How to Open a Foreign Currency Account in Canada

If you travel a lot, have bills to pay overseas, or want to start saving and investing in a foreign currency to diversify your assets, a foreign currency account may be a good idea.

Canadian customers can choose foreign currency accounts from some banks - but these may be aimed towards investors and business customers more so than individuals looking for a day to day travel account. As an alternative, online specialist providers like Wise and Airwallex offer multi-currency accounts which come with linked debit cards for easy ways to pay, get paid, send and spend foreign currencies - usually with just your phone.

This guide walks through the basics of how to open a foreign currency or multi-currency account in Canada, and highlights a few options to consider, to get your research started.

Key points: Opening a multi currency account online in Canada

• You can open a foreign currency account with some banks in Canada - but many banks focus on business customers for foreign currency products

• You can open a multi-currency account for day to day use from online specialist services like Wise and some global banking brands

• Having a foreign currency or multi-currency account can help if you travel and spend in foreign currencies, or use foreign currencies to save or invest

• When you choose a foreign currency account consider the range of supported currencies, ongoing and transaction fees, costs of making a transfer and debit card availability

Can I open a foreign currency account in Canada?

Yes. You can open a foreign currency account or a multi-currency account in Canada for yourself as an individual, or for your business. Some Canadian banks offer personal foreign currency banking services, while others focus their efforts on corporate customers.

Online alternatives like Wise and Airwallex can be a good alternative if you want a foreign currency account for day to day use.

Which providers can I open a multi currency account with in Canada?

We’ll look at a few options from banks and specialist alternatives in more detail later - first a quick overview of some options for foreign currency accounts in Canada.

What is a multi currency account, and what can you do with it?

A multi-currency account can hold and exchange several currencies all in the same place - some can hold over 40 currencies.

With a multi-currency account you will be able to:

• hold foreign currency balances,

• exchange currencies,

• send payments international and domestically,

• in some cases, receive payments,

• spend with a debit card.

As well as Canadian dollars, many multi-currency accounts can often hold currencies that are widely used in international trade and finance, and therefore significant in the global economy and for travellers alike.

These can include the euro, the Japanese yen, the British pound, the Swiss franc, the US dollar, and the Australian dollar.

Different accounts have their own features and fees, which we will explore in this guide. First a few pros and cons:

What do I need a multi currency account for?

A multi-currency account can be handy for anyone who needs to deal with multiple currencies regularly. Here are some scenarios where having a multi-currency account can be useful:

• If you travel often, a multi-currency account allows you to hold, receive, and spend money in multiple currencies, avoiding excessive currency exchange fees

• If you frequently shop online from international retailers, a multi-currency account allows you to pay in the retailer’s local currency

• If you invest in international stocks, bonds, or other assets, a multi-currency account can make it easier to access overseas markets

• If you have a business you can use a multi-currency account to receive payments in various currencies directly

How to open a multi currency bank account in Canada

You can open a multi-currency or foreign currency account with either a bank or a specialist alternative. If you choose to open an account with a bank you might find you also need a Canadian account with the same bank before you're eligible to apply for a foreign currency product.

As an outline, let’s walk through how to open a multi-currency bank account in Canada.

1. Choose the right account and provider

Weigh up a few options before you pick, including a thorough review of features, fees and eligibility requirements.

2. Prepare your supporting documentation 

We’ll look at the documents you might need in more detail in a moment, but it’s important to understand that you must complete a verification step to open any bank or online alternative financial account. This requires some information and important documents like a photo ID.

3. Apply online, or in a branch person

Complete the application form with your personal and contact details. You may benefit from online account opening services from your bank or you might need to choose a digital first provider like Wise and Airwallex to enable you to get started remotely.

4. Submit your documents online or in a branch

Either take photos of your required documents and upload them, or if you're in a branch pass your paperwork to a member of staff for review and checking.

5. Once your account is verified you’ll be able to start transacting

Account verification can take a day or two, but once this process is complete you’re good to start to transact.

