diff --git a/app/models/security.rb b/app/models/security.rb
index b4268fc5e..40ae6b969 100644
--- a/app/models/security.rb
+++ b/app/models/security.rb
@@ -49,11 +49,16 @@ class Security < ApplicationRecord
   end
 
   # Lazily finds or creates a synthetic cash security for an account.
-  # Used as fallback when creating an interest Trade without a user-selected security.
-  def self.cash_for(account)
-    ticker = "CASH-#{account.id}".upcase
+  # Used as fallback when creating an interest Trade without a user-selected
+  # security, and to represent non-primary-currency cash positions as holdings
+  # (issue #1809). When a currency that differs from the account's primary
+  # currency is given, a distinct per-currency security is created so balances
+  # in different currencies don't collide.
+  def self.cash_for(account, currency: nil)
+    distinct = currency.present? && currency.to_s.upcase != account.currency.to_s.upcase
+    ticker = (distinct ? "CASH-#{account.id}-#{currency}" : "CASH-#{account.id}").upcase
     find_or_create_by!(ticker: ticker, kind: "cash") do |s|
-      s.name = "Cash"
+      s.name = distinct ? "Cash (#{currency.to_s.upcase})" : "Cash"
       s.offline = true
     end
   end
diff --git a/app/models/snaptrade_account.rb b/app/models/snaptrade_account.rb
index ddb7a4b63..54d6f2822 100644
--- a/app/models/snaptrade_account.rb
+++ b/app/models/snaptrade_account.rb
@@ -8,6 +8,7 @@ class SnaptradeAccount < ApplicationRecord
     encrypts :raw_transactions_payload
     encrypts :raw_holdings_payload
     encrypts :raw_activities_payload
+    encrypts :raw_balances_payload
   end
 
   belongs_to :snaptrade_item
@@ -132,17 +133,36 @@ class SnaptradeAccount < ApplicationRecord
 
     Rails.logger.info "SnaptradeAccount##{id} upsert_balances! - raw data: #{data.inspect}"
 
-    # Find cash balance (usually in USD or account currency)
-    cash_entry = data.find { |b| b.dig(:currency, :code) == currency } ||
-                 data.find { |b| b.dig(:currency, :code) == "USD" } ||
-                 data.first
+    # The primary entry (account currency → USD → first) stays in cash_balance;
+    # the full set is persisted so the processor can surface non-primary-currency
+    # cash as holdings (issue #1809).
+    cash_entry = primary_cash_entry(data)
 
-    if cash_entry
-      cash_value = cash_entry[:cash]
-      Rails.logger.info "SnaptradeAccount##{id} upsert_balances! - setting cash_balance=#{cash_value}"
+    cash_value = cash_entry ? cash_entry[:cash] : cash_balance
+    Rails.logger.info "SnaptradeAccount##{id} upsert_balances! - setting cash_balance=#{cash_value}, persisting #{data.size} entrie(s)"
 
-      # Only update cash_balance, preserve current_balance (total account value)
-      update!(cash_balance: cash_value)
+    # Only update cash_balance, preserve current_balance (total account value)
+    update!(cash_balance: cash_value, raw_balances_payload: data)
+  end
+
+  # Cash entries from the last balances snapshot that are NOT the one stored in
+  # cash_balance. The primary entry (account currency → USD → first) lives in
+  # cash_balance; the rest are surfaced as synthetic cash holdings so
+  # multi-currency cash isn't discarded (issue #1809). Excludes the actual
+  # primary currency — including the USD fallback — to avoid double-counting.
+  def non_primary_cash_entries
+    entries = Array(raw_balances_payload).map do |entry|
+      entry.respond_to?(:with_indifferent_access) ? entry.with_indifferent_access : {}
+    end
+
+    primary_code = primary_cash_entry(entries)&.dig(:currency, :code)
+
+    entries.filter_map do |e|
+      code = e.dig(:currency, :code)
+      next if code.blank? || code == primary_code
+      amount = e[:cash]
+      next if amount.blank?
+      { currency: code, amount: amount }
     end
   end
 
