Best multi currency cards: What are the options in Canada? [2024 guide]

Spending and making cash withdrawals when you travel abroad can mean extra fees compared to using your normal payment card in Canada. Extra costs can also apply whenever you spend in a foreign currency online. Charges may include a separate foreign transaction fee, international ATM fees and more.

A multi-currency payment card may allow you to get a better exchange rate, and avoid foreign transaction fees so your overseas spending costs less in the end. While there aren’t a huge number of multi-currency card options in Canada, there are a few worth considering, plus some cards which have no foreign transaction fee which makes them a solid choice for overseas spending.

This guide walks through all you need to know, including the benefits of a multi-currency card from non-bank alternatives like Wise, so you can see how they measure up against using your bank card when you’re on a trip abroad.

Quick summary: Multi currency cards in Canada

Wise debit card: Hold and exchange 40+ currencies with conversion from 0.33%, spend in 150+ countries, with some free ATM use monthly

Canada Post Cash Passport prepaid Mastercard: Pick up a card at the Post Office instantly, hold 7 currencies and manage your account online or in a branch

KOHO Extra prepaid card: Holds CAD only - but comes with no foreign transaction fee, making it a solid choice for overseas spending

Airwallex multi-currency business debit card: Virtual cards for business owners and team members, accounts can hold and exchange 20+ currencies

Best multi currency cards in Canada

We’ll walk through our picks for Canadian multi-currency cards in more detail in a moment, so you can see if any may suit you. First, let’s get an overview of the cards we’ll introduce and their features.

To summarise:

• Wise debit card: For business and personal customers, for global spending and withdrawals with the mid-market rate and low fees

• Canada Post Cash Passport prepaid Mastercard: For travellers looking to hold 7 currencies with ways to get a card instantly if you’re in a hurry

• KOHO Extra prepaid card: Not a multi-currency card - but worth considering for overseas use as there are no foreign transaction fees

• Airwallex multi-currency business debit card: Virtual cards for business owners and team members, supporting 20+ currencies for holding, and more for digital spending

Wise multi currency debit card

Great for: Travellers and online shoppers, with no fee to spend a currency you hold and low conversion fees

Open a Wise Account online or in the Wise app with no account opening fee, to hold and exchange 40+ currencies. Whenever you convert currencies in the account or to make a card payment you’ll get the mid-market exchange rate, with low fees from 0.33%.

You’ll be able to order your Wise multi-currency debit card with no fee, to spend in 150+ countries. Just add some money in CAD and either convert to the currency you need for spending in your account, or let the card do the conversion for you when you pay or withdraw.

• Currency coverage: 40+ currencies for holding and exchange
• Wise account fees: No fee to open a personal account, no ongoing fees
• Wise card fees: 2 withdrawals to 350 CAD/ month free, then 1.5 CAD + 1.75%
• Wise exchange rate: Mid-market rate Go to Wise

Canada Post Cash Passport multi currency card

Great for: Collecting a card instantly in branch, topping up in CAD in cash in a Post Office location

Canada Post offers a prepaid multi-currency card, in conjunction with Mastercard. Cards support 7 popular currencies including Canadian Dollars, US Dollars, Euros, British Pounds, Japanese Yen, Australian Dollars, and Mexican Peso. There’s a 15 CAD fee to get your card, and you can then top up in a Post Office branch or online. Convert to the currency you need in advance to avoid the foreign transaction fee of 3.25%.

Cards are available instantly if you go to a Post Office with your ID documents, making this a good last minute option for travellers.

• Currency coverage: 7 popular currencies supported
• Canada Post account fees: 3 CAD reload fee, account inactivity and cash out fees may apply
• **Canada Post card fees: 15 CAD order fee, 1.5% fee when spending in Canada, ATM fees, around 3 CAD per withdrawal

• Canada Post exchange rate: Network rate + 3.25% if you don’t hold the currency needed

KOHO Extra prepaid card

Great for: Earning interest on unspent balances, plus cash back on card spending - all with no foreign transaction fee to pay

The KOHO Extra prepaid card isn’t a multi-currency card - but it has no foreign transaction fee for overseas spending and does come with a lot of great extras, so may still be worth considering. You’ll pay a monthly fee for this card, but in return you can earn cash back when you spend, and interest on any unspent balance. In effect this means you could earn whether you spend or save.

