In our increasingly global economy, you may find that your business is wasting a lot of time and money on costly international transactions. But shouldn’t there be an easier (and, more importantly, cheaper) way to conduct business internationally?
That’s where a multicurrency account comes into play.
multicurrency accounts lets you hold, spend and receive funds in multiple foreign currencies, helping you save on FX costs and international transaction fees. Let’s walk through our top picks for the best multicurrency card in Canada. Plus, get tips for choosing a foreign currency account.
What is a multicurrency account?
While a standard bank account only lets you hold funds in a single currency, a multicurrency account (also known as a foreign currency account) lets you hold, send and receive funds in CAD as well as foreign currencies like USD, GBP and EUR.
A multicurrency account makes it easy to send international payments and convert funds into Canadian dollars whenever an attractive exchange rate becomes available and with low or no currency conversion fees. Some even provide local bank details for different countries.
Looking for a personal travel card instead?
Check out our full guide to international travel debit and prepaid cards with no or low FX fees.
With most of our top picks, you’ll receive free virtual cards to accompany your account, and get (or have the option to order) a physical multicurrency card too. Even without a card though, you can still make online purchases and transfer funds.
Best business multicurrency account in Canada overall
Airwallex offers a multicurrency account with no monthly account fees, where you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees. Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.
Why it's one of the best
Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Send international money transfers in roughly 60 currencies.
Get a $500 sign-up offer. Take advantage of a $500 sign-up offer in refunded FX conversion fees.
Access other banking products. Send global money transfers, issue multicurrency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
Hold and spend 20+ currencies. Transfer around 60 currencies internationally.
Transparent fees and FX rates
No monthly account fee
No ATM access
No physical card
Currency conversion fees of 0.5% - 1%
Monthly Account Fee
$0
Virtual Debit Cards
Unlimited
Multicurrency Accounts
CAD, USD, GBP, EUR + 17 more
Currency Conversion Fee
0.5% - 1%
Accounting Software Integration
Quickbooks, Xero + more
Best business multicurrency account with no FX markup
If your business makes and receives international payments on a regular basis, you need an account that makes it easy to hold and exchange multiple currencies.
Why it's one of the best
10+ currencies. hold funds in 10 different currencies, including CAD, USD, GBP and EUR.
70+ countries. Pay staff and suppliers in over 70 countries around the world.
Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.
Loop offers one account to manage all your business banking needs, including corporate cards, payments, foreign exchange, loans and capital funding, as well as setting up sales in multiple currencies.
Why it's one of the best
multicurrency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments.
$0 account fee. This account charges no monthly account fee.
No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit.
Earn reward points for your business spending
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Only one free plan available
Read the fine print for details of other fees
No Apple Pay or Google Pay
Monthly Account Fee
$0
Virtual Debit Cards
20
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Conversion Fee
0.1% - 0.5%
Accounting Software Integration
Quickbooks, Xero
Best business multicurrency account for US banking
Jeeves offers business accounts to manage all of your global banking needs. Access six different multicurrency business accounts through one login to deposit, send, spend and receive funds globally.
Why it's one of the best
$0 account fee. This account charges no monthly account fee.
multicurrency accounts. Access BRL, CAD, EUR, GBP, MXN and USD accounts through one login.
Low fees. Only pay when you convert currencies and send payments. There are no account setup fees, monthly charges or overdraft fees.
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Secure funds in encrypted accounts
Access credit cards for your business
You'll pay to make transactions
Currency conversion fees will apply
Monthly Account Fee
$0
Virtual Debit Cards
Unlimited
Multicurrency Accounts
CAD, USD, EUR, GBP + 2 more
Currency Conversion Fee
From 0.20%
Accounting Software Integration
Quickbooks, Xero
Best business multicurrency account with cash back rewards
If your company conducts business in multiple countries, such as purchasing supplies from an international vendor or selling to customers outside of Canada, then check out the Venn business account.
Why it's one of the best
Bank in four currencies. Spend and save in CAD, USD, GBP and EUR. You can also make purchases in 150+ currencies with your Venn card and transfer funds in 30+ currencies.
Low transfer fees. Venn's conversion fees and wire transfer charges are very competitive, especially if you choose a paid monthly plan. Paid plans come with free local transfers, discounted international wire transfers and lower FX fees.
Earn cashback when you spend. Earn 1% cashback when you spend on all corporate purchases with the prepaid Venn Mastercard.
