Managing your finances across multiple currencies can be a challenge. A dedicated Euro account can let you spend, send and receive Euros in Canada, and there are some good options out there to choose from. However, you’ll want to consider key details such as account fees, conversion costs and interest rates in order to find the perfect Euro account for you.
Wise, formerly known as TransferWise, is a leading currency exchange platform that offers Canadians access to multi-currency accounts, including Euros. A Wise account can hold, send, spend and receive in 40+ currencies currencies. You’ll receive a Euro account with local bank details, as well as IBANs for 9 other countries. This makes it easy to conduct business overseas, spend your money while abroad as well as receive money from bank accounts around the world.
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
If you’re looking to open a Euro account as a Canadian, there are a few key elements to watch out for and consider:
One of your first considerations will likely be account fees. Most online banks won’t charge you anything per month in order to maintain your account, but traditional banks often do charge monthly fees. You’ll want to watch for minimum balance fees, too, and any other standard fees that you may be exposed to.
The cost of currency exchange rates will fluctuate over time, but it’s still important to look for a banking provider that can offer you a genuinely competitive exchange rate. You may also want to consider transparency when it comes to conversion fees, as some providers will be more upfront about why and how they’re charging you than others.
Some Euro accounts available in Canada will offer an interest rate on your savings. If that’s important to you, you’ll want to compare the different rates available, although keep in mind these will generally be lower than the rates you’ll receive on your CAD holdings.
While you may be solely interested in holding, saving or transferring Euros, keep in mind any other additional services that a bank provider can offer. Even if your banking needs are simple today, you might want access to a more comprehensive banking experience somewhere down the line.
Choosing the right bank always involves considering customer service. You can check out review websites and social media in order to see how satisfied other customers are with any particular banking provider. You may also want to consider how you feel about online banking service versus in-person banking service.
The exact processing for opening a euro bank account in Canada will vary from between banking providers. If you choose to go with a neobank or financial services company, such as Wise, you’ll be able to apply for and open your account online with minimal wait times. However, if you choose a euro account with a traditional bank like RBC, you may need to visit a branch to verify your documentation and complete your account set up.
That being said, here’s a look at the step by step process you’ll generally need to go through when opening a foreign currency bank account in Canada.
All financial service providers, whether a big bank or a fintech platform, will be required by law to verify the identity of anyone opening a new account. For personal bank accounts, you’ll typically be asked to provide one or more of the following documents:
It also helps to know your rights as a Canadian citizen, permanent resident or non-citizen when opening a bank account. The Financial Consumer Agency of Canada provides details on all you need to know when opening a bank account in Canada.
Opening a Euro bank account in Canada does have its benefits, especially for those who have personal or business ties to European markets. However, there are some difficulties and downsides to keep in mind:
There isn’t a whole load of options to choose from here, and with competition relatively low that results in less attractive benefits for Canadians wanting a Euro account. Interest rates are low or non-existent with savings accounts, and transfer fees in most cases are not particularly competitive.
The rate at which you’ll be charged to convert your CAD into EUR and vice versa will fluctuate from banking providers. Some banks offer better, and more transparent, rates than others. If you plan on regularly converting money from one currency to another, make sure to look out for costly conversion rates.
While you can choose when and how to manage your Euro holdings, there may be times when you simply have to conduct transfers regardless of whether the exchange rate is good or bad. In a challenging economy, you could potentially get caught out with fluctuating exchange rates between CAD and EUR.
Most Euro bank accounts available to Canadians are limited in services and features. If you’re looking for a simple account to send and receive Euros, that may not be an issue, but you may be disappointed with your options if you’re in need of a more comprehensive Euro bank account within Canada.
While the market for Euro accounts for Canadians isn’t huge, there are still some good options to choose from. Whether you would prefer the convenience of online banking or the familiarity of in-person service, you’ll find the right fit for your Euro banking needs among the options we’ve covered here.
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