Canadian companies are increasingly billing, paying suppliers, and receiving investments in multiple currencies—but traditional banks in Canada still make cross-border finance slow and expensive. The right multi-currency business account can significantly cut FX costs, simplify accounting, and reduce operational friction for global growth.

This guide explains what to look for in a multi-currency account and compares some of the best options for Canadian companies, including both fintech and traditional bank choices.

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What is a multi-currency business account?

A multi-currency business account lets your Canadian company:

• Hold balances in more than one currency (e.g., CAD, USD, EUR, GBP)
• Receive payments in foreign currencies without forced conversion to CAD
• Pay suppliers, contractors, or platforms in their local currency
• Often access better FX rates than standard bank exchange rates

It’s especially valuable if you:

• Sell to customers in the US, Europe, UK, or other markets
• Pay international suppliers, freelancers, or SaaS platforms
• Use global marketplaces like Amazon, Shopify, Upwork, or Stripe
• Receive investment in USD while operating in Canada

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Key features to consider for Canadian businesses

When comparing what are the best multi-currency business accounts for Canadian companies, focus on these factors:

1. Supported currencies and local account details

Look for:

• Major currencies: CAD, USD, EUR, GBP, AUD, NZD, SGD, HKD, JPY
• Local account details (where possible):
  • US routing and account number (ACH & wires)
  • EU IBAN
  • UK account number and sort code
• Ability to receive from popular payment platforms (Stripe, PayPal, marketplaces)

The more local details your account provides, the easier and cheaper it is for clients and partners to pay you.

2. FX rates and conversion fees

Exchange rates are where many banks and providers make most of their profit. Compare:

• Markup vs mid-market rate (e.g., 0.4% vs 2.5%+)
• Flat conversion fees, if any
• Whether FX is done at time of payment or you can hold currency and convert later

For companies with meaningful foreign revenue or costs, a difference of 1–2% on FX can be worth tens of thousands of dollars per year.

3. Transaction and account fees

Watch for:

• Monthly account fees
• Receiving fees (especially for incoming wires)
• Outgoing payment fees (e.g., wires vs local transfers)
• Card fees, ATM fees, and international payment charges

Some fintechs offer free accounts with low transaction fees, while traditional banks may charge higher monthly and wire fees but offer credit facilities.

4. Integration with your finance stack

For Canadian companies, integrations can save hours of manual work:

• Accounting tools: QuickBooks, Xero, Sage, Wave
• Payment processors and marketplaces: Stripe, Shopify, Amazon, PayPal
• Expense management and corporate cards

If you’re scaling, strong integration is often more important than small fee differences.

5. Business types and eligibility

Check:

• Whether they support corporations (Inc., Ltd.), partnerships, and sole proprietors
• If they accept startups and digital businesses or have restrictions (e.g., crypto, high-risk industries)
• KYC and onboarding requirements for Canadian entities

6. Security, regulation, and deposit protection

Key considerations:

• Regulation in Canada or major financial jurisdictions
• Bank partnerships and custodians
• Deposit insurance (e.g., CDIC for Canadian banks, FDIC through US partner banks)
• Segregated client funds for fintech providers

If you plan to keep large balances abroad, regulatory oversight and diversification matter.

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Best multi-currency business accounts for Canadian companies

Below is an overview of leading options frequently used by Canadian businesses. Availability, pricing, and features can change, so always verify details with each provider.

1. Wise Business (formerly TransferWise)

Wise Business is a popular multi-currency account for Canadian companies that want low-cost international transfers and local bank details in multiple countries.

Key features:

• Hold and convert 40+ currencies
• Local account details in:
  • USD (US routing/account)
  • EUR (IBAN)
  • GBP (account number/sort code)
  • Others in some regions
• Very tight FX spreads, typically 0.4–1% above mid-market
• One-off, low setup fee for local account details
• Batch payments and approval workflows for teams

Pros for Canadian companies:

• Strong value for receiving USD and EUR payments without high bank FX spreads
• Transparent pricing shown before you send
• Easy integration into processes via API (if you’re building your own tools)

Potential drawbacks:

• Not a full-service bank (no traditional credit lines or chequing in the Canadian sense)
• Local account details are not available for every currency
• Some industries may be restricted

Best suited for: Digital-first SMEs, agencies, SaaS companies, and exporters that receive significant foreign revenue and want to minimize FX costs.

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2. Revolut Business (where available to Canadian entities)

Revolut Business has historically focused on Europe and the UK, but many Canadian companies with international structures use it through overseas entities. Direct support for Canadian-incorporated businesses has been limited and evolving.

