Best CAD account in Australia

Whether you’re a Canadian living in Australia, or an Australian citizen or resident travelling to Canada frequently, a CAD account can be a handy tool to make cross currency transactions cheap, quick and convenient.

There are several ways to open a CAD account in Australia if you need one. You may want a flexible multi-currency account covering CAD and AUD from a provider like Wise, or a CAD account for holding and sending dollar payments from an Australian bank for example. This guide covers all you need to know to help you choose the best CAD currency account for you.

What is a CAD currency account?

A CAD currency account is an account which lets you hold Canadian dollars.

You might also be able to hold and exchange other currencies in your account if you choose a CAD account with multi-currency features. Other common features include linked debit cards, international transfer services and ways to get paid in CAD from others.

What can you do with a CAD account in Australia?

If you’re a Canadian living in Australia for work or study, or an Australian resident who does business in Canada, or who travels there often, a CAD account can be a useful tool.

Different CAD accounts have their own features – but these are some of the more common uses for a Canadian dollar account:

• Hold and convert a CAD balance: Hold a balance in CAD without needing to convert to AUD if you don’t want to. This allows you to save in CAD to pay bills or for planned travel, while cutting out unnecessary conversion costs.
• Receive payments in CAD: Get paid by others in CAD, in some cases with local account details, allowing the sender to make a local payment which is fast, cheap and convenient for them.
• Send payments in CAD: If you’re paying bills in Canada, a CAD account lets you process cross border transfers in a few taps, with options for regular or recurring payments for bill payments, rent and other ongoing commitments.
• Spend and withdraw CAD: If you need to spend and withdraw, accounts from providers like Wise and Revolut offer a debit card for convenient and low cost CAD transactions in person and online.

Types of CAD accounts

You can get CAD accounts in Australia from banks and digital providers, which can be broadly split into either multi-currency products or single currency options. Here’s a look at each, as well as an introduction to the providers we’ll cover in this guide.

Multi currency accounts: Multi currency accounts are commonly available from digital providers, although some banks also offer this account type too. You can hold CAD alongside many other currencies in a multi currency account which can be a convenient option for people living international lifestyles.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including CAD, and SWIFT details for receiving 20+ currencies easily.
• Revolut Account: Hold 25+ currencies and get local details to receive AUD, with SWIFT details to receive CAD and other supported currencies.
• Airwallex Account: Business account supporting 20+ currencies including CAD and AUD, with ways to receive customer bank and card payments online.

Foreign currency accounts: Foreign currency accounts are the more common option from Australian banks, and support CAD only. Often foreign currency accounts are intended for holding a balance and sending payments more than for travel spending or daily use.

• Westpac Foreign Currency Account: No minimum balance and no account keeping fee, with easy ways to see your Westpac AUD and CAD balances side by side.
• Commbank Foreign Currency Account: No ongoing fees, for an account which lets you receive CAD and hold your balance as long as you like, for future payments or until you see a good conversion rate.

Best CAD currency accounts in Australia

There’s not really one best CAD currency account in Australia, as different products have their own features to suit different customer needs.

You might prefer multi-currency account and card services from providers like Wise or Revolut if you want to hold CAD with AUD and other currencies in one account, and spend with your debit card locally and overseas. These services are digital only and do not have a branch network.

There are also personal CAD accounts from banks like Westpac and Commbank. These products have different niches, and may be a better fit to customers who want to save or make payments in foreign currencies like CAD.

The other key option is for business CAD accounts which can be opened with providers like Wise, Revolut and Airwallex. These accounts offer a broad range of supported currencies, cards, and low fees for common business transaction needs.

Here we’ve selected some different providers and banks offering CAD accounts in Australia for personal and business use, looking at convenience, cost and customer intention.

Read on to learn more about each and how their CAD account in Australia works.

💡 At a glance
Wise Account	Hold and exchange CAD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in AUD, CAD, GBP, USD and more.
Revolut Account	Choose from 4 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
Westpac CAD Account	View your CAD balance alongside your AUD balance in the Westpac app, receive and send payments locally and globally.
Commbank CAD Account	No account keeping fees, with ways to get paid in CAD and convert when you see a good exchange rate.
Airwallex Account	Business account supporting CAD, AUD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold CAD alongside AUD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in AUD, CAD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive CAD to your Wise account using your local account information.

• Hold and exchange CAD and 40+ other currencies
• Mid-market currency exchange with low, transparent fees
• Use your Wise card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 65 AUD for full feature access. No minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: 40+ currencies, including AUD and CAD.

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account

You can open 4 different types of Revolut Account as a personal customer in Australia, with an additional 4 plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with account keeping fees up to 28.99 AUD/month.

Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 25+ currencies including AUD and CAD.

• Hold and exchange many currencies in the same account
• Select your account plan based on your transaction needs
• Personal and business services offered

Account opening fee: No opening fee, no minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: CAD, AUD and 25+ other currencies

Monthly fees: Personal customers pay 0 AUD- 28.99 AUD/month, business customers 10 AUD- 79 AUD/month

Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to may 0.5% apply depending on plan. Weekend exchange may attract an extra fee up to 1%.

Westpac CAD Account

You can open a Westpac CAD Account with no monthly account keeping fee, although it’s important to note that to use your account fully you also need a Westpac AUD account which might have its own ongoing fees. You can receive payments in CAD, with a 12 AUD incoming payment fee, and see your foreign currency balance alongside your AUD balance for convenience. You can then decide when to convert your CAD back to AUD, or use your balance to send CAD to someone else.

