# Float: Canadian business account

> Business account and corporate cards for businesses registered in Canada, from Float, a Toronto spend-management company. A business gets CAD and USD cash accounts with their own account details, earns 2.5% interest on CAD and 2.75% on USD balances, and pays suppliers by EFT, ACH, SEPA and wire in 21 currencies. The Essentials plan is free; CAD–USD conversion costs 0.25% and payments in other currencies 1.5%.

Finzil profile: https://finzil.com/providers/float · Provider website: https://floatfinancial.com · Facts checked: 2026-10-23

## Key facts

- **Monthly fee:** Free (Essentials plan; Professional from CA$100)
- **Setup fee:** Free
- **Currencies:** 2 (CAD and USD to hold; 21 to pay out)
- **Onboarding:** 1–3 business days (for verification; the application takes about 5 minutes)
- **Provider type:** Money services business (Registered with FINTRAC and the Bank of Canada; not a bank)
- **IBAN:** CAD and USD account numbers for your business; SWIFT details are an IBAN at a UK partner bank
- **Payment rails:** EFT, ACH, SEPA, SWIFT and Interac e-Transfer (Interac e-Transfer and Fedwire for incoming payments only; no incoming domestic wires)
- **Cards:** Visa (CAD) and Mastercard (USD) cards, virtual and physical, prepaid or charge (The Visa card is issued by Float itself; the USD Mastercard by Thread Bank)
- **Safeguarding:** Trust accounts at Scotiabank
- **Non-residents:** Accepted (The business needs a physical Canadian address with documentation)
- **Remote opening:** Yes
- **Headquarters:** Canada

## Who can apply

- **Non-resident owners** (owner or director living outside the company's country): Accepted. 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.
- **Countries of incorporation accepted:** Canada (only these)
- **Countries of incorporation refused:** Not published
- **Owner residency accepted:** Not published
- **Owner residency refused:** Not published
- **Owner nationality refused:** Not published
- **Company types accepted:** Corporations, Partnerships, Sole proprietorships, Joint stock companies, Non-profits

## Industries

- **Industries served:** Startups and SMEs, NGOs and charities, Professional services, Freelancers
- **Prohibited industries (provider's own list):** 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 (source: https://help.floatfinancial.com/hc/en-us/articles/39842949897364-Prohibited-List-for-Float-Business-Accounts)

## Licences

- Canada: FINTRAC, Money services business, Float Financial Solutions Inc., register no. M23497654
- Canada: Bank of Canada, Payment service provider (Retail Payment Activities Act), Float Financial Solutions Inc.

Safeguarding: 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.

## Fees

Source: https://floatfinancial.com/pricing (checked 2026-10-23)

### Plans

- **Essentials:** Free
- **Professional:** 100 CAD a month
- **Enterprise:** Custom pricing

### Incoming

- Local transfer from another bank: Free · All incoming payments: EFT, ACH, Fedwire, SWIFT and Interac e-Transfer

### Outgoing

- SEPA: Free · SEPA payments in EUR and GBP
- SWIFT / international: CAD 20 · Wire transfers
- Local transfer to another bank: Free · EFT (CAD and USD) and ACH (USD)

### Currency exchange (FX)

- FX markup: 0.25% · Conversions between CAD and USD inside Float, on top of the live interbank rate
- FX markup: 1.5% · Send Money and Bill Pay payments in a currency other than your CAD or USD balance

### Cards

- Card FX: 2.5% · Card purchases in a currency other than the card's own

## Opening an 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: 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

## Pros and cons

- Pro: Free Essentials plan with up to 20 physical and unlimited virtual cards
- Pro: CAD and USD accounts with their own account details, and no fee on any incoming payment
- Pro: 2.5% interest on CAD balances and 2.75% on USD balances
- Pro: CAD–USD conversion at 0.25% on top of the live interbank rate
- Pro: No fee on EFT, ACH or SEPA payments
- Pro: Corporate cards in CAD (Visa) and USD (Mastercard), prepaid or with a charge limit up to CA$3 million
- Pro: Support by email, live chat and phone, in English and French
- Con: Only CAD and USD can be held; payments in the other 19 currencies carry a 1.5% conversion fee
- Con: Wire transfers cost CA$20 each
- Con: Card purchases in a currency other than the card's carry a 2.5% foreign transaction fee
- Con: The CAD account accepts no pre-authorized debits, so it cannot pay payroll or utility debits
- Con: No incoming domestic wires in Canada
- Con: International payments are capped at CA$250,000 or US$250,000 each
- Con: No forward contracts: CAD–USD conversion is at the live rate only

## Finzil's take (opinion)

Float suits a Canadian company that wants corporate cards, interest on its cash and cheap CAD–USD conversion in one place. It is a CAD and USD account: anyone paying regularly in euros, pounds or other currencies pays 1.5% per payment and should compare Loop or Venn.

## Alternatives

- [Loop](https://finzil.com/providers/loop): Money services business · Canada
- [Venn](https://finzil.com/providers/venn): Money services business · Canada
- [Wise Business](https://finzil.com/providers/wise): E-money institution · UK, Belgium
- [Airwallex](https://finzil.com/providers/airwallex): E-money institution · UK

## FAQ

**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.

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