Best EUR accounts in Canada

20 countries in Europe use euros as their official currency. If you’re in Canada, and need to send or receive EUR payments, or if you travel frequently to countries like France, Germany, Ireland or Spain, opening a EUR account in Canada can be a smart move.

EUR accounts are available for day to day use, and for saving, investing and sending payments, from digital providers like Wise, and from several Canadian-based banks. This guide covers all you need to know to select the right EUR currency account based on your transaction needs.

What is a EUR currency account?

A EUR currency account is an account which lets you hold euros. 

Euro accounts are available as single currency accounts, and multi-currency accounts which let you hold EUR as well as other currencies including CAD and other major European currencies like GBP. Depending on the EUR account you pick you may be able to receive EUR payments with local account details, send money in EUR, or get a linked debit card to spend and withdraw euros conveniently.

What can you do with a EUR account in Canada?

You might benefit from a EUR account in Canada if you’re an expat, international student, frequent traveller, digital nomad, freelancer or business owner. Different accounts focus on different customer needs, to allow you to transact easily whatever your situation. 

Here are some common uses for a euro account:

• Hold and convert between EUR and other currencies: If you manage your money across euros, Canadian dollars and other currencies, a EUR account makes this simple and allows you to view all your funds in one place. 
• Receive payments in EUR: Business owners and freelancers – and anyone who receives payments in euros – could use a EUR account to receive money with local account information, for quick and cheap transfers.
• Send payments in EUR: Whether you’re sending money to a family member or paying a bill, using a EUR account can make the transfer hassle free, and may also cut the costs associated with cross border payments.
• Spend and withdraw EUR: With providers like Wise you can spend with a linked card, online and in person, and also get cash in Europe for spending while you’re on your travels.

Types of EUR accounts

EUR accounts on the Canadian market usually fall into one of two categories – here are what you’ll find, alongside a quick introduction to the providers featured in this guide:

Multi currency accounts: Hold EUR and other currencies in a multi-currency account, to view your balance across all currencies and convert between them easily. Multi-currency accounts can support 40+ currencies in some cases, and products from digital first providers like Wise also offer linked cards for convenient spending.

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

Foreign currency accounts: Foreign currency accounts are most commonly the option offered by Canadian banks. These accounts support only 1 currency, and may be useful for people managing payments in a foreign currency – but there’s no debit card for day to day transactions. 

• Scotiabank EUR Account: EUR account with a 1 EUR monthly fee and ways to hold a balance securely
• TD Bank EUR Account: Competitive exchange rates on a EUR account with a low 1.75 EUR monthly fee

Best EUR currency accounts in Canada

EUR currency accounts in Canada are available for individual and business customers. Specialist providers like Wise cater to customers looking for flexible account and card services, while banks, like Scotiabank or TD Bank have more specialist products for sending payments or saving.

There’s no best EUR account in Canada as such – you’ll need to compare a few depending on how you expect to transact. 

If you want to send payments, save and invest, and prefer face to face service in a branch, a bank might be your best option. Or if you’re looking for an account to hold a selection of currencies for daily use, with a debit card for withdrawals and spending online and in person, a provider like Wise may be a better fit. 

Here we’ve selected some different providers and banks offering EUR 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 EUR account in Canada works.

	💡 At a glance
Wise Account	Hold and exchange EUR and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in CAD, EUR and more.
Airwallex Account	Business account supporting EUR, CAD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.
Scotiabank EUR Account	EUR account for holding funds, with a 1 EUR monthly fee, and 2 free teller assisted transactions monthly – no online banking available
TD Bank EUR Account	Hold, send and receive EUR with a TD Bank EUR account – monthly fee of 1.75 EUR applies

Wise Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold EUR alongside CAD 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, EUR and more. 

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

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

Features:

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: EUR, CAD and 40+ other currencies

Monthly fees: None

Exchange rates: Mid-market exchange rates

Airwallex Business EUR Account

If you need a EUR account for business purposes, an Airwallex Business EUR 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

Features:

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 EUR

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 

Scotiabank EUR Account

The Scotiabank EUR Account has a low monthly fee of just 1 EUR. You can get 2 free teller assisted transactions monthly, and there’s no account opening fee or minimum balance. The account does not support any online, mobile or ABM transactions so you’ll need to be prepared to manage all your finances in a branch with this account.