Easy online signup process
Hold and receive funds in CAD, USD, EUR and GBP
Send funds in 30+ currencies
Convert at the mid-market rate
Earn cash back on spending
No sole proprietorships, partnerships or Quebec-based businesses
Pay monthly for lower transfer fees and other perks
You can't accept credit card payments
No CDIC insurance
Monthly Account Fee
$0
Virtual Debit Cards
Unlimited
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Conversion Fee
0.25%–0.45%
Accounting Software Integration
Quickbooks, Xero
Best business multicurrency account from a Canadian bank
Manage your foreign currency without having to convert currency for every transaction. This account is tailored towards businesses that make and receive payments outside of Canadian and U.S. dollars
Why it's one of the best
Variety of currencies. Hold funds in a range of popular global currencies.
Choose your currency. Send wire payments and transfer funds between your accounts in the currency of your choice.
In-branch support. Since you're banking with a Big Five bank, you'll be able to receive in-branch support across Canada should you require it.
Hold funds in a variety of global currencies
In-branch and online support
No minimum balance
Only 1 transaction a month free
This account comes with a $25 monthly fee
You'll pay for outgoing and incoming international payments
Monthly Account Fee
$25
Virtual Debit Cards
Yes
Multicurrency Accounts
Not listed
Currency Conversion Fee
Varies
To determine this best list, Finder Canada analyzed 19 foreign- and multicurrency chequing accounts across 15 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions.
To narrow down the list of multicurrency accounts to the top 6, we only listed accounts that are available in all Canadian provinces.
We ranked accounts based on 18 data points within four major categories. Here’s how we ranked and weighted each product:
Fees: 40% (monthly fee, ability to waive monthly fee (if necessary), transaction fees, included deposits, Interac e-Transfers)
Perks: 30% (number of currencies you can bank in, interest rates, other tailored rewards, accounting software integration, virtual card availability, expense management solutions)
Customer Experience: 15% (live chat availability, apple app ratings, google app ratings)
No single multicurrency account in Canada will be the best choice for everyone, so thoroughly compare your options before picking a new account.
What is the best multicurrency account for business?
Our top picks for the best multicurrency accounts for business are Airwallex, Wise, Loop, Jeeves, Venn and RBC. While there are other options on the market, these providers stand out for their low fee structure, virtual card offerings and lists of available currencies.
Benefits of a using multicurrency card
Why open a multicurrency account in Canada? Here’s why this account could be a good fit for you:
Great for frequent travelers. If you regularly do business overseas, a multicurrency account ensures that you always have a steady supply of local currency, spend money and avoid currency conversion costs.
Convenient for expats. If you’re a newcomer to Canada and you regularly need to do business in other countries, a multicurrency account makes this easy.
Handy for online shopping. Avoid expensive foreign transaction fees by using local currencies to make online purchases from overseas retailers.
Save money when exchanging currency. Wait to convert currencies until the exchange rate is favourable, rather than letting the e-commerce marketplace exchange funds and take a cut of the proceeds.
Get local bank details. Some multicurrency accounts come with various local bank account details, allowing customers and vendors to transfer funds directly to your account in their local currency.
Better for business. It can be easier to conduct business when customers from around the world can pay in their local currencies, when you can make easy and cost-effective payments to overseas staff and suppliers.
Easy to manage. With a multiple currency account, all your money is kept in one place, making it easier to track your spending and manage cash flow than if you have several different accounts. Many providers offer user-friendly mobile apps that make it possible to manage your money on the go.
Quick and easy signup process. It’s typically easy to apply for an account online and provide all the necessary information in a matter of minutes.
Works as a local bank account. You also get the flexibility of using your account as a day-to-day account to manage spending and payments in CAD.
Potential drawbacks of a multicurrency card
While a foreign currency account can come with a lot of perks for international businesses, you might encounter some of these shortcomings depending on the provider:
Non-competitive exchange rates. Providers often charge a fee worth a small percentage of the exchange rate every time you convert currencies. Some multicurrency accounts take a bigger chunk of your transfer amount than others.
Fees. While most of the best multicurrency accounts on our list have no monthly fee, you may come across some that require to pay flat fees for account maintenance, transactions or transfers.
Not widely available. Most of Canada’s Big Banks offer foreign currency accounts for specific currencies like USD or EUR. But if you want a multicurrency card that lets you hold many currencies, your options are limited to fintechs like Wise, Loop and Airwallex.
Usage restrictions. While all of the best multicurrency accounts on our list are available across Canada, other accounts might only be available for certain regions. You might not be able to transfer funds to every country around the world, and your account might come with transaction limits.
How to choose the best multicurrency bank account
The best multicurrency account and card for you is one that matches your foreign currency needs and has low or no fees. Keep the following factors in mind when comparing accounts:
Supported currencies. Check that the account supports all the currencies you need to hold and spend. Major currencies like CAD, USD, GBP and EUR are common. But while some accounts only support two or three currencies, others accept 10 or more. The Wise multicurrency account supports around 40 currencies.