How to open a multi currency account online in Canada

If opening an account online or in an app is important to you, choosing a fully digital provider is a good idea. Options like Wise and Airwallex have been built for an intuitive onboarding experience you can manage with just your phone or laptop.

Here’s how to open a multi-currency account with Wise, as an example;

1. Download the Wise app, or open the Wise desktop site

2. Register with your email address, or an Apple, Google or FaceBook account

3. Follow the prompts to enter your personal details

4. Upload your ID documents for verification

5. Once your account is verified, you can start to transact.

If you’ve opened and verified a Wise account you can activate different currencies simply by tapping Open in the app homepage and selecting the currency balance or balances you need. Top up your balance, complete any required security step, and start transacting.

What do you need to open a foreign currency account?

In all cases you’ll need a few documents to open your account - usually including:

• A photo ID document like a passport or a driving licence

• Proof of your address such as a utility bill in your name

• Your ITN (Individual Tax Number)

Business customers will also need to provide details of their company and some ID for all beneficial owners. In some cases you might also have to pay a minimum opening account deposit at the point of setting up your multi-currency account.

Best foreign currency accounts in Canada

There’s no single best foreign currency account in Canada - but it’s worth doing some research because different accounts have their own features, benefits and fees. As different banks and providers target their own customer niches, the options are pretty varied. Here’s an overview of the accounts we've picked out as an example - there’s more detail coming up right after.

As you can see, the options available from different providers are quite varied.

• Wise and Airwallex are not banks but offer the largest currency selection and both have debit cards, making them a solid choice for day to day spending. However, it’s important to note that, unlike Wise, Airwallex is for global businesses only and isn’t suitable as a personal account option.

• RBC customers can choose U.S. dollar and foreign eSavings accounts, as well as a USD personal chequing account for every day banking, although this option is also available to non-RBC customers and you don’t need to have an existing RBC account to open a foreign currency account.

• Scotiabank offers 2 currency options for customers to transfer funds online between their Scotia accounts while National Bank has a wide range of up to 15 foreign currency accounts for businesses to choose from.

  We’ll dig into each a little more now.

Wise multi currency account 

You can open the Wise account as a personal or business customer in Canada, to hold and exchange 40+ currencies, and receive payments like a local in 8+ currencies with local account details.

You’ll also be able to get a linked debit card for spending and cash withdrawals, making this a good choice for travellers and anyone looking to send and receive payments in foreign currencies. Currency exchange uses the mid-market rate and low fees from 0.33%.

Best features:

• Mid-market exchange rates

• Great selection of supported currencies

• Ways to receive, send and spend currencies conveniently

Supported currencies: 40+

Local account details: Available in select currencies

Exchange rates: Mid-market exchange rate

Account fees: No fee to open or maintain, currency exchange from 0.33%

Airwallex multi currency account 

Airwallex offers a multi-currency account for Canadian businesses, allowing you to hold, exchange, and make payments in over 20 currencies. It’s designed for global businesses looking for a flexible and fast way to manage multiple currencies and make global transfers to 150+ countries at interbank rates. Airwallex doesn’t charge maintenance fees, making it a great option for businesses needing low-cost currency management.

Best features:

• Designed for global businesses with a strong international presence

• No account maintenance fees

• Local account details in 20 currencies

Supported currencies: 20+

Local account details: Available in 20 currencies

Exchange rates: Variable fees depending on location and sending method

Account fees: No maintenance fees

RBC U.S & Foreign currency accounts 

RBC offers a range of U.S. and foreign currency accounts, including U.S. dollar personal chequing and eSavings accounts, as well as high-interest eSavings accounts in four currencies. These accounts are available even if you don’t bank with RBC, making them a flexible option for managing U.S. dollars and other currencies. You can also earn interest on select balances, with a current interest rate of 0.500% on the U.S. High Interest eSavings account.

