Best Relay Alternatives for Canadian Businesses in 2026

Canadian businesses searching for modern banking solutions face a unique challenge. While platforms like Relay have popularized the concept of streamlined business banking, Canadian companies need solutions built for local realities: CAD payment rails, cross-border USD workflows, and compliance with Canadian regulations.

The truth is, most "Relay alternatives" lists miss what Canadian businesses actually need. You're not just looking for a Relay replacement. You're looking for a financial foundation that handles CAD operations, enables real USD capabilities, and integrates with your accounting stack.

Venn stands out as a Canada-built business banking platform that combines local CAD and USD accounts, multi-currency support, corporate cards with 1% unlimited cashback, and direct accounting automation. For many Canadian SMBs, Venn serves as the core banking layer that can replace multiple tools in one platform.

This guide breaks down your options by what they actually do, whether they're available in Canada, and how to build the right stack for your business.

What Is Relay (And Why Canadian Businesses Look for Alternatives)?

Relay positioned itself as a modern, fee-free business banking platform designed for small businesses. It gained popularity for its clean interface, multiple account organization, and integration-friendly approach.

However, Canadian businesses often look for alternatives for specific reasons:

• Availability and eligibility constraints that may not fit Canadian entity structures

• CAD payment rail limitations affecting how you pay bills, taxes, and payroll

• USD account functionality that doesn't support true ACH sending and receiving

• Accounting workflow depth for payables, approvals, and reconciliation

• FX costs and settlement speed when moving money across borders

These pain points drive Canadian businesses toward solutions purpose-built for cross-border operations and Canadian compliance requirements.

Canada-Specific Banking and Payments Considerations

Before evaluating any platform, understand what Canadian businesses actually need from their financial infrastructure:

Local CAD Account Functionality

• Can you pay CRA taxes directly?

• Does it support Canadian payroll providers?

• Are bill payments processed through Canadian clearing systems?

Local USD Account Reality

• Can you send and receive ACH payments (not just hold USD)?

• Will US clients pay you without wire fees?

• Can you pay US vendors without SWIFT charges?

Payment Rails Available

• EFT for domestic Canadian payments

• Interac e-Transfer® for business payments (availability, limits, fees)

• ACH for US domestic transfers

• Wire options and associated costs

FX and International Payments

• What's the actual markup on currency conversion?

• How many countries and currencies are supported?

• What's the settlement timeline?

Accounting and Controls

• QuickBooks Online and Xero integration depth

• Receipt capture and invoice matching capabilities

• Approval workflows and spending controls

• Role-based permissions

Fund Protection

• How are funds safeguarded?

• Is there CDIC insurance protection?

• What's the regulatory status?

Quick Comparison Table: Best Relay Alternatives (Canada-Focused)

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Mini-Reviews: The Best Relay Alternatives for Canadian Businesses

Venn — Best Overall Relay Alternative for Canadian Businesses

Venn delivers what Canadian businesses actually need: a complete business banking platform with real local accounts in multiple currencies, corporate cards, and deep accounting integration. Unlike platforms that bolt Canadian features onto US infrastructure, Venn built its rails specifically for cross-border Canadian operations.

Business Banking Foundation

Venn provides actual Canadian bank accounts through Peoples Trust Company, enabling functionality that most fintechs can't match. You can pay CRA taxes, process payroll, and handle pre-authorized debits directly from your account. This isn't a workaround or integration. It's native capability.

Multi-Currency Accounts

The platform offers local accounts in CAD, USD, GBP, and EUR. The USD account is particularly valuable because it supports real ACH sending and receiving. When US clients pay you, they send a domestic ACH transfer, not an international wire. When you pay US vendors, same thing. This eliminates the $17+ inbound wire fees and cross-border friction that plague most Canadian business accounts.

For businesses using Stripe, this solves the 1.5% cross-border fee problem. Receive USD directly into your local US account with no conversion required.

Corporate Card with Real Benefits

The Venn Mastercard offers 1% unlimited cashback with no minimum spend thresholds. The card works across multiple currencies, automatically using the currency you're paying in first to minimize FX fees. This multi-currency capability means one card handles spending in CAD, USD, GBP, and EUR without constant conversions.

