Many Canadian businesses earn revenue in USD or EUR but want to keep those funds in the original currency instead of constantly converting to CAD. Whether you’re a SaaS company billing US customers, an ecommerce brand selling into Europe, or a freelancer working with international clients, avoiding unnecessary currency conversion can protect your margins, reduce FX risk, and simplify global operations.

This guide explains exactly how businesses get paid in USD or EUR without converting to CAD, what tools they use, and how to choose the right setup for your situation.

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Why businesses want to avoid forced conversion to CAD

Before diving into the “how,” it’s important to understand the “why.” Businesses operating in or from Canada often look for ways to receive and hold foreign currencies because:

• They have USD or EUR expenses
  Paying suppliers, software subscriptions, contractors, or marketing platforms in the same currency you earn eliminates double FX conversions.

• Exchange rates are unpredictable
  Automatically converting every payment to CAD locks you into whatever rate is available that day. Holding USD/EUR gives you more control over when to convert.

• Fees add up quickly
  Traditional banks often charge:

  • Wide FX spreads (hidden within the exchange rate)
  • Wire transfer fees
  • Incoming transfer fees
    Avoiding constant conversions often reduces total cost.

• Cash flow planning is easier
  If your revenue and expenses are both in USD or EUR, keeping money in those currencies simplifies budgeting and forecasting.

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Core methods to get paid in USD or EUR without converting to CAD

There are four main ways Canadian businesses receive and hold foreign currencies:

1. Foreign currency accounts at a bank
2. Multi-currency accounts from fintech providers
3. Payment processors and merchant accounts
4. Online wallets and marketplace balances

Each option has different eligibility, fees, and features.

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1. Foreign currency accounts at Canadian banks

Most major Canadian banks offer business accounts in USD, and some also offer EUR accounts. These allow you to:

• Receive incoming wire or EFT payments in USD/EUR
• Hold balances in those currencies
• Send payments out in the same currency
• Choose when to convert to CAD (if at all)

How this typically works

1. Open a business foreign currency account

   • Usually requires an existing CAD business account
   • Extra documentation may be needed (legal entity, ID, etc.)

2. Share bank details with foreign clients

   • ABA/SWIFT for USD wires
   • IBAN/BIC for EUR (if supported)
   • Clients pay you directly in USD or EUR

3. Funds arrive and stay in foreign currency

   • Account balance is in USD or EUR
   • No automatic conversion to CAD

4. Use funds or convert when desired

   • Send foreign currency payments to suppliers
   • Or convert to CAD via bank FX (often at bank’s standard spread)

Pros

• Reputable and familiar: Bank accounts are widely trusted
• Can receive traditional wire transfers: Easy for larger corporate clients
• Keep USD/EUR separate: Clear accounting for foreign revenue and expenses

Cons

• Fees and FX spreads: Bank rates often less competitive than fintechs
• Not all banks support EUR accounts: USD is common; EUR is less so
• Higher friction for setup: More paperwork and slower onboarding

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2. Multi-currency accounts from fintech providers

Modern fintech platforms are often the most flexible solution for getting paid in USD or EUR without converting to CAD. Examples (subject to eligibility and region) include:

• Wise Business
• Payoneer
• Revolut Business (where available)
• Airwallex (in certain markets)
• OFX (for some types of accounts)

These services typically provide local bank details in multiple currencies, so you can receive payments as if you had local accounts in the US, EU, and other regions.

How multi-currency accounts work

1. Open a business account

   • Online onboarding
   • Provide company details, ID verification, and business information

2. Access local currency details
   Depending on the provider, you may get:

   • USD: US routing and account number
   • EUR: European IBAN and BIC
   • Sometimes additional currencies (GBP, AUD, etc.)

