Top Remitly Alternatives for Canadian Businesses in 2025

While Remitly serves personal remittance needs effectively, Canadian businesses require more sophisticated financial tools for vendor payments, payroll, invoicing, and multi-currency operations. The platform's consumer focus leaves significant gaps in business functionality that modern companies need to operate efficiently.

Canadian businesses need platforms that go beyond simple money transfers. They require accounting integrations to eliminate manual reconciliation, batch payment capabilities for processing multiple transactions, local account details for receiving payments without wire fees, and expense management tools that integrate with their financial workflows. This guide compares business-grade alternatives that address these needs while offering competitive foreign exchange rates and comprehensive automation features.

We'll examine platforms specifically designed for Canadian business requirements, comparing them across FX rates, features, compliance standards, and automation capabilities. The focus remains on solutions that serve Canadian companies, not adapted versions of US-centric products.

Why Canadian Businesses Need Remitly Alternatives

While Remitly excels at personal remittances to family and friends abroad, it falls short for businesses managing regular international operations and complex financial workflows.

Remitly is fundamentally a transfer service only. It lacks corporate cards, expense management features, and local account details that businesses need for receiving payments from international clients or payment processors like Stripe and PayPal.

The platform offers no native synchronization with QuickBooks or Xero. This forces finance teams into manual reconciliation and data entry for every transaction, creating unnecessary administrative burden and increasing the risk of errors.

Businesses paying multiple vendors or running international payroll need automation and bulk payment capabilities. Remitly processes transfers individually, making it impractical for companies with recurring payment obligations or high transaction volumes.

Remitly lacks essential features for invoice matching, audit trails, and multi-user approval workflows. Canadian businesses require these controls for financial compliance and internal governance, especially when multiple team members need payment access.

These limitations make clear that businesses need purpose-built alternatives designed for commercial use cases.

Quick Comparison: Top Remitly Alternatives for Canadian Businesses

The following comparison highlights key features across the leading business payment platforms available to Canadian companies.

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Top Remitly Alternatives for Canadian Businesses

Each platform serves different business needs and operational requirements. Here's a detailed analysis of the leading alternatives available to Canadian companies.

1. Venn: All-in-One Business Banking and Payment Platform

Best for: Canadian businesses that want to replace multiple tools with one integrated platform for payments, cards, invoicing, and accounting.

Venn is not a transfer service like Remitly. It is a complete business banking platform built specifically for Canadian companies. You get real local CAD and USD accounts (not just transfer capabilities), meaning you can send and receive ACH payments, pay vendors via EFT, and avoid inbound wire fees entirely. Venn also provides local GBP and EUR accounts with SEPA and Faster Payments support, making cross-border operations faster and cheaper than traditional wires.

Beyond transfers, Venn includes corporate cards with 1% unlimited cashback, built-in invoicing, expense management, and two-way sync with QuickBooks and Xero. This eliminates the need for separate tools and manual reconciliation. Venn is a registered PSP in Canada with CDIC-protected funds, offering business-grade compliance and security.

Key Features:

• Real CAD, USD, GBP, and EUR accounts

• FX rates from 0.25%, lowest in Canada*

• Free unlimited Interac e-Transfers® on all plans

• $0-2 ACH/EFT, $6-10 wires depending on plan

• 1% unlimited cashback on corporate card spend

• Multi-currency card (auto-pays in transaction currency)

• Two-way QuickBooks and Xero sync

• Built-in invoicing, bill pay, and expense management

• OCR receipt capture and invoice matching

• 2% interest on CAD/USD balances

• CDIC protection, registered PSP in Canada

Pricing: No monthly account fee on Essentials plan. Transparent per-account pricing (not per-user).

Who Should Use Venn: Canadian businesses looking to consolidate banking, payments, cards, and accounting into one platform with the lowest FX rates and fastest transfer speeds.

2. Wise Business: Multi-Currency Transfers and Account Holding

Best for: Businesses that need to hold and transfer funds in 40+ currencies with transparent FX pricing.

