Best multi-currency business account in Canada
Opening a multi-currency account can have significant advantages for international businesses, including letting you receive payments, hold foreign currencies, and send money internationally. International businesses can benefit from a multi-currency account when dealing with foreign currencies regularly, whether that's taking customer payments from abroad, paying payroll to international employees or paying foreign suppliers.
However, opening a business multi-currency account in Canada is cumbersome, slow, and, most of all, expensive. Specialist providers like Wise and OFX can be good alternatives.
In this article, we'll cover what you need to know about opening a multi-currency account, including the best options in Canada, the costs involved, and how to open one.
Key points: Business multi-currency accounts in Canada
| Provider/Bank | 💡 Great for |
|---|---|
| Wise | Holding and exchanging 40+ currencies with the mid-market rate and low fees |
| RBC Bank | Multi-currency account solution from a major bank, with no minimum balance requirement |
| Airwallex | Holding 20+ currencies, with ways to receive customer card payments from 180+ countries |
| OFX | Receive and hold 7 major currencies, with no fees to receive or transfer money |
*Providers and banks have been ordered by the number of available currencies in their multi-currency business account products
Can a business multi-currency account be opened in Canada?
Yes. You can open a business multi-currency account in Canada.
Many Canadian banks do not offer multi-currency business accounts for smaller companies - instead their multi-currency features are aimed at large corporations looking for services like global treasury management.
The good news is that aside from banks, there are also plenty of alternatives such as Wise, OFX and Airwallex, which have powerful international accounts for businesses in Canada, supporting multi-currency holding and more. This guide walks through some of your top options, so you can decide which works best for you.
What is the best multi currency account for business?
There are quite a few different options in Canada for multi-currency business accounts - which means you'll need to do some research to get an idea of what might suit your specific needs. To give you a flavour, we've picked out a few different options to start you off - including one bank - RBC - and alternatives Wise, Airwallex and OFX. Here's an overview:
| Provider/Bank | Opening or monthly fee | Currencies supported | Debit or expense card | Exchange rates |
|---|---|---|---|---|
| Wise | No opening or monthly fee | 40+ for holding and exchange Receive 8+ currencies with local and SWIFT details | Available | Mid-market rate, with conversion costs from 0.48 |
| RBC Bank | 25 CAD monthly fee | Contact the bank to check your preferred currency | Not available | Exchange rates are set by RBC and may include a markup |
| Airwallex | No opening or monthly fee | 23 currencies for holding and exchange Receive 20 currencies with local account details | Available | 0.5% - 1% markup applies depending on the currency involved |
| OFX | No opening or monthly fee | Receive, hold and exchange 7 currencies | Not available | Exchange rates include a markup |
Details correct at time of writing - 5th February 2025
Wise Business account
| 💡 Great for: Holding and exchanging 40+ currencies with the mid-market rate and low fees |
Wise Business offers multi-currency accounts which support 40+ currencies for holding and exchange, and currency conversion with the mid-market rate and low fees.
You can also receive payments with local and SWIFT account details in 8+ currencies, and issue debit and expense cards to make overseas spending and cash withdrawals easier.
Cards are offered as virtual and physical cards, for Chip and PIN, contactless and mobile payments, as well as cash withdrawals. Other perks include batch transfers, accounting integrations, multi-user access, and a powerful API to streamline workflow.
