Best Multi-Currency & Foreign Accounts in Canada in 2026

Best multi-currency and foreign-currency accounts

There aren’t many multi-currency account options available in Canada, but here are the closest options available:

An account may let you hold a currency without giving you local receiving details, card spending or cash withdrawals in that currency.

Which type of account do you need?

Start with what you need to do, then compare the accounts that can do it.

Multi-currency accounts

Wise is the only real option you have for holding, receiving, and spending international currencies.

Wise

Wise is the best personal multi-currency account because it lets you hold, convert and spend 40+ currencies from one account.

Here is a quick summary of what you get:

Wise is the closest thing you can get to a real personal multi-currency account in Canada.

You can convert between the currencies you hold, spend with the Wise card and receive payments using selected local account details.

Canadian dollar details accept EFT credits, direct deposits and Interac Autodeposit, but not domestic wires or online bill payments.

There is no opening, monthly or holding fee.

Wise uses the mid-market exchange rate and adds a separate conversion fee (from 0.19%) which changes with the currency and amount.

Here’s an example of Wise’s fees from our live comparisons:

Fee data updates weekly.

The first card is free to order in Canada, and Wise does not charge a conversion fee when you spend money you already hold in the currency you’re paying in.

The ATM allowance is less competitive compared to other options.

Wise does not charge its own ATM fee on total withdrawals up to CAD$100 per calendar month.

Once you go over the allowance, it charges CAD$2.69 per withdrawal plus 2.69% of the amount above the CAD$100 allowance (and that’s not including additional local ATM fees).

Wise Payments Canada is not a bank or CDIC member.

Instead, it safeguards Canadian customer funds under the Retail Payment Activities Act.

Eligible money held in trust at a CDIC member can qualify for pass-through coverage when the trust and aggregation rules are met, but this does not make Wise itself CDIC-insured.

The account does more than the bank-held options below, but the ATM allowance and differences between its receiving details are important to consider.

In my opinion, Wise is the best place to start when you want to hold different currencies in one account, and spend it abroad (for example when travelling).

For holding large balances (like savings), branch access, or getting foreign cash, a foreign account at a bank might be better.

Bank-held foreign-currency accounts

These accounts hold one foreign currency each.

They do not replace Wise if you want one balance, one card and easy conversion between several currencies.

But they can make more sense when you want to keep a particular currency at a Canadian bank.

RBC

RBC is the best bank option for holding USD, EUR, GBP or HKD without a monthly fee.

Here is a quick summary of its foreign-currency accounts:

RBC offers separate savings accounts in all four currencies, with no minimum balance.

You can transfer between your own RBC personal deposit accounts without a transfer fee, although an exchange-rate markup applies when the currencies differ.

Here’s an example of the RBC’s currency conversion markup from our comparisons:

Exchange rates update weekly.

The foreign-currency accounts can also send and receive wires.

Outgoing wires and foreign-cash deposits or withdrawals need branch access, and the relevant fees still apply.

The main downside is that this is not one wallet.

You manage each currency separately, there is no linked multi-currency card and RBC does not advertise local EUR, GBP or HKD payment details abroad.

RBC is a CDIC member, meaning eligible deposits are covered within the normal CAD$100,000 limit per depositor, insurance category and member institution.

You do not get a separate CAD$100,000 limit for every currency.

RBC keeps the accounts simple, but you give up the single wallet and everyday card you get with Wise.

I would pick RBC over Wise when you simply need to hold and accumulate any of these four currencies at a Canadian bank.

TD Bank

TD is the best traditional bank in this comparison for holding less common currencies.

Here is a quick summary of its foreign-currency accounts:

Its personal accounts cover EUR, GBP, AUD, JPY, CHF, NZD, HKD, MXN, SAR, AED, SGD and ILS.

TD also has separate US dollar accounts.

This can be useful for a pension, recurring wire or future expense in a currency RBC does not offer.

You can transfer funds and send or receive wires without converting the balance first.

But these are not everyday spending accounts.

You need to open them in a branch, foreign cash cannot be deposited or withdrawn directly, and there is no linked multi-currency card.

