The 8 best international business bank accounts in Canada

Key takeaways

• In 2023, 85.3% of Canadian SME exporters sold to the US, according to Innovation, Science and Economic Development Canada.¹

• Many traditional banks charge hidden markups on currency exchange, costing Canadian businesses more than flat transfer fees ever will. Multi-currency business accounts are an effective way of avoiding forced currency conversion.

• RBC and TD charge high monthly fees and currency markups. The Airwallex Business Account, a business bank account alternative, routes payments locally to avoid those costs.²

Managing multiple currencies through a traditional Canadian bank can get expensive. Modern international business accounts like the Airwallex Business Account and those featured in this article protect business margins and simplify payments. The comparisons below will help businesses choose the right international business account for their needs, based on fees, features, and FX markups.

The best international business bank accounts in Canada at a glance

This table compares costs, exchange rates, and standout features of Canada's top international business accounts.

Top-rated international business accounts in Canada

Best for international payments: Airwallex Business Account

Ideal for

Canadian eCommerce brands, B2B exporters, and SaaS businesses that pay international vendors and accept payment in multiple currencies.

Our take

Airwallex Business Accounts combine Airwallex’s global financial infrastructure with intelligent automation, enabling global businesses to open multi-currency accounts and transfer money internationally with local routing in 120+ countries. They provide routing/ABA numbers in the US, IBANs in Europe, and Sort Codes in the UK so international clients pay via cheaper domestic networks like ACH or SEPA instead of expensive global SWIFT wires. Online merchants and eCommerce companies may find Airwallex particularly beneficial and should also review the best business bank accounts for eCommerce in Canada.

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

Pros

• Local account details in 20+ currencies, with the ability to settle like-for-like with no FX fees

• Unlimited multi-currency corporate cards with 1% cashback and 0% foreign transaction fees

• Built-in expense management including spend controls, automated receipt capture, and accounting software integrations

Cons

• No branches for in-person cash deposits

• Fully digital, so it doesn't support paper cheques

Best for fee-free wire transfers: Loop

Ideal for

Canadian businesses that pay suppliers by wire and want local account details in USD, GBP, and EUR.

Our take

Loop provides CAD, USD, EUR, and GBP business accounts, with local account and routing numbers for USD, GBP, and EUR. The Basic plan costs CA$0 a month with a 0.47% FX rate, and the Plus (CA$79 a month) and Power (CA$299 a month) plans lower that rate to 0.27% and 0.12%.

Pros

• Wire transfers are free on every plan

• 0% card FX fees on USD, GBP, EUR, and CAD purchases

• Free USD, EUR, and GBP accounts on the Basic plan

Cons

• Holds four currencies: CAD, USD, EUR, and GBP

• Lower FX rates require a paid plan starting at CA$79 a month

• Card rewards are points rather than cashback

Best for 24/7 phone support: OFX

Ideal for

Importers and exporters that want phone support for FX and forward contracts on supplier payments.

Our take

OFX pairs a Global Business Account that receives, holds, and pays in 30+ currencies with forward contracts and limit orders for managing currency risk. The Standard plan costs CA$0 per user a month, and Full Suite costs CA$75 a month with five users included.

Pros

• Human support by phone, available 24/7

• Forward contracts and limit orders to manage currency risk

• Local account details in CAD, USD, GBP, and EUR

Cons

• OFX does not publish its FX margin on spot conversions

• Cross-border wires cost CA$20 per transaction on Standard and Full Suite

Best dual-country branch banking with CIBC Bank USA: CIBC Unlimited Business Operating Account

Ideal for

CIBC Bank USA account holders and Canadian business owners who operate mostly domestically but need branch services, commercial loans, basic USD accounts, and want one of the best business bank accounts in Canada

Our take

The CIBC Unlimited Business Operating Account offers strong local security but costs more internationally, so many businesses pair it with a digital platform for cross-border payments.

Pros

• Access to tellers and branches across Canada

• Fee waivers for businesses that maintain a high daily balance

Cons

• High CA$65 monthly fee to access unlimited domestic transactions (waived with minimum balance of CA$65,000)

• Costly SWIFT fees of CA$30-80 on outbound international wires

Best for static CAD and USD treasury balances: Venn Business Account

Ideal for

Businesses holding CAD and USD reserves that want competitive yield.

Our take

Venn is a low-cost banking alternative that offers decent interest rates on CAD and USD balances. This article compares Venn with the best high interest business savings accounts.

