Best AUD Account in Canada

Opening an AUD account in Canada can be a smart plan for Australians living in Canada, international students, business owners and frequent travelers. Whether you’re receiving rent from Australia to Canada, sending money down under to cover bills there, or spending AUD during vacations, an AUD account may help you cut your costs.

There are different AUD account types, depending on your transaction needs, from digital providers like Wise, and from Canadian banks. This guide covers all you need to know to help you choose the best AUD currency account for you.

What is an AUD currency account?

An AUD currency account is an account from a bank or a digital provider which lets you hold Australian dollars.

All AUD accounts let you hold Australian dollars – but other features might vary quite a lot. Some AUD accounts are single currency options supporting AUD only, while others allow you to hold many other currencies including CAD in the same account.

You might also be able to earn interest, send payments, receive local AUD transfers or get a debit card, depending on the account you pick.

What can you do with an AUD account in Canada?

We’ll cover some of the most popular AUD account options available for Canadian residents in this guide – but first, let’s look at why you might want one.

Here are some common uses for an Australian dollar account:

• Hold and convert an AUD balance: Receive and hold AUD payments, or store up AUD in advance of paying a bill or taking a trip to Australia. You can convert to and from AUD conveniently in most Australian dollar accounts, in just a few taps of the provider’s app.
• Receive payments in AUD: Some AUD accounts offer local AUD account information, so you can receive fast AUD transfers which are often also cheap or free for the person sending the payment. Or, you may get SWIFT information to receive AUD as a cross border payment instead.
• Send payments in AUD: Send money with an AUD account to cut the costs associated with cross border payments, whenever you’re sending a payment to an Australian bank account.
• Spend and withdraw AUD: Accounts from providers like Wise offer a debit card, which you can use to spend your AUD balance in Australia with no extra fees, or to make cash withdrawals in Australia and other countries easily.

Types of AUD accounts

AUD accounts have been designed to fit different customer needs, including options for daily use and others for saving and investing in foreign currencies as a diversification strategy. Different products may target either individual or business customers. Generally the options available are either multi-currency products or single currency options.

In this guide we’ve selected a mix of banks like TD Bank which has AUD accounts for personal and business customers, and specialist providers like Wise which also has individual and business accounts.

We’ve also included Airwallex and RBC as providers offering AUD support for business customers only – here’s the lowdown on each.

Multi currency accounts: Hold AUD along with anything from a handful to dozens of other currencies side by side in one account, to make it easier to track your overall balance, convert between currencies and make payments in Canada, Australia and wherever else you may choose to.

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

Foreign currency accounts: Foreign currency accounts support only 1 currency – so in this case AUD – although you can often also open additional accounts in other currencies if you’d like to. These products often come from banks and are aimed at people who want to save or invest in a foreign currency.

• TD Bank AUD Account: Foreign currency accounts are available for personal and business customers, offering ways to hold and make transfers in AUD conveniently.
• RBC Business AUD Account: Business customers can open a foreign currency account in select currencies, which may include AUD, to receive and send business payments conveniently.

Best AUD currency accounts in Canada

The good news is that there are quite a few options for AUD currency accounts in Canada. However, this does also mean you’ll need to do some research to pick the right one for you.

Providers like Wise and Airwallex have multi-currency account and card services. These can be flexible to use, supporting many currencies – but you won’t get any branch or face to face support. Wise accounts are for individuals and businesses while Airwallex supports businesses only.

Banks like TD Bank or RBC offer accounts aimed at customers looking to hold Australian dollars, and send AUD payments. These accounts don’t have a debit card and so aren’t really intended for travel spending.

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

Read on to learn more about each and how their AUD account in Canada works.

	💡 At a glance
Wise Account	Hold and exchange AUD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in CAD, AUD, USD and more.
TD Bank AUD Account	TD offers foreign currency accounts including AUD support for businesses and individual customers. Use your account to hold a balance to manage currency fluctuations, and to send payments.
RBC Business AUD Account	Business customers can open a foreign currency account to hold, receive and send payments, making it easier to deal with customers and suppliers in Australia.
Airwallex Account	Business account supporting AUD, CAD 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 AUD alongside CAD, USD and 40+ other currencies all in the same account.

You can exchange between currencies in the app with the mid-market exchange rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in CAD, AUD and more.

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

• Hold and exchange AUD 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 55 CAD for full feature access. No minimum balance

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

Supported currencies: AUD, CAD and 40+ other currencies

Monthly fees: None

Exchange rates: Mid-market exchange rates

TD Bank AUD Account

The TD Bank AUD Account is intended for people and business owners who want to hold and exchange AUD and CAD, to manage fluctuating exchange rates.

You can receive and hold a payment in AUD without needing to convert it immediately, and then decide when the time is right to convert and withdraw to your CAD account. You can also use this account to send wires in AUD and other currencies.

Incoming transfer fees may apply, and there are outgoing wire fees which vary depending on the way you structure your payment. This account doesn’t have a debit card and is best for people managing AUD payments rather than travellers or businesses looking to spend overseas.

• Low monthly fees of 2.5 AUD for personal customers, 12.5 AUD for businesses
• Option to receive and hold AUD payments with no need to convert to CAD
• Popular choice for people saving in AUD, or managing AUD payments frequently

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: AUD

Monthly fees: 2.5 AUD/month for personal customers, 12.5 AUD/month for businesses

Exchange rates: Exchange rates are likely to include a markup

RBC Business AUD Account

RBC offers business customers the option to open an account in select currencies. Availability of currencies can vary, so you’ll need to confirm with the bank directly that AUD is supported at the time you want to open your account.