All 12 non-USD accounts have a monthly fee, but 7 waive it when you keep TD's stated minimum monthly balance:

Last updated in September 2026.

TD Bank also applies a markup when you convert currencies between balances:

Exchange rates update weekly.

Eligible deposits payable in Canada can receive CDIC coverage in Canadian dollars or a foreign currency, subject to the normal limits and aggregation rules.

The currency range plus CDIC protection is TD's main advantage, but the fees and branch access make the accounts less convenient for everyday use.

This makes it useful for accumulating foreign currencies, but not ideal for travelling and spending compared to Wise.

I would use TD to hold and accumulate currencies the other Canadian banks do not. For travelling, ATM withdrawals or everyday spending abroad, I’d stick to Wise.

Simplii

Simplii is best if you already bank with it and want a simple place to hold US dollars without a monthly fee.

Here is a quick summary of the account:

You can move money into the account from a Simplii Canadian-dollar account, another Simplii USD account, an incoming wire, or USD and non-USD cheques by mail.

There is no cash deposit or withdrawal option, so this is more useful for holding US dollars than spending them.

You can send US dollars to the US through Simplii Global Money Transfer without a transfer fee, but for other destinations, one of our top money transfer companies will usually be better.

You can also order a bank draft or money order from the account.

The account is straightforward, but access to the money is limited compared with a multi-currency wallet like Wise or a cross-border bank account like RBC or TD.

If you already bank with Simplii and only need to hold US dollars, it is a good option. If you need several currencies or a card for spending, Wise makes more sense.

If you only need US dollars

You probably do not need a multi-currency account if USD is the only foreign currency you use.

EQ Bank's US Dollar Account

EQ Bank's US Dollar Account has no everyday banking fees or minimum balance.

It supports electronic transfers to linked Canadian accounts, but not cash, cheques, wires or card spending. And it’s unavailable in Quebec.

Wealthsimple USD Savings

Wealthsimple USD Savings can receive a USD wire or money from a linked Canadian USD account.

It does not support card spending, bill payments, direct deposit, cash or Interac e-Transfer. It is not covered by CDIC, and does not offer other deposit-insurance coverage for it.

RBC and TD cross-border packages

RBC and TD cross-border packages make more sense for snowbirds or anyone who needs US bill pay and US-domiciled banking.

A Canadian USD savings account at the same bank is a different product.

How much does a multi-currency account cost?

A free account can still be expensive if it uses a poor exchange rate or relies on paid wires.

When choosing an account, you need to consider:

• The account or plan fee

• The conversion fee or exchange-rate margin

• Incoming and outgoing wire charges

• Intermediary-bank deductions

• Fees for receiving local payments

• Card conversion and foreign-transaction fees

• ATM fees

• Interest you earn or give up while holding the balance

Converting CAD$1,000 to other currencies

Wise shows its conversion fee separately, while a bank may include the exchange-rate margin in its customer rate.

Here’s how the options compare depending on the destination.

