Best multi-currency account in Canada: A Complete Review 2024
Multi-currency accounts can be handy for a range of individuals and businesses. You’ll be able to receive, hold, send and spend across different currencies, and switch between them when you need to.
Depending on the type of transactions you need to make, you may also find a multi-currency account cuts the costs of managing your money across currencies, whether that’s for travel, for work, or just in daily life.
Unfortunately, there aren’t many options for multi-currency accounts from Canadian banks - and those that are available can be pretty costly to operate. However, multi currency accounts from online providers like Wise Account and OFX Global Currency can often offer a smart alternative.
This guide walks through a few different multi-currency account options which may suit you - as well as looking at the costs involved and how to get started.
Can I open a multi-currency account in Canada?
Unfortunately, there are only a limited number of multi-currency account options available from Canadian banks.
If you’re looking for a multi-currency account for business you may have a broader choice, but if you’re in the market for a personal foreign currency account you’ll probably need to pick between an expat account from a global banking brand like HSBC, or an online provider like Wise.
Expat banking packages are pretty comprehensive, but do come with strict eligibility criteria. Online alternatives can be more flexible, with lower overall fees. We’ll look at each option separately with more details, next.
Quick summary: Best multi currency accounts in Canada
| Provider | 💡 Great for |
|---|---|
| Wise | Holding, exchanging and spending 40+ currencies and receiving payments like a local with multi-currency account details |
| RBC | Businesses managing foreign currencies (excluding CAD and USD) with no minimum balance. |
| CBIC | Various account options for those looking to hold, save, and transact in multiple currencies with interest-earning options. |
| OFX | Businesses making international payments in up to seven major currencies with no monthly fees or receiving charges. |
Best multi-currency accounts in Canada
The best multi-currency account for your needs will depend on the type of transactions you’re making, and your personal preferences. Accounts available in Canada usually split down into 3 categories:
Online specialist accounts
Expat banking packages
Business foreign currency accounts
Each of these account types will suit a different customer profile, as they each offer different functionality and features. Here’s an overview of 4 different multi-currency accounts and their key features. We’ll look at each account in a bit more detail, later.
| 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 | Yes | Multi-currency account to manage 40+ currencies Local account details for 10 currencies Send payments to 160+ countries |
| RBC | Business customers | 25 CAD/month | No | Can handle a range of global currencies 1 transaction a month fee free Fees for both outgoing and incoming international payments |
| CIBC | Personal and business services available | Various fees, depending on the account you pick Some products are only available to high wealth individuals looking to invest | No | Different options available, including retirement savings plans, investments and tax-free savings accounts US Dollar business account for businesses A choice of up to 8 foreign currencies |
| OFX | Business customers only | No opening or monthly account fee | No | Hold balances in up to 7 foreign currencies Easily connect to payment gateways and marketplaces No receiving fees |
*Information correct at the time of writing on 25 November 2024.
Wise multi currency account - 40+ currencies including CAD, USD, and GBP.
| 💡 Great for: Personal and business customers, that want to hold and exchange 40+ currencies, and spend in 150+ countries with the mid-market exchange rate |
If you’re looking for a flexible multi-currency account you can manage from your laptop or smartphone, Wise could help. Open your account for free online to hold and exchange 40+ currencies, and get local account details to get paid conveniently from 30+ countries.
There are no monthly fees and no minimum balance requirements, and you can also get a linked debit card to make spending and withdrawals easy all over the world.
Wise currency exchange uses the mid-market exchange rate and low, transparent fees. If you’re spending with your Wise debit card, your card’s auto convert function will automatically switch to the currency you need from the balance which incurs the lowest fee to keep things easy.
| Features & pricing | Wise foreign currency account |
|---|---|
| Account fees | Personal accounts are free to open, 42 CAD one time fee to open a Wise business account. No monthly or annual fee for either personal or business accounts. It’s also free to hold money in the account. |
| Currency conversion | Mid-market exchange rate, currency conversion starting from 0.48%. |
| Supported currencies | Hold and convert 40+ currencies, receive payments like a local from 30 countries, send money to 160+ countries, spend with your linked Wise debit card in 150+ countries. |
| Sending & receiving international transfers | Use local account details to receive money from over 30 countries for free, some exceptions for fees to receive payments:
You can send international transfers to 160+ countries, with low variable fees starting from 0.48% |
*Information correct at the time of writing on 25 November 2024.