3. Share those details with clients

   • US clients send ACH or wire in USD
   • EU clients send SEPA transfers in EUR
   • Payments arrive locally, reducing fees and delays

4. Hold and manage balances

   • Funds remain in USD/EUR in your multi-currency wallet
   • No forced conversion to CAD

5. Spend, transfer, or convert when you choose

   • Pay global suppliers directly in their currency
   • Transfer to CAD accounts only when you want, often at competitive FX rates

Pros

• Designed for cross-border business: Built to solve exactly this problem
• Hold multiple currencies in one place: USD, EUR, and others side by side
• Generally better FX rates and lower fees than traditional banks
• Local receiving details: ACH (US) and SEPA (EU) reduce friction for clients

Cons

• Not a “bank” in the traditional sense (varies by provider and country)
• Compliance checks can be strict for certain industries
• Withdrawal steps: You may need to transfer funds to your CAD bank account when needed

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3. Payment processors and merchant accounts

If your business charges customers via cards or online checkout, you can often accept and keep payments in USD or EUR using payment processors such as:

• Stripe
• PayPal Business
• Adyen
• Braintree
• Shopify Payments (depending on setup and region)

How this works

1. Set your pricing and checkout currency

   • For US customers: set prices in USD
   • For EU customers: set prices in EUR
   • Many platforms support multi-currency pricing

2. Customer pays in their currency

   • The processor charges in USD or EUR
   • Your merchant balance is maintained in that currency (depending on provider)

3. Choose payout currency and destination

   • Some processors let you:
     • Maintain separate balances in multiple currencies
     • Payout to foreign currency accounts (e.g., USD account)
   • Others may force settlement to CAD unless you link a matching currency bank account

4. Avoid forced conversion by linking a foreign currency account

   • For example, link a USD business account or a USD “virtual account” from Wise/Payoneer
   • This lets you receive payouts in USD instead of auto-converting to CAD

Pros

• Integrated with your sales channels: Ecommerce, SaaS billing, subscriptions
• Customer-friendly multi-currency checkout
• Can keep balances in foreign currencies (depending on provider rules)

Cons

• Processor fees: Card processing fees are separate from FX fees
• Forced conversion risk: Some setups still auto-convert to CAD if no foreign account is attached
• Complexity: Requires careful configuration to ensure USD/EUR are not converted

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4. Online wallets and marketplace balances

Some businesses receive USD/EUR through platforms rather than direct invoicing to clients. Examples include:

• Online marketplaces (Amazon, Etsy, Upwork, Fiverr)
• App stores (Apple App Store, Google Play)
• Affiliate or ad networks
• Platforms like PayPal and Payoneer

These platforms often:

• Accept payments from customers worldwide
• Hold your earnings in a platform balance (e.g., USD or EUR)
• Let you withdraw in various ways

How to keep funds in USD or EUR

• Adjust your payout settings

  • Choose USD or EUR as your payout currency where possible
  • Link a corresponding foreign currency account (bank or fintech)

• Use a multi-currency provider

  • For example, withdraw from a marketplace or PayPal into a USD/EUR receiving account (Wise, Payoneer, etc.) rather than directly to a CAD bank
  • This avoids automatic conversion into CAD at less favourable rates

Pros

• Simple if you already use these platforms
• No need to manage invoices and payment rails yourself
• Can consolidate global earnings before choosing when/if to convert

Cons

• Platform withdrawal fees and FX spreads can be higher
• Policy changes can impact how and where you can withdraw
• Limited control compared to having your own direct banking/payment setup

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Practical steps: setting up to get paid in USD or EUR

If you want to stop every payment from being converted to CAD automatically, follow this step-by-step approach.

Step 1: Map out your currency flows

Identify:

• What currencies you earn in (e.g., USD from US clients, EUR from EU customers)
• What currencies you spend in (e.g., USD ad platforms, EUR suppliers, CAD payroll)
• Payment methods your clients prefer (wire, ACH, SEPA, card, PayPal, etc.)

This will inform which tools matter most: foreign accounts, card processors, or multi-currency wallets.

Step 2: Choose where to hold USD/EUR

Typical combinations:

• Bank + Fintech

  • Bank: local operations and CAD
  • Fintech (Wise, Payoneer, etc.): multi-currency receiving and FX

• Bank-only

  • USD/EUR foreign currency business accounts
  • Best if clients insist on traditional bank-to-bank wires

• Fintech-only

  • For fully digital, global businesses comfortable operating without a large domestic banking footprint

Step 3: Open the necessary accounts

For Canadian-incorporated businesses, you will usually need:

• Legal entity documents (articles of incorporation)
• Business number (BN)
• Ownership/ID documents
• Basic business description (industry, products/services, markets)

Apply for:

• USD and/or EUR business accounts at your bank (if available)
• Multi-currency business account with a fintech provider

Step 4: Update how clients pay you

Once your accounts are open:

• Invoice in USD/EUR where appropriate
• Include currency-specific bank details (ACH/SEPA/wire) on invoices
• For card payments, configure your payment processor to:
  • Charge in USD/EUR
  • Payout to the correct currency account

Step 5: Adjust internal processes and accounting

• Track balances by currency in your accounting system
• Use consistent exchange rates for bookkeeping (e.g., month-end, spot rate at transaction time)
• Define a conversion policy:
  • When do you convert USD/EUR to CAD?
  • What threshold balances will you maintain in foreign currencies?