Last updated at 2026-09-11

CAD COP

Mid Market Rate $1 = $2,262.5479

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

$2,216,092.44

2257.1500

0.24

$18.19

Visit

-

-

-

-

Visit

-

-

-

-

Visit

CAD EUR

Mid Market Rate $1 = €0.6223

Transfer Amount $1,000

1

Wise

2

TD Bank

3

RBC

They get

Exchange rate

Markup

Transfer fee

€618.35

0.6223

0.00

$6.34

Visit

€604.60

0.6046

2.89

$0.00

Visit

€603.35

0.6034

3.09

$0.00

Visit

CAD GBP

Mid Market Rate $1 = £0.5357

Transfer Amount $1,000

1

Wise

2

TD Bank

3

RBC

They get

Exchange rate

Markup

Transfer fee

£532.05

0.5357

0.00

$6.78

Visit

£519.72

0.5197

3.03

$0.00

Visit

-

-

-

-

Visit

CAD GHS

Mid Market Rate $1 = GH₵8.2667

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

GH₵8,127.38

8.2903

-0.29

$19.65

Visit

-

-

-

-

Visit

-

-

-

-

Visit

CAD INR

Mid Market Rate $1 = ₹68.9191

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

₹68,429.24

68.9651

-0.07

$7.77

Visit

₹66,269.05

66.2691

3.92

$0.00

Visit

₹66,024.00

66.0240

4.29

$0.00

Visit

CAD MXN

Mid Market Rate $1 = $12.2763

Transfer Amount $1,000

1

Wise

2

TD Bank

3

RBC

They get

Exchange rate

Markup

Transfer fee

$12,171.73

12.2767

0.00

$8.55

Visit

$11,770.40

11.7704

4.21

$0.00

Visit

-

-

-

-

Visit

CAD NGN

Mid Market Rate $1 = ₦958.1476

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

₦984,121.97

992.7790

-3.55

$8.72

Visit

-

-

-

-

Visit

-

-

-

-

Visit

CAD PHP

Mid Market Rate $1 = ₱45.2834

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

₱44,908.27

45.2855

0.00

$8.33

Visit

₱43,859.65

43.8596

3.19

$0.00

Visit

-

-

-

-

Visit

CAD PKR

Mid Market Rate $1 = Rs 200.9507

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

Rs 199,616.01

201.4980

-0.27

$9.34

Visit

-

-

-

-

Visit

-

-

-

-

Visit

CAD PLN

Mid Market Rate $1 = zł 2.6908

Transfer Amount $1,000

1

Wise

2

TD Bank

3

RBC

They get

Exchange rate

Markup

Transfer fee

zł 2,671.30

2.6909

0.00

$7.30

Visit

zł 2,552.97

2.5530

5.26

$0.00

Visit

-

-

-

-

Visit

CAD USD

Mid Market Rate $1 = $0.7244

Transfer Amount $1,000

1

Wise

2

RBC

3

TD Bank

They get

Exchange rate

Markup

Transfer fee

$719.01

0.7244

0.00

$7.41

Visit

$707.11

0.7071

2.41

$0.00

Visit

$703.33

0.7033

2.95

$0.00

Visit

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Receiving US$10,000 into a CAD account

Receiving US dollars can be free and still leave you with an expensive conversion.

An ACH credit, Canadian USD wire and international SWIFT wire can have very different charges even though they all arrive in US dollars.

Here’s how these options compare when receiving USD into the Canadian dollar account via wire transfer:

Bank data last updated in September 2026, Wise information updates weekly.

How to move money in and out of the account

The account is only useful if it supports the way you get paid and the way you need to withdraw.

Before receiving a salary or other regular payment, confirm that the payment method is supported and the account terms allow it.

A multi-currency account is not always the best travel option

Wise is the only multi-currency account here with an everyday card, this makes it great for most trips abroad.

But that does not automatically make it the best option for every trip.

• A no-foreign-transaction-fee credit card may be better for hotels, car rentals and larger purchases when insurance or purchase protection matters.

• A prepaid card can remove the foreign-transaction fee without making you hold several balances.

If you use an ATM or card terminal abroad, always choose the local currency. Letting the machine convert the transaction to Canadian dollars is usually more expensive.

In my opinion, Wise is useful for day-to-day spending abroad, but I would still carry a no-FX credit card for purchases where the extra protection is needed or for points.

How your money is protected with these accounts

CDIC deposit insurance and RPAA safeguarding protect against different problems.

Federally regulated banks follow the Canadian bank complaint process.

Eligible unresolved complaints can go to OBSI after a final response or 56 days.

A payment app is covered by OBSI only if it participates, so check its own complaint process as well.

If you need a business multi-currency account

Use a business account when you regularly receive commercial revenue, pay suppliers or give employees access.

Personal account terms may restrict business activity even when the payment details work.

Wise Business, Airwallex, OFX, Loop, and Venn all offer different versions of multi-currency business accounts to Canadian companies.

Their fees, payment rails and protection arrangements are different, so they need a separate comparison.

See our guide to multi-currency accounts for businesses for the full breakdown.

Send money without opening another account

If you only need to send money abroad in another currency to someone else, or you are planning a large transfer from Canada, then compare money transfer companies instead.

The best account for holding foreign currency may give you a worse conversion rate on the transfer itself.