expat life

Banking Abroad as a Canadian: Best Accounts, Cards, and Money Transfer Tips

Avoid losing money to hidden fees and bad exchange rates. Here's how smart Canadian travellers and expats manage their finances abroad.

Published 2026-03-20 · 10 minute read

Managing money across borders is one of the most practical challenges for Canadians living or travelling abroad. The wrong banking setup can cost you hundreds or even thousands of dollars per year in unnecessary fees. Here's how to set up your finances before you leave.

Keep a Canadian Bank Account

Even if you're moving abroad long-term, maintain at least one Canadian bank account. You'll need it for receiving Canadian income, managing Canadian investments, paying Canadian taxes, and as a fallback. Choose an account with no monthly fee and no minimum balance — Simplii Financial and Tangerine are good options.

Best Credit Cards with No Foreign Transaction Fees

Most Canadian credit cards charge 2.5% on every foreign currency transaction. Over a year abroad, that adds up fast. These cards waive that fee:

• Scotiabank Passport Visa Infinite — No FX fee, 2x points on travel and dining — $150/year
• Home Trust Preferred Visa — No FX fee, no annual fee — the baseline card for every Canadian traveller
• STACK Prepaid Mastercard — No FX fee prepaid card — good backup, no credit check needed
• Simplii Financial (No-Fee Account) — No monthly fee Canadian chequing account — keep one open while abroad
• Tangerine Bank — No-fee Canadian banking — good for maintaining a home base account

Wise Multi-Currency Account

Wise (formerly TransferWise) is essential for anyone spending time abroad. You get a multi-currency account that holds 50+ currencies, a debit card with real exchange rates, and the ability to send money internationally at a fraction of bank costs. Typical savings over banks: 3-5% on every conversion.

International Money Transfers

Never use your bank for large international transfers. Banks typically mark up exchange rates by 2-4% and charge transfer fees of CAD $25-45. Use dedicated services instead:

• Wise: Best for most transfers, real exchange rate + small fee (0.3-0.6%)
• OFX: Good for large transfers (CAD $10,000+), no fixed fees
• Remitly: Best for remittances to developing countries
• Interactive Brokers: Best rates for very large amounts, but more complex

• Wise (Multi-Currency Account) — Real exchange rate + tiny fee — essential tool for Canadians abroad
• OFX International Transfers — Best for large transfers (CAD $10,000+) — no fixed fees
• Remitly — Best for remittances — fast transfers to developing countries

Opening a Local Bank Account Abroad

In many countries, opening a bank account as a foreigner is straightforward. Requirements typically include your passport, proof of local address, and sometimes a work permit or visa. Having a local account simplifies rent payments, receiving local income, and avoiding ATM fees.

ATM Strategy

• Use ATMs inside banks (safer and more reliable)
• Always decline the ATM's conversion offer ("dynamic currency conversion") — it's always worse
• Withdraw larger amounts less frequently to minimize per-transaction fees
• Your Canadian bank may refund ATM fees — check with Scotiabank, HSBC, or your account terms
• Wise card is excellent for ATM withdrawals (free up to CAD $350/month)

Getting your banking setup right before leaving Canada is one of the highest-impact things you can do for your finances abroad. Take a few hours to set up the right accounts and cards — your future self will thank you.