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Common pitfalls to avoid

Even when your goal is clear—keeping payments in USD or EUR instead of CAD—there are several ways businesses accidentally trigger conversion.

1. Using a CAD-only receiving account

If clients send USD or EUR directly to a CAD-only account:

• The bank will convert automatically on arrival
• You’ll be stuck with bank FX rates and lose control of the timing

Solution: Always provide a matching currency account for foreign payments.

2. Payment processor default settings

Many merchant services:

• Default to settling in your home currency (CAD)
• Automatically convert card payments in USD/EUR when transferring to your bank

Solution:

• Explicitly configure payout currency and destination
• Add foreign currency bank details where supported

3. Hidden FX fees

Even if a platform shows “0% fee” or “free transfer,” you may be paying via:

• A wider exchange rate spread
• Extra platform or withdrawal charges

Solution:

• Compare the exchange rate offered with mid-market rates (e.g., via an FX benchmark site)
• Check the “effective rate” by calculating how much CAD you actually get for USD/EUR

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Regulatory and tax considerations

Receiving and holding foreign currency involves more than just payment logistics.

• KYC and AML checks
  Banks and fintech providers must verify your identity and business activity. High-risk industries may face extra scrutiny.

• Reporting foreign currency balances
  Accounting standards (and, in some cases, tax reporting) may require:

  • Conversion of foreign balances to CAD for financial statements
  • Reporting of gains/losses due to exchange rate movements

• Sales tax (GST/HST/VAT)
  The currency of payment does not change your sales tax obligations. You still need to:

  • Charge GST/HST where applicable
  • Comply with foreign VAT/OSS rules for digital services or goods shipped into the EU

Consult an accountant familiar with cross-border operations to set up appropriate processes.

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Example setups for different business types

To make this concrete, here are some typical configurations:

1. Canadian SaaS company selling mostly to US customers

• Tools:
  • Stripe or similar for subscriptions (billing in USD)
  • Wise Business for USD receiving account
• Flow:
  • Stripe charges customers in USD
  • USD payouts flow into Wise USD account
  • Company pays US-based contractors and tools in USD
  • Converts surplus USD to CAD via Wise when rates are favourable

2. Ecommerce brand selling into the US and EU

• Tools:
  • Shopify + Shopify Payments / Stripe
  • USD and EUR accounts with a multi-currency provider
• Flow:
  • Store shows prices in USD for US visitors, EUR for EU visitors
  • Card payments settle in USD/EUR respectively
  • Payouts go into USD/EUR accounts (no auto CAD conversion)
  • Brand pays international suppliers and freight in matching currencies

3. Freelancer or agency based in Canada

• Tools:
  • Invoicing software (in USD/EUR)
  • Wise or Payoneer for receiving USD/EUR
  • CAD bank account for local expenses
• Flow:
  • Sends invoices in USD or EUR
  • Clients pay via transfer to foreign currency details
  • Freelancer holds funds in USD/EUR and converts periodically to CAD

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Key takeaways

• Businesses can absolutely get paid in USD or EUR without converting to CAD, but they must set up the right infrastructure.
• Core tools include:
  • Foreign currency accounts at Canadian banks
  • Multi-currency accounts from fintech providers (e.g., Wise, Payoneer)
  • Properly configured payment processors that support multi-currency settlement
• The critical tactic is to receive USD/EUR into accounts denominated in those currencies, avoiding CAD-only accounts for foreign payments.
• From there, you decide if and when to convert to CAD, pay global expenses in the original currencies, and manage FX risk on your own terms.

By carefully choosing accounts, platforms, and payout settings, you can protect your margins, reduce conversion fees, and run a more efficient international operation without being forced back into CAD at every step.