Best Japanese yen account in Canada: 2025 Guide
If you travel to Japan a lot, or need to send payments there for yourself or your business, you may benefit from a Japanese yen (JPY) account. Different banks and providers in Canada offer JPY accounts which can suit different customer needs - including personal accounts for day to day use or for saving and investing, and business account products for small business owners through to corporations.
This guide looks at the best Japanese yen accounts in Canada including options from digital providers like Wise and Airwallex, alongside popular banks.
Quick summary: Japanese yen currency account
- Wise Japanese yen account: Personal and business accounts to hold and exchange 40+ currencies, including JPY, with linked cards and easy transfer solutions.
- HSBC Japanese yen account: Fixed term savings accounts, from 1 month to 3 years, supporting JPY for savers looking to diversify
- CIBC Japanese yen account: JPY solutions for high wealth individuals diversifying their assets in registered accounts
- Scotiabank Japanese yen account: Hold, exchange and send JPY payments for your business
- Airwallex Japanese yen account: Business account solutions supporting JPY to receive, hold and send
Can I open a Japanese yen account in Canada?
Yes. You can open a JPY account from a bank, or choose a specialist provider instead.
JPY accounts from banks may be aimed more for savers and investors, compared to accounts for everyday use. This means that they don't normally come with a debit card to make it easy to spend and withdraw your funds, and the fees can be on the high side. When you convert funds to and from JPY you'll get the bank's exchange rate, which is likely to include a markup – an extra fee.
Alternative digital providers often offer multi-currency accounts which have more flexibility, a broader range of features, and lower fees. You won't usually get credit, overdrafts or loans from these services – but for holding, sending and spending around the world, they can be a great choice.
This guide will walk through some of the best JPY accounts in Canada, looking at options for individuals, business owners, freelancers and online sellers.
Best Japanese yen accounts in Canada
Ultimately, the best Japanese yen account for you will depend on your specific needs and whether you're looking for a product for personal or business use, for day to day payments, or for saving. In this guide we'll provide an overview of a few of the most popular Japanese yen accounts in Canada for different customer needs - here's an overview to kick us off:
| Provider | Availability | Fees | Debit card | Other features |
|---|---|---|---|---|
| Wise | Personal and business customers | Personal accounts are free to open, with no monthly charges One time 42 CAD payment for business account - no ongoing fees Currency conversion from 0.48 | Yes | Multi-currency account to manage 40+ currencies Local account details for 8+ currencies Send payments to 140+ countries |
| HSBC | Personal customers | Fixed term saving accounts - fees apply if you try to withdraw early | No | Fixed term saving products, not for day to day use |
| CIBC | Personal customers - high wealth individuals | Contact a CIBC Wood Gundy Investment Advisor to learn about fees and product options | No | RegisteredRetirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF) and Tax-Free Savings Accounts (TFSA) - Intended for diversifying investments |
| Scotiabank | Business customers | Speak to a Scotiabank commercial banking specialist to learn about fees and product options | No | For corporate and enterprise level customers, accounts supported in JPY, JPY and EUR |
| Airwallex | Business customers | No fee to open or manage your account; 0.5% - 1% currency conversion fee | Yes | 20+ supported currencies, software integrations for business services |
*Details correct at time of research - 5th February 2025
Wise Account
| 💡 Great for: Managing JPY alongside 40+ other currencies with the mid-market exchange rate |
Both personal and business customers can open a Wise Account online or in the Wise app. Accounts can be used to hold, send, and spend JPY and 40+ other currencies.
Send payments to Japan conveniently, and to 140+ other countries.
Currency conversion uses the mid-market exchange rate with low, transparent fees from 0.48, 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.
Mid market exchange rates - with low fees, when you convert in your account or to make a payment
Multi-currency features - supporting a very broad range of global currencies in one account
Personal and business customers welcome
| Wise pros | Wise cons |
|---|---|
✅ JPY supported alongside CAD, USD and 40+ other currencies ✅ Exchange with the mid-market rate ✅ Send money from 0.48 ✅ Linked debit cards available for spending and withdrawals internationally including Japan | ❌ Variable fees apply on currency exchange ❌ No branch network |
Wise Account features
| Features | Wise pricing |
|---|---|
| Account fees | No account opening fee for personal customers, 42 CAD for business customers No ongoing fees or minimum balance |
| Currency conversion | Mid-market rate and fees from 0.48 |
| Sending international transfers | Send from 0.48 |
| Receiving international transfers | Free with local account details in: 🇦🇺 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), 🇺🇸 US dollars (USD) 6.11 USD for USD wires 6.16 CAD for CAD SWIFT payments |
| Limits | Often no limit to the amount you can receive - where limits apply they are set very high to allow you to transact freely |
*Information correct at the time of writing on 5th February 2025
HSBC Fixed Term JPY Savings Account
| 💡 Great for: Interest earning accounts for savers who can leave their funds in JPY untouched for up to 3 years |
HSBC expat services offer JPY fixed term savings account products as long as you also hold a standard expat account in a currency of your choice - like CAD. There are different tiers of HSBC customer, including some which require a very high minimum deposit but which then get better interest rates and some preferential services. You'll need to discuss your specific situation with HSBC expat services directly to understand which account types you may qualify for.