Once you have an AUD account for your business, RBC allows you to receive payments in your chosen currency, and send transfers, including recurring transfers to cover ongoing bill payments.

• Receive and send wires in the currency of your choice
• No minimum balance needed
• 1 free debit monthly

Account opening fee: None

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

Supported currencies: Check availability with RBC directly

Monthly fees: 25 CAD

Exchange rates: Rates may include a markup

Airwallex Business AUD Account

If you need an AUD account for your ecommerce business, an Airwallex Business AUD 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, cashback on CAD business spending and more

Account opening fee: None

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

Supported currencies: 20+ including CAD and AUD

Monthly fees: 0 CAD- 99 CAD 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 AUD accounts in Canada

Some AUD accounts in Canada offer no ongoing fees and low transaction costs. But they’re not usually completely free. Instead, fees can apply depending on how you transact, and what balance you hold, for example.

Before you sign up to any AUD account you’ll need to check through the fees for the types of transactions you make frequently – and any ongoing fees you need to pay – to make sure you understand your responsibilities.

Here are some fees to look out for:

• Monthly maintenance fee: Ongoing fees which may be called maintenance or service fees can apply no matter how frequently you actually use your AUD account. This can drain your balance if you’re not expecting it. If you want an account with no monthly fee check out providers like Wise which don’t charge a maintenance fee.
• ATM withdrawal fees: If you’re looking for an AUD account for everyday use, a product with a linked debit card is an essential. However, ATM fees may apply locally or internationally and might be a flat charge or a percentage of the withdrawn amount. Providers like Wise offer some no fee ATM use each month to help you lower your transaction costs.
• Foreign transaction fees: If you’re spending in a currency you don’t hold in your account you might need to pay a foreign transaction fee of around 3%. This fee doesn’t usually apply on accounts like the Wise Account, but is common with bank debit and credit cards.
• Wire transfer fees: Your bank might waive wire transfer fees but that doesn’t mean you pay nothing, as the exchange rate used might include a markup – a fee that’s not so easy to spot. Typically providers like Wise and Airwallex can offer more competitive rates than many banks.

How to open an AUD account in Canada

The way you open an AUD account in Canada depends on whether you’ve chosen a product from a bank or a digital first service. You’ll need to double check you meet the eligibility criteria for the account you’ve picked first, and then gather up the information and paperwork the bank or provider needs such as your proof of ID and Canadian address, as well as your Social Security Number.

If you’re opening a business account you’ll also need business paperwork such as Articles of Incorporation, Certificate of Existence or a Master Business License.

You can then review the account opening process, which may look like this:

With banks: Bank account opening policies vary but you might need to go to a branch in person to open your account, especially if you don’t already have a CAD account with that specific bank. If you need to go to a branch a team member will guide you through the application process and you may be able to get your account opened and verified in one visit.

With online providers: Providers like Wise and Airwallex manage your account application, verification and onboarding digitally, so all you need is a smart device or laptop. You don’t even need to leave home. Instead, just complete the information following the prompts on the application screen and then upload clear images of the documents required to support your application. Accounts may be verified instantly or it may take a couple of days.

How to use your AUD account in Canada

Living internationally can be expensive. If you’re an expat or international student in Canada – or if you’re a frequent traveller, business owner or digital nomad, using an AUD account to manage your Australian dollar payments and transactions can help reduce the fees you pay for currency conversion and other cross border services.

Here are some ways expats commonly use their Canadian based AUD accounts:

• Send international money transfers: If you’re making transfers to Australia from Canada, an AUD account cuts out admin time and can also help you lower the costs. Providers like Wise use their own network to move money quickly and with low fees, which can mean your payment arrives quicker compared to using your checking account.
• Hold and exchange AUD and CAD: For many people living an international lifestyle, managing different currencies is a day-to-day need. With an AUD multi-currency account you can see your AUD and CAD balances at a glance to keep on top of all your payments and transactions more easily.
• Receive AUD payments: Some AUD accounts offer local AUD account details to receive and hold AUD easily. Local transfers like this often cost nothing to receive, and can also be cheap or free for the sender. Get your money in AUD and then convert or spend whenever you like.
• Use your debit card for spending and withdrawals: For daily use, an AUD account with a debit card can be handy – allowing you to spend when you travel for leisure or business, or when you’re shopping with Australian retailers online. It’s usually free to spend a currency you hold, or cheap to convert to AUD if you need to, if you choose a multi-currency account with a provider like Wise or Airwallex.

Conclusion

AUD accounts are popular with Canadian based expats, business owners, and international students – and can also be handy for Canadian residents who travel to Australia often for business or leisure. You can open an AUD account pretty easily from a Canadian bank, or a specialist provider like Wise or Airwallex, but the features and fees you get can vary enormously.

AUD accounts from banks tend to focus on customers who want to save or make payments in AUD, while providers like Wise offer more flexible accounts to send, spend, receive and hold AUD along with CAD and 40+ other currencies. Compare your options looking at features, fees, convenience and currency availability, to see which account type is the best fit for you.

Useful resources:

• Wise – Wise Canada landing page with links to pricing and account features
• TD Bank foreign currency accounts – TD Bank foreign currency accounts landing page
• TD Bank Canada fee schedule – TD Bank Canada fee information for personal customers
• RBC Business foreign currency account – RBC business online foreign currency account landing page
• Airwallex Pricing – Airwallex Canadian account descriptions and pricing plans