Best Business Credit Cards in Canada for Multi-Currency Use

Canadian businesses lose thousands annually to foreign transaction fees and unfavorable exchange rates when using traditional business credit cards for international purchases. A typical business spending $50,000 USD annually on software, advertising, and international vendors pays $1,250 to $1,500 in hidden FX fees with most bank cards.

While many business credit cards claim to support international transactions, few are truly optimized for multi-currency operations. Most charge 2.5-3% FX markups, require manual currency management, and lack integration with modern accounting systems. The real cost goes beyond fees: reconciling multi-currency expenses, managing separate accounts, and tracking exchange rates consume valuable time.

This guide provides a definitive comparison of traditional bank cards versus modern fintech solutions, with a focus on real costs, currency capabilities, and operational efficiency. You'll discover options ranging from zero-fee traditional cards to sophisticated platforms that eliminate FX friction entirely through real multi-currency accounts and automatic currency selection.

Quick Comparison: Best Multi-Currency Business Cards in Canada (2025)

The table below compares the leading business cards and corporate card platforms for Canadian companies managing multi-currency transactions. We've focused on the factors that matter most: FX fees, currency support, cashback rewards, and automation capabilities.

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What Canadian Businesses Need in a Multi-Currency Card

Not all business cards are created equal when it comes to international transactions. The right multi-currency solution should reduce costs, simplify operations, and integrate seamlessly with your existing financial stack.

Managing international payments involves more than just avoiding FX fees. Businesses need tools that automate currency selection, provide real-time expense tracking, and sync with accounting software. The best solutions offer transparent pricing without hidden markups and the ability to hold balances in multiple currencies for optimal timing of conversions.

Key considerations:

• Transparent FX rates without hidden markups

• Support for multiple currency accounts

• Automatic currency selection on transactions

• Real-time expense tracking and categorization

• Integration with QuickBooks or Xero

• No minimum spend requirements for rewards

• Ability to hold balances in multiple currencies

Traditional bank cards often fall short in these areas, charging high FX fees and offering limited automation. Modern fintech platforms have emerged to fill this gap, providing businesses with tools that were previously available only to enterprise clients.

Top 5 Business Cards for Multi-Currency Transactions in Canada

We've evaluated the leading options based on FX fees, currency flexibility, rewards structure, and operational features. Here's how they stack up for Canadian businesses managing international transactions.

1. Venn Corporate Card – Best All-Around Multi-Currency Solution

Best for: Canadian businesses of all sizes seeking the lowest FX rates, automatic currency management, and integrated financial operations.

Features:

• 0.25% - 0.45% FX rates depending on plan

• Real local CAD, USD, GBP, and EUR accounts

• 1% unlimited cashback on all spend (no minimums)

• Card automatically uses the currency you're paying in

• Free unlimited Interac e-Transfers®

• Two-way sync with QuickBooks and Xero

• Built-in invoicing and expense management

• 2% interest on CAD and USD balances

• No monthly fee on Essentials plan

Venn stands out by offering what traditional cards can't: true multi-currency functionality backed by real local accounts. Unlike cards that simply waive FX fees on purchases, Venn gives you actual USD, GBP, and EUR accounts where you can receive, hold, and send money without conversion. This means you can accept payments from Stripe or Shopify directly in USD, avoiding the 1.5% cross-border fees that even "USD accounts" from Canadian banks incur.

The platform's card is the only one in Canada that automatically selects the correct currency when you make a purchase, eliminating unnecessary conversions. Combined with industry-leading FX rates starting at 0.25%, unlimited 1% cashback with no spending thresholds, and seamless accounting integration, Venn delivers the most complete solution for businesses operating globally. The ability to pay Canadian taxes, track card spend, and manage vendor payments from the same platform replaces multiple financial tools.

For more resources on the best credit cards for Businesses in Canada you can learn more here.

2. Scotiabank Passport Visa Infinite Business – Best for No FX Fees on Purchases

Best for: Businesses that travel frequently and want to avoid foreign transaction fees while earning travel rewards.

Features:

• 0% foreign transaction fees on all purchases

• 1.5 Scene+ points per $1 on all business purchases

• Six complimentary airport lounge visits per year

• Comprehensive travel insurance coverage

• $199 annual fee ($199 primary, $50 additional cards)

• Income requirement: $60K personal or $100K household or $500K business revenue

The Scotiabank Passport Visa Infinite Business is one of the few traditional bank cards that waives the standard 2.5% FX fee, making it attractive for businesses with international spending. The flat 1.5% earn rate on all purchases is competitive, and the travel perks add value for frequent flyers.

However, this is still a traditional credit card with limitations. You can't hold balances in multiple currencies, there's no automation for expense management, and the Scene+ points are primarily valuable for travel redemptions. For businesses that need more than just a card, the lack of integrated accounts and financial tools may be a constraint. You'll still need separate solutions for receiving international payments, managing vendor bills, and tracking multi-currency expenses.

