Top 5 corporate credit cards for expense management in Canada

Top 5 Corporate Credit Cards for Expense Management in Canada

Managing employee expenses across multiple currencies, chasing down receipts, and watching FX fees eat into margins are challenges Canadian businesses know too well. Traditional bank corporate cards simply weren't built for modern business operations. They charge 2.5% to 3.5% on foreign transactions, offer limited visibility into spending, and require manual reconciliation that consumes hours of your finance team's time.

Today's expense management demands more than just a corporate card. You need integrated software, real-time spending controls, and Canada-specific features like GST/HST-ready receipt capture for CRA compliance.

This guide ranks the top 5 corporate cards for Canadian businesses based on transparent criteria. You'll find a comparison table for quick scanning, detailed reviews with pros, cons, and pricing, plus guidance on choosing the right solution for your specific needs. Every platform featured has confirmed Canadian availability, CAD support, and features relevant to Canadian tax and compliance requirements.

How We Evaluated These Corporate Cards

Transparency matters when comparing financial products. Here's the scoring methodology used to rank each provider:

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All platforms were evaluated for confirmed Canadian availability and support for Canadian business entities. Quebec availability varies by provider and is noted in each review.

Quick Comparison: Top 5 Corporate Cards for Canadian Businesses

The Top 5 Corporate Cards for Expense Management in Canada

Rankings reflect overall value for Canadian businesses based on the scoring methodology above. Each platform serves different needs, so consider which features matter most for your operations.

1. Venn - Best Overall for Canadian Businesses

Venn is a Canadian business financial platform combining local CAD and USD accounts, corporate cards with 1% unlimited cashback, and the lowest FX rates in Canada.* Unlike competitors that force you to choose between banking and expense management, Venn delivers both in one integrated platform.

Multi-Currency Card Technology

Venn's multi-currency card automatically uses the currency you're paying in first, eliminating unnecessary FX conversions. This is a unique feature no other card currently offers. When you make a purchase in USD, the card draws from your USD balance. Pay in EUR, and it uses your EUR balance. This automatic currency selection saves businesses money on every international transaction without requiring manual currency management or maintaining separate cards for each currency.

Real Local Accounts

Venn provides real local accounts in CAD, USD, GBP, and EUR that enable ACH, SEPA, and Faster Payments. The US account can send and receive ACH, which is rare for Canadian fintechs. Most Canadian banks and even US banks give you a "US Account" based in Canada that cannot send or receive ACH, forcing expensive SWIFT transfers.

This matters for businesses receiving payments from US customers. With a traditional bank, you pay inbound wire fees even on US-to-US transfers because you're using SWIFT. With Venn, those fees disappear. If you use Stripe for B2C payments, you can eliminate the additional 1.5% cross-border fee by receiving directly into your local US account.

Expense Management and Banking Combined

The platform includes OCR receipt capture, invoice matching, and automated payables from QuickBooks or Xero. Unlike competitors, Venn allows creating recipients without invoices, streamlining vendor setup. Free, unlimited Interac e-Transfer® comes standard on all plans, making Venn the only fintech in Canada offering this.

Because Venn provides a real Canadian bank account through Peoples Trust, you can pay taxes, bills, and run payroll directly from your account. Most fintech platforms cannot offer this functionality.

Pricing Structure

Venn pricing is per account, not per user, providing significant savings for growing teams. FX rates range from 0.25%-0.45% depending on plan, compared to banks charging up to 3%. Global wires cost $6-10 depending on plan, and ACH/EFT costs $0-2.

Pros

• 1% unlimited cashback on all card spend (no minimum threshold)

• Lowest FX rates in Canada (0.25%-0.45%)*

• Multi-currency card auto-selects payment currency

• Real local CAD, USD, GBP, EUR accounts with ACH, SEPA, Faster Payments

• Free unlimited Interac e-Transfer®

• Per-account pricing (not per-user)

• 2% interest on USD/CAD balances

• OCR receipt capture and invoice matching

• Funds covered under CDIC insurance protection

Cons

• Not available in Quebec

• No native mobile app (mobile-responsive web platform)

• Physical cards take 7-10 business days to arrive

Best For: Canadian businesses with international operations, cross-border payments, or multi-currency needs. Ideal for companies wanting to consolidate banking and expense management while maximizing cashback and minimizing FX costs.

2. Float - Best for Startups Needing Credit Lines

Float is a Canadian fintech offering corporate cards with integrated expense management software, particularly popular among startups and fast-growing companies needing credit access without personal guarantees.

