So I’ve got some Euros in my PayPal now, and I want to move them to a Canadian bank account. But I don’t want to lose anything in the conversion from Euros to Canadian dollars, so I want a Canadian bank account with the balance held in Euros. Here’s what I’ve learned after sending email to the major Canadian banks:
- Bank of Montreal: “Regrettably, our accounts are provided exclusively in Canadian and U.S. currency.”
- Citizens Bank of Canada: “Citizens Bank of Canada does not offer foreign currency accounts except for US dollar chequings/savings accounts.”
- Bank of Nova Scotia: “We advise that we currently do not currently offer accounts for Euros.”
- Royal Bank of Canada: “We offer accounts in Canadian or US dollars only at this time.”
- National Bank of Canada: “This message informs you that the e-mail you sent has not reached its destination because the domain “sibn.ca” is not valid. Please resend your message with the corrected domain.”
- CIBC: No response received.
The only positive response I received from from TD Canada Trust, which emailed back:
I am pleased to advise that TD Canada Trust does offer foreign currency accounts. However, you can only access our foreign currency accounts directly at your TD Canada Trust branch in Canada. They cannot be accessed via bank machines, EasyLine or EasyWeb.
Foreign currency accounts allow you to maintain your deposit without the need to exchange to Canadian Dollars, which may assist you if you are looking for an account to hold a large amount of another currency. In addition to being non-chequing, our foreign currency accounts:
- are non-interest-bearing accounts
- carry no service charges
- do not allow overdrafts
- are not eligible for coverage through the Canada Deposit Insurance Corporation
All of which makes their option even less attractive than PayPal. So that’s where my Euros are staying for now.