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.