All the steps

02 Opening a business bank account

Foreign currency accounts

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You can open foreign currency accounts in Canada to simplify transactions and limit exchange risks.

Major financial institutions offer this service to companies doing business abroad. Accounts are available in different currencies, including the U.S. dollar, the euro or the Japanese yen.

You can use your foreign currency accounts to pay your foreign suppliers, receive payments from your foreign customers and manage your transfers to and from your parent company.

Main advantages of a foreign currency account

  • Helps you save big on exchange fees
  • Helps mitigate exchange rate risk

Cross-border services

As the United States is Canada’s main economic partner, banks have also developed specific solutions for companies that regularly do business with U.S. entities. If that’s what you do, you can take advantage of these services to grow your business there—manage deposits and cash flow, for example—without incorporating in the U.S.

Main foreign currency accounts

  • U.S. dollar (USD)
  • Hong Kong dollar (HKD)
  • Euro (EUR)
  • Singapore dollar (SGD)
  • Renminbi (CNY)
  • New Zealand dollar (NZD)
  • Pound sterling (GBP)
  • Mexican peso (MXN)
  • Japanese yen (JPY)
  • South African rand (ZAR)
  • Norwegian krone (NOK)
  • Saudi riyal (SAR)
  • Czech koruna (CZK)
  • Polish Zloty (PLN)
  • Australian dollar (AUD)

 

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Our team can assist you with your investment project in Greater Montreal.
Contact our expert

Alexandre Lagarde

Vice President, Foreign Investments