Best CAD accounts in Germany

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

Cross-border banking services in Germany often focus on EUR accounts, but there are also ways to open a CAD account from Germany if you need one. Depending on how you plan to use it, you might choose a flexible multi-currency account that supports both CAD and EUR from a provider like Wise, or a CAD-focused savings account designed for international use. 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. Some CAD accounts from banks also offer interest on the balance you hold.

What can you do with a CAD account in Germany?

If you’re a Canadian living in Germany for work or study, or a German resident who does business in Canada or owns property there, 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 EUR 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, often 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, mortgages 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

There are perhaps not as many options for CAD accounts in Germany as you might expect. Not all banks offer foreign currency account options, and where they do, the products can tend to be more for business and commercial customers or high wealth individuals looking to save or invest.

However, there still are some great products to choose from, which can be broadly split into either multi-currency products or single currency options.

Multi currency accounts: Multi currency accounts are commonly available from digital providers, although some banks also offer this account type alongside EUR checking services. 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 with a linked debit card to spend and withdraw, and get SWIFT account details to receive Canadian dollars to your account.
• Airwallex Account: Business account supporting 20+ currencies including CAD and EUR, with ways to receive customer bank and card payments online.
• HSBC Global Money Account: Premium international account supporting up to 19 currencies, including AUD and EUR, available to HSBC Expat customers. Hold and send money internationally with no HSBC transfer fees via Global Money.

Foreign currency accounts: In Germany, foreign currency accounts are much less accessible to personal customers than in some other markets. Where they are available, they are typically tailored to business, commercial, or high-net-worth clients, and are designed for holding or transferring funds rather than everyday use. As a result, most personal customers in Germany access CAD through multi-currency accounts rather than foreign currency accounts at banks.

Best CAD currency accounts in Germany

There’s not really one best CAD currency account in Germany, 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 EUR 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 which can be a drawback if you need to deposit cash or checks.

There are also personal CAD accounts from banks like HSBC. These products have different niches, and may be a better fit to customers who want to save or invest 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 Germany 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 Germany works.

	💡 At a glance
Wise Account	Hold and exchange CAD and 40+ other currencies, spend with a Wise Multi-Currency Card in 150+ countries, send and receive payments globally in EUR, CAD and more.
Revolut Account	Choose from 5 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
HSBC Global Money Account	Multi-currency account allowing you to hold and send payments in up to 19 currencies, including CAD and EUR, via HSBC Expat. Access is limited to customers who meet HSBC Expat eligibility requirements, such as maintaining £75,000 (or the currency equivalent) in savings or investments, or receiving an annual income of £120,000 or more into the account.
Airwallex Account	Business account supporting CAD, EUR 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 EUR 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 EUR, 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 Multi-Currency Card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 45 EUR for full feature access*. No minimum balance

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

Supported currencies: CAD, EUR and 40+ other currencies

Monthly fees: None

Exchange rates: Mid-market exchange rates

*About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Revolut Account

You can open 5 different types of Revolut Account as a personal customer in Germany, 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 maintenance fees up to 60 EUR/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 EUR and CAD. You won’t get local account details to receive CAD payments, but you do get SWIFT account information to receive Canadian dollars that way.

• 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 German residents and many other countries and regions globally. Not available for Canadian residents

Supported currencies: CAD, EUR and 25+ other currencies

Monthly fees: Personal customers pay 0 EUR – 60 EUR/month, business customers 10 EUR – 90 EUR/month

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

HSBC Global Money Account

You can open an HSBC Global Money Account if you already have an HSBC Expat Bank Account to hold and manage funds in up to 19 currencies and make overseas payments without HSBC transfer fees.

The account includes a linked debit card, which can be used for spending and cash withdrawals in supported currencies, as well as for managing international transfers. Due to its eligibility requirements, the Global Money Account is generally best suited to higher-income or internationally mobile customers, rather than everyday personal banking in Germany.

• Hold balances in up to 19 currencies, including CAD and EUR
• No HSBC fees on international transfers made through Global Money
• Debit card for spending and ATM withdrawals in supported currencies

Account opening fee: None

Eligibility criteria: You’ll need to hold an HSBC Expat Bank Account and meet HSBC Expat eligibility requirements, such as:

• Maintaining £75,000 (or currency equivalent) in savings or investments with HSBC Expat, or
• Receiving an annual income of at least £120,000 (or equivalent) paid into your HSBC Expat account, or
• Already holding HSBC Premier status in another country or region

Supported currencies: Up to 19 currencies, including CAD, EUR, USD, GBP and others

Monthly fees: None for the Global Money Account – fees may apply to your underlying HSBC Expat Bank Account

Exchange rates: HSBC rates – Global Money Account offers live, competitive rates you can see in the app

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 are designed for internationally operating businesses and ecommerce companies in particular, offering great exchange rates with low fees and a wide network for local and international payments.

• Receive, hold, send and spend 20+ currencies
• Open Global Accounts with local bank details to collect payments from customers in their preferred currency
• Business tools including batch payments, corporate cards, expense management, and integrations

Account opening fee: None

Eligibility criteria: Available to eligible EU and German-registered businesses, subject to identity checks and business verification

Supported currencies: 20+ including EUR and CAD

Monthly fees:

• 0 EUR or 19 EUR/month (Explore plan, 0 EUR if you deposit at least 10,000 EUR per month or maintain a 10,000 EUR minimum balance)
• 49 EUR/month (Grow plan)
• From 999 EUR/month (Accelerate 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 Germany

It’s good to know that the fees for CAD accounts in Germany might look a bit different to the charges associated with your EUR account. You can often find an account with no ongoing fees to pay, but there may be strings attached – like holding a minimum deposit or leaving your savings for a fixed term. There are also 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 a EUR 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.
• Fall below fee: If you’re thinking of a premium tier account you may need to pay a fall below fee if you don’t maintain a fixed minimum balance in your account at all times. To give an example, the HSBC Global Money Account is only available to HSBC Expat customers. Current requirements to open a HSBC Expat account include holding £75,000 (or currency equivalent) in savings or investments, earning an annual income of at least £120,000, or already having HSBC Premier status in another country.
• 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 Germany. 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 anywhere from 2-3%. 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.
• Wire transfer fees: Banks like HSBC waive wire 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 Germany

The most convenient way to open a CAD account in Germany 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 German address, residence permit, registration certificate or payslip.

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 EUR account, but you might find you need to go to a branch instead. This isn’t always the most convenient option, but you can often book an appointment in advance and then you’ll be talked through the application by a team member on arrival.

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 Germany

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 EUR: Keep CAD and EUR 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 EUR.
• 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

Many people living in Germany have personal or professional reasons to manage money in Canadian dollars, and there are several ways to open a CAD account from Germany depending on how you need to transact.

You could pick a CAD account from a bank like HSBC, if you need to send payments to Canada to cover a mortgage or bills, or if you want to earn interest.

Or for a more flexible multi-currency account option you might prefer Wise which lets you hold CAD along with EUR 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:

• Revolut Personal Pricing Plans – Revolut Germany personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut Germany business pricing plans and feature descriptions
• HSBC Global Money Account – HSBC Global Money Account introduction
• Airwallex Pricing – Airwallex EU account descriptions and pricing plans