Payments and Transfers

• Free unlimited Interac e-Transfer® on all plans (the only fintech in Canada offering this)

• $0-2 ACH/EFT costs depending on plan

• $6-10 global wires depending on plan

• Transfers to 180 countries in 36+ currencies

• Same or next business day delivery for most payments

FX Rates

Venn offers FX rates between 0.25% and 0.45% depending on plan. Compare this to traditional banks charging up to 3%, and the savings compound quickly for businesses with regular international transactions.

Accounting Automation

Direct integration with QuickBooks Online and Xero goes beyond basic syncing. Venn offers OCR receipt capture, invoice matching, and automated payables workflows. You can create recipients without invoices (something competitors often require), streamlining vendor management.

Fund Protection

Venn safeguards all funds and operates as a registered PSP in Canada. Funds are covered under CDIC insurance protection, and the platform complies with RPAA legislation.

Pricing Structure

Venn charges per account, not per user. This makes it significantly more economical for growing teams compared to platforms charging $10+ per additional user.

Example Scenario: Agency with US Clients

A Canadian marketing agency invoices US clients in USD and pays Canadian contractors in CAD. With Venn, US clients pay via ACH (no wire fees for either party), funds land in the local USD account, and the agency converts to CAD at 0.25-0.45% when needed for payroll. The 1% cashback on card spend covers software subscriptions and travel. QuickBooks syncs automatically, and receipt capture handles expense documentation.

Example Scenario: E-commerce with Global Suppliers

An e-commerce business receives USD from Shopify, pays suppliers in EUR and GBP, and handles CAD operations domestically. Venn's multi-currency accounts eliminate conversion fees on incoming revenue, local EUR and GBP accounts enable SEPA and Faster Payments for supplier payments (cheaper and faster than wires), and the integrated expense management handles team spending across currencies.

Sign up for a Venn account

Wise Business — Best for Low-Friction FX and International Transfers

Wise Business excels at one thing: moving money across borders with transparent, competitive exchange rates. For businesses whose primary need is sending international payments or holding multiple currencies, Wise delivers excellent value.

The platform supports 40+ currencies with mid-market exchange rates and clear fee structures. You can hold balances, receive payments in multiple currencies, and send money globally with predictable costs.

However, Wise isn't designed to replace your business banking infrastructure. It lacks Canadian payment rail depth (no direct tax payments or payroll support), doesn't offer corporate cards with the same functionality, and won't handle your AP automation needs. Think of it as a specialized transfer tool rather than a banking foundation.

Best for: Businesses with heavy international transfer volume who already have a primary banking relationship.

Canada availability: Fully available.

RBC, TD, Scotiabank — Best for Lending Relationships and In-Branch Services

Traditional banks remain relevant for specific needs: business credit lines, commercial mortgages, and situations requiring in-person service. If your business needs lending products or prefers branch access, maintaining a big bank relationship makes sense.

The tradeoffs are significant for daily operations. FX spreads often reach 2-3%, wire transfers require branch visits for larger amounts, and digital workflows lag behind modern platforms. Even with a US dollar account at a major bank, you're typically using SWIFT rails, meaning inbound "US" payments still incur wire fees.

Best for: Businesses needing credit products or preferring traditional banking relationships.

Canada availability: Fully available.

Plooto — Best for Dedicated Accounts Payable Automation

Plooto focuses specifically on accounts payable workflows: batch payments, approval routing, and vendor management. For finance teams processing high volumes of vendor payments, the dedicated AP functionality can streamline operations.

Settlement timing is the primary consideration. Payments typically take 3-5 business days, compared to same or next-day delivery with other platforms. You'll also need a separate banking layer underneath, as Plooto handles payment orchestration rather than serving as your primary account.

Best for: Finance teams needing dedicated AP automation who already have a banking foundation.

Canada availability: Fully available.

Mercury, Ramp, Brex — Consider If You're US-Heavy

These US-focused platforms occasionally work for Canadian businesses, but with significant constraints. Mercury requires US incorporation and primarily serves US-first operations. Ramp and Brex have eligibility requirements that exclude most Canada-first businesses.

If your company is US-incorporated with Canadian operations as secondary, these platforms might fit. For businesses headquartered in Canada or primarily serving Canadian markets, they're typically not suitable options.

