Multi currency business accounts in Canada

Snapshot

A Canadian business can hold more than one currency in two main ways. Traditional banks offer a US dollar business account and some support other major currencies, while fintech accounts can hold several currencies in one place and convert near the market rate. The right choice depends on which currencies you receive and how often you convert.

Base currency: Canadian dollar (CAD)
Most common pairing: CAD plus US dollar
Bank conversion margin: Often around 2 to 3 percent
Fintech option: Yes, several currencies in one account

Fees and features as of 26 March 2026Last reviewed 26 March 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 26 March 2026, a Canadian business that deals in more than one currency has two broad routes. The first is a bank foreign currency account, most often a US dollar business account such as the RBC U.S. Dollar Business Account, with some banks supporting a wider set of currencies for sending and receiving international payments. The second is a fintech account such as Wise Business or Airwallex that holds several currencies in one place and converts near the market rate. Banks tend to add a margin of around 2 to 3 percent on conversion plus wire fees, while fintech accounts state the fee before you convert. Match the account to the currencies you actually receive and how often you convert, and confirm current terms with the provider.

How multi currency banking works in Canada

The Canadian dollar is the base currency, so most business accounts hold and report in Canadian dollars. When money moves in another currency, it is either held in a separate currency balance or converted at the point of payment. Holding a balance in the currency you receive lets you avoid converting twice, which matters for a company that both earns and spends in US dollars. Converting at the point of payment is simpler but exposes every transaction to the provider exchange rate and any margin.

Bank foreign currency accounts

The clearest bank option is a US dollar business account. The RBC U.S. Dollar Business Account is offered to business customers in Canada that make and receive payments in US dollars and want to hold US dollar balances rather than convert each time. Some banks also offer foreign currency accounts in a wider set of currencies and cross border services through their business banking platforms. As of 26 March 2026, banks usually add a margin to the exchange rate, often around 2 to 3 percent, and charge wire fees on international transfers, so confirm the current schedule with the provider.

Fintech multi currency accounts

Fintech accounts take a different approach by holding several currencies in one account. Wise Business markets the ability to hold and exchange more than 40 currencies and converts at the mid market rate with a fee shown before you send. Airwallex offers a US dollar account that a Canadian business can open with local US account details, so US customers can pay as if to a local account. These accounts can lower conversion cost, though you should check deposit protection and how funds are held, since a fintech may not be a deposit taking bank.

What to weigh

The cost of moving money in more than one currency depends on a few factors, as of 26 March 2026. Verify with the provider

Which currencies you receive and pay in, and how often you convert between them.
The exchange rate margin and any wire fees, which often matter more than the monthly fee.
Whether funds are held at a deposit taking bank with protection, or with a fintech that holds funds differently.

How to choose

List the currencies you receive and pay, and estimate how much you convert each month.
Compare the exchange rate margin and transfer fees, not only the monthly fee, since conversion cost often dominates.
Confirm the current currency list, fees, and how funds are protected with the provider before you apply.

Compare business accounts available in Canada

These providers accept business customers in Canada. Fees and eligibility shown as of 26 March 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about multi currency accounts in Canada

Can a Canadian business hold US dollars?

Yes. Several Canadian banks offer a US dollar business account, and fintech accounts can hold a wider set of currencies. The RBC U.S. Dollar Business Account is offered to business customers in Canada that send and receive payments in US dollars, while accounts such as Wise Business and Airwallex hold several currencies in one place. Confirm current terms with the provider, as of 26 March 2026.

What currencies can I hold in a Canadian business account?

It depends on the provider. A bank US dollar account holds Canadian dollars and US dollars, and some banks support a wider set of currencies through foreign currency accounts. Fintech accounts such as Wise Business market more than 40 currencies. Confirm the current currency list with the provider, as of 26 March 2026.

How much does currency conversion cost in Canada?

Traditional banks usually add a margin to the exchange rate, often around 2 to 3 percent, plus wire fees on international payments. Fintech accounts such as Wise Business convert at the mid market rate with a stated fee shown before you send. Costs vary by provider and amount, so confirm as of 26 March 2026.

Do I need a US entity to open a US dollar account from Canada?

Not always. Some fintech providers let a Canadian business open a US dollar account with local US account details without a separate US entity, while a bank US dollar chequing account is opened through your Canadian bank. The exact setup varies, so verify with the provider, as of 26 March 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 26 March 2026. Confirm current terms with the provider before applying.