Best features:

• Service from Canada’s largest bank with a full suite of other banking products

• Accounts support 4 currencies

• Earn interest on your balances

Supported currencies: 4

Local account details: Not specified

Exchange rates: RBC rates which may include a markup

Account fees: No additional maintenance fees for the Euro, Hong Kong dollar, British Pound and U.S. High Interest eSavings accounts. 3 USD per month fee for the U.S Personal Chequing Account.

Scotiabank multi currency account 

Scotiabank’s multi-currency account supports USD and Euro, making it a simple solution for anyone needing basic access to these two popular currencies. You can transfer funds between your Scotiabank accounts online and avoid monthly account fees with a minimum balance of 200 USD or EUR.

Best features:

• 2 supported currencies

• Easy online transfers between Scotiabank accounts

• No account fees with a minimum balance

Supported currencies: 2

Local account details: Not specified

Exchange rates: Scotiabank rates which may include a markup

Account fees: No monthly account fees with a minimum balance of 200 euros or 200 USD.

National Bank Foreign Currency Account

National Bank offers foreign currency accounts for businesses with the option of 15 currencies, making it a good choice for companies that frequently deal with international trade. While the account comes with a 35 CAD monthly handling fee, its wide range of foreign currencies make it a good choice for businesses with more complex currency needs.

Best features:

• 15 foreign currency accounts

• No minimum balance required

• A good option for businesses with international clients and suppliers

Supported currencies: 15

Local account details:  Not specified

Exchange rates: National Bank rates which may include a markup

Account fees: 35 CAD monthly account handling fee

If you’re interested in a specific foreign currency account, these guides might be helpful:

• Best Euro accounts in Canada

• Best US dollar accounts in Canada

• Best GBP accounts in Canada

Which Canadian banks offer foreign currency accounts?

Some Canadian banks have foreign currency accounts, but you’ll often find that the options are aimed more at corporate and business customers than individuals. Options can include those listed above as well as:

Bank of Montreal - Business account that allows you to do business in the US and send payments in over 40 currencies.

TD Bank - A US dollar personal account for convenient banking for those with occasional or regular cross-border banking needs

Learn more: Best foreign currency bank accounts in Canada

What is the eligibility for a multi currency bank account?

Different banks and online providers have their own eligibility requirements. You’ll pretty much always find you must be:

• 18 years old or over

• Able to provide proof of ID and address in Canada

In some cases you will also need a minimum deposit or proof of earnings, while business customers may face their own requirements including being able to provide a full suite of business information and paperwork.

Related: How to open an international bank account in Canada

What is the minimum amount to open a foreign currency account?

You may find that the account you pick has a minimum deposit or balance requirement, or a fall below fee. Fall below fees activate if you don’t meet the account’s minimum balance rules.

Of the accounts we've picked out in this guide, only Scotiabank has a minimum balance. In this case, you need 200 euros or 200 USD a month on an ongoing basis to avoid monthly account fees. Some other accounts which are aimed at high wealth individuals might have higher minimum balance requirements.

Fees to open an maintain a foreign currency account

There may be no fee to open your foreign currency account, but that does not mean it will be free to operate. Some accounts have ongoing charges, and transaction fees are also common, based on the way you use your account.

Foreign currency account fees can be extremely varied, but we've pulled out a few important costs to look at for some of the providers we've highlighted above as an example:

Conclusion: Opening a foreign currency bank account in Canada

Canadian customers can open foreign currency accounts from banks and specialist alternatives.

Banks in Canada may restrict their foreign currency services to business and corporate customers, or focus their efforts on products which are aimed at people looking to invest and save in foreign currencies. As an alternative you might prefer a online provider like Wise or Airwallex.

Wise lets you hold and exchange 40+ currencies with the mid-market rate and low fees from 0.33%. You can get a linked debit card, and spend globally, with easy ways to pay and get paid with low or no fees.

Airwallex offers global currency accounts in 20+ currencies and transfers to 150+ countries but is for business customers only.

Use this guide to decide which account may fit your needs - and to get started with opening your multi-currency bank or online alternative account.