3. Float Corporate Card – Best for Separate CAD and USD Management

Best for: Businesses that want dedicated CAD and USD cards with spend management software.

Features:

• Separate CAD and USD cards available

• 2.5% FX fee when using wrong currency card

• 0.25% FX conversion between currencies

• 1% cashback after $25,000 monthly spend per currency

• 4% interest on deposits

• Free Essentials plan (up to 20 physical cards)

• Integration with QuickBooks, Xero, NetSuite

Float is an option for businesses that want dedicated cards for USD and CAD. If you use the USD card for USD purchases and the CAD card for CAD purchases, you avoid FX fees entirely.

The challenge is operational: you need to manage two separate cards and ensure employees use the right one for each transaction. The 1% cashback only kicks in after $25,000 in monthly spend per currency, which may be out of reach for smaller businesses. Float also charges $10 per additional user on paid plans, which can add up for growing teams. Unlike Venn's single card that automatically selects the right currency, Float requires manual card selection for each transaction.

4. Loop Global Visa Card – Best for Multi-Currency Credit

Best for: E-commerce businesses that need to spend and settle in multiple currencies with extended credit terms.

Features:

• True multi-currency credit card (CAD, USD, EUR, GBP)

• Settle balances in the currency you spent in

• 0% FX fees on purchases; 0.5% conversion if needed

• Up to 55 days interest-free

• Credit limits based on sales revenue

• No annual fees on Basic plan

• Points earned on all purchases

Loop launched Canada's first true multi-currency credit card in late 2024, allowing businesses to spend in four currencies and settle each balance separately. This is a genuine innovation for e-commerce businesses that collect revenue in multiple currencies and want to avoid conversion costs.

The credit-first model means you'll need to qualify based on your business revenue, and the platform is primarily designed for e-commerce rather than service businesses. Loop excels at payments and FX but doesn't offer the comprehensive financial operations features (like invoicing, payroll support, or ACH capabilities) that platforms like Venn provide. You'll still need separate tools for receiving payments, managing bills, and handling other banking needs.

5. RBC Avion Visa Infinite Business – Best for RBC Banking Clients

Best for: Established businesses with existing RBC relationships seeking travel rewards.

Features:

• 1.25 Avion points per $1 (up to $75,000 annually)

• 2.5% foreign transaction fee applies

• Airport lounge access via Visa Airport Companion

• Comprehensive travel insurance

• $175 annual fee

• Points can be pooled across business and personal cards

RBC's Avion Visa Infinite Business is a traditional rewards card built for businesses that prioritize travel perks and are willing to pay FX fees in exchange for points. The 1.25 points per dollar is competitive, but only on the first $75,000 in annual spend.

The 2.5% FX fee is a significant cost for businesses with regular international transactions. On $50,000 in USD spending annually, you'd pay $1,250 in FX fees, far exceeding the value of the points earned. This card makes sense primarily for businesses already banking with RBC who value the travel insurance and lounge access, not for those optimizing multi-currency operations. Like most traditional bank cards, it lacks expense management tools and multi-currency account capabilities.

How to Choose the Right Multi-Currency Card for Your Business

The best multi-currency card depends on your transaction volume, the currencies you work with, and whether you need a card-only solution or a complete financial platform.

Selecting the right solution requires understanding your actual needs beyond just card spending. Consider how you receive international payments, whether you need to hold balances in multiple currencies, and if expense management automation would save your team time. The total cost includes not just FX fees but also the operational overhead of managing multiple platforms.

Ask yourself these questions before making a decision on which solution is best for you.

1. True multi-currency support vs. single-card flexibility

• Do you need separate accounts in each currency, or just the ability to spend in any currency?

• Can you hold balances to avoid unnecessary conversions?

2. Total FX cost, not just the headline rate

• Consider both the FX markup and any transaction fees

• Calculate your annual FX cost based on actual spending patterns

3. Cashback structure and minimums

• Is cashback unlimited or tiered?

• Are there minimum spend requirements?

4. Accounting and expense management integration

• Does it sync with your existing tools (QuickBooks, Xero)?

• Can you automate receipt capture and categorization?

5. Currency conversion flexibility

• Can you convert between currencies at competitive rates?

• Is conversion instant or delayed?

6. Additional financial services

• Do you need invoicing, bill pay, or payroll capabilities?

• Are local account details (ACH, SEPA, Faster Payments) important?

7. Pricing model

• Is it per-account or per-user pricing?

• What features are included at each tier?

For most Canadian businesses, the ideal solution combines low FX rates, true multi-currency accounts, and integrated financial operations. Traditional bank cards excel at travel perks but fall short on cost and automation.