• No monthly fee to pay, no minimum balance
• Hold and receive CAD, and send payments locally and globally
• Open online in just a few minutes

Account opening fee: None

Eligibility criteria: Australian residents – you need a Westpac AUD account to fully use the account, including for outward transfers

Supported currencies: CAD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

Commbank CAD Account

The Commbank CAD Account lets you receive, hold, and send Australian dollars. Commbank markets this as a tool for people who want to manage fluctuations in exchange rates. You can get paid in CAD with an incoming payment fee of up to 11 AUD, and then wait to convert your money back to AUD until you see a good exchange rate. Because you’re not forced to change to AUD immediately, you can ride out dips in the rate, and end up keeping more of your money in the end.

• No ongoing fees and no minimum balance
• Hold CAD and convert as and when you choose to
• Open in Netbank if you’re already a Commbank customer

Account opening fee: None

Eligibility criteria: Australian residents, aged over 18, with a Commbank AUD account

Supported currencies: CAD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

Airwallex Business CAD Account

If you need a CAD account for business purposes, an Airwallex Business CAD Account could help you take customer payments online, with corporate debit and expense cards for business spending online and in person.

Airwallex accounts offer great exchange rates with low fees for exchange, making this a solid choice for ecommerce businesses in particular.

• Receive, hold, send and spend 20+ currencies
• Take customer card payments online easily
• Business features including batch payments, corporate cards, interest on your balance, and more

Account opening fee: None

Eligibility criteria: Australian business owners with eligible proof of address and ID, as well as business verification paperwork

Supported currencies: 20+ including AUD and CAD

Monthly fees: 0 AUD- 999 AUD depending on plan

Exchange rates: Interbank rates with a fee of 0.5% for major currencies and 1% for less commonly traded currencies

Fees for CAD accounts in Australia

It’s good to know that the fees for CAD accounts in Australia might look a bit different to the charges associated with your AUD current account. You can often find an account with no ongoing fees to pay, but there are usually some transaction fees to think about. Check your account fee schedule to make sure you understand the costs of your account before you transact.

Here are some fees to look out for:

• Monthly maintenance fee: Some CAD accounts might have a monthly fee, or you might find you have to open an AUD account first, which has its own service fees to pay. Not all accounts use this sort of ongoing charge – for a low cost alternative check out providers like Wise which don’t charge a maintenance fee.
• ATM withdrawal fees: If your CAD account has a debit card, check if ATM fees apply. Costs can be either a flat charge or a percentage of the withdrawal – and often taking money out overseas is far more expensive than in Australia. Providers like Wise and Revolut offer some no fee ATM use each month to help you lower your transaction costs.
• Foreign transaction fees: A foreign transaction fee is another cost sometimes associated with card spending, which can push up the costs of foreign purchases by about 3%. This fee doesn’t usually apply on accounts like the Wise Account or products from Revolut, which allow you to spend currencies you hold with no fees, and convert with low charges where needed.
• International transfer fees: Banks like Commbank waive international transfer fees when you send from your CAD account, but it’s important to also check the exchange rate used as it is likely to include a markup. That’s a fee added on top of the mid-market rate you’d see on Google. Providers like Wise and Revolut may offer more competitive rates than many banks.

How to open a CAD account in Australia

The most convenient way to open a CAD account in Australia is online. All digital providers offer an online account opening option, but this isn’t always an option with banks.

Before you sign up to any CAD account read through the eligibility criteria and application process. While this does vary a bit, it’s usually pretty similar across different banks and providers, including providing your proof of ID and Australian address for verification.

Here’s an outline of the CAD account opening process:

With banks: Some banks let you add a CAD account online if you already have a AUD current account, but you might find you need to go to a branch or open your account by phone instead. This isn’t always the most convenient option, but on the positive side, you’ll be talked through the application by a team member, making it a simple process to follow.

With online providers: Specialist providers like Wise and Revolut don’t have branch locations so you’ll complete your account application, verification and onboarding all digitally. You’re guided through the process by onscreen prompts and you’ll need to take a snap of your ID and address documents with your phone to get verified.

How to use your CAD account in Australia

Finally let’s look at how using a CAD account can help you manage your Canadian dollar payments and transactions with lower fees and less time spent navigating administration.

• Send international money transfers: Send payments to Canada and many other countries with just your phone, often with great exchange rates and low fees. Providers like Wise use their own payment network to make sure you get a super fast transfer time, too.
• Hold and exchange CAD and AUD: Keep CAD and AUD all in one account to make it easier to budget and plan across different currencies. Multi-currency accounts can also let you manage different currencies for things like saving for travel or to send a payment, too.
• Receive CAD payments: Use your CAD account to receive CAD easily with local or SWIFT account information that the sender can use to initiate your transfer without needing to convert it to AUD.
• Use your debit card for spending and withdrawals: Use your CAD debit card to spend and withdraw with low costs and no foreign transaction fees in many cases. Choose a provider like Wise or Revolut and it’s free to spend a currency you hold sufficient balance in, and cheap to convert to CAD if you need to do so to cover a purchase.

Conclusion

There are several different ways to open CAD accounts in Australia, depending on how you need to transact. You could pick a CAD account from a bank if you need to send payments to Canada to cover a mortgage or bills as a Canadian living temporarily in Australia, for example.

Or for a more flexible multi-currency account option you might prefer Wise which lets you hold CAD along with AUD and 40+ other currencies. Use your account to send, spend, hold and receive CAD for day to day payments, travel and bills, with low costs and great exchange rates.

Useful resources:

• Wise – Wise Australian landing page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut Australian personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut Australian business pricing plans and feature descriptions
• Westpac foreign currency accounts – Westpac foreign currency account landing page
• Commbank foreign currency accounts – Commbank foreign currency account landing page
• Commbank international fees – Commbank international fees covering transfers in and out of accounts
• Airwallex Pricing – Airwallex Australian account descriptions and pricing plans