Wise Business is a strong alternative for international transfers, offering mid-market exchange rates with low, transparent fees (typically 0.4%–0.6%). You can hold balances in over 40 currencies and receive local account details for USD, GBP, EUR, and others, making it easier to collect payments from international clients.

However, Wise lacks several features Canadian businesses need. There is no support for Interac e-Transfers®, no corporate card cashback, and limited accounting integration (one-way sync only). Wise is best suited for businesses focused primarily on currency exchange and international transfers, not comprehensive financial operations.

Key Features:

• Hold 40+ currencies in one account

• Mid-market FX rates, 0.4%–0.6% fees

• Local account details (USD, EUR, GBP, AUD, etc.)

• Business debit card (no cashback)

• One-way accounting sync with QuickBooks/Xero

• No Interac e-Transfer® support

Who Should Use Wise: Businesses with heavy international transfer volumes that don't need full banking features or Canadian payment rails.

3. OFX: Large International Transfers with Dedicated Support

Best for: Businesses making large, infrequent international transfers and needing personalized FX support.

OFX specializes in high-value international transfers, offering competitive FX rates (0.5%–1%) and dedicated account managers for businesses moving significant sums. The platform supports transfers to over 170 countries and provides forward contracts and rate alerts for businesses managing FX risk.

OFX does not provide local account details, corporate cards, or accounting integrations. It is purely a transfer service, making it unsuitable for businesses that need day-to-day banking functionality or automated payment workflows.

Key Features:

• FX rates from 0.5% for large transfers

• Dedicated account managers

• Forward contracts and rate alerts

• Transfers to 170+ countries

• No local accounts or cards

• No accounting software integration

Who Should Use OFX: Businesses making occasional large international payments (e.g., property purchases, bulk supplier payments) that don't require ongoing banking features.

4. Xe Business: International Transfers with Rate Monitoring

Best for: Businesses that want simple international transfers with rate alerts and market analysis.

Xe Business offers straightforward international transfers with competitive FX rates (typically 0.5%–1%) and tools for monitoring exchange rate movements. The platform is easy to use and provides access to market insights, making it useful for businesses that want to time their transfers strategically.

Like OFX, Xe is a transfer-only service. There are no local accounts, no corporate cards, and no integrations with accounting software. It works well for businesses with simple, occasional transfer needs but lacks the infrastructure for comprehensive financial management.

Key Features:

• FX rates from 0.5%

• Rate alerts and market analysis

• Transfers to 130+ countries

• No local accounts or cards

• No accounting integrations

Who Should Use Xe: Businesses making periodic international transfers that want rate monitoring tools but don't need full banking capabilities.

5. Western Union Business Solutions: Global Reach with Cash Pickup

Best for: Businesses paying contractors or suppliers in emerging markets where cash pickup is preferred.

Western Union Business Solutions provides access to over 200 countries and territories, with unique payout options including cash pickup at physical locations. This makes it valuable for businesses paying freelancers or vendors in regions with limited banking infrastructure.

However, Western Union's FX fees are significantly higher (1.5%–3%), and the platform lacks modern business features like accounting integrations, local accounts, or expense management. Transfer speeds can also be slower compared to digital-first alternatives.

Key Features:

• Transfers to 200+ countries

• Cash pickup and mobile wallet payouts

• Higher FX fees (1.5%–3%)

• No local accounts or cards

• No accounting integrations

Who Should Use Western Union: Businesses with specific payout needs in emerging markets where traditional banking access is limited.

6. WorldRemit: Mobile-First Remittance Platform

Best for: Small businesses or sole proprietors making occasional personal-style transfers.

WorldRemit is a mobile-first platform designed primarily for consumer remittances, though it can be used for small business payments. It offers transfers to 130+ countries with options for bank deposits, cash pickup, and mobile money.

WorldRemit's FX fees (1%–2.5%) are higher than business-focused alternatives, and the platform lacks any business banking features. There are no local accounts, no corporate cards, and no accounting integrations, making it impractical for businesses with regular payment needs.