• Low monthly fee, which can be waived by holding a minimum balance of 200 EUR
• 2 free teller assisted transactions monthly before a 1.25 EUR begins
• Intended for savers looking to transact in person primarily

Features:

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: EUR

Monthly fees: 1 EUR

Exchange rates: Exchange rates are likely to include a markup

TD Bank EUR Account 

The TD Bank EUR Account is intended for people who want to hold and exchange EUR and CAD, to manage fluctuating exchange rates. You can receive and hold a payment in EUR 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 EUR and other currencies.

Incoming transfer fees of 17.5 CAD 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 EUR payments rather than travellers.

• Low monthly fees of 1.75 EUR
• Option to receive and hold euro payments with no need to convert to CAD
• Popular choice for people saving in EUR, or managing EUR payments frequently

Features:

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: EUR

Monthly fees: 1.75 EUR/month

Exchange rates: Exchange rates are likely to include a markup

Fees for EUR accounts in Canada

While getting a EUR account in Canada can bring down your overall money management costs, there are likely still to be some fees to pay. As these costs can vary a lot, and may not look like your CAD everyday account fees, you’ll need to read your account fee schedule carefully before you transact. 

Here are some fees to look out for:

• Monthly maintenance fee: Maintenance or service fees may apply to keep your EUR account open. Where this fee applies you may not be able to avoid it – but providers like Wise don’t charge a maintenance fee.
• ATM withdrawal fees: you may find that some ATM withdrawals are available with no fee from providers like Wise, but costs can apply if you withdraw frequently. The Canadian banks we’ve looked at in this guide do not offer debit cards. 
• Foreign transaction fees: Where they apply, foreign transaction fees can be around 3% which is added to all card spending in foreign currencies. Check your account fees carefully as this can be a very unwelcome surprise after your vacation overseas.
• Wire transfer fees: Wire transfer fees to and from EUR vary – but often the highest cost you pay is a markup, which is a fee added to the exchange rate used for currency conversion. Typically providers like Wise can offer more competitive rates than many banks.

How to open a EUR account in Canada

Once you’re ready to open a EUR account in Canada you’ll need to take a look at the specific process used by your preferred bank or provider. Some allow you to open online, but you might have to visit a branch for others. In pretty much all cases you need a proof of ID and Canadian address, as well as your Social Security Number.

With banks: The Canadian banks we have featured in this guide both require you to visit your local branch in person to open your account. In the branch you’ll be asked to present your original ID and address documents, and you’ll be helped through the application process by a teller.

With online providers: Specialist providers offer a fully digital application, verification and onboarding experience. All you’ll need is your phone or laptop, and images of the documents required to support your application. Enter your personal and contact details, set a secure password and follow the onscreen instructions. 

How to use your EUR account in Canada

A EUR account in Canada can bring benefits for personal and business users, including making transacting quicker and cheaper when you need to manage conversions between CAD and EUR. If you deal with additional currencies such as GBP or CAD, a multi-currency account is a smart way to receive, hold, send or spend all the currencies you need from one account. 

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

• Send international money transfers: Expats and international students might need to send money to Europe from Canada, or vice versa, to cover bills, mortgage payments or rent for example. A EUR account makes this simple and cheap.
• Hold and exchange EUR and CAD: Check your EUR and CAD balance side by side, convert between currencies when you see a great exchange rate, and build your savings in whichever currency you prefer.
• Receive EUR payments: Get paid by an employer or client in Europe, or if you’re an international student you may want to receive EUR payments from your family or student loan provider. Use the EUR details that come with your account to get your money and then hold it in EUR until you need it.
• Use your debit card for spending and withdrawals: Spend in euros when you travel or when you’re shopping online, with no additional costs if you hold sufficient EUR balance to cover a payment. Or use your CAD balance in Canada if you have a multi-currency account with a provider like Wise, to avoid conversion costs.

Conclusion

Get a EUR account in Canada from a Canadian bank, or a specialist provider like Wise or Airwallex. 

You can find EUR accounts from banks like TD Bank or Scotiabank which are aimed at customers who need to make frequent EUR payments. Or if you want a euro account which offers payment services with a linked card for day to day transactions, check out Wise.

Wise lets you easily send, spend, receive and hold EUR along with CAD and 40+ other currencies, all in the same account. With no minimum balance to maintain, and no monthly fee, Wise is an equally good choice for occasional use or for daily spending, depending on what you need.

Useful resources:

• Airwallex Pricing – Airwallex Canadian account descriptions and pricing plans
• 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 
• Scotiabank EUR Account – Scotiabank EUR Account details 
• Scotiabank fee schedule – Scotiabank personal fees