@@ -158,6 +178,15 @@ class SnaptradeAccount < ApplicationRecord
 
   private
 
+    # Selects the primary cash entry from a list of indifferent-access balance
+    # hashes: account currency first, then USD, then the first entry. Shared by
+    # upsert_balances! and non_primary_cash_entries so both stay in sync.
+    def primary_cash_entry(entries)
+      entries.find { |b| b.dig(:currency, :code) == currency } ||
+        entries.find { |b| b.dig(:currency, :code) == "USD" } ||
+        entries.first
+    end
+
     # Enqueue a background job to clean up the SnapTrade connection
     # This runs asynchronously after the record is destroyed to avoid
     # blocking the DB transaction with an external API call
diff --git a/app/models/snaptrade_account/holdings_processor.rb b/app/models/snaptrade_account/holdings_processor.rb
index e9216a34f..cb59932a0 100644
--- a/app/models/snaptrade_account/holdings_processor.rb
+++ b/app/models/snaptrade_account/holdings_processor.rb
@@ -9,31 +9,66 @@ class SnaptradeAccount::HoldingsProcessor
     return unless account.present?
 
     holdings_data = @snaptrade_account.raw_holdings_payload
-    return if holdings_data.blank?
 
-    Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Processing #{holdings_data.size} holdings"
+    if holdings_data.present?
+      Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Processing #{holdings_data.size} holdings"
 
-    # Log sample of first holding to understand structure
-    if holdings_data.first
-      sample = holdings_data.first
-      Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Sample holding keys: #{sample.keys.first(10).join(', ')}"
-      if sample["symbol"] || sample[:symbol]
-        symbol_sample = sample["symbol"] || sample[:symbol]
-        Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Symbol data keys: #{symbol_sample.keys.first(10).join(', ')}" if symbol_sample.is_a?(Hash)
+      # Log sample of first holding to understand structure
+      if holdings_data.first
+        sample = holdings_data.first
+        Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Sample holding keys: #{sample.keys.first(10).join(', ')}"
+        if sample["symbol"] || sample[:symbol]
+          symbol_sample = sample["symbol"] || sample[:symbol]
+          Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Symbol data keys: #{symbol_sample.keys.first(10).join(', ')}" if symbol_sample.is_a?(Hash)
+        end
+      end
+
+      holdings_data.each_with_index do |holding_data, idx|
+        Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Processing holding #{idx + 1}/#{holdings_data.size}"
+        process_holding(holding_data.with_indifferent_access)
+      rescue => e
+        Rails.logger.error "SnaptradeAccount::HoldingsProcessor - Failed to process holding #{idx + 1}: #{e.class} - #{e.message}"
+        Rails.logger.error e.backtrace.first(5).join("\n") if e.backtrace
       end
     end
 
-    holdings_data.each_with_index do |holding_data, idx|
-      Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Processing holding #{idx + 1}/#{holdings_data.size}"
-      process_holding(holding_data.with_indifferent_access)
-    rescue => e
-      Rails.logger.error "SnaptradeAccount::HoldingsProcessor - Failed to process holding #{idx + 1}: #{e.class} - #{e.message}"
-      Rails.logger.error e.backtrace.first(5).join("\n") if e.backtrace
-    end
+    # Always run, even with no security holdings — secondary-currency cash
+    # should still be surfaced (issue #1809).
+    process_cash_holdings
   end
 
   private
 
+    # Surface cash held in currencies other than the account's primary currency
+    # as synthetic cash holdings (issue #1809). The primary currency stays in
+    # account.cash_balance; without this, SnapTrade's secondary-currency cash
+    # (e.g. USD cash in a CAD account) was silently discarded.
+    def process_cash_holdings
+      @snaptrade_account.non_primary_cash_entries.each do |entry|
+        amount = parse_decimal(entry[:amount])
+        next if amount.nil?
+
+        security = Security.cash_for(account, currency: entry[:currency])
+
+        Rails.logger.info "SnaptradeAccount::HoldingsProcessor - Importing #{entry[:currency]} cash holding"
+
+        import_adapter.import_holding(
+          security: security,
+          quantity: amount,
+          amount: amount,
+          currency: entry[:currency],
+          date: Date.current,
+          price: 1,
+          external_id: "snaptrade_cash_#{entry[:currency].to_s.downcase}",
+          account_provider_id: @snaptrade_account.account_provider&.id,
+          source: "snaptrade",
+          delete_future_holdings: false
+        )
+      rescue => e
+        Rails.logger.error "SnaptradeAccount::HoldingsProcessor - Failed to import #{entry[:currency]} cash holding: #{e.class} - #{e.message}"
+      end
+    end
+
     def account
       @snaptrade_account.current_account
     end
diff --git a/app/models/snaptrade_account/processor.rb b/app/models/snaptrade_account/processor.rb
index a20893e63..5b9b578fd 100644
--- a/app/models/snaptrade_account/processor.rb
+++ b/app/models/snaptrade_account/processor.rb
@@ -21,7 +21,9 @@ class SnaptradeAccount::Processor
     holdings_count = snaptrade_account.raw_holdings_payload&.size || 0
     Rails.logger.info "SnaptradeAccount::Processor - Holdings payload has #{holdings_count} items"
 
