How to open a business account online in Canada? : Your complete guide
Read on to understand how a you could open a business account online in Canada, such as the Wise business account
An overview of Airwallex in Canada
Airwallex is a global financial technology company for cross-border payments and currency exchange services. It has established itself as one of the most popular solutions for companies expanding their operations beyond borders.
With its presence in Canada, Airwallex offers a convenient way for Canadian businesses to make international payments quickly and securely. In this article, we’ll take a look at how Airwallex works in Canada and compare it to similar services like Wise.
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What does Airwallex do in Canada?
Airwallex has quite a few crucial features Canadians should know about.
Multi-currency Accounts
This feature allows businesses to hold funds in different currencies, making it easier for them to pay their foreign suppliers and customers without worrying about exchange rate fluctuations.
Cards
Airwallex also offers virtual as well as physical cards to businesses, allowing them to make payments anywhere in the world. The cards are linked to their Airwallex account and can be used for online purchases or ATM withdrawals.
International Transfers
Airwallex enables businesses to send payments anywhere in the world with just a few clicks. The transfers are usually completed within one business day and there are no hidden fees or markups on exchange rates.
Software Integrations
Airwallex has partnered with some of the leading ecommerce software providers, allowing businesses to integrate their existing systems with Airwallex easily. This allows them to automate their payments and streamline their operations.
What are the fees for using Airwallex in Canada?
Here’s a quick look at the features Airwallex offers and how much they cost:
| Foreign and Domestic Currency accounts | Free¹ |
|---|---|
| Multi-Currency Wallet | Free¹ |
| Local Transfer Methods | Free¹ |
| SWIFT Transfer Methods | 20-35 CAD¹ |
| Markup rate (Top 11 Currencies, Including CAD) | 0.5%¹ |
| Markup rate (All Other Currencies) | 1.0%¹ |
| Software Integrations | Free¹ |
| Setup and Maintenance | Free¹ |
Meet Wise - your international money transfer alternative
Wise, formerly known as Transferwise, is a money transfer service that allows you to send money abroad with low fees and a mid-market exchange rate that’s always up-to-date and accurate.
What’s more, Wise offers the following benefits for businesses in Canada:
- Batch payments for up to 1000 people.
- Free API Integration
- Easy integration with Quickbooks - Save time on manual admin!
- Easily withdraw money from Amazon, Stripe and other platforms and hold them in CAD, USD, GBP, EUR, AUD, NZD, SGD and more!
There are no hidden charges or any other costs associated with using these services - all of the charges are transparently stated upfront so there won't be any surprises when making transfers.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Bottom line
In conclusion, both Airwallex and Wise offer great money transfer solutions for Canadian businesses.
Airwallex is best suited for companies looking to make international payments quickly. At the same time, Wise is better suited for those who want the ability to send money abroad at competitive exchange rates and hold multiple currencies in various countries.
Ultimately, it depends on what features you are looking for when choosing a money transfer service. If you are looking to explore even further, you can read about more about Airwallex alternatives.
Sources:
Sources last checked on: 28.07.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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