Fees. Check the fine print for details of any fees that apply to the multiple currency account. These may include:
Monthly or annual fee
Transfer fees
ATM transaction fees
Currency conversion fees
Deposit or withdrawal fees
Account opening fee
Overdraft fees
Exchange rates. Check what exchange rates you will get when you convert from one currency to another in your account. Many providers add a markup to the mid-market exchange rate, and the size of this markup will have a big impact on the cost of each transaction.
Account minimum. Some providers may charge a monthly fee if you don’t meet a minimum balance requirement. Transfer limits. Check whether there are any limits on the amount of money you can transfer to your account on a daily or monthly basis.
Account management. Does the provider offer user-friendly online and mobile banking portals so you can easily check your balances, convert currencies and send transfers?
Debit or virtual card. Check whether the account comes with a linked debit card that you can use when overseas, helping you save money on foreign exchange and transaction fees.
International payments. Where in the world can you send international payments from your account, and in which currencies? Also check how long it will take for international payments to arrive.
Overdraft. Check if the account has an overdraft facility in case you need to deal with an unexpected expense.
ATM access. What ATMs can you use? Which ATM network does your card issuer support? You may be able to use ATMs in other countries based on partnerships between your Canada-based ATM network and global networks like PLUS (operated by Visa).
Where to get multicurrency accounts in Canada
While your first thought about anything business-banking related may be to visit your local bank branch, you should stop and consider other options first. While some traditional banks do offer multicurrency business accounts, many fintechs have emerged that offer much more competitive international banking options.
Fintechs like Airwallex, Wise and Loop all offer multicurrency accounts that can carry several different currencies, free linked virtual cards, competitive exchange rates and no monthly account fees. Traditional, brick-and-mortar banks that offer business accounts with similar features typically charge a hefty monthly fee.
Plus, fintech multicurrency accounts often come with a lot of other business banking services, like accounting software integration, expense management tools and payment solutions.
On the other hand, if you already have a business bank account with a Big Bank, opening a multicurrency account with the same bank can help simplify your finances by keeping everything under one roof.
That’s why it’s important to compare your options between traditional banks and fintechs before deciding what the best multicurrency account is for you.
How to open a multicurrency account
The process of getting a multicurrency card the same as opening a regular bank account and getting a debit card. The exact steps you need to follow vary between providers, but you will generally have to do the following:
Compare your options.Compare multicurrency accounts and choose one that’s right for you. Check the eligibility requirements to make sure you qualify.
Submit an application. Apply online by providing your personal information such as your name, date of birth and residential address. You’ll also need to supply your phone number, enter your email address and upload proof of ID.
Get approved. Once your application is approved, you’ll be able to log in via online banking or a mobile app to manage your account. If the account has a debit card, this will be mailed out to you — you may also be given virtual card details that can be used straight away.
Make a deposit. Deposit funds into your account to activate it.
Eligibility requirements to open a multicurrency account
While eligibility requirements vary between providers, you will typically need to:
Be at least 18 years old or the age of majority in your province or territory.
Be a Canadian citizen or permanent resident
Some accounts may also have a minimum balance requirement, so check the fine print before you apply.
Yes, it's possible to open a busniess multicurrency account in Canada. You'll need to be the age of majority in your province and a Canadian citizen or permanent resident. You can then use the account to hold, send, receive and spend money in Canadian dollars as well as multiple foreign currencies. The list of supported currencies varies depending on the financial institution and account you choose.
While some Canadian providers offer multicurrency accounts for business, personal accounts are a lot harder to come by. Personal multicurrency accounts are more readily available from online banks and fintechs, so you might want to consider an option like the Wise multicurrency account.
The list of supported currencies in a foreign currency account varies from one provider to another. Besides Canadian dollars, commonly supported currencies include US dollars (USD), euros (EUR) and British pounds (GBP). Your account may also allow you to hold and send other major currencies such as Australian Dollars (AUD), Hong Kong Dollars (HKD), Japanese Yen (JPY), New Zealand Dollars (NZD) and Singapore Dollars (SGD). Some accounts support more than 35 currencies, so shop around to see what's available.
Yes, many multiple currency accounts, like Airwallex and Loop, come with a linked virtual debit card that you can use for ATM withdrawals and point-of-sale transactions. However, not all foreign currency accounts in Canada feature a physical debit card, so check the details of any account closely before you apply.
You might want to open a multicurrency account and get a travel money card if you spend a lot of time outside Canada for personal reasons instead of purely business. But if you're simply planning a one-off vacation, you probably don't need a multicurrency account with a travel money card. Instead you might want to consider a prepaid debit card or credit card with no foreign transaction fees.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Tim's expertise
Tim has written 451 Finder guides across topics including:
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Chelsey's expertise
Chelsey has written 139 Finder guides across topics including:
A business savings account is a good alternative for business owners not interested in aggressively investing excess business funds.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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