The 8 best foreign currency accounts in Canada for business

Key takeaways

• More than half (56%) of Canadian small businesses that trade internationally name currency fluctuations as a substantial challenge.¹

• To find the best foreign currency account for your business, look for local receiving details in every currency you bill, a published foreign exchange (FX) markup, and accounting integrations.

• The best foreign currency accounts in Canada are the Airwallex Multi-Currency Account, available in 21 countries with no forced conversions, and others like Wise Business and the Venn Business Account.

Canadian businesses billing international customers lose margin twice: once when revenue converts to Canadian dollars on arrival, and again when they convert back to pay a supplier abroad. A foreign currency account breaks that cycle, letting you hold what you earn in the currency you earned it in.  This guide compares the eight best options open to Canadian businesses and shows you where the real costs lie.

Best foreign currency accounts in Canada at a glance

Understanding foreign currency accounts

What is a foreign currency account?

A foreign currency account holds a currency other than Canadian dollars, so revenue is not converted on arrival as it would be in an everyday operating account, including the best business chequing accounts. At a Canadian bank, it still clears through Canadian details, so US and European customers can’t pay you by ACH or SEPA. Canadian institutions settle through Payments Canada, so US dollar accounts don’t have an ABA routing number.

What's the difference between a foreign currency account and a multi-currency account?

A foreign currency account holds one currency. A multi-currency account holds several and issues local receiving details in each market, so a US customer pays by ACH and a UK customer by Faster Payments. Airwallex and some of the best international business bank accounts in Canada work this way, giving every currency its own local details. 

Top-rated foreign currency and multi-currency accounts in Canada

Eight providers made this list, split into digital-first platforms and traditional banks. Platforms compete on FX pricing and local rails; banks compete on branch access, credit, and deposit insurance.

Digital-first platforms

Best overall multi-currency account: Airwallex Multi-Currency  Account

Ideal for

Canadian eCommerce merchants, agencies, and exporters that collect in several currencies.

Our take

Airwallex Multi-Currency Accounts let you collect in your customer's currency, hold it, and spend it in that same currency, so revenue never gets double converted to Canadian dollars. Open local accounts in minutes, available in 20+ countries, and when conversions are needed, convert at interbank rates.

Note: Airwallex is a fintech company, not a bank. Under Canada's Retail Payments Activities Act (RPAA), Airwallex safeguards customer funds in segregated RPAA Trust Accounts.

Pros

• Local account details in 20+ countries

• Payment collection from 70+ countries 

• $0 monthly fees, no account-opening costs, and zero transaction minimums

Cons

• No branches for cash or cheque deposits

• No overdraft, credit line, or lending products

Best for transparent, pay-as-you-go FX: Wise Business

Ideal for

Sole proprietors and small teams sending occasional international transfers.

Our take

Wise shows the fee and the rate before you confirm a transfer, and conversion starts at 0.48% above mid-market rates across 40 currencies. However, the local receiving details that make Wise worth having require a one-time $55 setup fee.

Pros

• Mid-market rates with the fee shown up front

• Hold 40 currencies, with local details in 9+

• Batch payouts to 1,000 recipients

Cons

• One-time $55 fee for local receiving details

• US$6.11 charge on incoming USD wires

• No outgoing Interac e-Transfer on business accounts

Best for CAD and USD yield: Venn Business Account

Ideal for

Canadian companies outside Quebec holding meaningful Canadian and US dollar reserves.

Our take

Venn combines CDIC protection with FX that improves by plan, from 0.45% on free Essentials to 0.25% on Pro, with balances held in trust at Bank of Montreal up to $100,000 per category. Venn advertises 2.75% on CAD and up to 3.5% on USD balances, but the standard rate is 2% after the promotional period ends.

Pros

• 2% standard interest on CAD and USD balances

• CDIC coverage up to $100,000 via Bank of Montreal

• FX from 0.45% on the free plan, 0.25% on Pro

Cons

• Not available to businesses incorporated in Quebec

• No CRA payment support beyond pre-authorized debit

• Local details limited to four currencies

Best free USD, EUR, and GBP accounts: Loop

Ideal for

Canadian sellers and importers that bill in USD, euros, or sterling.

Our take

Loop gives you a US routing number, a UK sort code and a euro IBAN free on the Basic plan, and its card carries no annual or foreign transaction fees. But the widely quoted 0.1% FX rate belongs to the $299 Power plan.