• Currency coverage: CAD only
• KOHO account fees: 9 CAD/monthly fee
• KOHO card fees: 1 free ATM withdrawal/month (subject to application), then 2 CAD - 3 CAD per withdrawal

• KOHO exchange rate: Network exchange rates, no foreign transaction fee

Airwallex multi currency card

Great for: Business owners who want to issue virtual cards for themselves and their employees

Airwallex is a global provider of business accounts and cards, with a focus on digital businesses, freelancers and ecommerce sellers. The primary products Airwallex offers are global accounts which can be used to receive customer payments online including card payments - as well as payment services, customers can order virtual debit cards which are handy for business spending.

As cards are virtual only, you can’t make ATM withdrawals or Chip and PIN transactions - but you’ll be able to shop online and in apps conveniently, with no fee to spend currencies you hold in your account.

• Currency coverage: 20+ currencies for holding and exchange
• Airwallex account fees: No ongoing fees for active accounts, no fee to spend a currency you hold
• Airwallex card fees: No ongoing card fees - bear in mind, no ATM withdrawals offered
• Airwallex exchange rate: Airwallex rate - Currency conversion costs 0.5% - 1%

Best multi currency cards fees

While you’ll be able to continue to use your Canadian bank card overseas, you might find that you pay less in the end if you get a dedicated multi-currency card from a non-bank alternative provider like Wise.

Multi-currency accounts and cards from services like Wise can be cheaper than using a bank issued debit or credit card as you may get a better exchange rate, and you could avoid foreign transaction fees altogether.

Here’s a quick cost comparison of the cards we’ll look at in more detail next, so you can get a picture. Read on for more:

What is a multi currency card?

A multi-currency card lets you pay for things in foreign currencies while you’re abroad, or when you’re shopping online with retailers based overseas. You’ll usually be able to add a balance in either the foreign currency you need in your destination, or in CAD, and then use your card to spend online, or make contactless payments and cash withdrawals as you would any other payment card.

How does the multi currency card work?

You can use a multi-currency card in pretty much the same way you can any other debit card. However, multi-currency cards are optimised for international use, and usually let you hold a balance in foreign currencies, so you can pay without hitting any foreign transaction fees.

As with other debit cards, when you spend with a multi-currency card, your spending will be immediately deducted from the balance of your card. That means you’ll need to add money before you can start spending - usually to a digital multi-currency account you can manage from your laptop or phone. The main difference with a multi-currency card compared to a debit card is that you’ll get it from a non-bank provider, and you can add money in a range of currencies for convenient overseas spending.

Here are some ways you can use a multi-currency card:

• Add a balance in CAD and convert to foreign currencies, in preparation for a trip overseas

• Keep your costs down when you travel and shop online with international retailers

• Pay bills in foreign currencies from your card balance with no extra conversion fees

• Make cash withdrawals when you travel with convenient access and low costs

Related: Best multi currency accounts in Canada

How can I use a multi currency debit card abroad?

You can use your multi-currency debit card overseas, more or less anywhere the card’s network is accepted. Most multi-currency cards in Canada are issued on either Visa or Mastercard networks which are globally accepted. The only normal limitation it’s good to know about is that you’ll probably not be able to use your multi-currency card where a payment guarantee is needed - when you hire a car, get fuel from a pay-at-pump station, or check into a hotel for example.

Once you have your multi-currency card you can usually use it to make contactless payments, add it to a wallet like Apple Pay, or to make cash withdrawals at home and abroad.

How to get a multi currency debit card

Some multi-currency debit cards in Canada come from non-bank providers which operate primarily online. Some are from non-bank services with a branch network, like the Post Office.

Often you can order your multi-currency card online or through an app in just a few steps. If you’ve selected a card from a provider with a physical location you may also be able to call into a branch with an ID document, and get a card instantly.

