Best CAD business account in the UK

UK registered business owners and sole traders might benefit from getting a CAD business account if they need to receive, send, hold or spend Canadian dollars. This might be the case if you have customers in Canada, work with Canadian suppliers, or have an international team based in Canada for example.

Canadian dollar business accounts in the UK can be opened with specialist non-bank providers which work exclusively online or through apps, or from banks. However, highstreet bank CAD accounts tend to be a bit more restrictive and costly compared to specialist providers like Wise and OFX.

This guide walks through all you need to know including a look at the best Canadian dollar business accounts in the UK, the costs involved, and how to open one.

Receive payments with local account details in 10 currencies
Hold and exchange 40+ currencies
Send money quickly to accounts in 160+ countries

Wise account

The Wise business account can be opened online or in the Wise app, with no minimum balance requirement. Use Wise to receive, send and convert 40+ currencies. Your Wise business account comes with local account details for 10 currencies, which can be used to receive international payments

Go to Wise Business

Can a CAD business account be opened in the UK?

Yes. UK registered business owners - and in some cases, sole traders or freelancers - can get a CAD business account in the UK from highstreet banks and specialist non-bank digital providers.

It’s worth knowing that the types of CAD accounts available do vary a lot, from some which support CAD alongside a lot of other currencies, to others which are CAD only and more meant for holding and sending payments. Different account types suit different business needs, but you’ll need to weigh up a few, including features and fees, to see which is best for your specific requirements. This guide is here to help.

Best CAD business accounts

There’s no single best Canadian dollar business account - which means you’ll need to compare a few to find out which would suit you best. We’ve summarised some key features for several options, covering digital providers and banks, with a bit more detail below, to help you start your research.

Provider	Fees	Pros and cons	Additional services
Wise	No monthly fees Currency exchange from 0.33% Local transfers do not have a fee Some transaction fees apply	Pros: Debit card available; batch payment services Cons: One time account opening fee; some ATM fees may apply	Multi-currency account to manage 40+ currencies Local account details for 10 currencies Debit and expense cards Batch payments, cloud accounting integration and API access
OFX	No fee to open or operate account Exchange rate markups will apply when converting currencies	Pros: Currency specialist with a great service reputation; products designed for online sellers Cons: No debit card	Accounts available in 7 currencies Xero integrations available Currency risk management solutions for businesses
Revolut	Accounts with varying monthly fee depending on transaction needs 0.6% fair usage fee on currency exchange exceeding plan limit, 1% out of hours fee 5 GBP international transfer fee	Pros: Choose from varied account types, some accounts offer no fee transactions every month Cons: Pay monthly fees to access all services	Hold and exchange dozens of major foreign currencies Spend globally with a linked Revolut card Some no fee currency exchange with all account tiers
Barclays	Fees may vary based on size of business 15 GBP online international transfer fee	Pros: Well known UK bank with a branch network, full suite of business banking services Cons: High transfer fees	Same day CAD transfers Accounts also available in many other traded currencies
HSBC	Business account fees may vary - annual charges from 96 GBP to 180 GBP 6 GBP/month online banking fee 17 GBP international transfer fee	Pros: Different accounts for different sized businesses; interest bearing accounts available Cons: Transaction, monthly and annual fees apply	4 different account types, with different packages for businesses of different sizes Broad range of currencies available
Santander	No account set up costs 17 GBP international transfer fee	Pros: No ongoing costs; get support from a relationship manager as standard Cons: Some fairly high transaction fees may apply	Accounts available in 26 currencies Relationship management services available

Provider

Fees

Pros and cons

Additional services

Wise

No monthly fees

Currency exchange from 0.33%

Local transfers do not have a fee

Some transaction fees apply

Pros:

Debit card available; batch payment services

Cons:

One time account opening fee; some ATM fees may apply

Multi-currency account to manage 40+ currencies

Local account details for 10 currencies

Debit and expense cards

Batch payments, cloud accounting integration and API access

OFX

No fee to open or operate account

Exchange rate markups will apply when converting currencies

Pros:

Currency specialist with a great service reputation; products designed for online sellers

Cons: No debit card

Accounts available in 7 currencies

Xero integrations available

Currency risk management solutions for businesses

Revolut

Accounts with varying monthly fee depending on transaction needs

0.6% fair usage fee on currency exchange exceeding plan limit, 1% out of hours fee

5 GBP international transfer fee

Pros:

Choose from varied account types, some accounts offer no fee transactions every month

Cons: Pay monthly fees to access all services

Hold and exchange dozens of major foreign currencies

Spend globally with a linked Revolut card

Some no fee currency exchange with all account tiers

Barclays

Fees may vary based on size of business

15 GBP online international transfer fee

Pros:

Well known UK bank with a branch network, full suite of business banking services

Cons:

High transfer fees

Same day CAD transfers

Accounts also available in many other traded currencies

HSBC

Business account fees may vary - annual charges from 96 GBP to 180 GBP

6 GBP/month online banking fee

17 GBP international transfer fee

Pros:

Different accounts for different sized businesses; interest bearing accounts available

Cons: Transaction, monthly and annual fees apply

4 different account types, with different packages for businesses of different sizes

Broad range of currencies available

Santander

No account set up costs

17 GBP international transfer fee

Pros:

No ongoing costs; get support from a relationship manager as standard

Cons:

Some fairly high transaction fees may apply

Accounts available in 26 currencies

Relationship management services available

Information correct at the time of the writing - 13th August 2024

Wise

Wise Business accounts support Canadian dollars as well as 40+ additional currencies. With your digital Wise account you can get local account details for various foreign currencies including CAD, so you can receive payments conveniently from customers, PSPs and marketplace sites. All currency conversion uses the mid-market exchange rate with low, transparent fees.

