Best GBP accounts in Canada

If you travel to the UK frequently, send payments abroad, receive a salary in British pounds, or want to diversify your savings and investments, a GBP account in Canada can help. You can open a GBP account with a digital provider like Wise, or with a Canadian based bank. 

Account types, features and fees vary a lot depending on the product you select – with options for everyday spending, saving and business needs. This guide covers all you need to know.

What is a GBP currency account?

A GBP currency account is an account which lets you hold British pounds. Many GBP currency accounts also let you receive GBP payments, send money in GBP to others, or spend with a linked debit card.

Some GBP currency accounts hold British pounds only, while others are multi-currency accounts which support GBP as well as CAD and other currencies.

What can you do with a GBP account in Canada?

So – why might you want a GBP account in Canada? Here are some common ways you might want to use your new British Pound account:

• Hold a balance in GBP: If you need to pay bills in British pounds, or if you’re planning a trip to the UK and want to hold GBP ready for your travel, holding a balance in pounds can be a huge help.
• Receive payments in GBP: Get paid from friends, family, clients or your employer in GBP without needing to automatically convert back to CAD if you don’t want to. 
• Send payments in GBP: Use your account to send GBP payments to others, to cover an international mortgage, pay for international school fees, or send money to family for example.
• Spend and withdraw GBP: With providers like Wise you can spend with a linked card, online and in person, and also get cash in the UK for spending while you’re on your travels.

Types of GBP accounts

Here are the most common types of GBP accounts you’ll find in Canada market:

Multi currency accounts: Multi-currency accounts support GBP as well as other currencies – providers like Wise let you hold over 40 currencies in one account. A multi-currency account allows you to convert between currencies whenever you want to. Some accounts offer ways to spend with a linked debit card, while most let you send payments in pounds and other currencies.

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

Foreign currency accounts: Foreign currency accounts support only 1 currency, and may be more aimed at people who want to save or invest in a foreign currency. 

• RBC GBP Account: Interest earning GBP account which lets you receive, hold and send British Pounds with no minimum balance or ongoing fees
• TD Bank GBP Account: Competitive exchange rates on a GBP account with a low 1.5 GBP monthly fee

Best GBP currency accounts in Canada

You can open a GBP currency account in Canada with a digital provider like Wise, or a local bank, like TD Bank or RBC. There are also business account products from providers like Airwallex or Wise which support GBP, with business friendly features and perks.

If you choose to open a GBP account with a bank, you’ll find most products are aimed at customers who want to send payments, save and invest. It’s less common to have GBP accounts which also offer linked debit cards for day to day use.

Digital providers like Wise offer ways to hold GBP alongside many other currencies, and offer both payment services and handy debit cards for daily spending online and in person. 

The right account for you will depend on your priorities – from saving and diversifying your investments, through to sending and receiving low cost payments and shopping in GBP with an international debit card.

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

We’ve got a closer look at each coming up right after the table, so you can decide if any suit your own unique needs.

	💡 At a glance
Wise Account	Hold and exchange GBP and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in CAD, GBP and more.
Airwallex Account	Business account supporting GBP, CAD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.
RBC British Pound eSavings Account	Interest paying account with no monthly fee, no minimum balance and ways to send and receive GBP payments
TD Bank GBP Account	Hold, send and receive GBP with a TD Bank GBP account – monthly fee of 1.5 GBP applies

Wise Account

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

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

• Hold and exchange GBP and 40+ other currencies
• Mid-market currency exchange 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: GBP, CAD and 40+ other currencies

Monthly fees: None

Exchange rates: Mid-market exchange rates

Airwallex Business GBP Account

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

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 

RBC British Pound eSavings Account 

You can open a RBC British Pound eSavings Account with no fee and no minimum balance. This account is intended for you to hold a balance in GBP and earn interest. There’s no debit card with the account, and fees apply to send wire transfers. 

There’s an incoming wire fee of 10 GBP for any non-RBC payment which is over 30 GBP in value, making this better for people looking to receive and hold larger payments with only infrequent transfers out.