Float offers both prepaid and charge card models. The charge model provides unsecured, interest-free credit terms with limits up to $1M, no credit checks, and no personal guarantees. This makes it attractive for early-stage companies with limited credit history.

The platform includes receipt capture via mobile app or text, automated coding, and direct integrations with QuickBooks, Xero, and NetSuite. Float can auto-lock cards if receipts aren't uploaded, helping finance teams enforce compliance. Float issues separate CAD and USD cards (Visa for CAD, Mastercard for USD), and foreign transaction fees sit at 2.5%, so businesses must use the correct currency card to avoid fees.

Float's Essentials plan is free with unlimited virtual cards and up to 20 physical cards. The Professional plan costs $100/month for up to 10 users, with additional users at $10 CAD/user. Cashback of 1% applies only after $25,000 in monthly spending per card program.

Pros

• Free Essentials plan available

• Credit lines up to $1M without personal guarantees

• Strong receipt capture and expense automation

• Up to 4% interest on prepaid balances

• Native mobile app

Cons

• 1% cashback only kicks in after $25K monthly spend

• 2.5% foreign transaction fee if using wrong currency card

• Separate cards required for CAD and USD

• Per-user pricing on Professional plan adds up

Best For: Startups and growing companies needing credit access without personal guarantees and wanting robust expense management software. Best suited for businesses primarily operating in CAD with occasional USD spend.

3. Loop - Best for E-commerce and Cross-Border Sales

Loop is a financial platform built specifically for Canadian e-commerce businesses, offering multi-currency corporate credit cards, global banking, and FX services tailored to companies selling internationally.

Loop's multi-currency Visa card supports spending in CAD, USD, EUR, and GBP without FX fees on purchases. Balances display per currency and can be settled in the same currency, avoiding unwanted conversions. This is particularly valuable for e-commerce businesses receiving revenue in multiple currencies.

Credit limits scale automatically based on sales data from connected platforms like Shopify, Amazon, Stripe, or PayPal. This revenue-based underwriting helps e-commerce businesses access higher limits than traditional banks would offer. Loop includes spend controls, virtual cards (up to 20 on free plan), and up to 55 days interest-free repayment, which is 20 days more than typical credit cards.

Loop Basic is free with 0.5% FX fee on conversions. Loop Plus costs $79 CAD/month with lower FX fees (0.1%-0.5%). Loop Power is $299 CAD/month for scaling companies needing custom rates. Companies with less than $10 million in gross profit require a personal guarantee for the credit card.

Pros

• Multi-currency card (4 currencies) with no FX on matched purchases

• Revenue-based credit limits that scale with sales

• 55 days interest-free repayment

• Free multi-currency accounts (USD, EUR, GBP)

• Built for e-commerce workflows

Cons

• Personal guarantee required for most businesses

• Not available for sole proprietors in Quebec

• No Apple Pay or Google Pay integration yet

• Points rewards (not cashback)

• Limited virtual cards on free plan

Best For: Canadian e-commerce businesses selling internationally through Shopify, Amazon, or Stripe. Ideal for companies receiving revenue in multiple currencies wanting to avoid FX fees on both spending and settlement.

4. Airwallex - Best for Global Operations

Airwallex is a global financial platform offering multi-currency accounts, corporate cards, and expense management, designed for businesses with significant international operations across multiple countries.

Airwallex's Borderless Visa Card allows spending from multi-currency wallet balances, eliminating FX conversion fees when you hold the required currency. If insufficient balance exists, auto-conversion happens at interbank rates. The platform includes comprehensive expense management with receipt upload, approval workflows, and reimbursements. It integrates with Xero and QuickBooks for automated reconciliation and supports payments to over 200 countries in 40+ currencies.

Cards can be issued as single-use or multi-use virtual cards, providing strong security for subscriptions and one-time purchases. Spend controls include daily, weekly, monthly, quarterly, or annual limits.

Airwallex has no monthly software fee. Corporate cards are free for up to 5 cardholders, with additional cardholders at $5/month each. No FX fees apply on card spend when paying from held currency balances.

Pros

• No monthly platform fee

• Interbank FX rates on auto-conversion

• 0% FX fees on card spend from held balances

• Comprehensive expense management included

• Supports 40+ currencies

Cons

• Not available in Quebec

• No cashback or rewards program

• Debit card model (requires pre-funding)

• Per-cardholder fees add up for larger teams

• Less Canada-specific features

Best For: Businesses with significant global operations across multiple countries and currencies. Best suited for companies already holding balances in multiple currencies wanting to minimize conversion fees.

5. Wise Business - Best for Simple International Transfers

Wise Business (formerly TransferWise) is known for transparent international transfers and multi-currency accounts. While not a full expense management platform, it offers business debit cards useful for companies with straightforward international payment needs.