Pros

• Flat 2% interest on CAD and USD balances, with no minimums or cap³

• Eligible deposits are CDIC-insured up to CA$100,000 through Bank of Montreal

Cons

• Not available to businesses registered in Quebec

• Upgrading to the CA$40 monthly Plus plan unlocks free local transfers

Best for separate cards for CAD and USD: Float

Ideal for

Growing teams that use physical cards and want a separate point solution for expense management, with basic spend limits on corporate cards for CAD and USD.

Our take

Float is a corporate card and spend management platform for domestic and US dollar spending, with real-time transaction tracking and automated bookkeeping.

Pros

• Base 2.5% interest on CAD and 2.75% on USD cash balances with no spending minimums

• Automated, CRA-ready receipt collection and tax tracking

Cons

• High 2.5% foreign transaction fee on currencies beyond CAD and USD

• Requires separate physical cards for CAD and USD transactions

Best for frequent in-person branch access: RBC Ultimate Business 

Ideal for

High-volume businesses, franchises, and merchants handling lots of cash and paper cheques.

Our take

The RBC Ultimate Business Package bundles high cash deposit limits and transaction volumes into one premium plan and is one of the best business chequing accounts in Canada.

Pros

• Up to CA$25,000 in free cash deposits per month

• 100 included paper transactions and unlimited cheque deposits

Cons

• High CA$100 monthly fee that RBC waives only with a CA$75,000 daily balance

• Uncompetitive FX markups of 2.3% to 3% on conversions⁴

Best for high-volume domestic paper cheque processing: TD Unlimited Business Plan

Ideal for

Retail businesses needing teller support, night deposits, and branch access.

Our take

The TD Unlimited Business Plan offers unlimited domestic transactions for high-volume cash businesses.

Pros

• Unlimited transactions and unlimited deposit items

• Up to CA$25,000 in cash deposits included

Cons

• Steep CA$125 monthly fee that TD waives only with a CA$65,000 daily balance

• Outbound international wires are expensive and SWIFT-only

Methodology for ranking international business bank accounts

This guide ranked these accounts based on exchange rate transparency, access to local payment networks, monthly fees, bookkeeping integrations, security standards, CDIC eligibility, and compliance with Canadian regulators.

A note on Airwallex's inclusion: Airwallex published this article. This guide scored the Airwallex Business Account against the same criteria as every other fintech mentioned here, and lists its trade-offs just as it does for other fintechs.

What is an international business bank account?

An international business account is a type of financial account that allows cross-border money transfers, foreign currency holdings, global client payments, and overseas vendor settlements.

How do business bank accounts work for international businesses?

An international business account enables receiving, holding, and sending multiple currencies without immediate conversion, allowing businesses to  invoice and pay US suppliers or partners directly from a USD sub-account.

Keeping currencies separate avoids double-conversion fees when converting foreign amounts into CAD and back, protecting businesses from sudden exchange rate swings.

How SWIFT routing works vs. local payment rails

The cost of SWIFT intermediary fees

SWIFT routes payments through a chain of correspondent banks, each of which can take a handling fee of up to CA$30 per transaction.

These fees usually stay hidden, so suppliers may receive less than invoiced, resulting in frustration and manual corrections.

The speed advantage of domestic clearing networks

Local payment networks, like ACH transfers in the US, EFT in Canada, and SEPA in Europe, process payments domestically, bypassing SWIFT fees entirely. Recipients get the full amount, often the same day, giving growing companies both speed and cost advantages.

Types of international business accounts available in Canada

Canadian business owners typically choose from three account types:

• Airwallex Multi-Currency Accounts and similar digital platforms with low or no FX markups and fast setup

• Traditional Big Five USD accounts, with strong security but costly SWIFT transfers

• High-yield treasury accounts like Venn that pay interest on idle balances (Airwallex Yield coming soon to Canada)

Benefits and risks of cross-border business banking in Canada

Operational benefits for scaling Canadian exporters

A local business account helps grow international revenue by collecting payments in the buyer's currency and sending payments to suppliers in their own currency, simply and securely.

Moving money efficiently across borders makes it possible for small and medium-sized exporters to expand into the US, Europe, and the UK to build long-term resilience.

Financial and compliance risks to understand

International trade requires navigating currency volatility and Canadian tax rules, which can turn a profitable export contract into a loss if the business does not lock in rates.

The CRA also requires record-keeping under Section 261 of the Income Tax Act, tracking foreign exchange gains and losses at the transaction-date rate, or the business risks audit penalties.

To manage these risks, many exporters use hedging programs or work with agencies like Export Development Canada, which finances and insures thousands of Canadian companies against non-payment. The guide on how eCommerce brands can protect against volatility covers more strategies.

