Is a Euro bank account in Canada your best option? A closer look

If you’re a Canadian business invoicing clients in Europe or a personal user trying to receive payments in euros, you may need a Euro account. Holding EUR in Canada means you can avoid exchange rate swings and convert at a time that suits you.

But Canadian euro accounts also come with a catch: they don’t offer IBANs since Canadian banks don’t use the IBAN system. The result? Limited account features.

Read on as we break down what Canadian banks offer euro accounts, what you can (and can’t) do with them, and how Wise compares as a more flexible alternative.

What does a Canadian bank euro account offer?

Most of the big Canadian banks offer foreign currency accounts, including options to hold euros. These accounts let you:

• Hold EUR in Canada without converting to CAD
• Send and receive international wire transfers in euros
• Transfer between your CAD and EUR accounts internally
  They’re generally savings or deposit accounts, so they’re not ideal for day‑to‑day use; online functionality is limited and there’s no IBAN.

Who can open a euro bank account in Canada?

Both personal and business customers can open euro accounts at major Canadian banks.

• Personal accounts: Often available online if you’re already a bank customer.
• Business accounts: Typically require a visit to a branch and supporting business documents.
  You don’t always need a CAD account with the same bank, but it can make managing your money easier.

Features and fees of euro accounts in Canada

When it comes to euro accounts, no two are the same and each bank has its own features and fees. Below is a comparison of RBC, TD, and NBC – three major Canadian banks that offer euro accounts and their key features for personal and. business customers:

Sample features of Canadian bank euro accounts

What you can and can’t do with a Canadian bank euro account

You can:

• Hold and manage euros in Canada
• Receive and send international wire transfers in EUR
• Transfer money internally between accounts
• Withdraw euro cash from a branch (sometimes with notice)

You can’t:

• Get a debit card for EUR spending
• Send or receive SEPA transfers (no IBAN)
• Use online banking to send wires (often branch-only)
• Use Interac e-Transfers or write EUR cheques

Costs of using a Canadian bank euro account

• Monthly fees: Depending on the bank, personal euro accounts may be free or charge €1–€1.75 monthly,^4,3 and business euro accounts typically charge higher fees, like 25 CAD² or €12.50⁵ per month.
• Incoming transfers: These usually require SWIFT and may incur intermediary bank fees. For example, to receive a wire transfer with TD, customers can expect to pay a 17.50 CAD fee⁶, whereas NBC customers have to pay a 5 CAD - 25 CAD fee⁷.
• Outgoing transfers: Outgoing international wires can cost up to 50 CAD⁶ depending on the bank. Some banks also limit online access and require you to come into a branch to initiate the transaction.
• FX markups: Canadian banks typically apply a spread on the EUR to CAD exchange rate, which means you pay more than the mid-market rate when converting.
• Transparency: Most banks don’t publicly disclose their exact EUR-CAD exchange rate or how much markup they add, making it hard to calculate the true cost of a transfer.

Estimated cost of sending €1,000 from a Canadian bank vs Wise

* As of 4th August 2025 at 13.39

Drawbacks of Canadian bank euro accounts

No IBAN: Without an IBAN, your euro account isn’t part of the European banking network, meaning you can’t set up domestic EUR transfers or direct debits in Europe. European clients or suppliers might be unable (or unwilling) to send to a non-IBAN account, and even if they can, it’lll be via an international SWIFT transfer, which is slower and often carries fees for them too.

High fees for transfers: As we’ve seen, you can face high wire fees for each transaction which can end up eroding your funds for small or frequent payments. Incoming payments from abroad may see 15 CAD⁷+ deducted on arrival, and outgoing wires can cost anywhere up to 50 CAD⁶ (or the equivalent in EUR).

Exchange rate costs: When converting money between EUR and CAD in your account, banks will charge, what’s usually, a hidden markup on the exchange rate. A lack of transparency on the exchange rate markup makes it hard to gauge the actual cost, but it typically ranges somewhere around 1–3% of the amount.

Limited access and convenience: Euro accounts at Canadian banks aren’t always that convenient for day-to-day use. You generally cannot use online bill pay, Interac e-Transfer, or debit/ATM with them, and you’ll likely need to make a trip to your local branch if you need to send a payment.

Why having an IBAN matters

An IBAN (International Bank Account Number) is the standard bank account identifier in Europe, making it essential for banking in Europe. Without one, you:

• Can’t receive local SEPA transfers, which are the standard across the eurozone
• Might face payment delays or failed payments
• May be charged additional SWIFT-related fees
• Can’t set up European direct debits for subscriptions or utilities
• May be excluded from certain international payment platforms that require an IBAN

How Wise solves the IBAN problem for Canadians

Wise fills the gap Canadian euro accounts leave, giving you a smarter way to manage euros internationally.

• European IBAN: With Wise, you can open a euro balance that comes with a personal IBAN, so you can send and receive SEPA transfers like a bank user in the EU
• Local account details across other currencies: Need to transact in more currencies? No problem - Wise provides account details in multiple regions, including a US routing/account number, UK sort code, AUD account, and CAD transit number to get paid like a local around the world
• No monthly fees: There’s no fee to maintain a Wise personal account. For business accounts, there might be a one-time setup cost of 55 CAD, but no ongoing monthly fee
• Mid-market exchange rates: Wise always uses the mid-market rate with a low upfront fee that starts from 0.48%⁸
• Send money globally: You can send money to over 160 countries using local systems where possible, including SEPA for EUR transfers, which keeps costs and delays low
• Receive and pay like a local: Get paid via IBAN, receive EUR payments for free, set up EUR direct debits, and pay out from your Wise EUR balance just like a European account holder
• Hold and manage 40+ currencies: Hold, send, receive, and convert between dozens of currencies all in one place
• Use the Wise debit card: Spend from your EUR balance, or any other balance, with the Wise debit card. It works in 150+ countries, avoids foreign transaction fees, and uses the best exchange rate available

Should you open a Canadian bank euro account or use Wise?

If you need to hold euros and don’t plan to use them often, a Canadian bank euro account could be handy and meet your basic saving needs. But if you want to receive EUR payments from clients, pay European invoices, or send money abroad without hassle, these accounts don’t tend to offer much in terms of flexibility and can fall short.

Wise, on the other hand, was built for exactly this kind of global usage. From getting paid by a client in Berlin or sending money to a supplier in France, Wise helps you do it without the hidden fees. With no monthly fees, a local IBAN and account details, and access to 40+ currencies, it gives you the control and flexibility to bank in Europe, and beyond other borders.

1. RBC Euro eSavings - Personal Banking
2. Online Foreign Currency Account - RBC Royal Bank
3. TD Foreign Currency Accounts | TD Canada Trust
4. Foreign Currency Accounts | National Bank
5. Fee Guide for Banking Services for Businesses - NBC
6. TD Canada Trust - List of Services & Fees Effective Date
7. Fee Guide for Personal Banking Solutions - NBC
8. Wise Fees & Pricing: Only Pay for What You Use
9. Additional Account Services - RBC Royal Bank
   Sources verified on 07 October 2025