Best for: US-incorporated companies with secondary Canadian operations.

Canada availability: Limited, case-by-case basis.

Which Category Do You Actually Need?

Different tools solve different problems. Here's how to think about building your stack:

If you need CAD banking + payables + cards in one place: Start with Venn. It consolidates what would otherwise require multiple platforms into a single foundation.

If you mainly need FX and global transfers: Consider Wise Business for transfers, paired with Venn for your banking and card layer.

If you mainly need AP automation: Evaluate Plooto for dedicated payables workflows, with Venn as your underlying banking infrastructure.

If you need lending products: Maintain a traditional bank relationship for credit facilities while using Venn for daily operations.

How to Choose the Right Relay Alternative in 2026

Evaluate platforms against these criteria:

• Look for EFT, ACH, Interac e-Transfer®, and wire capabilities. Venn's combination of all four rails, with free unlimited Interac e-Transfer®, sets a benchmark.

• Beyond holding currencies, can you send and receive locally in each currency? Local USD ACH capability is particularly valuable for Canadian businesses with US relationships.

• Compare actual markup percentages, not just "competitive rates." The difference between 0.25% and 2.5% compounds significantly on regular transactions.

• Same-day or next-day delivery versus 3-5 business days affects cash flow and vendor relationships.

• QuickBooks and Xero connections should go beyond basic transaction syncing to include receipt capture, invoice matching, and automated workflows.

• Role-based access, approval workflows, and spending limits matter as teams grow.

• Factor in monthly fees, per-transaction costs, FX markup, and per-user charges. Per-account pricing (like Venn's model) often works better for growing teams.

What Changed in 2026

Several trends shape the Canadian business banking market this year:

Faster cross-border expectations. Businesses increasingly expect same-day or next-day international payments, not week-long settlement windows.

Integrated stack preference. Finance teams want fewer platforms, not more. Solutions combining banking, cards, payments, and accounting automation gain traction over point solutions.

FX transparency demands. Hidden spreads face more scrutiny as businesses compare actual conversion costs across providers.

Compliance awareness. Understanding how funds are protected and what regulatory frameworks apply has become standard due diligence.

Conclusion

The "best" Relay alternative depends on what you're actually trying to solve. For most Canadian businesses needing a complete financial foundation, Venn offers the strongest combination: real local accounts in CAD, USD, GBP, and EUR, corporate cards with 1% unlimited cashback, competitive FX rates, and deep accounting integration.

Start by evaluating whether you need a consolidated platform or specialized tools for specific functions. For many Canadian SMBs, Venn serves as the core banking layer that eliminates the need for multiple point solutions.

Sign up for a Venn account

FAQs

Q: What's the best Relay alternative for Canadian businesses in 2026?

A: For most Canadian businesses, Venn provides the strongest foundation by combining business banking, multi-currency accounts with real local USD capabilities, corporate cards, and accounting automation in one platform. Add specialized tools like Wise for heavy international transfers or Plooto for dedicated AP workflows if your volume justifies them.

Q: Can Canadian businesses get a "real" USD account for US payments?

A: Most Canadian banks and fintechs offer USD accounts that still use SWIFT rails, meaning you pay wire fees on every transaction. Venn provides a local US account with actual ACH capability, allowing you to send and receive domestic US payments without wire fees.

Q: What should I look for if I need to pay vendors in Canada and the US?

A: Prioritize platforms offering both EFT (for Canadian payments) and ACH (for US payments) with same or next-day settlement. Check whether Interac e-Transfer® is available and what fees apply. Venn offers free unlimited Interac e-Transfer® and $0–2 ACH/EFT costs depending on plan.

Q: Do I need a separate expense management tool if I choose Venn?

A: For most businesses, Venn's built-in expense management handles corporate card spending, receipt capture, and accounting sync. You might add dedicated spend management tools only if you need highly granular category controls or complex approval workflows across large teams.

Q: What integrations matter most for accounting teams?

A: QuickBooks Online and Xero integration with automatic transaction syncing, OCR receipt capture, and invoice matching. Look for platforms that create recipients without requiring invoices and support automated payables workflows.

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.


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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.