above, as well as 🇨🇳 Chinese yuan (CNY), 🇭🇰 Hong Kong dollar (HKD), 🇮🇩 Indonesian rupiah (IDR), 🇮🇳 Indian rupee (INR), 🇯🇵 Japanese yen (JPY), 🇲🇽 Mexican peso (MXN), 🇲🇾 Malaysian ringgit (MYR), 🇵🇭 Philippine peso (PHP), 🇹🇭 Thai baht (THB),🇻🇳 Vietnamese dong (VND). Click here for the full list.
Receive with local account details: 🇦🇺 Australian dollars (AUD), 🇨🇦 Canadian dollars (CAD), 🇪🇺 Euros (EUR), 🇬🇧 British pounds (GBP), 🇭🇺 Hungarian forint (HUF), 🇳🇿 New Zealand dollars (NZD), 🇷🇴 Romanian Lei (RON), 🇸🇬 Singapore dollars (SGD), 🇹🇷 Turkish lira (TRY), and 🇺🇸 US dollars (USD).
OFX Global Currency Account
🏅 Great for: Business owners and online sellers, transacting regularly in one of the 7 supported major currencies
OFX Global Currency Accounts let you hold and receive 7 major currencies. You can use local account details to get paid by clients, through online stores and PSPs like Stripe. OFX is a currency specialist so you can also send payments in a broad range of currencies, and access currency risk management products, such as forward exchange contracts. OFX is known for having excellent customer service, including a 24/7 phone support line.
Eligibility: Available for online sellers registered business owners in Canada - if you’re not based in Canada you may still be able to register a OFX Global Currency Account using your local documents wherever your business is based
Best features of OFX Global Currency Account
Hold, receive and exchange 7 currencies in your account
Send payments around the world with no OFX fee on payments over 10,000 CAD
Get currency risk management products from the same provider
| Advantages of OFX Global Currency Account | Disadvantages of OFX Global Currency Account |
|---|---|
✅No account opening or monthly fee ✅ Hold and receive 7 currencies ✅ 24/7 access to a broker by phone ✅ Large, global and trusted provider | ❌ Exchange rates may include a markup ❌ 15 CAD fee for payments of under 10,000 CAD |
Supported currencies: Hold and exchange 7 currencies
Hold and exchange: 🇦🇺 Australian dollar (AUD), 🇨🇦 Canadian dollar (CAD), 🇪🇺 Euro (EUR), 🇬🇧 British pound (GBP), 🇭🇰 Hong Kong dollar (HKD), 🇸🇬 Singapore dollar (SGD), 🇺🇸 US dollar (USD)
Receive with local bank details: 🇦🇺 Australian dollar (AUD), 🇨🇦 Canadian dollar (CAD), 🇪🇺 Euro (EUR), 🇬🇧 British pound (GBP), 🇭🇰 Hong Kong dollar (HKD), 🇸🇬 Singapore dollar (SGD), 🇺🇸 US dollar (USD)
Airwallex Business account
🏅 Great for: ECommerce businesses needing to accept customer card payments globally, and hold a balance in any of the 22 supported currencies
Airwallex has global accounts, which have features that suit ecommerce businesses and others taking customer card payments online, as well as invoicing. Local and domestic card payments are available, as well as 160+ other local payment methods. You can hold 22 currencies and send money globally - if you need currency conversion you’ll pay an FX fee of 0.5% or 1% depending on the currency you need.
Airwallex accounts offer a pay as you go service - but you can also get a tailor made package if your business has more complex needs or you’d benefit from bulk discounts.
Eligibility: Available for businesses in Canada - if you’re not based in Canada you may still be able to register an Airwallex account using your local documents wherever your business is based
Best features of Airwallex Business account
Hold 22 currencies
Get paid by local transfer and SWIFT from overseas
Take customer card payments conveniently online
Supported currencies: 22 supported currencies for holding and exchange, including 🇺🇸 USD, 🇬🇧 GBP, 🇪🇺 EUR, 🇦🇺 AUD, 🇨🇳 CNY, 🇭🇰 HKD, 🇨🇦 CAD.