Low cost payments – Send to 140+ countries with the mid-market rate and low fees
Get paid by others – Receive payments from customers and clients with low or no fee
Low cost – No ongoing account costs or minimum balance requirement
| Wise pros | Wise cons |
|---|---|
✅ Hold and exchange 40+ currencies ✅ Easy to use on phone or laptop ✅ Receive foreign payments and send payments to 140+ countries ✅ Extras like accounting integrations to save time and cut admin | ❌ Variable transfer fees ❌ Some service charges apply |
Wise fees
| Features | Wise pricing |
|---|---|
| Account fees | Registering for an account is free. 42 CAD one time fee to get account details No monthly or annual fees |
| Currency conversion | Mid-market rate, with conversion costs from 0.48 |
| Supported currencies | 40+ for holding and exchange Receive 8+ currencies with local details and 20+ currencies with SWIFT details |
| Sending & receiving international transfers | Send from 0.48 Receive transfers to Wise in 8+ currencies, often for free, with the following exceptions: Receive USD wire - 6.11 USD fee Receive CAD SWIFT payment - 6.16 CAD fee |
| Limits | There is usually no holding limits involved, and unlimited when you’re adding money yourself or converting to USD from another currency balance. Receiving money may be unlimited, or may be set at or 50 million USD per day, to a maximum of 150 million USD per year. Sending limits usually 1.5 million CAD per transfer - varies by currency |
Details correct at time of writing - 5th February 2025
Learn more - How to open a Wise Business Account in Canada
RBC Online Foreign Currency account
| 💡 Great for: Multi-currency account solution from a major bank, offering ways to pay and receive payments in foreign currencies |
RBC offers multi-currency accounts for business customers which support receiving, holding and exchanging a selection of foreign currencies. This can help reduce currency exchange risks and potential costs for your business. You can also use RBC to manage global incoming and outgoing payments, and to convert currencies when exchange rates are favourable.
Hold and exchange – Accounts support a broad selection of major currencies
Cut conversion costs – You won't need to convert payments in foreign currencies to CAD if you don't want to
Manage everything in one place – Use the RBC online banking functions for convenience
| RBC pros | RBC cons |
|---|---|
✅ Broad selection of supported currencies to receive, hold and exchange ✅ Easy digital ways to make payments and manage transactions ✅ Corporate banking solution from a major bank ✅ Get all your business services from the same bank if you choose to | ❌ Aimed at larger businesses ❌ Fees are likely to apply - contact the bank directly to learn more |
RBC fees
RBC does not release much information about the costs of the account online. Instead you're asked to contact the bank directly to learn more, which you can do by calling 1-855-239-0561.
Airwallex business account
| 💡 Great for: Holding 20+ currencies, with ways to receive customer card payments from 180+ countries |
Airwallex has multi-currency business accounts which are optimised for online sellers and people taking customer card payments. You can open local accounts to receive payments in 20+ currencies, and there are ways to get paid by PSPs and platforms, as well as through card payments in different currencies. You can get virtual debit cards to make business spending easier, although as physical cards are not available in Canada, you can't make ATM withdrawals.
Receive and hold – Receive and hold 20+ currencies in one account
Get paid from overseas – Take bank and card payments from all over the world
Issue debit and expense cards – Instant virtual cards and the option for virtual cards for in person spending
| Airwallex pros | Airwallex cons |
|---|---|
✅ No costs to open account ✅ 20+ currencies supported for receiving, holding and exchange ✅ Issue your own debit cards to your team ✅ Take payments online easily | ❌ 0.5% - 1% currency conversion costs apply ❌ Cards can not be used in an ATM |
Airwallex fees
| Features | Airwallex pricing |
|---|---|
| Account fees | No opening or monthly fee |
| Currency conversion | 0.5% - 1% markup applies depending on the currency involved |
| Supported currencies | 23 currencies for holding and exchange Receive 20 currencies with local account details |
| Sending & receiving international transfers | Transfers are often free, but 20 - 45 CAD charge applies for SWIFT payments |
| Limits | Some accounts have holding limits - view your Available deposit limit in the app in the Account Capabilities tab Variable payment limits apply depending on the currency |
Details correct at time of writing - 5th February 2025
OFX Global Currency business account
| 💡 Great for: Receive and hold 7 major currencies, with no fees to receive money |
The OFX Global Currency Account supports 7 major currencies for receiving, holding and exchange. This allows you to easily take customer payments or use your local details in foreign currencies to connect to marketplaces and PSPs. You can then use your funds to pay others, or withdraw to your Canadian bank account if you prefer. There's no fee to send a high value payment over 10,000 CAD, but currency conversion may have a markup added. A 15 CAD fee applies for smaller transfers.
