Canadian companies trading internationally often need USD and EUR payment routes alongside CAD payouts. This guide covers the available rails, account setup, onboarding documents, and Canada's rules for virtual-currency service providers.
International payment routes for Canadian companies
An approved Canadian company can receive USD or EUR from overseas customers, pay international suppliers, and send CAD through a supported local bank transfer. Invoices, transaction records, and supporting documents stay together for reconciliation and review.
USD payments use account details in the company's name. The payout-only CAD rail uses a pooled account in the provider's name.
Supported payment rails
USD is available through SWIFT. CAD local bank transfer is payout-only.
| Currency | Direction | Corridor | USD vs Spread | Payment Fee | Sender account |
|---|---|---|---|---|---|
| USD | Pay-in | SWIFT (Global) | - | $25 | Account under your company name |
| USD | Payout | SWIFT (Global) | - | $25 | Account under your company name |
| CAD | Payout | Local bank transfer (Canada) | 0.5% | 0.5% | Account under the provider's name (pooled) |
Documents to prepare
For onboarding, a Canadian company should prepare:
- federal or provincial Articles and Certificate of Incorporation
- a current corporate profile or registry extract
- a CRA Business Number
- a lease, utility bill, or business bank statement dated within the past 90 days as proof of address
- a board resolution or Power of Attorney authorizing the application
HEVN may also request identity documents for directors and individuals with significant control, an ownership chart, contracts and invoices, expected counterparties, and evidence of source of funds.
Stablecoins and regulation in Canada
Canada regulates businesses that deal in virtual currencies under its AML framework. FINTRAC explains that Canadian and foreign money services businesses dealing in virtual currencies must register, keep records, identify clients, report specified transactions, and maintain a compliance program.
Canadian companies may use supported stablecoins through approved providers, subject to securities, tax, and provider rules. For ordinary customer and supplier payments, CAD or international fiat transfers are usually simpler and create bank records that are easier to reconcile for accounting and CRA reporting.
Benefits of a Fiat Account for a Canadian company
- Receive payments from US customers through ACH or domestic wire.
- Use account details in your company's name to match incoming payments with customers and invoices.
- Keep USD to pay US suppliers, contractors, software vendors, and other operating costs.
- Send CAD through a supported local payout when a supplier or contractor needs local currency.
- Keep invoices, payment records, confirmations, exports, roles, and approvals in one workspace.
We'll confirm available accounts, payment rails, limits, pricing, and expected account-opening time during onboarding.