Receive with local bank details: Receive local domestic payments from 13 countries, in a selection of currencies including 🇦🇺 Australian dollar (AUD), 🇨🇦 Canadian dollar (CAD), 🇩🇰 Danish krone (DKK), 🇪🇺 Euro (EUR), 🇭🇰 Hong Kong dollar (HKD), 🇮🇩 Indonesian rupiah (IDR), 🇯🇵 Japanese yen (JPY), 🇳🇿 New Zealand dollar (NZD), 🇵🇱 Polish złoty (PLN), 🇸🇬 Singapore dollar (SGD), 🇬🇧 British pound (GBP), 🇺🇸 US dollar (USD). Receive SWIFT payments from around 20 countries, in a selection of currencies.
| Advantages of Airwallex Business account | Disadvantages of Airwallex Business account |
|---|---|
✅ No ongoing account fees ✅ Hold multiple currencies ✅ Accept local and domestic card payments ✅ Send money overseas easily | ❌ No branch network ❌ Fees apply for most transaction types |
TD Bank Everyday Business Bank Account
🏅 Great for: Varied account plans which come with set free transaction amounts every month, and ways to waive monthly fees
TD Bank offers a selection of business accounts - we've selected the Everyday Business Bank Account here as it has several different account tiers which can suit businesses of different sizes. You’ll pay a monthly fee, but can waive this by holding a minimum balance in your account. All plans offer some free transactions every month.
Eligibility: Canadian registered business owners
Best features of TD Bank Everyday Business Bank Account
Branch network is available if you need in person help
Different account tiers depending on how frequently you transact
Full suite of banking services from the same place
Supported currencies: Accounts hold CAD only
| Advantages of TD Bank Everyday Business Bank Account | Disadvantages of TD Bank Everyday Business Bank Account |
|---|---|
✅ Branch network for face to face service ✅Monthly fees can be waived with a minimum balance ✅ Different plans based on transaction needs ✅ Full range of business products and accounts offered | ❌ Monthly fees apply ❌ Transaction fees can be quite high |
RBC Flex Choice Business Account
🏅 Great for: Low monthly fee account which allows you to pay-as-you-go for the transactions you need
RBC offers the Flex Choice Business Account for businesses which want an account they can use both in person and digitally. There’s a low monthly fee, and then you can get discounts on the normal transaction fees RBC would charge. Extra perks include discounts on fuel, and reward points when you transact. If you need an international bank account solely to hold USD you can also get cross border business banking services through RBC.
Eligibility: Canadian registered business owners
Best features of RBC Flex Choice Business Account
Relatively low monthly fees
Send and receive international payments
Transact with your phone and in branch depending on preference
Supported currencies: Accounts hold CAD only
| Advantages of RBC Flex Choice Business Account | Disadvantages of RBC Flex Choice Business Account |
|---|---|
✅ Business account from a major bank ✅ Manage your money digitally and in person ✅ Send and receive international payments ✅ Discounts on some RBC transactions | ❌Transaction fees apply ❌ 7 CAD monthly fee |
Benefits of international business accounts
Having an international business account can help you connect more easily with customers based abroad, and can also help you cut the costs of transacting in foreign currencies. Here are some of the benefits you might get from an overseas business bank account:
Cut down the fees for international payments to suppliers and contractors
Hold and exchange multiple currencies with good exchange rates and low fees
Let your customers pay in their preferred currencies, even from abroad
Get debit and expense cards for overseas spending and withdrawal
How to choose the best international business account in Canada
There’s no single best international business account in Canada, so picking the best for you will depend on the features you need.
Some business owners would prefer to stick with a bank which has a full suite of financial services like loans and overdrafts on offer, as well as a branch network to transact in person and deposit cash. However, international bank accounts for businesses do tend to have drawbacks, including transaction fees and no multi-currency holding facility.
Other businesses benefit more from the flexibility available from non-bank alternatives, which let you hold and receive dozens of currencies and manage your account with just a phone. Here are a couple of the features most business owners and freelancers need to consider when selecting the best international business account for their needs.
Multi-currency holding and exchange
If you’ll get paid by others in foreign currencies, and need to then pay taxes, suppliers or contractors abroad, it makes sense to have an account which lets you hold a balance in foreign currencies to cut the costs of unnecessary currency conversion. Here’s a reminder of a couple of our selected non-bank options:
Wise supports holding and exchange for 40+ currencies,
OFX has 25 supported currencies
Related: Best Euro business accounts in Canada and Best US Dollar business bank accounts in Canada
No ongoing fees
If you’re not sure how often you’ll use your account it’s a good idea to pick one with no monthly charges - ongoing fees eat into your profits, after all. Wise and OFX accounts have no monthly fees, and the business accounts profiled from TD Bank also offers options to waive the monthly fee on some business accounts, by holding a fixed minimum deposit in your account.
