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.
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.
Our top picks for the best multi-currency card in Canada
These providers let you open a multi-currency account in Canada. With most 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.
Best business multi-currency account overall:Airwallex
Open and manage a global account with Airwallex. With no monthly account fees, you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees.
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 multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
Hold and spend 20+ currencies. Transfer around 60 currencies internationally.
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.
Send international money transfers to 70+ countries with no exchange rate markup. Easily receive foreign transfers with low or no fees using account details for eight different currencies.
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 2.75% 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 2.75% 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
Best business multi-currency 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
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%
Accounting Software Integration
Quickbooks, Xero
Best business multi-currency 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 Vault 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 Vault card and transfer funds in 30+ currencies.
Low transfer fees. Vault'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 Vault 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
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Coversion Fee
0.25%–0.45%
Accounting Software Integration
Quickbooks, Xero
Best business multi-currency 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
Multicurrency Accounts
Not listed
Currency Coversion Fee
Varies
To determine this best list, Finder Canada analyzed 19 foreign- and multi-currency chequing accounts across 15 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions.
To narrow down the list of multi-currency accounts to the top 6, we only listed accounts that are available in all Canadian provinces. Accounts were ranked based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Fees: Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees
Perks: Number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards
No single multi-currency account in Canada will be the best choice for everyone, so thoroughly compare your options before picking a new account.
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.
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:
Compare your options.Compare multi-currency 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.
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 multi-currency 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.
You might want to open a multi-currency account and get a travel money card if you spend a lot of time outside Canada. But if you're simply planning a one-off vacation, you probably don't need a multi-currency account with a travel money card. Instead you might want to consider a prepaid debit card or credit card with no foreign transaction fees.
While some Canadian providers offer multi-currency accounts for business, personal accounts are a lot harder to come by. Personal multi-currency accounts are more readily available from online banks and fintechs, so you might want to consider an option like the Wise multi-currency 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, some multiple currency accounts come with a linked 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.
Business banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into 19 different data points for 45 business accounts from banks and other financial institutions.
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
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Explore our top picks for the best business bank accounts in Canada.
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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.