How to choose the best international business account for Canadian businesses

Step 1: Map payment routes

The first step is analyzing where primary suppliers, contractors, and customers are based. If many are in North America, an account with a US routing number for ACH transfers fits best. Businesses working with Europe or Asia should prioritize platforms that support SEPA and other regional payment rails.

Step 2: Uncover hidden exchange rate markups

Banks often build profit into the difference between the mid-market exchange rate and the rate offered. Checking the rate against the Bank of Canada exchange rate helps calculate the true cost of currency conversion. Even a tiny 1% markup can add up to CA$1,000 in hidden costs on a CA$100,000 conversion.

Step 3: Evaluate accounting software integrations

The right account supports multi-currency bookkeeping with accounting software integrations that save finance teams time on manual expense tracking.

How to open an international business account in Canada

Required documents for Canadian-registered businesses

To satisfy federal anti-money laundering and FINTRAC regulations, Canadian businesses must submit documentation to open a business account.

Corporate incorporation and registration documents

Companies will need to provide Articles of Incorporation, a corporate profile report, and a Business Number to prove entity status.

Identity and beneficial ownership records

The bank or platform must verify the identity of all directors and beneficial owners who hold 25% or more of the company, using valid government photo identification with proof of address.

Document requirements for non-resident sole proprietorships

Non-resident sole proprietors need to provide their business license or provincial registration certificate, passport, and proof of residential address in their home country.

Application walkthrough

Businesses open an international business account by filling out an application online and providing the required documentation.

Step 1: Online application and entity verification

Applicants enter the business name and details regarding corporate structure and business activities.

Step 2: Know-Your-Customer (KYC) verification for FINTRAC compliance

Applicants complete an identity check by uploading photo identification and a biometric selfie.

Step 3: Account configuration and funding

The business then sets up sub-accounts, issues virtual cards, and funds the account via Interac e-Transfer, Interac e-Transfer alternative, or bank transfer to start sending and receiving global payments. This Interac e-Transfer review explains how that option works.

Alternatives to international business accounts in Canada

Local Canadian credit unions

Credit unions offer great localized services for domestic business, but most lack the infrastructure for cross-border payments and route transfers through larger banks, which can be slow and costly.

Standard retail payment gateways

Gateways like PayPal work well for checkout processing, but they charge high markups on holding or converting funds, and automatically convert everything to CAD.

eCommerce platform accounts

Many marketplace platforms offer built-in currency tools, but multi-currency accounts are the cheaper option for sellers.

Explore other types of business bank accounts

How much did the last USD invoice actually pay out? A traditional Canadian account converts funds on arrival at that morning's rate and reports the CAD figure as though nothing happened in between: the wire fee reaches the statement, but the spread does not. Holding the currency received and converting at the business’ preferred timing helps close that gap.

Business accounts vary widely and are often designed for different use cases or stages of growth. Here are more resources to review that may fit specific business needs:

• Business bank accounts in Canada

• Business chequing accounts

• Business accounts for small businesses

• Business accounts for eCommerce

• High interest business savings accounts

Frequently asked questions about international business bank accounts in Canada

Which bank or platform is best for international business in Canada?

Airwallex is best for international business in Canada, especially scaling eCommerce and B2B firms, and offers CA$0 FX on local payments pulled from available same-currency balances. Its free account pricing includes local accounts in 20+ currencies.

How can a Canadian business avoid international transaction and FX fees?

Canadian businesses can avoid international transaction and FX fees with a multi-currency account. A multi-currency or foreign currency business account hold foreign currencies without converting right away. Spending on corporate cards tied to those balances helps avoid 2.5% to 3.5% FX fees.

What is the difference between a Canadian USD account and a true local US account?

A standard Canadian USD account does not have a US routing number, so it can't receive domestic ACH payments. In contrast, a true local US account has a routing number to enable low-cost transfers.

Can a non-resident open a business account in Canada?

Yes, non-resident sole proprietors and corporate entities can open business accounts, though traditional banks require extensive documentation and a branch visit. Digital platforms are more likely to verify non-resident businesses via online portals.

Are funds held on digital financial platforms safe in Canada?

Yes, digital platforms hold customer funds in trust with regulated banks. Airwallex, for example, holds funds in Canada in separate trust accounts with regulated Canadian banks, aligning with the Retail Payments Activities Act (RPAA).

Sources

1. https://ised-isde.canada.ca/site/sme-research-statistics/en/research-reports/smes-glance-canadian-exporters

2. https://www.airwallex.com/en-ca/business-account/transfers

3. https://www.venn.ca/pricing

4. https://www.airwallex.com/en-ca/blog/rbc-business-account-review-2025-ca