Pros

• Free USD, euro, and sterling accounts

• Corporate card with no annual fee and 55 interest-free days

• Direct feeds into QuickBooks Online, Xero and Wave

Cons

• Entry FX is 0.47%

• No advertised interest on balances

• Interac e-Transfer is receive-only, with no CRA payment support

Traditional Canadian banks

Best for cross-border US banking: RBC foreign currency accounts

Ideal for

Established Canadian businesses needing a US-domiciled account alongside their Canadian one.

Our take

RBC is the only Big Five bank whose US subsidiary opens business accounts for Canadian companies, with a real US routing number and no US address required. But its US Business Checking costs US$150 per month.

Pros

• Linked Canadian and US-domiciled accounts with a US routing number

• ACH origination with no US address required

• Up to $300 back on incorporation through Ownr

Cons

• US Business Checking fees are US$150 monthly, or US$175 with ACH origination

• No published FX markup; trackers show 2% to 3%

• RBC Bank runs digitally, with no US branches

Best low-cost USD chequing: TD USD Business Basic Account

Ideal for

Small Canadian businesses that want an inexpensive USD account with branch access.

Our take

TD's account is the cheapest US dollar option among the Big Five at $9.80 a month, with five transactions included and $1.75 after that.² No balance waiver exists.

Pros

• $9.80 monthly fee with no minimum balance

• Five transactions included, then $1.75 each

• Branch, ATM, and phone banking nationwide

Cons

• Flat $50 fee on every outgoing wire

• $17.50 charge on incoming wires

• CAD and USD only

• Standard retail FX markups on every conversion

Best for euro and sterling holdings: Scotiabank Online Foreign Currency Account

Ideal for

Canadian businesses paying European suppliers that already bank with Scotiabank.

Our take

Scotiabank's account covers euros and pounds, each with two free outgoing wires a month, with fees charged in the account currency at €12.50 and £10.30.³ US dollars sit outside this product, so holding both requires two accounts.

Read our Scotiabank business account review for details about other account options and features.

Pros

• Two free outgoing wires monthly on every currency

• Direct link to an existing Scotiabank CAD account

• Established correspondent network across Latin America

Cons

• US dollars need a separate account at $15.35 monthly

• Fees charged in the account currency, so they move with rates

• No accounting sync or spend management tools

• Non-interest-bearing on every currency

Best USD branch banking: CIBC US Dollar Current Account

Ideal for

Small businesses with low USD volumes that want branch access.

Our take

CIBC's US Dollar Current Account costs $11.20 a month, plus $1.40 per self-service transaction and $1.75 full-service, with no balance waiver.⁴ Costs scale with activity so it’s best for only occasional USD payments.

Pros

• Full wire, cheque, and in-branch cash support

• Bundling with existing CIBC Canadian dollar accounts

• Predictable flat monthly fee at $11.20

Cons

• Per-transaction charges on top of the monthly fee

• No balance waiver at any level

• USD only, with no euro or GBP account

Our methodology for ranking foreign currency accounts in Canada

Rankings weigh five factors: FX markup transparency, local account availability, operating costs, accounting integrations,  and deposit protection. The first two carry the most weight. 

A note on Airwallex's inclusion: Airwallex publishes this article. The Multi-Currency Account was scored against the same criteria as every other fintech account here, and its trade-offs are listed just as they are for alternatives.

How local clearing rails compare to international wires

An invoice that arrives short is rarely a rounding error. It’s usually a result of correspondent bank fees, which are not easily visible.

The cost of intermediary bank deductions

SWIFT payments pass through multiple correspondent banks, and each can deduct a fee from the payment itself. The invoice then settles short with no explanation on the statement.

Settlement speed on ACH, SEPA, and Faster Payments

SWIFT transfers typically take two to five business days, because each correspondent bank runs its own compliance review. ACH, SEPA and UK Faster Payments settle same-day or next business day.

Benefits and risks of holding foreign currency in Canada

Holding foreign currency is a treasury decision, not an account setting. It protects you from one risk but exposes you to another.

