Overview
Venn, at a glance.
Venn is a money services business headquartered in Canada, registered with FINTRAC as a money services business. The company behind Venn is Venn Software Inc. The business account has no monthly fee. Opening an account takes up to 24 hours. The business must be a corporation or sole proprietorship registered in Canada and not based in Quebec. Venn publishes no rule on where owners and directors live.
Venn is not a bank. Venn Software Inc. holds customer money in pooled trust accounts at Bank of Montreal (BMO), a CDIC member, separate from its own funds, under the Retail Payment Activities Act. CDIC coverage applies up to CA$100,000 per beneficiary where the requirements are met. USD account details come through Community Federal Savings Bank, and EUR and GBP through Currencycloud and Barclays.
Why businesses pick Venn
- Free Essentials plan with no account opening fee
- Local account details in CAD, USD, GBP and EUR, and no fee on incoming local payments or international wires
- FX at 0.45% on Essentials, 0.35% on Plus and 0.25% on Pro
- Send money in 33 currencies to 200+ countries; wires cost CA$10, CA$8 or CA$6 by plan
- Free Interac e-Transfers, and free EFT, ACH, SEPA and Faster Payments on Plus and Pro
- 2% interest on CAD and USD balances on every plan
- Mastercard charge cards with 1% cashback, unlimited on Pro
Watch out for
- Not available to businesses in Quebec
- Only corporations and sole proprietors registered in Canada; partnerships are not accepted
- EFT, ACH, SEPA and Faster Payments cost CA$2 each on the free Essentials plan
- Cashback is capped at CA$5,000 of card spend a month on Essentials and CA$25,000 on Plus
- No phone support: in-app chat and email only
- No forward contracts: conversion is at the live rate only
Business fit
Will Venn 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 Venn's published rules
Likely no
Venn does not list United Kingdom among the countries where it accepts companies.
Venn 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 Venn publishes about the businesses it takes on.
Who Venn serves
- Startups and SMEs
- E-commerce
- Professional services
Not supported
Industries and countries Venn does not accept, from its own published lists.
Industries
- Weapons / military-grade security
- Multi-level marketing
- Pawnbrokers
- Political organizations
- Precious metals and stones, including diamond traders
- Unauthorized re-sale of luxury goods - including watch traders
- Adult entertainment
- Drug paraphernalia
- Cannabis, CBD, and related products
- Carbon credits, including carbon credits traders
- Cryptoassets, cryptocurrencies, and virtual currencies
- Money service businesses
- Gambling
- Mining and extraction
- Scrap metal traders
Countries
- Not published
Coverage
Where can you use Venn?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
4 currencies to hold and receive
Hold and receive · 4 currencies
- EUR
- USD
- GBP
- CAD
Send · 33 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- AED
- BGN
- BHD
- CNY
- CZK
- DKK
- HKD
- HUF
- IDR
- ILS
- INR
- KES
- KWD
- MYR
- NOK
- NZD
- OMR
- PHP
- PLN
- QAR
- RON
- SAR
- SGD
- THB
- UGX
- ZAR
Transfers go to 200+ countries. Interest is paid on CAD and USD balances only.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- Canada
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Corporations, Sole proprietors
Pricing
What does Venn 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
Plus
CAD 40 per month
CAD 0 setup · CAD 480 in year one
Pro
CAD 100 per month
CAD 0 setup · CAD 1,200 in year one
Custom
Custom
Transaction fees
| Cost | Essentials | Plus | Pro | Custom | How it is charged |
|---|---|---|---|---|---|
| Incoming | |||||
| SWIFT / international | Free | Free | Free | Free | No charge · Receiving international wires, on every plan |
| Local transfer from another bank | Free | Free | Free | Free | No charge · Receiving local payments, on every plan; invoices paid to you by bank transfer through Venn cost 1%, capped at CA$5 per invoice |
| Outgoing | |||||
| SWIFT / international | CAD 10 | CAD 8 | CAD 6 | Not published | Fixed fee · Wires (SWIFT) and Fedwire |
| Local transfer to another bank | CAD 2 | Free | Free | Not published | Fixed fee · EFT, ACH, UK Faster Payments and SEPA payments; Interac e-Transfer is free on every plan |
Other fees
Payment acceptance
| Cost | Listed amount | How it is charged |
|---|---|---|
| Card payments | 2.9% + CAD 0.2 | Percentage plus a fixed fee · Invoices paid by card |
Currency exchange (FX)
| Cost | Essentials | Plus | Pro | Custom | How it is charged |
|---|---|---|---|---|---|
| FX markup | 0.45% | 0.35% | 0.25% | 0.25% | Percentage of the amount · Conversions between your balances and transfers converted into another currency |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Physical card issue | CAD 10 | Fixed fee · Each additional physical card |
| Express delivery | CAD 15 | Fixed fee |
| Card FX | 0.25–0.45% | Percentage of the amount, within a range · Card spending in other currencies, or in USD, GBP or EUR without enough balance in that currency, is converted from CAD at your plan's FX rate |
Forward contracts: Not published
Compare FX providersOnboarding
From application to live account.
Venn says applying takes under 10 minutes and its checks take up to 24 hours.
- 1
Sign up
Create an account at app.venn.ca with an email address.
- 2
Company details
Enter the company's details, including at least one director.
- 3
Documents
Provincial corporations upload their Certificate or Articles of Incorporation with the page listing the directors; for federal corporations Venn pulls the data from the federal registry.
- 4
Account live
Venn completes its checks within 24 hours; the CAD, USD, GBP and EUR account details are then in the dashboard.
Documents you need
- Corporation number or equivalent
- Provincial corporations: Certificate / Articles of Incorporation including the page that lists the directors
- Federal corporations: no upload (Venn retrieves data from the federal registry)
- Details of at least one director
FAQ
Your questions, answered.
Is Venn a bank?
No. Venn Software Inc. is registered with FINTRAC as a money services business (M22941967). Customer money is held in pooled trust accounts at Bank of Montreal, a CDIC member. The Mastercard is issued by Peoples Trust Company, USD details come through Community Federal Savings Bank and EUR and GBP through Currencycloud and Barclays.
Is Venn the same as Vault?
Yes. Vault (tryvault.com) renamed itself Venn in 2025 and moved to venn.ca. Existing accounts and users carried over.
How much does Venn charge for FX?
0.45% on the free Essentials plan, 0.35% on Plus (CA$40 a month) and 0.25% on Pro (CA$100 a month) and Custom. The 'as low as 0.25%' on Venn's marketing pages is the Pro price, not the free plan's.
Who can open a Venn account?
Corporations and sole proprietors registered in Canada. Partnerships, non-Canadian companies and businesses in Quebec are not accepted.
What does it cost to send money with Venn?
Interac e-Transfers are free on every plan. EFT, ACH, SEPA and Faster Payments cost CA$2 on Essentials and nothing on Plus and Pro. Wires and Fedwire cost CA$10, CA$8 or CA$6 by plan, and payments in another currency carry your plan's FX rate.
Can I fix an exchange rate for a future payment?
No. Venn publishes no forward contracts. You convert between CAD, USD, GBP and EUR in real time and can hold each balance until you pay.
Alternatives
How Venn compares.
If Venn is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 VennThis pageMoney services business |  | Low FXCanadian SMEs |
 LoopMoney services business | | USD account for CanadiansLow FX |
 FloatMoney services business | | Corporate cardsInterest on balances |
 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.