Best CAD account in the UK

Whether you’re a Canadian living in the UK, or a UK 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 the UK if you need one. You may want a flexible multi-currency account covering CAD and GBP from a provider like Wise, or a CAD account for holding and sending dollar payments from a UK 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 the UK?

If you’re a Canadian living in the UK for work or study, or a UK 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 GBP 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 the UK 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. For personal and business customers.
• Revolut Account: Hold 25+ currencies and get local details to receive GBP and SWIFT details to receive CAD and other supported currencies.
• HSBC Global Money Account: Hold CAD along with 17 other currencies, with no HSBC ATM or monthly maintenance fees
• Airwallex Account: Business account supporting 20+ currencies including CAD and GBP, with ways to receive customer bank and card payments online.

Foreign currency accounts: Foreign currency accounts are the more common option from UK 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.

• Barclays CAD Account – CAD account through Barclays to hold and send CAD, and get dollars in cash over the counter if you need them – no debit card offered

Best CAD currency accounts in the UK

There’s not really one best CAD currency account in the UK, 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 GBP 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 HSBC and Barclays. 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 the UK 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 the UK 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 GBP, CAD, USD 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.
Barclays CAD Account	Accounts which allow you to hold CAD, and send international payments or withdraw cash over the counter in Canadian dollars
HSBC CAD Account	Global Money Account to hold 18+ currencies with a linked debit card for spending and withdrawals. Spend at home and abroad, and send payments internationally from the HSBC app.
Airwallex	Business account supporting CAD, GBP and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise CAD Account

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

Accounts offer local and SWIFT details to receive payments, with no fee to receive CAD to your Wise account with local details. There’s a small Wise fee to receive CAD SWIFT payments.

• 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 45 GBP for full feature access. No minimum balance

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

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

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account

You can open 5 different types of Revolut Account as a personal customer in the UK, 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 55 GBP/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 GBP and CAD.

• Hold and exchange 25+ 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 the UK and many other countries and regions globally

Supported currencies: CAD, GBP and 25+ other currencies

Monthly fees: Personal customers pay 0 GBP- 55 GBP/month, business customers 10 GBP- 90 GBP/month

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

Barclays CAD Account

You can open a Barclays foreign currency CAD account if you already hold an eligible Barclays current account. This account allows you to hold CAD, send payments, and get cash over the counter. You are only able to open this account in a branch or by phone, which may not be the most convenient option – but there are no ongoing fees to pay once you have your account set up.

This account is aimed at people who want to hold a balance in CAD, and send payments locally and internationally, rather than for travel use.

• Available to eligible Barclays account holders in multiple currencies
• Withdraw your CAD balance as cash in a branch
• Send international payments conveniently using digital banking

Account opening fee: None

Eligibility criteria: Residents of the UK holding eligible Barclays account products

Supported currencies: CAD

Monthly fees: No monthly fee

Exchange rates: Exchange rates include a markup

HSBC CAD Account

The Global Money Account is the HSBC CAD Account for UK residents. This account supports 18 currencies including CAD and many other major currencies making it a good choice for travellers and for sending payments overseas. You can get a virtual and physical debit card to spend and make cash withdrawals, and there’s no fee to spend a currency you have in your balance. Bear in mind that currency conversion costs, and non HSBC fees – such as ATM operator charges – may still apply.

• Hold and exchange 18 currencies including CAD, with a card for travel spending
• No HSBC ATM fees, and no additional fee to spend currency you already hold in your balance
• App based account which makes it easy to keep on top of your transactions

Account opening fee: None

Eligibility criteria: UK residents with an active eligible HSBC GBP account

Supported currencies: 18 currencies, including CAD

Monthly fees: No monthly fees – fees may apply to your underlying GBP account

Exchange rates: Exchange rates are likely to include a markup

Airwallex Business CAD Account

If you need an 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, and more

Account opening fee: None

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

Supported currencies: 20+ including GBP and CAD

Monthly fees: 0 GBP- 999 GBP depending on plan and account usage

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

Fees for CAD accounts in the UK

It’s good to know that the fees for CAD accounts in the UK might look a bit different to the charges associated with your GBP 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 a GBP 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 the UK. 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 HSBC 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 the UK

The most convenient way to open a CAD account in the UK 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 UK 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 GBP 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 the UK

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 GBP : Keep CAD and GBP 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 GBP.
• 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 the UK, 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 the UK, for example.

Or for a more flexible multi-currency account option you might prefer Wise which lets you hold CAD along with GBP 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 UK landing page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut UK personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut UK business pricing plans and feature descriptions
• Barclays Foreign Currency Accounts – Barclays foreign currency account solutions – introducing the Barclays CAD account
• HSBC UK Global Money Account – HSBC CAD Account information summarised, with application details
• Airwallex Pricing – Airwallex UK account descriptions and pricing plans