-    if snaptrade_account.raw_holdings_payload.present?
+    # Run the holdings processor when there are security holdings OR
+    # non-primary-currency cash to surface as synthetic cash holdings (#1809).
+    if snaptrade_account.raw_holdings_payload.present? || snaptrade_account.non_primary_cash_entries.any?
       Rails.logger.info "SnaptradeAccount::Processor - Processing holdings..."
       SnaptradeAccount::HoldingsProcessor.new(snaptrade_account).process
     else
diff --git a/db/migrate/20260525121841_add_raw_balances_payload_to_snaptrade_accounts.rb b/db/migrate/20260525121841_add_raw_balances_payload_to_snaptrade_accounts.rb
new file mode 100644
index 000000000..2a3426a7a
--- /dev/null
+++ b/db/migrate/20260525121841_add_raw_balances_payload_to_snaptrade_accounts.rb
@@ -0,0 +1,5 @@
+class AddRawBalancesPayloadToSnaptradeAccounts < ActiveRecord::Migration[7.2]
+  def change
+    add_column :snaptrade_accounts, :raw_balances_payload, :jsonb, default: []
+  end
+end
diff --git a/db/schema.rb b/db/schema.rb
index 12e8ad30c..4003d7caf 100644
--- a/db/schema.rb
+++ b/db/schema.rb
@@ -10,7 +10,7 @@
 #
 # It's strongly recommended that you check this file into your version control system.
 
-ActiveRecord::Schema[7.2].define(version: 2026_05_19_100000) do
+ActiveRecord::Schema[7.2].define(version: 2026_05_25_121841) do
   # These are extensions that must be enabled in order to support this database
   enable_extension "pgcrypto"
   enable_extension "plpgsql"
@@ -498,7 +498,7 @@ ActiveRecord::Schema[7.2].define(version: 2026_05_19_100000) do
     t.index ["provider_key"], name: "index_debug_log_entries_on_provider_key"
     t.index ["source"], name: "index_debug_log_entries_on_source"
     t.index ["user_id"], name: "index_debug_log_entries_on_user_id"
-    t.check_constraint "level::text = ANY (ARRAY['debug'::character varying, 'info'::character varying, 'warn'::character varying, 'error'::character varying]::text[])", name: "chk_debug_log_entries_level"
+    t.check_constraint "level::text = ANY (ARRAY['debug'::character varying::text, 'info'::character varying::text, 'warn'::character varying::text, 'error'::character varying::text])", name: "chk_debug_log_entries_level"
   end
 