Modern platforms like Venn deliver the complete package: real local accounts, the lowest FX rates in Canada, automatic currency selection, and built-in tools that replace multiple vendors.

Why Venn Is the Best Multi-Currency Solution for Canadian Businesses

While traditional cards offer travel rewards and fintech competitors provide spend management, Venn is the only platform in Canada that combines real multi-currency banking with corporate cards, expense management, and the lowest FX rates available.

Real local accounts, not just card flexibility: Venn gives you actual CAD, USD, GBP, and EUR accounts with local account numbers. This means you can receive payments from Stripe, Shopify, or PayPal directly in USD without conversion, send ACH payments in the U.S., and use SEPA or Faster Payments in Europe. Traditional cards can't do this, they only let you spend in multiple currencies. Your Big 5 bank "USD account" still requires expensive SWIFT wires and charges inbound fees because it's actually based in Canada.

Automatic currency selection saves money: Venn's card is the only one in Canada that automatically uses the currency you're paying in first, eliminating unnecessary conversions. If you're paying a USD vendor and have USD in your account, the card uses your USD balance. This simple feature saves businesses thousands annually compared to cards that convert every transaction. No more managing multiple cards or remembering which one to use for each purchase.

Complete financial operations in one platform: Beyond the card, Venn handles invoicing, bill pay, expense management, and accounting automation. You can pay Canadian taxes, invest in GICs, and manage global vendors from a single interface. This consolidation replaces tools like Plooto, Float, and Wise, reducing both cost and complexity. With 1% unlimited cashback, 2% interest on balances, and FX rates starting at 0.25%, Venn delivers the best economics in the market while simplifying your entire financial stack. The platform's per-account pricing (not per-user) makes it affordable for growing teams.

Conclusion

Managing multi-currency transactions doesn't have to mean paying thousands in FX fees or juggling multiple platforms. The right solution depends on your business needs: if you only need to eliminate FX fees on occasional international purchases, a traditional card like Scotiabank Passport may suffice. If you have dedicated USD spending and can manage separate cards, Float offers a solid option.

For businesses that operate globally, need true multi-currency accounts, and want to consolidate their financial operations, Venn delivers the most complete solution available in Canada. With the lowest FX rates, automatic currency selection, real local accounts in four currencies, and integrated expense management and invoicing, Venn replaces multiple tools while reducing costs. Over 5,000 Canadian businesses have already made the switch.

Explore how Venn can transform your multi-currency operations at venn.ca.

Frequently Asked Questions

Top 5 FAQs for Business Cards and FX in Canada

Q: What is the best business credit card for international transactions in Canada?

The best choice depends on your business priorities:

• For the lowest total cost and multi-currency management, Venn offers FX rates starting at 0.25% and provides real local accounts in CAD, USD, GBP, and EUR, minimizing conversions. It has a $0 annual fee on the base plan and offers 1% unlimited cashback.

• For premium travel perks and zero FX purchase fees without multi-currency accounts, the Scotiabank Passport Visa Infinite Business charges 0% FX fees on purchases but has a $199 annual fee and converts funds back to CAD.

Q: What are foreign transaction fees and how much do they typically cost?

Foreign transaction fees (FX fees) are the markup charges applied when you make purchases in a currency different from your card's base currency, usually CAD. Traditional Canadian business credit cards typically charge a high fee of 2.5% to 3% on top of the exchange rate. For a business spending $100,000 annually in international markets, this cost can be **$2,500–$3,000**, which is the primary reason businesses seek specialized cards.

Q: Can I hold multiple currencies on a single business card?

Most traditional credit cards only allow you to spend in multiple currencies by automatically converting them back to CAD at a marked-up rate. Modern fintech platforms, however, allow you to receive, hold, and spend in multiple currencies from a single platform. Venn, for instance, provides actual local accounts in CAD, USD, GBP, and EUR, so the card draws from the correct currency balance, eliminating unnecessary conversions and bank fees entirely.

Q: Do I need separate cards for CAD and USD spending?

No, modern multi-currency platforms have eliminated this need. While some older cards or platforms still require separate CAD and USD cards to avoid fees, platforms like Venn offer a single corporate card that automatically identifies the currency being spent and draws the funds from your corresponding multi-currency account. This streamlines expense management and ensures you always use the local currency you hold.

Q: What's the difference between a charge card and a credit card?

The core difference lies in repayment. A credit card allows you to carry a balance month-to-month, charging interest on the unpaid amount. A charge card (which many modern fintech platforms use) requires you to pay the full balance each billing period, meaning no interest charges and no revolving debt accumulation. Charge cards often have no preset spending limit, offering greater flexibility based on your cash flow.

Venn Mastercard Charge Card is issued by Peoples Trust Company under licence from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Based on internal analysis of FX markups and fees charged by major Canadian financial institutions and fintech platforms as of November 2024.

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**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc 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.