Can You Use Payoneer in Canada? - UK Guide

Is your business planning to trade internationally, or perhaps start operations in another country? You’ll need a global payments solution, and one popular option you might want to look into is Payoneer.

Payoneer is a financial services company based in the US, which specialises in offering multi-currency accounts, money transfer services and other payment services for businesses worldwide.

But does Payoneer work absolutely everywhere? In this guide, we’ll take a look at whether you can use Payoneer in Canada. This will be very useful to know if your company is looking to trade in Canada, hire staff there or perhaps even open a branch of the business there in the future.

Remember though that Payoneer isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to Canada and worldwide.

💡 Learn more about Wise Business

Can you use Payoneer in Canada?

Yes, you can use Payoneer to send money to Canada, even if your business is registered in the UK.

Clients and customers based in Canada can also send you money to your UK-based Payoneer account.

You can even open an account balance in Canadian dollars, and get local account details (institution number, transit number and account number). This allows you to receive payments in CAD, just like having a local bank account.¹

If you have a Payoneer business card, you can also use it for spending in Canadian dollars (CAD) in Canada. Your card should work anywhere that Mastercard is accepted.² This could be handy for covering expenses if you’re visiting Canada on a business trip.

Is the Canadian dollar supported by Payoneer?

Yes, Payoneer supports Canadian dollars (CAD) for all types of transactions. This includes sending and receiving payments, and holding a CAD balance in your Payoneer account.

You can also spend in CAD using your Payoneer business card. Only a few currencies are supported, including USD, GBP and EUR, but CAD is one of them.²

Payoneer fees and cost in Canada

It’s so important to take a close look at fees and pricing before choosing a global payments solution for your business.

So, how much does it cost to use Payoneer in Canada as a UK business?

Let’s run through the main fees you need to know about for sending, receiving, converting and spending:³

Can you open an account with Payoneer in Canada?

If you’re considering expanding your business operations to Canada and opening a branch there, you’ll need some kind of local account.

The good news is that you can open a Payoneer sending account in Canada if your business is registered there.⁴ This lets you send money worldwide, just like you would in the UK (although features, fees and services may differ between countries).

To apply, you’ll need to provide all required details and documents for your business, as well as proof of ID and address. To find out the exact requirements for opening a Payoneer account in Canada, you’ll need to contact customer services.

Wise Business: an alternative to Payoneer in Canada

While you’re researching ways to manage business funds between the UK and Canada, make sure you check out Wise Business.

It’s a great alternative to Payoneer and simply tailor-made for global businesses, as well as freelancers working with clients based all over the world.

Open a Wise Business account and you can hold and exchange 40+ currencies at once, including CAD.

You can send fast, secure payments to 140+ countries including Canada, and get account details to get paid in 8+ currencies like a local. And of course, this includes Canadian dollars.

You can use your Wise Business account to get paid by customers and clients through marketplaces too - and via payment service providers like Stripe.

Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

You’ll also benefit from all of these features with Wise Business:

• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in countries including Canada
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

With the help of a truly global account, your business can grow into Canada, North America and beyond.

Wise Business vs Payoneer in Canada comparison

You’ll have lots of different factors to weigh up when choosing a global payments solution for your business.

To help you start your research, here’s a quick comparison of what Wise Business and Payoneer each have to offer for UK businesses trading with Canada:

Get started with Wise Business 🚀

And that’s about it - everything you need to know about using Payoneer in Canada. It’s great that you can do pretty much everything you need to in CAD, including holding, sending and receiving money.

Just remember to compare all available solutions before signing up with a payments platform, as it’s crucial to get the right fit for your business as it embarks on global expansion. Good luck!

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Sources last checked on date: 19-Feb-2025