# Venn: Canadian business account > Business account for corporations and sole proprietors registered in Canada outside Quebec, from Venn (formerly Vault). A business gets local account details in CAD, USD, GBP and EUR, sends money in 33 currencies to 200+ countries, earns 2% interest on CAD and USD and spends on Mastercard charge cards with 1% cashback. The Essentials plan is free; FX costs 0.45% on Essentials, 0.35% on Plus (CA$40 a month) and 0.25% on Pro (CA$100 a month). Finzil profile: https://finzil.com/providers/venn · Provider website: https://venn.ca · Facts checked: 2026-10-23 ## Key facts - **Monthly fee:** Free (Essentials plan; Plus CA$40, Pro CA$100) - **Setup fee:** Free - **Currencies:** 4 (to hold and receive; 33 to send) - **Onboarding:** Up to 24 hours (for checks; the application takes under 10 minutes) - **Provider type:** Money services business (Registered with FINTRAC; not a bank) - **IBAN:** Local account details for CAD, USD, GBP and EUR - **Payment rails:** EFT, Interac e-Transfer, ACH, Fedwire, SEPA, Faster Payments and SWIFT - **Cards:** Mastercard charge cards, virtual and physical (Issued by Peoples Trust Company; they spend the account balance, with 1% cashback) - **Safeguarding:** Pooled trust accounts at BMO - **Remote opening:** Yes - **Headquarters:** Canada - **Trustpilot:** 4.7 from 510 reviews (checked 2026-10-23) ## Who can apply - **Non-resident owners** (owner or director living outside the company's country): Not published. 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. - **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, Sole proprietors ## Industries - **Industries served:** Startups and SMEs, E-commerce, Professional services - **Prohibited industries (provider's own list):** 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 (source: https://help.venn.ca/en/articles/9236319-what-types-of-financial-activities-are-not-permitted) ## Licences - Canada: FINTRAC, Money services business, Venn Software Inc., register no. M22941967 Safeguarding: 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. ## Fees Source: https://www.venn.ca/pricing (checked 2026-10-23) ### Plans - **Essentials:** Free - **Plus:** 40 CAD a month - **Pro:** 100 CAD a month - **Custom:** Custom pricing ### Incoming - SWIFT / international: Free · Receiving international wires, on every plan - Local transfer from another bank: Free · 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 (Essentials): CAD 10 · Wires (SWIFT) and Fedwire - SWIFT / international (Plus): CAD 8 · Wires (SWIFT) and Fedwire - SWIFT / international (Pro): CAD 6 · Wires (SWIFT) and Fedwire - Local transfer to another bank (Essentials): CAD 2 · EFT, ACH, UK Faster Payments and SEPA payments; Interac e-Transfer is free on every plan - Local transfer to another bank (Plus): Free · EFT, ACH, UK Faster Payments and SEPA payments; Interac e-Transfer is free on every plan - Local transfer to another bank (Pro): Free · EFT, ACH, UK Faster Payments and SEPA payments; Interac e-Transfer is free on every plan ### Payment acceptance - Card payments: 2.9% + CAD 0.2 · Invoices paid by card ### Currency exchange (FX) - FX markup (Essentials): 0.45% · Conversions between your balances and transfers converted into another currency - FX markup (Plus): 0.35% · Conversions between your balances and transfers converted into another currency - FX markup (Pro): 0.25% · Conversions between your balances and transfers converted into another currency - FX markup (Custom): 0.25% · Conversions between your balances and transfers converted into another currency ### Cards - Physical card issue: CAD 10 · Each additional physical card - Express delivery: CAD 15 - Card FX: 0.25–0.45% · 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 ## Opening an 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: 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 ## Pros and cons - Pro: Free Essentials plan with no account opening fee - Pro: Local account details in CAD, USD, GBP and EUR, and no fee on incoming local payments or international wires - Pro: FX at 0.45% on Essentials, 0.35% on Plus and 0.25% on Pro - Pro: Send money in 33 currencies to 200+ countries; wires cost CA$10, CA$8 or CA$6 by plan - Pro: Free Interac e-Transfers, and free EFT, ACH, SEPA and Faster Payments on Plus and Pro - Pro: 2% interest on CAD and USD balances on every plan - Pro: Mastercard charge cards with 1% cashback, unlimited on Pro - Con: Not available to businesses in Quebec - Con: Only corporations and sole proprietors registered in Canada; partnerships are not accepted - Con: EFT, ACH, SEPA and Faster Payments cost CA$2 each on the free Essentials plan - Con: Cashback is capped at CA$5,000 of card spend a month on Essentials and CA$25,000 on Plus - Con: No phone support: in-app chat and email only - Con: No forward contracts: conversion is at the live rate only ## Finzil's take (opinion) Venn suits a small Canadian company outside Quebec that wants free CAD, USD, GBP and EUR details and cheap wires. Plus at CA$40 a month removes the CA$2 local payment fee and cuts FX to 0.35%, so it pays for itself at about 20 local payments or CA$40,000 of conversions a month. Partnerships and Quebec businesses need to look elsewhere. ## Alternatives - [Loop](https://finzil.com/providers/loop): Money services business · Canada - [Float](https://finzil.com/providers/float): 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 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. --- Finzil (finzil.com) is an independent directory of business accounts. No paid placement. Find providers that accept your business: https://finzil.com/find