RBC multi currency account - various foreign currency account options
| 💡 Great for: Businesses needing to hold and transact in foreign currencies (excluding CAD and USD) with no minimum balance requirements. |
If you’re looking for a multi-currency account for your business, the RBC online foreign currency account may meet your needs. This account offers a flexible range of currencies for businesses - but it’s important to note that it doesn’t hold either CAD or USD. Instead, RBC offers a US personal chequing and high interest savings account to conveniently transfer funds, send wires and take out cash in USD.
There’s no minimum balance requirement for this account, so you can receive and hold foreign currencies as and when you need to. Accounts can be opened easily online, too - RBC states you can get one set up in less than 15 minutes.
| Features & pricing | RBC foreign currency account |
|---|---|
| Account fees | 25 CAD monthly fee |
| Currency conversion | Exchange rates are likely to include a markup |
| Supported currencies | Operate in a range of currencies excluding CAD and USD |
| Sending & receiving international transfers | Outgoing international wires start at 15 CAD; incoming wires cost 17 CAD |
*Information correct at the time of writing on 25 November 2024.
CBIC multi currency account - various foreign currency account options
| 💡 Great for: Personal customers and businesses looking to hold, save, and transact in eight major currencies, interest-earning options. |
CIBC offers flexible solutions for managing foreign currencies, making them a great option for personal customers and businesses with international financial needs. Their multi-currency accounts allow you to hold, save, and transact in a range of currencies, helping you avoid frequent currency conversions and associated fees.
These accounts support several major currencies, including U.S. dollars, Euros, British Pounds, and more, catering to various financial goals like saving, investing, or simplifying cross-border transactions. CIBC also offers US Dollar account for businesses and provides features like interest-earning savings options, depending on the account type.
| Features & pricing | CIBC foreign currency account |
|---|---|
| Account fees | Fees vary by account type |
| Currency conversion | CIBC chooses its own exchange rate, which may include a markup. |
| Supported currencies | Up to eight major currencies, including USD, Euros, GBP, AUD and CHF |
| Sending & receiving international transfers | Vary by account |
*Information correct at the time of writing on 25 November 2024.
OFX multi currency account - 7 currencies including USD, EUR and GBP
| 💡 Great for: Businesses managing international payments, holding up to seven major currencies with no monthly fees or receiving charges. |
The OFX Global Currency Account is a good options for business customers with international financial needs. A practical and cost-effective way to manage multiple currencies, businesses can hold, receive, and transfer funds in up to seven major currencies, including USD, EUR, GBP and AUD with free transfers and no setup or monthly account fees.
The foreign currency account also connects with marketplaces and accounting tools like Xero to easily reconcile payments.
| Features & pricing | OFX foreign currency account |
|---|---|
| Account fees | No set up costs or monthly fees |
| Currency conversion | Exchange rates include a markup. |
| Supported currencies | Operate in up to seven major currencies, including USD, GBP, EUR, HKD and AUD |
| Sending & receiving international transfers | No OFX transfer or receiving fees |
*Information correct at the time of writing on 25 November 2024.
HSBC multi currency account - 15+ currencies with expat banking
| 💡 Great for: High-income expats managing multiple currencies for day-to-day funds, savings, and investments (not operational in Canada). |
Global banking giant HSBC has a range of products aimed at expat customers, which includes several different ways to manage your money across currencies. The most flexible is probably the HSBC Global Currency account which can be used to hold 15+ currencies - although you can also choose foreign currency savings account options if you prefer.
Expat banking services like these are often targeted at high income individuals who need to manage day to day funds, investments and more across currencies. To be eligible for these services from HSBC you’ll typically need to have a salary of 100,000 GBP (around 150,000 CAD), or maintain a high minimum balance. However, HSBC is no longer operational in Canada.
| Features & pricing | HSBC foreign currency account |
|---|---|
| Account fees | Some free global payments between eligible accounts, if you don’t hit minimum balance requirements you’ll pay a fall below fee of 15 - 35 GBP per month |
| Currency conversion | Accounts offer discounted FX services across all currencies |
| Supported currencies | Hold and exchange 15+ different currencies, savings accounts in most currencies or open a current account which can operate in a handful of major world currencies |
| Sending & receiving international transfers | Fee-free transfers between eligible accounts, fees may apply for other transactions |
*Information correct at the time of writing on 25 November 2024.
