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