Key takeaways
- Big banks offer separate USD accounts alongside your CAD account.
- Venn and Loop offer CAD, USD, GBP and EUR in one account, from C$0 a month.
- Wise and Airwallex let you hold 20–40+ currencies.
- Holding USD avoids converting every incoming and outgoing payment.
Why hold US dollars
If you receive or pay US dollars regularly, converting each payment costs you the exchange-rate margin twice. Holding USD lets you receive US customer payments and pay US suppliers directly, and convert only when the rate suits you.
Your options compared
| Account | Monthly fee | Currencies | Converting CAD |
|---|---|---|---|
| Venn Business Account | C$0 (Essentials) | CAD, USD, GBP, EUR | 0.45% on Essentials |
| Loop Global Business Banking | C$0 (Basic) | CAD, USD, GBP, EUR | — |
| Wise Business | C$0 | 40+ | From 0.48% |
| Airwallex | CA$0 (Explore) | 20+ | 0.5% above interbank |
| RBC Digital Choice Business | C$6 (CAD account) | Separate USD accounts available | Bank rate |
What to look for
- Local account details so US customers can pay you like a domestic payment.
- Conversion cost when you move between CAD and USD.
- Cards that spend directly from your USD balance.
- Integrations with QuickBooks or Xero.
Big bank or fintech?
A big-bank USD account keeps everything with one bank and branch support. A multi-currency fintech account usually costs less to run and convert, and opens online. Many businesses keep their main bank for CAD and add a fintech account for USD.
Providers that can help
CAD, USD, GBP and EUR accounts from C$0
Free account with CAD, USD, GBP and EUR
Hold 40+ currencies, mid-market rate
FAQs
Can a Canadian business open a USD account?
Yes. Canadian banks offer separate USD business accounts, and fintech providers such as Venn, Loop, Wise and Airwallex offer multi-currency accounts that include USD.
Is there a monthly fee for a USD business account?
It depends on the provider. Venn’s Essentials plan, Loop’s Basic plan, Wise Business and Airwallex’s Explore plan have no monthly fee.
Can I get US account details in Canada?
Several multi-currency providers give you local US account details, so US customers can pay you like a domestic transfer. Check each provider’s account features.
Do I need to be incorporated?
Some providers require it. Venn serves incorporated Canadian businesses and Loop serves registered Canadian corporations; check eligibility before you apply.
Sources: Published account terms from Venn, Loop, Wise, Airwallex and RBC.