How to open a multi-currency account in Canada
The exact process to open a multi-currency account in Canada will depend on the provider or bank you pick - but the good news is that all the accounts profiled above can be opened online for convenience.
The basic steps will likely be the same whichever account you choose.
Here is how to open a foreign currency account in Canada:
Pick the right provider and account for you
Check your eligibility
Collect the necessary documents for verification
Apply online and upload documents
Once your account is verified you’ll be ready to start transacting
To open a bank account of any type you’ll need to provide documents for verification - usually this will be:
One document which shows your name and address
One document which shows your name and date of birth
Different banks will accept different documents, but it’s common to use a passport, driving license or utility bill for verification.
For a business account you’ll need to take along your own ID documents, as well as a business registration document. The exact paperwork accepted will vary depending on your business structure and size.
What is a multi currency account?
A multi-currency account lets you hold, send, and receive multiple currencies in a single account. Whether you're managing personal or business finances, an account with multiple currencies can save time and money by avoiding pricey currency conversions and associated fees.
Multi-currency accounts are useful for:
Frequent travelers: Easily spend and withdraw money abroad without conversion fees.
International shoppers: Pay in local currencies when shopping on global e-commerce platforms.
Expats: Manage finances in multiple currencies while living or moving abroad.
Businesses: Receive payments from international customers or pay suppliers and employees in their local currencies.
Advantages of using a multi-currency account in Canada
Cheaper international spending: Avoid frequent currency conversion fees when traveling abroad or shopping online with eCommerce sites that are based abroad.
Simplified international payments: Easily send and receive money globally.
Flexible currency holding: Hold foreign currency balances and convert them to CAD when exchange rates are more favorable.
Business benefits: Get paid in multiple currencies from PSPs like Stripe or Amazon and save on currency conversion costs by avoiding inflated exchange rates. Hold a balance in a range of currencies to pay international employees and suppliers.
How does a multi currency account work?
A multi-currency account allows you to hold and spend multiple currencies within a single account, giving you extra flexibility for both personal and business needs. Depending on the provider, you may also receive account details like IBANs or local bank account numbers for specific currencies, making it easier to receive payments globally. Here’s how it usually works:
Hold balances in multiple currencies: Hold money in various currencies without converting them immediately, avoiding frequent exchange fees. They can also allow you to open a bank account abroad.
Spend internationally: Use a linked debit card to pay or withdraw in local currencies while traveling, without incurring additional charges.
Receive payments: Receive money in different currencies using local account details (e.g., IBAN or routing numbers), reducing transfer costs and delays.
If you are looking to open a foreign currency account to hold and exchange a specific currency, these guides might help you:
What are the requirements to open a foreign currency bank account in Canada?
Requirements for Canadian banks:
Opening a foreign currency account with your local Canadian bank often involves the following steps:
Eligibility: Banks typically offer foreign currency accounts to business clients due to higher fees and higher minimum balance requirements.
Documents: You'll typically need to provide a form of ID, such as a valid passport or driver's license, and proof of address. For businesses, additional documents like business registration and financial statements may be required.
Initial deposit: Many banks may require a minimum initial deposit to open the account.
In-branch application: Some banks require you to visit a branch in person to complete the application process.
Requirements for specialist providers:
Specialist providers, like Wise and OFX, are usually more flexible when it comes to opening foreign currency accounts:
Eligibility: These accounts are available to both individuals and businesses.
Documents: A valid government-issued ID and proof of address are typically required and the verification process can usually be completed online.
No minimum balance: Specialist providers often have low fees and do not require a minimum balance, making them easier to access.
Online application: The entire application process can be completed online for extra convenience and speed.
When is a foreign currency bank account needed?
Personal customers
Travel: Perfect for frequent travelers or expats wanting to spend and hold money in foreign currencies without worrying about conversion fees.
Online shopping: Sidestep high exchange rate markups by paying in local currencies when shopping on international websites.
Currency savings: Save, receive and hold foreign currencies to convert when rates are more favorable.
Sending money to family and friends: Make international transfers to family or friends abroad without incurring high fees.