Receive payments– Receive money in 7 currencies
Send transfers – No fee to send high value payments to others
Currency risk management –Access currency risk management solutions through a 24/7 phone service
| OFX Global Currency pros | OFX Global Currency cons |
|---|---|
✅ No costs to open or operate ✅ 7 supported currencies ✅No transfer fee for high value payments ✅ Known for excellent customer service | ❌ Exchange rates include a markup ❌ No debit card |
OFX Global Currency fees
| Features | OFX Global Currency pricing |
|---|---|
| Account fees | No opening or monthly fee |
| Currency conversion | Exchange rates include a markup |
| Supported currencies | Receive, hold and exchange 7 currencies |
| Sending & receiving international transfers | 15 CAD No transfer fee over 10,000 CAD - exchange rate markup applies |
| Limits | Usually no limits apply |
Details correct at time of writing - 5th February 2025
Learn more - OFX Business Account
What is a multi-currency business account?
A multi-currency business account lets you manage your business finances in several different currencies, all in one account. This means you can receive payments in foreign currencies, send money to others overseas, spend when you travel for business, and purchase goods online with your card in foreign currencies, more conveniently.
Here are a few of the key benefits of getting a multi-currency account for your Canadian business:
Receive payments from customers and clients in foreign currencies
Hold a balance in foreign currencies - so if you receive a foreign payment you don't need to convert to CAD immediately
Use local account details in foreign currencies with PSPs like Stripe or marketplaces like Amazon to access your income from overseas
Make convenient foreign currency 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
How to open a business multi-currency account in Canada
The way you open your business multi-currency account can vary a lot depending on the provider you pick. You can often open your account online - particularly if you pick a digital service like Wise or OFX. Or you may need to call the bank or make an appointment to visit to arrange your account.
Here are the basic steps you will need to follow:
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
| Required information |
|---|
The exact information and documents needed can vary depending on the bank or provide you select - here's a look at some common requirements:
|
When is a multi-currency account needed for businesses?
If you trade internationally or use overseas suppliers or contractors, a multi-currency account can be helpful. Here are a few times you may consider using a multi-currency account:
Get paid by customers overseas - allow customers to pay in their home currencies, either by direct bank transfer or through a platform or PSP
Pay suppliers and contractors - make simple low cost international payments to cover your costs overseas
Spend in foreign currencies for your business - shop online and when you travel in foreign currencies, with low or no fees
Hold a balance in a foreign currency - there's no need to convert your money back to CAD if you don't want to, lowering the costs of currency exchange
How to choose the right multi-currency business account for your needs
You'll need to shop around to find the right multi-currency business account for your specific needs. Our list of providers can give you a good place to begin your research. Here are a few things to think about when you're choosing an account for your international business:
Currencies supported - make sure your chosen account offers all the currencies you're likely to need regularly
Account opening or monthly fees - keeping down ongoing costs means you keep more of your protifs
Currency conversion costs - look out for exchange rate markups which make it more expensive to convert currencies when you send or spend money
Transfer fees - read your account terms carefully to understand the costs of transferring money out of your account when you need to
Debit card availability - if you'll want to use your account to spend overseas, check if you get a card as a standard
Are multi-currency accounts safe to use?
Provided you pick properly licensed and regulated services, which have good security measures built in, a multi-currency business account is safe to use with normal precautions. Check if your provider has a proper license for the services it offers, and take a look at a site like Trustpilot to see reviews from current customers and learn more about how the account works day to day.
Conclusion: What is the best multi-currency business account?
There's no single best multi-currency business account in Canada. You can find a few options from banks - but not as many as you might hope as generally the services are tailored towards very large corporations. If you have a smaller business and want a flexible way to manage your money across currencies, you might choose an alternative provider instead, such as Wise, OFX or Airwallex. These options offer accounts with no ongoing fees, great exchange rates and simple ways to transfer money to others, just with your phone.
Multi-currency business accounts can help any business which has customers, contractors or suppliers overseas
Using a multi-currency business account can help to cut the costs of currency exchange when you receive and send payments
While some banks have multi-currency business accounts, not all are available for smaller businesses
Alternatives like Wise, OFX or Airwallex can be a great low cost alternative