   create_table "depositories", id: :uuid, default: -> { "gen_random_uuid()" }, force: :cascade do |t|
@@ -1564,6 +1564,7 @@ ActiveRecord::Schema[7.2].define(version: 2026_05_19_100000) do
     t.datetime "updated_at", null: false
     t.boolean "activities_fetch_pending", default: false
     t.date "sync_start_date"
+    t.jsonb "raw_balances_payload", default: []
     t.index ["snaptrade_item_id", "snaptrade_account_id"], name: "index_snaptrade_accounts_on_item_and_snaptrade_account_id", unique: true, where: "(snaptrade_account_id IS NOT NULL)"
     t.index ["snaptrade_item_id"], name: "index_snaptrade_accounts_on_snaptrade_item_id"
   end
diff --git a/test/models/snaptrade_account_processor_test.rb b/test/models/snaptrade_account_processor_test.rb
index afc90c787..d6926d250 100644
--- a/test/models/snaptrade_account_processor_test.rb
+++ b/test/models/snaptrade_account_processor_test.rb
@@ -320,4 +320,78 @@ class SnaptradeAccountProcessorTest < ActiveSupport::TestCase
     entries = @account.entries.where(external_id: "activity_idempotent_1")
     assert_equal 1, entries.count
   end
+
+  # === Multi-currency cash (issue #1809) ===
+
+  test "upsert_balances! persists all entries and keeps the primary currency in cash_balance" do
+    @snaptrade_account.update!(currency: "USD")
+
+    # Primary (USD) is intentionally NOT first so this asserts the
+    # account-currency selection actually resolves it via dig(:currency, :code)
+    # on the string-keyed payload — not the `entries.first` fallback.
+    @snaptrade_account.upsert_balances!([
+      { "currency" => { "code" => "EUR" }, "cash" => "800.00" },
+      { "currency" => { "code" => "USD" }, "cash" => "1500.00" }
+    ])
+
+    @snaptrade_account.reload
+    assert_equal BigDecimal("1500.00"), @snaptrade_account.cash_balance, "primary (USD) cash stays in cash_balance"
+    assert_equal 2, @snaptrade_account.raw_balances_payload.size, "all balance entries are persisted, not just the primary"
+
+    non_primary = @snaptrade_account.non_primary_cash_entries
+    assert_equal 1, non_primary.size
+    assert_equal "EUR", non_primary.first[:currency]
+  end
+
+  test "holdings processor surfaces non-primary-currency cash as a synthetic holding" do
+    @snaptrade_account.update!(
+      currency: "USD",
+      cash_balance: BigDecimal("1500.00"),
+      raw_balances_payload: [
+        { "currency" => { "code" => "USD" }, "cash" => "1500.00" },
+        { "currency" => { "code" => "EUR" }, "cash" => "800.00" }
+      ]
+    )
+
+    SnaptradeAccount::HoldingsProcessor.new(@snaptrade_account).process
+
+    eur_cash = @account.holdings.joins(:security).where(securities: { kind: "cash" }, currency: "EUR").order(date: :desc).first
+    assert_not_nil eur_cash, "EUR cash must be imported as a synthetic cash holding"
+    assert_equal BigDecimal("800"), eur_cash.qty
+    assert eur_cash.security.cash?, "the holding's security is a synthetic cash security"
+
+    usd_cash = @account.holdings.joins(:security).where(securities: { kind: "cash" }, currency: "USD").exists?
+    assert_not usd_cash, "primary (USD) cash stays in cash_balance, not duplicated as a holding"
+  end
+
+  test "processor surfaces non-primary cash even when there are no security holdings" do
+    @snaptrade_account.update!(
+      currency: "USD",
+      raw_holdings_payload: [],
+      raw_balances_payload: [
+        { "currency" => { "code" => "USD" }, "cash" => "1500.00" },
+        { "currency" => { "code" => "EUR" }, "cash" => "800.00" }
+      ]
+    )
+
+    SnaptradeAccount::Processor.new(@snaptrade_account).process
+
+    eur_cash = @account.holdings.joins(:security).where(securities: { kind: "cash" }, currency: "EUR").exists?
+    assert eur_cash, "processor must run the holdings processor so secondary-currency cash is surfaced even with no stock holdings"
+  end
+
+  test "non-primary cash holding is not duplicated across repeated syncs" do
+    @snaptrade_account.update!(
+      currency: "USD",
+      raw_balances_payload: [
+        { "currency" => { "code" => "USD" }, "cash" => "1500.00" },
+        { "currency" => { "code" => "EUR" }, "cash" => "800.00" }
+      ]
+    )
+
+    2.times { SnaptradeAccount::HoldingsProcessor.new(@snaptrade_account).process }
+
+    eur_cash = @account.holdings.joins(:security).where(securities: { kind: "cash" }, currency: "EUR")
+    assert_equal 1, eur_cash.select(:external_id).distinct.count
+  end
 end