You can also get debit and expense cards for you and your team, perks like batch payments and cloud accounting integrations, and access to a powerful API to streamline workflow.

Wise fees: One time 60 GBP business account opening fee, 3 GBP card order fee, currency conversion from 0.33%
Supported currencies: 40+ including Canadian dollars
Wise exchange rates: Mid-market rate
Receiving payments: Get paid with local details in 10 currencies - CAD SWIFT transfers have a fee, but there’s no fee to receive a local CAD payment
Other notable features: Send to 160+ countries, spend with your card in 150+ countries

Go to Wise business

OFX

OFX is a currency specialist which offers multi-currency accounts aimed at online sellers. Account holders don’t get debit cards, but can get paid in euros, send transfers and withdraw their money. This means you can use your OFX account to receive payments from marketplace platforms, PSPs and from your own website if you’re an online seller. OFX also offers broader currency services, including currency risk management products like forward exchange contracts, used to cut down the risk involved with fluctuations in the forex markets.

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
Go to OFX

Revolut

Revolut business accounts can hold and exchange CAD alongside many different currencies, with several different account tiers available depending on your business requirements. All account types have some weekday currency exchange which uses the Revolut exchange rate with no additional fee. Once you hit your account limit for currency exchange, fair usage fees may apply.

Revolut fees: 0 GBP - 79 GBP/month ongoing fees, 5 GBP international transfer fee fair usage and out of hours fees may apply on currency conversion
Supported currencies: 25+ fiat currencies available
Revolut exchange rates: Revolut rate to plan limits - fair usage fees apply after that
Receiving payments: SWIFT account details available for select currencies,
Other notable features: Choose from 4 different account tiers to unlock a broad range of account services

Barclays

Barclays business customers can open CAD accounts, as well as foreign currency accounts in many other currencies. International transfers can be pretty expensive - 15 GBP for digital transfers. Customers using their Canadian dollar account to make payments to others will find CAD transfers are usually settled on the same day.

Barclays fees: No ongoing monthly fee, up to 15 GBP international payment fee
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 bank accounts
Other notable features: Services offered split out by business turnover and type, to make it easier to open the right account for your needs

HSBC

HSBC offers CAD accounts for business customers, with 4 different account types covering current accounts, savings accounts, and foreign currency accounts opened directly with HSBC’s operation in the overseas market. This means you can choose the right type of account based on your priorities, including some which offer interest earning opportunities.

HSBC fees: Annual account fees, monthly online banking fees and transaction fees can apply - these may vary depending on the specific account you select
Supported 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

Santander

Santander’s Canadian dollar business account is offered on the basis of having a relationship manager who can help you to select the right account for your needs. As accounts can be set up to suit an individual business, many details can only be checked by calling the bank to talk to the service team to understand your available options.

Santander fees: 17 GBP international transfer fee, other fees depend on the specific account you select
Supported currencies: CAD among 26 different currencies available
Santander exchange rates: Santander rates are likely to include a markup
Receiving payments: Variable options depending on account type - check with your relationship manager
Other notable features: Get services through a relationship manager

How to open a CAD business account in the UK

Many UK business customers can open a CAD account online or through an app - although the easiest option if digital account opening is important to you may be to use a non-bank online specialist like Wise or OFX. Some UK banks ask customers to call them to talk through the account types available, and if you don’t already have a GBP account with the bank you pick, you might need to call into a branch to get your account set up.

That said, the steps you’ll usually need to take to open a Canadian dollar business account in the UK are broadly similar, whichever service you decide on. They can include:

Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account online, through the provider app, or in a branch location
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go

To comply with law, all banks and non-bank providers will have to ask you to complete a verification step before you can use your account freely. This is to stop illegal account use, and to prevent financial crimes like money laundering. The details and documents you need can vary a bit depending on the account and provider you’re using, but will usually include:

Government issued photo ID to prove your identity
Photo ID for any other ‘beneficial owner’ - anyone who directly or indirectly controls 25% of more of your business
Proof of address - a utility bill or bank statement in your name for example
Business registration documents which can vary based on your entity type

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

A Canadian dollar business account is handy if you’re receiving payments in CAD, and might cut the costs of currency exchange - both by accessing a better exchange rate, and by avoiding unnecessarily changing incoming payments from CAD to GBP.

Use your account to receive payments in CAD by customers, or through PSPs like Stripe or marketplace sites. You can let your customers pay in their preferred currency and then simply hold your CAD balance until you need it, rather than being forced to convert back to GBP for deposit. That means you can wait for a good exchange rate - or hold your CAD until you need to pay a supplier in Canadian dollars instead.

Conclusion

If you need to send or receive CAD payments, opening a CAD business account might be a simple choice. Use your account to receive money from customers, PSPs and marketplaces in Canadian dollars, and to hold a balance as a hedge against fluctuations in exchange rates.

UK CAD accounts do have pretty varied features and fees to suit different customer needs - from day to day transaction accounts to options for investing and earning interest. Use this guide to compare the products from a non-bank provider like Wise or OFX, or a brick and mortar bank like HSBC, and see which suits you better.

FAQs

Can I open a CAD business account in the UK?
Yes. Open a Canadian dollar business account from a bank, or a specialist non-bank online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply.

How much does it cost to open a CAD business account?
Some Canadian dollar business accounts can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees or a one off fee for opening, followed by transaction charges. Compare a few to find the right one for you.