Interest earning - choose to deposit from 1 month to 3 years depending on your needs
JPY and other currencies available - accounts can be opened in a choice of 19 different currencies including JPY
Large global bank which offers comprehensive expat services
| HSBC Fixed Term JPY Savings pros | HSBC Fixed Term JPY Savings cons |
|---|---|
✅ Available for customers who hold an HSBC expat CAD account ✅ Accounts can be opened in a choice of 19 different currencies including JPY ✅ Terms from 1 month to 3 years available ✅ Interest earning | ❌ Fees apply if you need to withdraw before the end of the product's term ❌ Exchange rates are likely to include a markup |
HSBC Fixed Term JPY Savings Account features
| Features | HSBC Fixed Term JPY Savings features & pricing |
|---|---|
| Account fees | Fees apply if you need to withdraw before the end of the product's term; You must also hold an HSBC expat CAD account which may have its own fees |
| Currency conversion | Exchange rates are likely to include a markup |
| Supported currencies | Accounts hold a single currency only, but can be opened in a choice of 19 different currencies |
| Sending & receiving international transfers | Preferential rates available for premium tier customers, transfers available to a broad selection of countries |
| Limits | Minimum deposits of around 5,000 GBP or the equivalent for standard accounts, higher minimums required to access personal banking services |
*Information correct at the time of writing on 5th February 2025
CIBC Foreign Currency Registered Account
| 💡 Great for: High wealth individuals looking to diversify in JPY, to save and invest in registered accounts |
CIBC Wood Gundy offers customers the option to invest in foreign currencies including JPY in accounts across Registered Retirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF) and Tax-Free Savings Accounts (TFSA).
These services are aimed at high wealth customers looking to diversify investments. You can process contributions and withdrawals from your account in yen, 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.
Diversify investments - in registered accounts with CIBC
Contribute and withdraw in JPY - and grow your funds
Aimed at high wealth individuals
| CIBC Foreign Currency Registered Account pros | CIBC Foreign Currency Registered Account cons |
|---|---|
✅ Several ways to hold JPY in a registered account ✅ Personal service through CIBC Wood Gundy ✅ Diversify your investments across different currencies ✅ Receive dividends, interest and other distributions in JPY | ❌ Not for day to day use ❌ Minimum investment amounts and fees may apply |
CIBC Foreign Currency Registered Account features
Contact a CIBC Wood Gundy Investment Advisor to learn about fees and product options - products are delivered through personal advisors and so details of features are not made publicly available.
Scotiabank Business JPY Account
| 💡 Great for: Corporate business customers looking to hold and send payments in JPY |
Scotiabank corporate and enterprise level business customers can open accounts in JPY, GBP and EUR to manage international business transactions. Accounts can be managed digitally, and you can send wires in JPY and other currencies easily. Plus, each month the first 2 wires sent from your account are free of charge.
Hold and send JPY - as well as GBP and EUR
Send business international wires - some free services monthly
For corporate and enterprise level business customers
| Scotiabank Business JPY Account pros | Scotiabank Business JPY Account cons |
|---|---|
✅ 3 supported currencies including JPY ✅ Digital banking services ✅ Some free wire payments monthly ✅ Get individual support from a business advisor | ❌ For large businesses only ❌ Limited currency selection |
Scotiabank Business JPY Account features
Contact a Scotiabank Corporate Banking Advisor to learn about fees and product options.
Airwallex Business Account
| 💡 Great for: Business customers and ecommerce sellers receiving and sending payments in JPY and 20+ other currencies |
Airwallex offers digital accounts for businesses with a specific set of services which suit ecommerce sellers and similar online business customers. Accounts can hold and receive 20+ currencies, including JPY. You'll get local account details to receive payments conveniently, and can send money globally using local and SWIFT payment options. Apply for a debit card for easy spending from your account.
Receive and hold JPY - as well as 20+ other currencies
Send and spend easily - multi-currency payments and card solutions available
Take card payments - great for ecommerce stores
| Airwallex Business Account pros | Airwallex Business Account cons |
|---|---|
✅ Hold and receive 20+ currencies including JPY ✅ No account opening or maintenance fee ✅Great for ecommerce businesses and online sellers ✅ Debit cards available | ❌ 0.5% - 1% currency conversion fee ❌ SWIFT transfers are relatively expensive |
Airwallex Business Account features
| Features | Airwallex features & pricing |
|---|---|
| Account fees | No account opening or ongoing fees |
| Currency conversion | 0.5% - 1% fee for conversion, depending on the currency |
| Supported currencies | Hold and receive 20+ currencies easily |
| Sending & receiving international transfers | Send payments using local networks for free - 20 CAD - 25 CAD fee for SWIFT transfers |
| Limits | Variable limits depending on account use |
*Information correct at the time of writing on 5th February 2025
What is a Japanese yen account?
