A closer look at Shopify’s multi-currency features in Canada
This article will go over how the multi-currency payments system works, how to set it up, and how you can use it with Wise to grow your business
VoyPay® is a sophisticated software platform that helps Canadian business owners manage their finances.
You can’t use VoPay to make an Interac® e-Transfer outside Canada. However, you can send Electronic Fund Transfers (EFT) with VoPay’s payment API, but you may be limited to CAD or USD transactions.¹
We’ve put together a guide to VoPay’s money transfer features. We’ll also look at Wise Business, your international transfer alternative. You can make payments in 160 countries and over 40 worldwide currencies – all from just one account!
We will be looking at: |
---|
You can use your VoPay account to send Interac e-Transfers in Canada, including the option to send, receive and request money as a business.
VoPay’s handy online portal facilitates single, bulk, or mass e-Transfers, including automated and recurring payouts to up to 100,000 recipients per day.¹
You can use VoPay’s API integration to:
Interac e-Transfers are a convenient and safe way to make payments across the country. You can send your transfer at any time using just your recipient’s email address, including high-volume transactions and advanced payment tracking capabilities.¹
Your VoyPay Interac e-Transfer should arrive within 30 minutes – and you can send up to 25,000 CAD in one transfer.³
However, you’ll pay a flat fee to send your Interac e-Transfer. VoPay’s fees start at 1.50 CAD per transaction.³ These costs can add up, especially if you need to send multiple transfers for your business.
If you need a payment method with global capabilities, a VoPay Interac e-Transfer may not be the best choice.
Although you can’t send an international Interac e-Transfer with VoPay, you can use the platform’s payment API to make an Electronic Fund Transfer overseas.
An EFT is a safe way to electronically send a single or bulk payment, but your recipient must have a bank account at a Canadian financial institution – and you can only transfer funds in USD or CAD.¹
Key features of sending an EFT with VoPay’s payment API include:
You can use an EFT for payments like subscription fees, loan repayments or invoices to suppliers, with the option to schedule recurring transactions.¹
Unlike Interac e-Transfers, your EFT transaction limit is set on a case-by-case basis** **– and you may be able to access unlimited funding. You’ll need to get in touch with VoPay to understand exactly how much your business can send at once.¹
The cost of sending an EFT with VoPay can depend on your transaction amount, but fees typically range from 0.30 CAD to 1 CAD per transfer.¹ This makes EFTs a more affordable alternative to Interac e-Transfers.
However, you’ll need to provide additional information to send your EFT, including your recipient’s routing number, transit number and institution number.¹
VoPay gives businesses access to a range of different payment options, including Interac e-Transfer, Electronic Fund Transfer, ACH and single API.⁴
You can use VoPay’s instant transfer function to send payments to your recipients in real time, including easy integration options for different industries, such as SaaS, lending or real estate.
However, different transaction limits may apply, so make sure to look into exactly how much you can send with VoPay Instant.⁴
You’ll need to think about the costs and fees associated with your VoPay account. As well as paying for each Interac e-Transfer or EFT, you may also need to sign up for a VoPay membership.
You can send and collect money using the free VoPay plan, but you’ll need a paid plan like VoPay Enterprise to access direct transfers, lending management services or additional account permissions, for example.⁵
Unfortunately, Canadian businesses can’t currently access pay-as-you-go pricing at VoPay.⁶ This means you may end up paying more than expected for the account features you use.
The exact price of VoPay for your business depends on the solution you need and you’ll need to get in touch with the team for your final price.⁵
Wise is your international money transfer alternative. Send and receive global Interac e-Transfers, online wire transfers, bank payments and more.
You can use Wise Business to:
Whether you’re paying an invoice in South Africa or sending an Interac e-Transfer to Australia, Wise has got you covered!
Wise always uses the mid-market exchange rate for international transactions. That’s the standard rate – no added markups or hidden fees. Sounds fair, right?
With transparent pay-as-you-go pricing starting at just 0.33%* per transaction, you’ll always know exactly how much you’re spending with Wise.
You can even access Wise’s API token to get the most out of all your international payments. Manage your finances, pay bulk invoices and easily integrate useful software like QuickBooks® or Xero® to grow your business.
With no monthly subscription fees and convenient virtual capabilities, taking your business global has never been easier!
VoPay is a simple solution for businesses looking to send, receive and manage their financial transactions in one place. You can embed domestic Interac e-Transfers into your VoPay account or send international EFTs in CAD and USD.
However, you’ll need to think about how much it costs to use VoPay for your business – and whether VoPay’s payment API can effectively support your needs.
To start reaching out to new customers across the globe, check out Wise Business.
Sources
*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.
This article will go over how the multi-currency payments system works, how to set it up, and how you can use it with Wise to grow your business
We’ll be taking a closer look at how to activate WooPayments, its key features, as well as how you can use a Wise Business account to grow your business
This guide helps you understand how international transactions work with Plooto, while introducing you to Wise for all your business finance requirements