Wise Business provides multi-currency accounts with local account details in 10+ currencies, including CAD and USD. The debit card allows spending from held balances at the mid-market exchange rate plus a small conversion fee (typically 0.35%-1% depending on currency pair). The platform integrates with QuickBooks and Xero for basic expense tracking.

However, Wise lacks advanced expense management features like approval workflows, receipt capture automation, or corporate card controls found in dedicated platforms. There's no monthly fee for the basic account. Card fees and transfer fees vary by currency and transaction type with transparent, upfront pricing.

Pros

• Transparent mid-market exchange rates

• Multi-currency accounts with local details

• No monthly account fee

• Simple, user-friendly interface

• Available across Canada including Quebec

Cons

• Limited expense management features

• No approval workflows or spend controls

• No cashback or rewards

• Not designed for team expense management

• Basic receipt tracking only

Best For: Small businesses or freelancers with simple international payment needs who don't require advanced expense management features. Good entry point for businesses just starting to operate internationally.

How to Choose the Right Corporate Card for Your Business

Your ideal solution depends on specific operational needs. Here's how to match your requirements to the right platform:

If you need the lowest FX rates and multi-currency flexibility: Venn offers the lowest FX rates in Canada (0.25%-0.45%)* and a multi-currency card that automatically uses the currency you're paying in. This eliminates manual currency selection or maintaining separate cards, saving money on every international transaction.

If you're a startup needing credit without personal guarantees: Float provides credit lines up to $1M without personal guarantees or credit checks, making it ideal for early-stage companies with limited credit history.

If you're an e-commerce business with cross-border sales: Loop's revenue-based credit limits and multi-currency settlement make it purpose-built for Shopify, Amazon, and Stripe sellers.

If you have significant global operations: Airwallex supports 40+ currencies and payments to 200+ countries, with no platform fees and interbank FX rates.

If you just need simple international transfers: Wise Business offers transparent pricing for straightforward international payments without the complexity of full expense management.

Key Features to Look for in Expense Management Software

When evaluating platforms, Canadian businesses should prioritize these capabilities:

Multi-Currency Support: Look for platforms offering real local accounts (not just currency conversion) in CAD, USD, and other currencies your business uses. Real local accounts enable cheaper payment methods like ACH and SEPA instead of expensive international wires.

Receipt Capture and OCR: Modern platforms should offer OCR (optical character recognition) to automatically extract data from receipts. This saves hours of manual entry and ensures GST/HST data is captured for CRA audit-readiness.

Accounting Integrations: Seamless integration with QuickBooks, Xero, or NetSuite is essential for automated reconciliation. Look for platforms that auto-sync transactions and match them with receipts.

Spend Controls: The ability to set per-card limits, restrict merchant categories, and create approval workflows helps prevent overspending and policy violations before they happen.

Canadian Compliance: Ensure the platform supports GST/HST tracking, provides CRA-ready reporting, and is registered as a Payment Service Provider (PSP) in Canada with appropriate fund protections.

Frequently Asked Questions

Q: What is the difference between a corporate card and a business credit card?

Corporate cards are typically issued to employees and designed for company-wide spending, with built-in controls, receipt capture, and expense management. Business credit cards are usually tied to the owner’s personal credit and offer fewer controls. Modern fintech corporate cards combine payment functionality with integrated expense software.

Q: Do I need a personal guarantee for a corporate card in Canada?

It depends on the provider. Some fintech platforms offer corporate cards without personal guarantees, approving accounts based on business health. Traditional banks and certain providers may still require personal guarantees, especially for smaller or newer businesses.

Q: How do multi-currency corporate cards save money on FX fees?

Multi-currency cards let you spend directly from currency balances you already hold, avoiding forced conversions. This eliminates the 2.5%–3.5% foreign transaction fees charged by most traditional cards. Some platforms automatically use the transaction currency first, while others require separate cards per currency.

Q: Can I use corporate cards to pay Canadian taxes and bills?

Corporate cards generally cannot be used directly for CRA tax payments or payroll. However, some platforms provide a full Canadian business bank account alongside the card, allowing you to pay taxes, bills, and payroll via bank transfers while using the card for expenses.

Q: Are funds protected with fintech corporate card providers?

Reputable providers safeguard customer funds and operate as registered Payment Service Providers (PSPs) in Canada. In some cases, eligible funds are protected under CDIC insurance through partner financial institutions. Always verify regulatory status and fund protection details before onboarding.

Based on internal analysis of total markups and FX fees charged by major Canadian financial institutions in January 2026.

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.