Overview
Float, at a glance.
Float is a money services business headquartered in Canada, regulated by Bank of Canada and registered with FINTRAC as a money services business. The company behind Float is Float Financial Solutions Inc. The business account has no monthly fee. Opening an account takes 1–3 business days. The business account is only for businesses registered in Canada. Owners can live outside Canada if the business passes verification and has a physical Canadian address with documentation. US businesses can use Float's cards but get no business account.
Float is not a bank. Float Financial Solutions Inc. holds CAD and USD balances in trust under your business's name, in dedicated trust accounts at Scotiabank, separate from its own operating funds. CDIC coverage applies up to CA$100,000 combined across CAD and USD. Bill Pay payments pass through Float's payment partners JPMorgan Chase Bank, Thread Bank and Currencycloud.
Why businesses pick Float
- Free Essentials plan with up to 20 physical and unlimited virtual cards
- CAD and USD accounts with their own account details, and no fee on any incoming payment
- 2.5% interest on CAD balances and 2.75% on USD balances
- CAD–USD conversion at 0.25% on top of the live interbank rate
- No fee on EFT, ACH or SEPA payments
- Corporate cards in CAD (Visa) and USD (Mastercard), prepaid or with a charge limit up to CA$3 million
- Support by email, live chat and phone, in English and French
Watch out for
- Only CAD and USD can be held; payments in the other 19 currencies carry a 1.5% conversion fee
- Wire transfers cost CA$20 each
- Card purchases in a currency other than the card's carry a 2.5% foreign transaction fee
- The CAD account accepts no pre-authorized debits, so it cannot pay payroll or utility debits
- No incoming domestic wires in Canada
- International payments are capped at CA$250,000 or US$250,000 each
- No forward contracts: CAD–USD conversion is at the live rate only
Business fit
Will Float accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Float's published rules
Likely no
Float does not list United Kingdom among the countries where it accepts companies.
Float does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Float publishes about the businesses it takes on.
Who Float serves
- Startups and SMEs
- NGOs and charities
- Professional services
- Freelancers
Not supported
Industries and countries Float does not accept, from its own published lists.
Industries
- Cannabis/Marijuana Related Businesses
- Dating/Escort Services
- Debt Collection/Debt Consolidation
- Direct Marketing/Telemarketing
- Firearms or Ammunition-Related Businesses
- Gambling/Casinos
- Illegal Products and Services
- Nutraceuticals
- Payday Lenders
- Civic, political, or religious organizations
- Jewelry, watches, precious stones and metals
- Adult products or content
- Cryptocurrency or blockchain-related products and services
- Funds issuer, securities issuer, or trading services
Countries
- Not published
Coverage
Where can you use Float?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
CAD and USD to hold and receive
Hold and receive · 2 currencies
- USD
- CAD
Pay out · 21 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- AED
- CZK
- DKK
- ILS
- NOK
- NZD
- PLN
- RON
- SAR
- SEK
- SGD
- THB
- TRY
- ZAR
SWIFT payments in other currencies are received and converted to CAD. Payments in the 19 currencies other than CAD and USD carry a 1.5% conversion fee.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- Canada
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Corporations, Partnerships, Sole proprietorships, Joint stock companies, Non-profits
Pricing
What does Float cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
CAD 0–100
depends on plan
Essentials
Lowest costCAD 0 per month
CAD 0 setup · CAD 0 in year one
Professional
CAD 100 per month
CAD 0 setup · CAD 1,200 in year one
Enterprise
Custom
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Local transfer from another bank | Free | No charge · All incoming payments: EFT, ACH, Fedwire, SWIFT and Interac e-Transfer |
| Outgoing | ||
| SEPA | Free | No charge · SEPA payments in EUR and GBP |
| SWIFT / international | CAD 20 | Fixed fee · Wire transfers |
| Local transfer to another bank | Free | No charge · EFT (CAD and USD) and ACH (USD) |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 0.25% | Percentage of the amount · Conversions between CAD and USD inside Float, on top of the live interbank rate |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Card FX | 2.5% | Percentage of the amount · Card purchases in a currency other than the card's own |
Forward contracts: Not published
Compare FX providersOnboarding
From application to live account.
Float completes most verifications within 1 to 3 business days once the documents are submitted; complex cases can take longer.
- 1
Register
Sign up at welcome.floatfinancial.com: who you are, where the business is, its industry, the products and the plan.
- 2
Verify the business
Review the business details, upload formation and proof-of-address documents and complete the RC519 Declaration of Tax Residence for Entities.
- 3
Owners and directors
Confirm the owners with 25% or more or the directors; the primary administrator verifies ID with Persona and the others verify by email.
- 4
Decision
Most verifications finish within 1 to 3 business days once the documents are in; then the CAD and USD account details are in the app.
Documents you need
- Articles of Incorporation
- Certificate of Compliance, Existence, or Good Standing
- Certificate of Amendment or Name Change
- DBA (Doing Business As) Document
- Bank Statement (PDF, under 60 days old)
- Photo ID and selfie for each UBO (or ID plus bill or bank statement)
- RC519 Declaration of Tax Residence for Entities
- Non-profits and co-operatives: registration document, proof of address, director ID
FAQ
Your questions, answered.
Is Float a bank?
No. Float Financial Solutions Inc. is registered with FINTRAC as a money services business (M23497654) and with the Bank of Canada as a payment service provider. CAD and USD balances are held in trust at Scotiabank. Float issues the CAD Visa card itself under a licence from Visa; the USD Mastercard is issued by Thread Bank.
How much does Float charge for FX?
0.25% on conversions between CAD and USD inside Float, on top of the live interbank rate. Payments sent in any of the other 19 currencies carry a 1.5% conversion fee, plus CA$20 when they go by wire. Card purchases in a currency other than the card's carry 2.5%.
Does Float pay interest?
Yes. Float states 2.5% on CAD balances and 2.75% on USD balances in every business account. The rates are variable.
Who can open a Float business account?
Corporations, partnerships, sole proprietorships and non-profits registered in Canada. Owners can live abroad if the business has a physical Canadian address. US businesses can use Float's cards but do not get the business account.
Can I pay payroll or bills by direct debit from Float?
Not from CAD. The CAD account details are for incoming transfers and accept no pre-authorized debits, so payroll and utility debits cannot be drawn from it. USD pre-authorized debits are supported.
Can I fix an exchange rate for a future payment?
No. Float publishes no forward contracts. CAD–USD conversion is instant at the live rate; you can convert early and hold USD until you pay.
Alternatives
How Float compares.
If Float is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 FloatThis pageMoney services business |  | Spend managementCanadian SMEs |
 LoopMoney services business | | USD account for CanadiansLow FX |
 VennMoney services business | | Low FXCashback cards |
 Wise BusinessE-money institution |   | Low FX costsStandard businesses |
 AirwallexE-money institution |   | Global accountsOnline businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.