Best Canadian Dollar Account in the UK 2024

OFX

Currency specialist OFX has a Global Currency Account for businesses and online sellers which lets account holders accept payments in 7 different currencies including CAD. Get paid from marketplaces like Amazon, and use your local bank account details to get paid in a range of global currencies without fees. You can also access OFX’s currency risk management products like forward exchange contracts which can be used to lock in an exchange rate for a future payment.

• OFX fees: No fees to open or operate account

• Supported currencies: 7 currencies offered

• OFX exchange rates: Rates include a small markup

• Receiving payments: receive payments in 7 currencies

• Other notable features: OFX transfers and currency conversion have no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available, with support of personal brokers

Barclays

Barclays Canadian dollar accounts can be managed online and through the mobile banking service. If you ever need to you can also pay in and withdraw cash at a local branch, although you may need to arrange an appointment in advance for this service. Accounts are primarily targeted at customers who need to send payments frequently in CAD, such as for ongoing overseas bills - this is not really an account intended for day to day spending.

• Barclays fees: No fee for the Canadian dollar account, but you also need a GBP account which may have fees

• Supported currencies: Accounts offered in CAD - or separate account options in other major currencies

• Barclays exchange rates: Barclays rates are likely to include a markup 
• Receiving payments: Pay in and out from other Barclays accounts
• Other notable features: You must have a GBP account with Barclays for 6 months before you can apply for a currency account

HSBC

HSBC offers Canadian dollar accounts for both personal and business customers. There are no monthly fees for personal account holders, and you’ll get the live HSBC exchange rate if you need to exchange currencies to make a payment. Accounts do not come with a debit card, but you can make payments easily online and in the HSBC app, including regular payments and scheduled payments up to one year in advance.

• HSBC fees: No opening or monthly fee for personal accounts, charges for some transactions such as some overseas payments; business fees can vary based on account type

• Supported currencies: Personal accounts can be opened in 14 currencies, business accounts can operate in any tradeable currency
• HSBC exchange rates: HSBC rates are likely to include a markup
• Receiving payments: Pay into your account from other HSBC accounts

• Other notable features: Several different types of foreign currency business account available

Natwest

Natwest personal customers in the UK can open a Cash Management account if they have non domiciled status. Businesses have other CAD account options, to suit differing needs. Cash Management accounts include easy access saving options and fixed term deposits. To be eligible you’ll need savings of 25,000 GBP or a salary of 40,000 GBP.

• Natwest fees: No monthly fee for cash management account
• Supported currencies: 25 major currencies covered
• Natwest exchange rates: Natwest rates are likely to include a markup
• Receiving payments: Options vary depending on account selected
• Other notable features: Cash management accounts offer interest and both easy access and fixed term deposit options

What is a Canadian dollar account?

A Canadian dollar account is designed to allow you to hold a CAD balance. In the UK, you’ll find many banks offer CAD accounts which are for saving and investment. These don’t usually come with debit cards but can be used to send payments overseas easily. Other account options from non-bank services might support CAD as well as other currencies, and may also offer a debit card you can use to spend in person and online, and to make cash withdrawals.

How does a Canadian dollar account work?

Different Canadian dollar accounts offer their own features but you’ll usually be able to hold, send and receive CAD payments. More flexible accounts - often from non-bank providers - may also have a debit card for cash withdrawals and spending. You can add money to your account from another bank account in your name, have someone send you a payment, or in some cases, deposit cash.

Canadian dollar account with debit card

As we’ve mentioned, many UK banks don’t provide a debit card with their CAD accounts. This limits your options if you want to use your CAD account to travel or shop online.  Here, non-bank providers might be better. Here’s a reminder of the non-bank alternatives we introduced earlier:

Wise account and card: Get your card for a one time 7 GBP fee, and spend in 150+ countries, in 40+ currencies. CAD supported for holding and exchange, and currency conversion uses mid-market rates with low fees

Revolut account and card: All Revolut account plans have a linked card although the card and the fees you pay will vary based on your account type. All accounts have some no fee currency conversion, but fair usage and out of hours fees may apply depending on how you transact

How to open a Canadian dollar account in the UK

The easiest way to open a CAD account is likely to be with a specialist online service. Different providers have their own application methods, but the process is usually similar:

1. Choose the best provider for your needs

2. Register for your account online, through the provider app, or in a branch

3. Give your personal and contact information

4. Complete the required verification steps

5. Fund your account - and you’re ready to go

When you open your account you’ll need to prove your ID and residential address. The exact documents you need will vary depending on the account type, but can include:

• Government issued photo ID

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents if you’re opening a business account

How to open a CAD account online

If you’re eligible, you can open a CAD account online or in your bank or preferred provider’s app. Generally you’ll just need to enter some personal and contact information and get verified by uploading images of your key ID documents. Bear in mind that to open a CAD account with a bank you may also need a GBP account with the bank first.

