Best multicurrency bank accounts in Canada for business

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.

The best multicurrency accounts in Canada

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 Business Account
• Best business multicurrency account with no FX markup: Wise Business
• Best business multicurrency account with travel rewards: Loop Global Business Banking Account
• Best business multicurrency account for US banking: Jeeves Business Account
• Best business multicurrency account with cash back rewards: Venn Business Banking Account
• Best business multicurrency account from a Canadian bank: RBC Online Foreign Currency Account

Related: Learn more about business banking in Canada

• How we picked the best multicurrency accounts in Canada

  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)
  • Banking Access: 15% (in-branch banking, online banking access, ATM network access, national availability)
  • 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:

1. Compare your options. Compare multicurrency accounts and choose one that’s right for you. Check the eligibility requirements to make sure you qualify.
2. 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.
3. 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.
4. 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.

Related: Steps to open a bank account online in Canada

FAQs about multicurrency accounts

• Can I get a multicurrency account in Canada for my business?

  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.

• Can I get a multicurrency card from my bank?

  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.

• What currencies can I hold in a 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.

• Can I get a virtual card with my business multicurrency account?

  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.

• Is it worth getting a travel money card for personal use?

  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.