Relocating: Simplify finances when moving to another country by holding and spending money in the local currency.
Business customers
Making cross-border payments: Make payments to international suppliers and employees or receive funds from foreign clients without losing money on conversion fees.
Marketplace integration: Receive payments in multiple currencies from platforms like Amazon or Stripe and avoid costly conversion charges.
Expense management: Simplify and save on operating costs in foreign currencies for global business operations.
Multi currency business account in Canada
For businesses engaged in international operations, multi-currency accounts offer a range of services, including sending and receiving payments, managing payroll, and issuing employee cards, allowing your setup to operate like a local business in different parts of the world.
Advantages of foreign currency business accounts:
Costs: Save on conversion fees and hold and transact in multiple currencies.
Simplified transactions: Send and receive international payments in different currencies
Improved cash flow management: Manage funds in various currencies to better handle global cash flow.
Streamlined payments to suppliers and clients: Pay suppliers and invoice clients in their local currencies.
Wise Business Account: Send payments to 160+ countries and receive payments in 8+ currencies with local account details. Enjoy business-friendly features like batch payments, expense cards for your team, and integration with Xero or QuickBooks for easy reconciliation with no monthly fees.
RBC Business Account: Hold and transact in multiple foreign currencies (excluding CAD and USD) with no minimum balance required. Initiate wire payments and transfer funds between your accounts in the currency of your choice and get 1 free debit per month for a monthly fee of 25 CAD.
OFX Business Account: Tailored for ecommerce and business clients, hold and manage funds in up to 7 major currencies, including USD, EUR, and GBP. Connect to marketplaces and Xero to easily reconcile payments and get paid from 50+ countries without needing to register your business in each one.
Related article: Best international business accounts
How to choose the right multi-currency account for your needs
Currency support: Ensure the account supports the currencies you frequently use for spending, receiving, or saving. Some accounts offer a wide range, while others focus on specific currencies.
Fees and charges: Look out for account maintenance fees, transaction costs, and currency conversion markups. Low fees or fee-free options can save you money over time.
Exchange rates: To get the most for your money, check whether the provider uses the mid-market exchange rate, like Wise, or adds a markup.
Access and flexibility: Consider if the account is easy to manage, whether that’s through a mobile app or online platform, and if it has a debit card for international spending.
Business vs. personal needs: Choose the account that best aligns with your needs. Some accounts are tailored for businesses, with features like integration with marketplaces and accountancy software, while others are better for personal travel or savings.
Multi currency account with debit card for travel
If you’re looking to hold foreign currencies and spend directly from your currency balances abroad, a provider with a multi-currency account that comes linked with a debit card could be a great option.
Wise account & debit card: Designed with international spending in mind, the Wise multi-currency account allows you to hold and manage over 40 currencies and comes with a linked debit card.
Spend like a local in 150+ countries with zero foreign transaction fees and enjoy low-cost conversions at the mid-market exchange rate alongside some free ATM withdrawals every month.
Key features:
Low currency conversion fees: Starting from 0.48% for conversions.
No foreign transaction fees: Spend directly from your currency balances without extra charges.
ATM withdrawals: First two withdrawals up to 350 CAD/month are free, additional withdrawals cost 1.50 CAD + 1.75% per withdrawal.
Learn more: Best multi currency cards in Canada
Conclusion - Best Foreign Currency Account in Canada
Multi-currency accounts can be really useful for anyone who sends, spends or receives payments in different currencies. Accounts are available for both personal and business customers, although the range of multi-currency accounts from major Canadian banks is pretty small.
If you’re looking for a personal relationship manager to help with investing and managing your finances, an expat banking package may suit you - or if you’re thinking of a lower cost, more flexible option, an alternative online provider like Wise or OFX may be the way to go.
FAQs - Best Foreign Currency Account in Canada
Can I open a multi currency bank account in Canada?
It is possible to open a multi-currency account in Canada - but there are limited options out there from local banks. Alternative online providers can be a good option, with low cost accounts across a broad range of currencies.
How does it cost to open a multi currency bank account?
If you’re thinking of opening an expat account you’ll probably need to maintain a fairly high minimum deposit in your account - but there’s often no ongoing fee as long as you can hold your balance. International bank accounts can be free to open, with no ongoing fees.