Getting a multi-currency card online or in an app is usually the most convenient option. As an example, how to open a Wise account and get a Wise card step by step:

1. Visit the Wise website or app and click on Create account

2. Enter your email address

3. Follow the prompts to enter your personal and contact information

4. Create your password for security, and get verified

5. Within the app, go to the cards tab and select Order card

You’ll be prompted to add some documents to verify your identity and address. This can be done digitally, and should be as simple as taking a photo of your passport or driving licence, and a proof of address, with your phone and uploading the image.

Foreign transaction fees with multi currency cards

Different card providers have their own fee structures. The costs to look out for include an exchange fee, a withdrawal fee, and a foreign transaction fee - which we’ll cover next, as well as:

• Card order fee

• Card replacement or additional card fee

• Top up fee

• Cross border fee

• Account dormant fee

• Cash out fee

Exchange fee

One crucial cost to understand is the exchange fee that applies when you convert currencies with your card. This fee may be clearly split out, or may simply be added into the exchange rate applied when you exchange currencies in your account, or spend a currency you don’t hold in your account. Generally looking for a card which uses the mid-market exchange rate with as low a fee as possible will mean you spend less in the end.

ATM Withdrawal fees

Some card providers apply a fee on ATM withdrawals, which can vary depending on where in the world you are. The ATM operator might charge a fee too, so you’ll need to watch out for messages flashing up on the screen which should warn you before extra charges are applied. If they will be added, finding an alternative ATM may be a better bet. Related: How to avoid ATM fees abroad

Foreign transaction fees vs conversion fees

When you start to look at different multi-currency card providers you may see references to both foreign transaction fees and conversion fees. This can be confusing, as both fees relate to the costs of exchanging from CAD to a foreign currency.

In some cases, multi-currency debit cards which are linked to multi-currency accounts have no foreign transaction fee, but you may find there’s a currency conversion charge to pay. This currency conversion charge may apply when you switch currencies in your account or at the point of payment.

On the other hand, some cards charge both a foreign transaction fee and a currency conversion fee, which may be bundled together, and which may end up costing more in the end.

Here’s a quick overview of the way the providers in this guide apply foreign transaction fees and currency conversion fees:

• Wise debit card: No foreign transaction fee, currency conversion from 0.33%
• Canada Post Cash Passport prepaid Mastercard: Foreign transaction fee of 3.25% if you don’t have the currency you need - currency conversion costs may apply when you convert in your account or to top up
• KOHO Extra prepaid card: No foreign transaction fee, currency conversion uses the network exchange rate
• Airwallex multi-currency business debit card: No foreign transaction fee, currency conversion either 0.5% or 1% depending on currency 

If you are interested in learning more about foreign transaction fees, these detailed guides might help: What is a foreign transaction fee?, and Best travel cards without foreign transaction fees

Advantages of foreign currency cards

A multi-currency debit card from a non-bank service like Wise is a good alternative to a bank card when you spend money abroad:

• You’ll be able to convert your money to the currency you need in advance to see your budget easily

• You’ll often get the mid-market exchange rate, or a preferential rate which can be better than the rate your bank sets

• You may be able to avoid foreign transaction fees and international ATM costs

• Your multi-currency card isn’t connected to your bank, adding an extra layer of security when you’re abroad

• You can manage your account from your phone with instant transaction notifications for security and convenience

Are there any limitations on a foreign currency card?

Multi-currency cards can have a few limitations. Here are some it’s worth knowing about:

• Deposits to your account may not be instant, depending on the card and how you choose to top up

• Debit cards aren’t usually accepted whenever a deposit is required - for example to hire a car or when checking into a hotel

• Top up, inactivity and closure fees may apply which push up costs overall

Conclusion: Is a multi-currency card worth it?

Transacting internationally when you travel or when shopping online with overseas retailers can come with extra costs if you use your normal debit card. Foreign transaction fees may push up your spending - often by about 3%. Instead, a multi-currency card can help you get a better exchange rate, and also means you don’t need to carry too much cash when you travel - just use local ATMs on arrival as and when you need them.

Generally, multi-currency cards are easy to get, and come with low overall costs and fair exchange rates. Compare a few options using this handy guide, to help you decide which might suit you best.

Further reading: Can I use my Canadian credit card internationally?