Benefits

• Revenue in USD or euros is held instead of converting on arrival

• eCommerce sellers pay US suppliers straight from USD balances

• You choose when to convert rather than being at the whim of currency fluctuations

• Paying suppliers in their currency removes built-in markups

Risks

• Unhedged balances move with rates, so a stronger Canadian dollar shrinks your foreign holdings

• The CRA requires you to report realized FX gains and losses under Section 261

• Protection differs: CDIC covers eligible deposits up to $100,000 per category, but platform balances are safeguarded in trust.⁵

How to choose the best multi-currency account in Canada

Step 1: Inventory the currencies you collect and send

List every currency you receive and pay in, then check whether the provider issues local details in each. Holding a currency and receiving it locally are different capabilities.

Step 2: Compare FX markups against flat monthly fees

A free account with a 3% FX markup costs more than a paid plan at 0.5% once you convert $50,000 a month.

Step 3: Confirm local clearing details, not just currency holding

Ask whether you get a real US ABA routing number, a SEPA IBAN, or a UK sort code, rather than a balance topped up by wire.

Step 4: Check accounting software integrations

Multi-currency reconciliation by hand gets painful fast. Confirm that the account syncs with whatever your bookkeeper is using.

How to open a foreign currency account in Canada

The paperwork is similar at a branch and on a digital platform. What differs is how long it takes.

Step 1: Confirm entity registration and CRA Business Number

Your business must be active with the relevant federal or provincial authority and hold a valid CRA Business Number.

Step 2: Gather incorporation and beneficial ownership documents

Collect your Articles of Incorporation, proof of business address, and identification for every beneficial owner holding 25% or more.

Step 3: Complete identity verification

Provide government-issued identification and proof of address for each signatory. Most platforms finish these checks in under 10 minutes.

Step 4: Activate your currency accounts and connect payout sources

Once approved, open receiving accounts in the currencies you need and connect your gateways, marketplaces and invoicing tools.

Explore other types of business accounts

Finding the right foreign currency setup depends entirely on how you operate. A local retailer might prioritize low-fee point-of-sale transactions, while a scaling tech company needs to accept international payments without losing margin to currency exchange. To help you navigate your options, we created these detailed guides:

• Business chequing accounts 

• Business accounts for small businesses  

• Business accounts for eCommerce

• International business bank accounts

• International money transfers

Frequently asked questions about foreign currency accounts in Canada

Can I open a US dollar account in Canada with a US routing number?

You cannot open a US dollar account in Canada with a US routing number, because Canadian institutions clear through Payments Canada rather than the US Federal Reserve. Receiving ACH directly requires a platform that issues real US bank details.

What is the best multi-currency account in Canada for eCommerce?

The best multi-currency account in Canada for eCommerce collects US dollars or euros from Shopify, Amazon, or Stripe without converting them on arrival. Airwallex, Wise, and Loop all do this. The best business bank accounts for eCommerce in Canada guide compares them on marketplace payouts.

Do Canadian banks charge foreign exchange fees on USD accounts?

Canadian banks do charge foreign exchange fees on US dollar accounts, because holding US dollars delays conversion rather than avoiding it. Retail markups of roughly 2% to 3% apply on every conversion.

Are digital multi-currency accounts in Canada CDIC insured?

Digital multi-currency accounts are CDIC-insured only when the provider holds your balance in trust at a member institution. Airwallex is not a registered bank and holds funds in a segregated RPAA trust account.

How can Canadian businesses avoid international wire transfer fees?

Canadian businesses can avoid international wire fees by routing payments through local networks such as ACH, SEPA, EFT, and Faster Payments instead of SWIFT.

Can I earn interest on foreign currency balances in Canada?

You can earn interest on foreign currency balances in Canada, though how much depends on the provider. Canadian banks generally pay little or nothing, whereas Venn pays 2% on Canadian and US dollars. Review the best high interest business savings accounts for other interest-earning options.

What documents do I need to open a multi-currency business account in Canada?

To open a multi-currency business account in Canada, you need your Articles of Incorporation, a valid CRA Business Number, photo identification for each signatory, proof of business address, and ownership details for any shareholder above 25%.

Sources

1. https://www.cfib-fcei.ca/en/research-economic-analysis/insightbiz-international-trade-and-smes

2. https://www.td.com/content/dam/tdct/document/pdf/business-banking/521998.pdf

3. https://www.scotiabank.com/content/dam/scotiabank/refresh/documents/bank-accounts/english/fees_interest_schedules.pdf

4. https://www.cibc.com/en/business/accounts/us-dollar-current-account/fees-and-details.html

5. https://www.cdic.ca/depositors/whats-covered