Easy ways to get paid from overseas
A final point for many business owners - looking for an account with ways to get paid in local currencies from customers, PSPs and marketplace sites can help you connect with new markets more easily. Let your customers pay in the currency they prefer, with accounts which offer local bank details in foreign currencies, such as Wise and Airwallex.
Fees for international business accounts
The costs of operating your international business account are very important when it comes to protecting your profits. Different account providers and banks take different approaches to fees so you’ll need to look carefully at the account terms and conditions before you sign up. Pay attention especially to the types of transactions you make frequently to see if fees apply.
Here’s an overview of some of the key costs of operating an international business account from the providers we featured earlier:
| Wise Business account | OFX Global Currency Account | Airwallex Business account | TD Bank Everyday Business Bank Account | RBC Flex Choice Business Account | |
|---|---|---|---|---|---|
| Open account fee | 42 CAD | None | None | None | None |
| Monthly fee | None | None | None | 19 CAD - 72 CAD | 7 CAD |
| Send international payment fee | From 0.33% | 15 CAD if sending under 10,000 CAD - waived above this | Free for some currencies 20 CAD - 35 CAD for SWIFT payments | 50 CAD | 15 CAD - 55 CAD depending on how you arrange our transfer |
| Receive international payment fee | Receive payments with local details for free USD wires: 6.11 USD incoming fee CAD SWIFT payments: 10 CAD fee | Receive payments in 7 currencies with local details for with no fee | Receive payments with local details for free Fees apply to receive card payments | 17.5 CAD | 17 CAD for payments above 50 CAD, waived for lower value transfers |
| Currency conversion and exchange rate | Mid-market rates, exchange from 0.33% | Exchange rates include a markup | Mid-market rates, exchange 0.5% - 1% | Exchange rates include a markup | Exchange rates include a markup |
*All features and fees correct at time of writing - 11th July 2024
How to open an international business account
The exact process to open an international business account will vary a lot depending on the provider or bank you select. Some offer online account opening, but with some banks you may need to call into a branch in person - check ahead to make sure you know what’s expected.
Here’s an outline of the usual steps to open an international business account:
Choose the bank and account that you’d prefer
Double check if you’re eligible to apply online - this is often an option, but not always
Gather the documents needed, usually including ID and proof of address, and business documents
Complete the application process online or in person at a branch
Get verified and add money to your account
You may be able to get your debit card instantly or you may need to have it delivered to your home later
All banks and financial service providers need to ask customers for documents and information for verification purposes when processing an account application. Exactly what information and documents you need will depend on your business entity type and structure.
The documents and information needed to open an international business account can include:
Business location, industry, social media and web presence
Business registration document or details
Documents showing who owns or controls the company
The names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business.
Conclusion: What is the best bank for international business banking?
There’s not one single solution when it comes to the best international business banks out there - in fact, if you’re a Canadian freelancer or business owner, you might find that the best international business account for you isn’t from a bank at all.
Canadian banks do offer global business banking services, but generally you’ll only be able to hold a balance in CAD, and you might find there are ongoing account charges. You’ll get the advantage of accessing a full suite of financial services from one provider - but there are drawbacks too, particularly when it comes to fees.
Use this guide to weigh up how best to open an overseas business bank account, including looking at international business banking solutions from non-bank alternatives like Wise and OFX. Both offer powerful international accounts you can use to hold foreign currency balances, linked debit and expense cards, ways to send and receive global payments and low fees.
International business banking FAQs
What is the best business account for international payments?
There’s no single best international business bank for overseas payments. Both RBC and TD Bank have variable transfer fees for business customers based on the transfer type - additional fees may be included in the exchange rate in the form of a markup. Fees also apply when you receive a payment from abroad. Compare bank solutions with non-bank alternatives like Wise and OFX which offer overseas payments with great exchange rates and low costs.
How long does it take to open an international business account?
If you want to open a business account with a bank you’ll likely need to make an appointment and visit the branch in person. Opening an international business account with a digital provider can usually take just a few minutes, if you have the right documents to hand. Make sure you have your ID and proof of address, as well as your business paperwork with you, and you can usually apply with just your phone.
Can I open an international business account online?
Yes. Digital services offer international business accounts you can open online or in an app. With banks you’ll usually find you need to visit a branch to get verified, or call a small business advisor, rather than completing your application entirely online. Check out Wise and OFX, depending on which account type you’d like.