Foreign Currency Account Canada 2026 — EUR, GBP, USD and More

Updated March 2026 · 10 min read

Foreign currency accounts let Canadians hold money in EUR, GBP, USD, and other currencies without converting to CAD on every transaction. This is useful for international workers, frequent travellers, importers/exporters, and remote workers paid in foreign currencies. Here's what's available in Canada in 2026.

Foreign Currency Account Options in Canada — 2026

Provider	Currencies	Monthly Fee	Debit Card	Best For
Wise (multi-currency account)	50+ currencies incl. USD, EUR, GBP, AUD	$0	Yes (Visa debit)	Freelancers, travellers, expats
RBC (USD only)	USD	$2/mo	Yes	Snowbirds, US travel
TD (USD only)	USD	$2.50–$4.50/mo	Yes	US travellers
BMO (USD, EUR, GBP)	USD, EUR, GBP, others	$3–$8/mo per currency	No (savings only)	Multi-currency savers
Scotiabank International	USD, EUR, GBP, others	Varies	No	Scotia relationship clients
CIBC (USD, EUR)	USD, EUR	$4/mo	No	CIBC clients
National Bank (USD, EUR, GBP)	USD, EUR, GBP	Varies	Varies	Quebec-based clients
EQ Bank (USD)	USD	$0	No	USD holding at low cost

Wise Multi-Currency Account — Best Overall for Foreign Currencies

Wise (formerly TransferWise) is the most practical solution for Canadians who need multiple foreign currencies. A single Wise account gives you:

• Local account details (sort code, IBAN, routing number) in 10+ currencies — meaning you can receive EUR like a European, GBP like a Brit, and USD like an American
• 50+ currencies held simultaneously
• Mid-market exchange rates with a transparent low conversion fee (typically 0.3–1%)
• A Visa debit card that automatically converts at the mid-market rate when you spend abroad
• No monthly fee

For a Canadian freelancer billing clients in London, Paris, and New York, Wise is superior to any Canadian bank multi-currency offering in terms of cost, speed, and flexibility.

Big 5 Bank Foreign Currency Accounts

BMO Multi-Currency Savings

BMO offers savings accounts in USD, EUR, GBP, and a few other currencies. These are savings accounts, not chequing — they don't come with debit cards and charge a monthly fee of $3–$8 per currency. They earn low interest rates. Best use case: storing a specific currency you'll need for a major transaction (e.g., buying a European property) without converting to CAD and back.

CIBC Foreign Currency Accounts

CIBC offers accounts in USD and EUR. Monthly fees apply. As with other Big 5 foreign currency accounts, exchange rates are significantly worse than Wise. CIBC's foreign currency accounts work best for clients who prefer keeping all banking within one institution and have a specific need to hold EUR or USD for a short term.

Exchange Rate Impact — Why It Matters

The biggest hidden cost of foreign currency at Canadian banks is the exchange rate spread. When a Big 5 bank converts your CAD to EUR, they typically apply a 2–3% spread above the mid-market rate. Wise charges 0.3–0.8% on most currency pairs. On a €20,000 transaction (such as a European property purchase or a wire for business), the difference can exceed $1,000 CAD.

GIC Options in Foreign Currency

Some Canadian banks offer foreign currency GICs — fixed-term deposits in USD or EUR. These can be useful if you want to lock in a foreign currency exchange rate and earn interest while waiting to deploy the funds. BMO and National Bank of Canada are known for their foreign currency GIC offerings. Rates vary significantly by currency and term.

For International Wire Transfers — Alternatives to Bank Accounts

If your need is sending money internationally rather than holding foreign currency, consider:

• Wise — best rates on most corridors
• Knightsbridge FX — Canadian company specializing in large FX transfers, competitive for $100+
• OFX — strong for AUD, NZD, and Asian currencies
• Bank wire — convenient but the most expensive option (2–4% spread plus $40–$65 wire fee)

Snowbirds — The Special Case for USD

Canadian snowbirds who spend 3–6 months in Florida, Arizona, or California each year benefit most from a USD account. The RBC US Personal Account and TD's USD account offer the most seamless cross-border experience because these banks have direct US presences. See our full USD account guide →