A JPY account - which can be used to hold Japanese yen, often alongside other currencies - is a valuable tool for individuals and businesses alike.
If you travel frequently a JPY account could be particularly useful
If you shop with Japanese ecommerce stores, a JPY account with a card can help you cut costs
If you have recurring payments to Japan a JPY account can make payments easier, and cheaper
If you have a business, a JPY account is useful for receiving payments, and for paying contractors or suppliers in Japan
How does a Japanese yen account work?
Use your Japanese yen account to hold, send and exchange JPY. You can add money in your preferred currency and switch to JPY whenever you see a good exchange rate.
This gives you the flexibility to hold your JPY balance for future spending or convert it back to dollars and withdraw the funds to your regular bank account.
Certain yen accounts may offer additional features to make life even easier - such as a linked debit card to make transactions even more convenient.
Japanese yen account with debit card
If you need a convenient way to spend your JPY balance, it may be worth exploring account options which have a linked debit card Wise - or for business use, Airwallex.
Open your account online or in app, and order a debit card to directly spend from your yen balance. Add funds to your account in your preferred currency and begin spending yen easily - often with low fees and a great exchange rate, too.
Wise account and card: Personal and business customers can order a card for a one time fee, and spend in 150+ countries. JPY supported for holding and exchange, and all currency conversion uses mid-market rates with low fees
Airwallex account and card: Business customers can add debit and expense cards to their account to make spending easy. Cards are virtual only, which means you can't use them in an ATM or for a Chip and PIN purchase.
How to open a Japanese yen account in Canada
If you want to open an account with a bank like HSBC you may be able to do so online, but it's pretty common to be asked to pop in or call the bank to talk through your requirements as part of the process.
Digital providers like Wise offer a fully online or in app application, verification and onboarding.
How to open a Japanese yen account online in Canada
As we've seen, some banks will ask you to visit or call before you can open an account. This is particularly common if you're investing as the bank may need to talk you through some of the implications of your product choices.
On the other hand, digital providers manage everything online so you can open your account from home with no need to visit a branch.
As an example, here's how to open a Wise account:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents and proof of address for verification
Top up your balance, and complete any required security step - your account is ready to use once verified
What are the advantages of a Japanese yen account in Canada?
If you're transacting in JPY often, you could save time, money and hassle with a dedicated JPY account. Maybe you send JPY payment overseas to pay bills, or to your family. Perhaps you just love to travel and shop internationally.
Having a foreign currency account can save you money in a couple of key ways. Firstly, if you know you need to make a payment in yen soon you can buy JPY when the rates look good, to take advantage of a great exchange rate when you see it.
Then, if you need to, you can ride out changes in the exchange rate by holding your JPY balance instead of needing to switch it with a poor exchange rate.
Find the best JPY exchange rates.
Japanese yen business account
Banks often offer foreign currency products which are aimed more at corporate clients looking for treasury management. Smaller businesses may prefer to have a more flexible account which can be used to hold and exchange foreign currencies, and which comes with a debit or expense card for team spending.
Alternative providers can often offer a comprehensive JPY account which has lots of great perks for businesses - you might consider these specialist provider services:
Wise business account: There's a one time fee to open an account, and no ongoing charges. Hold JPY and a broad selection of currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments
More information - Requirements to open a Wise Business Account in Canada
Airwallex business account: No opening or monthly fees to pay, with ways to receive customer card payments. Hold and exchange 20+ currencies, send payments, and get virtual cards for spending
How to use Japanese yen account
Use your JPY account to send and spend in Japanese yen, either using your linked debit card or by making transfers from your account to pay others.
You can also hold and exchange JPY - and sometimes other currencies - in one account to keep all your international finances in order.
Conclusion: Japanese yen account in Canada
Using a JPY account when you need to hold, send or spend Japanese yen can make life easier, and cut your costs when you transact internationally.
While some banks do often offer JPY accounts they tend to focus on savers and investors rather than day to day use. You're also unlikely to get a linked debit card, so you won't be able to access your yen when you may need them most – when you travel.
Instead, check out some specialist online providers to see if one suits you. You can open cheap, easy and flexible multi-currency accounts from providers like Wise and Airwallex – which come with a debit card to spend around the world. Use this guide to kickstart your research and find your perfect match.
Japanese yen account FAQs
Can I open a Japanese yen account in Canada?
You can open a JPY account in Canada. However, the accounts offered by many banks tend to be pretty restrictive, with a focus on savers and investors. Instead, you may find it easier and more convenient to use an online specialist service like Wise or Airwallex.
How does it cost to open a Japanese yen account?
JPY accounts are often free to open with low, or no ongoing fees – but transaction costs can be high if you choose a bank. Use this guide to start your research to find the perfect JPY account for your needs.
Which Canadian banks offer Japanese yen currency accounts?
This guide looks at HSBC's expat JPY fixed term savings accounts, and JPY accounts for high wealth individuals from CIBC. We've also touched on Scotiabank for business customers looking to transact in JPY.