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Best multi-currency cards in Canada

The best accounts for sending and receiving foreign currency payments and exchanging currencies.

A multi-currency account 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 multi-currency card in Canada. Plus, get tips for choosing a foreign currency account.

Our top picks for the best multi-currency card in Canada

These providers let you open a multi-currency account in Canada. With any of our top picks, you’ll receive (or have the option to order) a physical multi-currency card. Even without a physical card, you can still make online purchases and transfer funds.

What is a multi-currency card?

A standard bank account only lets you hold funds in a single currency. A multi-currency card is attached to an account that lets you hold, send and receive funds in CAD and foreign currencies. There are personal and business multi-currency accounts in Canada.

Also known as a foreign currency account, a multi-currency account makes it easy to send international payments. You can also hold funds in a foreign currency and then convert them into Canadian dollars whenever an attractive exchange rate becomes available.

Benefits of a multi-currency card

Why open a multi-currency account in Canada? Here’s why this account could be a good fit for you:

  • Great for frequent travelers. If you regularly spend time overseas, a multi-currency account ensures that you always have a steady supply of local currency. A multi-currency card offers a convenient way to spend money and avoid currency conversion costs.
  • Convenient for expats. If you’re a newcomer to Canada and you regularly need to send and receive money internationally, a multi-currency 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.
  • Better for business. Customers from around the world can pay in their local currencies. Make easy and cost-effective payments to overseas staff and suppliers. Wait for the best rate to exchange your profits into CAD, rather than letting the e-commerce marketplace exchange funds and take a cut of the proceeds.
  • Easy to manage. With a multiple currency account, all your money is kept in one account, 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 simple 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 multi-currency card

While a foreign currency account can come with a lot of perks for international spenders, you might encounter some 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 multi-currency accounts take a bigger chunk of your transfer amount than others.
  • Fees. You might have to be 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 multi-currency card that lets you hold many currencies, your options are limited.
  • Usage restrictions. While all of the best multi-currency 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.

Best multi-currency card in Canada

Wise Personal Account

Monthly Account Fee
50+ currencies
Multicurrency Accounts
From 0.35%
Currency Conversion Fee
Save on fees when you send, spend and withdraw in 50+ different currencies from a Wise multi-currency account.

Why it's one of the best

  • Low fees. Keep more in your pocket with $0 monthly fees, low- or no-fee ATM withdrawals and no minimum balance.
  • Move money globally. Send international money transfers to 73 countries with no exchange rate markup. Easily receive foreign transfers with low or no fees using account details for eight different currencies.
  • No monthly fees
  • No minimum balance
  • Hold and convert 50+ currencies
  • Card supports ATM withdrawals and contactless payments
  • No exchange rate markup for international transfers
  • Percentage fee for currency conversions
  • Fee for ATM withdrawals over CA$350
  • Not CDIC insured
Monthly Account Fee $0
Multicurrency Accounts 50+ currencies
Currency Coversion Fee From 0.35%
GIC Available No

Best foreign currency account for holding USD

EQ Bank US Dollar Account

EQ Bank US Dollar Account

Monthly Account Fee
Multicurrency Accounts
Currency Conversion Fee
Although you can only hold USD in this account (which doesn't make it a multi-currency account), the EQ Bank US Dollar Account earns a place on this list since you can easily link it to a regular bank account that holds Canadian Dollars. We also like that you can transfer USD in Canada with $0 fees.

Why it's one of the best

  • Earn interest. Earn 3% interest on your savings.
  • Low exchange rate. Save money with a competitive exchange rate between CAD and USD and fee-free USD transfers in Canada.
  • No account fee. Pay no monthly fees to manage and maintain your account.
  • Pays 3% interest
  • Free USD transfers in Canada
  • Integrated with Wise for global USD transfers (fee applies)
  • No monthly account fee
  • CDIC insured
  • Can only hold USD
  • No wire transfers or scheduled e-transfers
Monthly Account Fee $0
Multicurrency Accounts USD
GIC Available Yes

Best business multi-currency account in Canada

Wise Business

Monthly Account Fee
Multicurrency Accounts
Currency Conversion Fee
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.
  • Get the mid-market exchange rate
  • Hold funds in nine currencies
  • User-friendly platform
  • Transfer fees apply
  • Doesn't accept cash or cheque deposits
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee 0.43%
GIC Available No

Best business multi-currency account with rewards

Loop Global Business Banking Account

Monthly Account Fee
Multicurrency Accounts
0.1% - 0.5%
Currency Conversion Fee
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

  • Multi-currency 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
Multicurrency Accounts CAD, USD, GBP, EUR
Currency Coversion Fee 0.1% - 0.5%
GIC Available No

Best business multi-currency account with low FX rates

Vault Business Banking Account

Monthly Account Fee
Multicurrency Accounts
Currency Conversion Fee
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 Vault business account.

Why it's one of the best

  • Bank in four currencies. Spend and save in CAD, USD, GBP or EUR.
  • Earn cashback when you spend. Earn 1% cashback when you spend on all corporate purchases with your Vault credit card.
  • No monthly account fee. With the Vault business account your firm can accept payments in four currencies, send transfers in more than 30 currencies, all for no monthly fee.
  • Easy online signup process
  • Send funds in over 30 currencies
  • Earn cash back on spending
  • Not available for sole proprietors or partnerships
  • Not available in Quebec
  • Can't accept credit card payments
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR
Currency Coversion Fee 0.35%
GIC Available Yes

Best business multi-currency account from a Canadian bank

RBC Online Foreign Currency Account

RBC Online Foreign Currency Account

Monthly Account Fee
Not listed
Multicurrency Accounts
Currency Conversion Fee
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
Multicurrency Accounts Not listed
Currency Coversion Fee Varies
GIC Available Yes

How to compare multi-currency cards in Canada

The best multi-currency 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 multi-currency 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 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).

How to open a multi-currency account

The process of getting a multi-currency 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 multi-currency 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.

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.

Multi-currency card FAQs

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Written by


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

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Associate editor

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio

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