Key features:

• Hold, send, and receive in 25+ currencies
• Multi-user access with permissions and expense management
• Virtual and physical corporate cards for teams
• FX at competitive rates with monthly free allowances (plans vary by country)

Pros:

• Strong expense management, cards, and team accounts
• Easy to manage multiple currencies in one app
• Can be powerful if your company also has a UK or EU entity

Potential drawbacks:

• Availability and feature set for Canada-incorporated companies may be limited or changing
• Not a traditional bank; relies on partner banks in different jurisdictions
• Premium tiers may be needed for higher FX volumes

Best suited for: Canadian companies with international entities, especially in Europe or the UK, that want unified multi-currency and expense management.

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3. Payoneer

Payoneer is widely used by Canadian exporters, freelancers, and digital businesses to receive payments from global marketplaces and clients.

Key features:

• Receive payments in multiple currencies with:
  • US receiving account (USD)
  • EU receiving account (EUR)
  • UK receiving account (GBP)
  • Some other currencies depending on region
• Integrated with platforms like Amazon, Upwork, Fiverr, and many ad networks
• Prepaid card options for spending

Pros for Canadian companies:

• Excellent if you sell via global marketplaces or work with international clients on supported platforms
• Make payouts to contractors in multiple countries
• Can convert and withdraw to your Canadian bank in CAD

Potential drawbacks:

• FX and withdrawal fees can be higher than pure FX specialists like Wise
• Not a full business bank account; more of a global payout and collection solution
• Customer support quality can be mixed

Best suited for: E-commerce sellers, agencies, and service providers that rely heavily on global marketplaces.

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4. Local multi-currency accounts at Canadian banks

Several major Canadian banks offer some kind of multi-currency business account or USD/EUR account. These usually aren’t as flexible or low-cost as fintech alternatives, but they can be useful for established firms needing integrated credit, loans, and domestic services.

Example: USD business accounts

Most Canadian banks (RBC, TD, Scotiabank, BMO, CIBC, National Bank) offer USD business accounts that allow you to:

• Hold USD balances
• Receive and send USD wires
• Sometimes send USD cheques or drafts

Pros:

• Familiar relationship with a Canadian bank
• Potential to bundle with credit lines, corporate cards, payroll, etc.
• CDIC protection for eligible CAD deposits (though USD may be handled differently; check details)

Potential drawbacks:

• Often no or limited support for other currencies beyond USD
• FX spreads between CAD and USD can be 2–3% or more
• Wire fees are usually high relative to fintech producers
• No local IBAN for EUR or account details for GBP

Best suited for: Domestic-focused Canadian businesses with modest US exposure that value convenience over lowest-cost FX.

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5. Global transaction banking with major Canadian banks

For larger mid-market or enterprise-level Canadian companies, banks like RBC, TD, Scotiabank, BMO, and CIBC can offer more complex global solutions:

• Multi-currency cash management
• Global accounts via foreign branches or subsidiaries
• Integrated trade finance, letters of credit, and hedging products
• Corporate FX trading desks and forward contracts

Pros:

• Deep integration with corporate treasury and credit facilities
• Access to hedging instruments to manage FX risk
• Relationship managers and tailored solutions

Potential drawbacks:

• Complex onboarding and higher minimums
• Pricing and spreads are rarely transparent
• Overkill for small and mid-sized companies that mostly need simple multi-currency payments

Best suited for: Larger Canadian corporations with substantial international operations and dedicated finance teams.

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6. Neo-banks and fintech business accounts in Canada

Several Canada-focused fintechs offer multi-currency or cross-border features alongside modern business banking. Availability and functionality evolves quickly, but common themes include:

• Low- or no-fee CAD business accounts
• Integration with QuickBooks, Xero, or Shopify
• Some support for USD accounts or cross-border transfers
• Virtual cards, spend controls, and modern interfaces

Examples change over time, but when evaluating any Canadian fintech, consider:

• Whether they offer true multi-currency or just CAD + USD
• How they handle FX (spread, fees, conversion timing)
• Their underlying banking partners and deposit protections
• Support for your company’s structure (e.g., holding companies, foreign owners)

Best suited for: Startups and SMEs that want a modern interface and better fees than traditional banks, with some cross-border capabilities.

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How to choose the best multi-currency business account for your Canadian company

The best choice depends on your business model, size, and where your money flows. To decide what are the best multi-currency business accounts for Canadian companies like yours, walk through these steps.