• Variable fees to send payments to other banks
• No opening or monthly fee to pay
• Earn interest on your GBP balance – good for saving for future payments

Features:

Account opening fee: No fee

Eligibility criteria: Canadian residents

Supported currencies: GBP

Monthly fees: No monthly fee

Exchange rates: Exchange rates are likely to include a markup

TD Bank GBP Account 

The TD Bank GBP Account is intended for people who want to hold and exchange GBP and CAD, to manage fluctuating exchange rates. You can receive and hold a payment in GBP 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 GBP 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 GBP payments rather than travellers.

• Low monthly fees of 1.5 GBP
• Option to receive and hold GBP payments with no need to convert to CAD
• Popular choice for people saving in GBP, or managing payments to the UK frequently

Features:

Account opening fee: None

Eligibility criteria: Canadian residents

Supported currencies: GBP

Monthly fees: 1.5 GBP/month

Exchange rates: Exchange rates are likely to include a markup

Fees for GBP accounts in Canada

The fees for GBP accounts in Canada can vary a lot depending on the account type and the provider or bank you select. Read the fee schedule carefully before you transact. Here are some fees to look out for:

• Monthly maintenance fee: A regular fee charged by some banks, usually on a monthly basis. The monthly fee for a GBP account from a Canadian bank may be from 1.5 GBP upwards – 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: It’s common to find a foreign transaction fee of around 3% on card spending in foreign currencies – if you have a card from a flexible digital account provider like Wise, you won’t pay to spend a currency you hold, and conversion fees can be lower than foreign transaction fees.
• Wire transfer fees: Sending payments to and from GBP may incur fees, including costs added to the exchange rate used for currency conversion. Compare both the rate and the fee applied before you transact.

How to open a GBP account in Canada

How to open a GBP account in Canada might vary slightly depending on the provider or bank you choose. However, the process is relatively similar across most services.

Before you start to open your account do check you meet the eligibility criteria as banks may ask you to hold a minimum deposit to sign up. You’ll then need to assemble the information and documents required by the provider – usually your proof of ID and address, as well as your Social Security Number – and make your application.

With banks: While you may be able to open a GBP account with a bank in Canada online, it is very common to be asked to visit a branch to set up your account. In this case you need to take along your original ID and address documents, and have a team member talk you through the application process.

With online providers: You’ll be able to open a GBP account with online specialist providers in Canada with your phone or laptop. Enter the personal and contact information required following the prompts, and upload images of the paperwork needed according to the onscreen instructions. Verification and onboarding is all managed digitally.

How to use your GBP account in Canada

If you’re an expat in Canada, an international student, or a business owner, having a GBP account in Canada can help you cut costs and transact with less hassle. 

Having a multi-currency account in particular can make it easier to manage your money between your home currency and CAD, as well as any other currencies you need to receive, hold, send or spend. 

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

• Send international money transfers: If you need to pay bills in the UK from Canada, using a GBP account can make the transfer process simple and reduce the costs of payments for things like your UK mortgage or transfers back to family.
• Hold and exchange GBP and CAD: As an expat you may need to manage your finances across both GBP and CAD, so being able to see your balance in both side by side, and convert between them, can make it easier to keep on top of your money.
• Receive GBP payments: Use a GBP account in Canada to receive money from an employer or client in the UK, or to get paid rent from a UK property, for example. Hold your money in GBP until you need it to send to others or spend on your travels.
• Use your debit card for spending and withdrawals: For day to day use, a GBP account with a debit card lets you spend when you’re in the UK or when you’re shopping online with UK retailers, with no additional costs if you hold sufficient GBP balance to cover a payment.

Conclusion

You can open a GBP account in Canada with a Canadian bank, or a digital first provider like Wise or Airwallex. Accounts have different  features and fees which makes them better suited to different customer needs.

If your primary intention is to save, an account from a bank like RBC may be a good option, with interest earning opportunities on GBP accounts. Or if you want an all round account which lets you send, spend, receive and hold GBP with CAD and 40+ other currencies, check out Wise. Wise offers all the features you need for everyday transactions, no matter which currency you need to use.

Useful resources:

• Airwallex Pricing – Airwallex Canadian account descriptions and pricing plans
• RBC British Pound eSavings – RBC British Pound eSavings landing page
• RBC fee schedule – RBC fee schedule including wire costs 
• 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