What are the advantages of a CAD account in the UK?

If you transact regularly in Canadian dollars - either for yourself or your business - you may benefit from a CAD account.

A foreign currency account can cut the costs of international transactions, and also make it easier to manage fluctuations in currency exchange rates. Avoid losses by holding a CAD balance rather than selling when rates look poor. Or maximise gains by buying CAD when the rates are good, and holding them until you need them

CAD accounts can also make it far easier - and cheaper - to get paid from Canada if you’re a business owner, freelancer or online seller. Get paid for free by local transfer from Canadian clients, or use your account to collect CAD payments from PSPs like Stripe and marketplaces like Amazon. Hold your balance as it is, or convert it back to GBP at your convenience.

How to use a Canadian dollar account

Some CAD accounts in the UK are meant for day to day use, but many of the options from major UK banks are aimed at people who want to save or invest in CAD. These accounts often don’t have a debit card, but may be interest bearing. Some of the features which are common with CAD accounts in the UK include:

• Hold and exchange CAD or other currencies alongside GBP, in one account

• Get local account details to allow you to receive CAD payments by bank transfer

• Spend in CAD online or in Canada, with a linked debit card

• Invest or save for a future bill or purchase without needing to convert back to pounds

Canadian dollar account details

If you’re a freelancer being paid by Canadian clients, or need to receive payments for any other reason, look out for a CAD account which has its own local Canadian dollar details for receiving local payments. Good options include Wise and the business account from OFX which both come with CAD account information including account, institution and transit numbers, for use when receiving payments.

Canadian dollar business account

Business customers looking for a CAD account might find they have different options compared to personal customers. Some of the features you might find with a CAD business account can include:

• Ways to issue debit cards to team members

• Multi user access

• Accounting integrations

• Batch payment solutions

Here are the non-bank business account providers we looked at earlier:

Wise business account: 45 GBP fee to open an account, and 3 GBP per debit card, with no ongoing charges. Hold 40+ currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments

Revolut business account: Several different accounts with varying features included in the account price. All options have cards for convenient spending and can hold, receive and exchange CAD and many other currencies

OFX business account: For businesses and online sellers, looking to receive customer payments and get paid through PSPs and market places. CAD offered alongside  6 other currencies

Conclusion: Canadian dollar account in the UK

If you need to send or receive international CAD transfers, or spend when you travel to Canada, a Canadian dollar account can help you cut costs. CAD accounts in the UK are available from banks and non bank providers, with a varied range of features to suit different customer needs.  It’s common to find banks offer accounts aimed at investing and saving, while non-bank providers have accounts which come with a card for easy spending.

With a non bank provider like Wise or Revolut, you’ll often find you can get a flexible account with low fees and no minimum balance requirement, which you can open from home on your smartphone. Use this guide to kickstart your research and find the best CAD account for you, whether you’re a personal or business customer, freelancer or online seller

CAD account FAQs

Can I open a Canadian dollar account in the UK?

Yes. You can open a Canadian dollar account with a bank, or a specialist non-bank online service. Different accounts have their own customer niches, and so offer different features, fees, and eligibility requirements. Compare a few including Wise and Revolut, to find the right fit.

How much does it cost to open a Canadian dollar account?

Generally Canadian dollar accounts from banks can be opened for free, with no monthly charges. However, transaction fees and minimum balance requirements will apply. Some non-bank services like Wise have no monthly fees, while others may have ongoing fees to pay.

Which UK banks offer Canadian dollar currency accounts?

UK banks including HSBC and Barclays offer CAD accounts - but these are often meant for people looking to save or invest in a foreign currency rather than as a day to day spending account. As an alternative consider a non-bank provider like Wise or Revolut which can often be cheaper and more flexible.