Step 1: Map your currency flows

Write down:

• What currencies you receive (e.g., 70% CAD, 25% USD, 5% EUR)
• Where your customers are located
• What currencies you pay out (suppliers, contractors, ads, SaaS tools)
• Your average monthly volume in each currency

This will reveal whether you primarily need:

• CAD + USD only
• CAD + USD + one or two other major currencies
• A truly global, multi-currency setup

Step 2: Decide your priority: cost, simplicity, or full banking

• If minimum FX and payment costs matter most:
  • Consider Wise Business or similar low-fee multi-currency platforms
• If simplicity with your existing bank is key:
  • Use your Canadian bank’s USD account and add a specialist for other currencies
• If you need credit, loans, and trade finance:
  • Work with a major Canadian bank’s commercial or corporate banking division, possibly alongside a fintech to reduce FX costs

Step 3: Compare FX costs for your typical transactions

Take a common scenario, like receiving $50,000 USD per month in revenue:

• Calculate total cost with your current bank (wire fees + FX margin)
• Compare with Wise Business or another provider using their fee calculator
• Factor in any added operational benefits (e.g., automation, faster transfers)

Often, the FX savings alone justify adding a multi-currency fintech account alongside your primary Canadian bank account.

Step 4: Consider integrations and operations

Ask:

• Does the account integrate with your accounting software?
• Can you tag and reconcile multi-currency transactions easily?
• Is there multi-user access with approval flows for your team?
• Are you able to issue cards for employees in different countries?

For fast-growing companies, these operational features are just as important as raw fees.

Step 5: Evaluate risk and regulatory comfort

For each provider, check:

• Where they are regulated
• How your funds are held and whether they’re insured
• Whether you’re comfortable with fintech vs traditional bank risk profiles
• Any concentration risk of having too much cash in one provider or country

You may want to split funds between a Canadian bank and one or more multi-currency platforms.

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Example setups for different types of Canadian companies

To make the decision easier, here are common configurations that work well:

1. Small agency or SaaS startup selling in the US and Canada

Needs: Receive USD from US clients, pay some international contractors, keep costs low.

Typical setup:

• Primary CAD business account at a Canadian bank (for payroll, tax, domestic bills)
• Wise Business to:
  • Issue US account details to clients
  • Hold USD and convert to CAD when the rate is favourable
  • Pay contractors in their local currencies

Optional: Keep a small USD account at your Canadian bank for clients that insist on domestic US wires that Wise doesn’t support.

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2. E-commerce brand selling on Amazon US, EU, and UK

Needs: Collect revenue from multiple marketplaces and currencies, handle payouts and reinvestment.

Typical setup:

• Payoneer or similar to collect payouts from Amazon and other marketplaces in USD, EUR, GBP
• Wise Business to:
  • Convert currencies at better rates when needed
  • Pay suppliers in China, Europe, or the US
• CAD account at a Canadian bank for taxes and local expenses

This combo minimizes FX costs while fitting marketplace workflows.

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3. Established mid-sized exporter with global customers

Needs: Multi-currency receivables, hedging, trade finance, and strong banking relationships.

Typical setup:

• Comprehensive relationship with a major Canadian bank (RBC, TD, BMO, Scotiabank, CIBC, etc.) for:
  • Trade finance, letters of credit, FX hedging, and credit lines
  • CAD and USD accounts, possibly other currencies
• A specialist multi-currency fintech (e.g., Wise Business) used selectively for:
  • Lower-cost FX on certain flows
  • Receiving EUR/GBP via local details
  • Faster international payments

This approach keeps your core banking and credit in Canada while reducing FX and payment friction.

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Practical tips for managing multi-currency accounts

• Keep revenue in its native currency when possible, and convert strategically rather than automatically.
• Invoice in your customer’s currency to reduce friction, but build FX assumptions into your pricing.
• Reconcile regularly in both the original currency and CAD equivalent for clean books and tax reporting.
• Use simple FX policies internally (e.g., “Convert EUR to CAD whenever balance exceeds X” or “Hedge half of next quarter’s USD exposure”).
• Monitor FX rates and fees yearly—providers change pricing, and switching can unlock new savings.

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Final thoughts

For Canadian companies, the “best” multi-currency business account is usually a combination:

• A solid Canadian business bank account for domestic operations and credit
• One or more multi-currency fintech accounts (like Wise Business or Payoneer) to reduce FX costs and improve cross-border flows
• Optional global banking services for larger enterprises

By mapping your currency flows, comparing FX and fees, and choosing tools that integrate with your finance stack, you can build a setup that keeps costs down while supporting global growth.