Key Features:

• Transfers to 130+ countries

• Mobile app-based

• Bank, cash, and mobile wallet payouts

• FX fees 1%–2.5%

• No business banking features

Who Should Use WorldRemit: Sole proprietors or very small businesses making infrequent, low-value international payments.

Why Venn Is the Best Remitly Alternative for Canadian Businesses

Venn stands apart as the only platform that eliminates the need for multiple financial tools by combining business banking, international payments, corporate cards, and accounting automation in one integrated solution.

Venn offers the lowest FX rates in Canada at 0.25%–0.45%*, significantly below Wise (0.4%–0.6%) and drastically lower than traditional providers. You also get free unlimited Interac e-Transfers® (the only fintech in Canada offering this), $0-2 ACH/EFT transfers, and $6-10 wires depending on your plan. Inbound wires are free, and your corporate card earns 1% unlimited cashback on all spend with no minimums.

Beyond cost savings, Venn eliminates operational friction. Real local CAD and USD accounts mean you can send and receive ACH payments without wire fees or delays. Local GBP and EUR accounts enable SEPA and Faster Payments, making European transactions faster and cheaper. Two-way QuickBooks and Xero sync automates reconciliation, while built-in invoicing, bill pay, and OCR receipt capture streamline your entire financial workflow. Venn's multi-currency card automatically pays in the transaction currency, saving you from unnecessary FX conversions.

Venn is a registered PSP in Canada with funds safeguarded and covered under CDIC protection. Unlike consumer-focused transfer services, Venn is built for business compliance with audit trails, multi-user permissions, and invoice matching capabilities.

Conclusion: Choose the Platform That Matches Your Business Needs

Remitly serves personal remittance needs well but lacks the features Canadian businesses require for efficient financial operations. The right alternative depends on your specific needs. Transfer-only services like Wise, OFX, and Xe work for businesses with simple, occasional payment requirements. However, if you need comprehensive banking functionality, accounting automation, corporate cards, and the lowest FX rates, an all-in-one platform delivers better value and efficiency.

Venn eliminates the need to juggle multiple tools by providing everything Canadian businesses need in one platform: real local accounts in four currencies, the lowest FX rates in Canada*, free unlimited Interac e-Transfers®, corporate cards with 1% cashback, and seamless accounting integration. You spend less on fees, less time on manual processes, and more time growing your business.

Open your Venn account today

Frequently Asked Questions

Q: Is Remitly good for business payments?

A: Remitly is designed for personal remittances, not business payments. It lacks essential business features like accounting integration, corporate cards, local account details, and batch payment capabilities. Most businesses find that purpose-built platforms like Venn offer better functionality and lower costs for commercial transactions.

Q: What is the cheapest way to send international payments from Canada for businesses?

A: The cheapest option depends on volume and destination, but Venn consistently offers the lowest FX rates in Canada at 0.25%–0.45%*, plus $0–$2 for ACH/EFT transfers. This is substantially cheaper than major banks (up to 3% FX markup) and most fintech alternatives.

Q: Can I use Wise for business payments in Canada?

A: Yes, Wise Business is available in Canada, but it charges a $55 CAD setup fee, lacks Interac e-Transfers®, offers no cashback, and only supports one-way accounting sync. Venn provides a more complete feature set designed specifically for Canadian businesses.

Q: What is the difference between a money transfer service and a business banking platform?

A: Money transfer services like Remitly only send funds—they don’t provide accounts or financial operations tools. Business banking platforms like Venn include real local accounts, corporate cards, expense management, invoicing, accounting integration, and full payment capabilities including ACH, EFT, wires, and Interac e-Transfers®.

Q: How do FX fees compare between Venn, Wise, and traditional banks?

A: Venn charges 0.25%–0.45% FX fees, Wise charges 0.4%–0.6%, and major Canadian banks typically charge 2.5%–3% FX markup. On a $10,000 USD transaction, that’s $25–$45 with Venn versus $250–$300 at a traditional bank.

*Based on internal analysis of total markups and FX fees charged by major Canadian financial institutions and fintech providers as of December 2025.
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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.