Personal Finance Bank accounts

Is it possible to have a virtual GBP bank account in Canada? A closer look

Piyush Singh

30.12.25

Read time 4 minutes

It's easy to open a virtual GBP bank account in Canada. You can spend money in the UK or receive payments from abroad in local currency. We'll compare the top virtual GBP bank accounts for Canadians, including the best digital GBP providers and how much it costs to open an account.

We'll also look at Wise – your international money transfer alternative. Spend money in the UK with just the touch of a button. Let's dive in!

Can you open a virtual GBP bank account in Canada?

Many big banks like RBC® offer virtual GBP bank account solutions for Canadians. You can also open an account with a digital Fintech provider like Wise.

Money transfer apps are often more flexible than bank accounts. You won't need to visit a branch to withdraw or manage your money – and you can easily switch between currencies.

Providers that offer a virtual GBP bank account to Canadians

Here are some popular virtual GBP bank account providers in Canada:

Payoneer®
Wise
RBC

You can open a digital Wise or Payoneer account to hold multiple currencies at once – or opt for a traditional GBP foreign currency account at TD Bank or RBC.

For transfers to and from the UK, you may need an IBAN. This is an international transfer system, typically used for payments to Europe.

You'll likely need your recipient's IBAN to facilitate some GBP transfers. However, you may not be able to access this information from regular Canadian financial institutions. This may limit your global transfer options.

Comparison of providers offering a virtual GBP bank account in Canada

Provider	Account type	Can you hold GBP?	Can you get an IBAN?
Wise	Multi-currency account for personal and business customers	Yes	Yes
Payoneer	Multi-currency business account¹	Yes¹	Yes²
RBC	Foreign currency savings account³	Yes³	No⁴

Features of virtual GBP bank accounts offered in Canada

There are a few key features to look out for in your virtual GBP bank account. You'll need an account that offers flexible spending solutions, as well as low-cost ATM withdrawals in Canada and the UK.

For example, you can use your Wise account to withdraw up to 350 CAD per month* for free. You can send and receive free GBP transfers via your TD Foreign Currency GBP account, but some currency conversion charges may apply.⁵

You can also use Payoneer to withdraw cash abroad or accept payments from freelance clients in 10 local currencies, including GBP.¹

Why Canadians choose virtual accounts for GBP transactions

Virtual accounts are useful for Canadians who want to spend money online. You can manage your transaction history, withdraw cash or initiate global digital transfers.

If you're travelling to Europe or receiving money from your family, you can use your foreign currency account to send and receive funds in local currency.

Your bank or money transfer provider won't need to convert your money from Canadian dollars, which means you can avoid expensive currency conversion charges.

Fees and transfer features for virtual GBP bank accounts

Provider	Account fee	Conversion fee (CAD→GBP)	Withdrawal options	Monthly limits
Wise	No monthly or annual account fees	From 0.48% per international transfer^* Wise uses the 'fair' mid-market exchange rate	Get up to 2 free ATM cash withdrawals per month outside Canada, of up to 350 CAD in total¹⁰	You may be able to send up to 20 million GBP per transfer¹¹
Payoneer	It depends on your account – up to 29.95 USD per year for a Payoneer card⁶	You'll pay up to 3% of your transaction amount for transfers from your Payoneer balance to a bank account⁶ Payoneer also adds a 0.5% currency conversion fee for foreign currency transfers⁷	You can withdraw cash at ATMs – it costs 1.95 GBP plus up to 3.5% for foreign currency withdrawals⁶	You can set your own monthly and daily spending card limits⁸
RBC	No monthly fees³	It depends on your transaction type – RBC charges from 27 GBP per wire transfer⁹	You can withdraw cash at an RBC branch You'll pay 0.60 GBP per withdrawal³	Speak to RBC for more information about your transfer limits

Online vs. offline processes for virtual GBP bank accounts

Virtual GBP accounts like Wise and Payoneer offer a fully digital service. This means you can manage your money and transfer funds online. You can also use your Wise card to withdraw cash at ATMs.

In comparison, some traditional banks may use offline processes for certain transactions. For example, you can't withdraw cash from your RBC GBP eSavings account yourself. You'll need to visit your local branch to initiate a withdrawal.³

A traditional bank account may not be convenient if you need to manage your money on the go or if you regularly withdraw cash at ATMs overseas.

Wise and virtual GBP bank accounts for Canadians

Travelling to the UK? Making an online purchase in GBP? Use your virtual Wise account to send, spend and receive your money in freedom.

Key features of Wise:

Hold over 40 currencies, including CAD, GBP, EUR and USD
Get local account details for fast and flexible payments
No monthly fees or exchange rate markups
Send money to friends, family and merchants

Here's how to get Wise GBP account details for free:

Step 1. Log into your Wise account

Step 2. Select the plus icon to add GBP to your account

Step 3. Select "Get account details"

Step 4. Follow the on-screen instructions

Whether you're buying groceries in the UK or paying for new clothes online, Wise has got you covered!

Get your Wise account in a few clicks >>>

Conclusion

Virtual GBP bank accounts are a popular choice for Canadians who frequently make purchases in the UK. You can open an account with a traditional bank, but money transfer apps may offer advanced flexibility for foreign spending.

Use your digital Wise account to switch between currencies or send money to the UK – all at the 'fair' mid-market exchange rate. No markups, no hidden fees, no stress! To explore your low-cost GBP spending options, check out Wise.

Sources:

Payoneer - Multi-Currency Business account
Payoneer - What is an IBAN number?
RBC - British Pound eSavings account
RBC - Wire transfer
TD Bank - Notice of account and fee changes
Payoneer - Fees
Payoneer - Currency exchange
Payoneer - What are my card limits?
RBC - Additional account services
Disclaimer for ATM fees: Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.
Disclaimer for large trasfers: Wise may request additional documents or information to verify your identity and transaction details.

Sources verified on 30 December 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.