Venn vs Wealthsimple Business Accounts: A 2025 Comparison for Canadian Companies

Wealthsimple is one of Canada’s most recognized fintech brands, known for democratizing investing, making personal finance accessible, and helping Canadians earn passive yield on idle cash. But as it begins expanding into business-facing financial tools, many founders and finance leaders are wondering: Can Wealthsimple be used for my business?

The short answer: not yet. While Wealthsimple now offers corporate investment and group savings accounts, it doesn’t provide the full functionality Canadian businesses need to operate: no ability to pay vendors, send transfers, manage team expenses, or reconcile across tools.

That’s where other fintech players come in. This guide offers a side-by-side breakdown to help you understand the current gaps, and what to look for if you're choosing a financial platform for your business in 2025. 

What is Wealthsimple Business in 2025?

Wealthsimple currently offers two products aimed at Canadian businesses:

• Corporate Accounts – These are investment-focused accounts that allow incorporated businesses to earn interest on idle capital. Funds are held in non-registered or managed investment accounts and must be transferred in and out via a linked external business account.
• Wealthsimple for Business – This is a group savings solution for employers, offering plans like Group RRSPs, TFSAs, FHSAs, and non-registered accounts. It’s designed as a workplace benefit, not a business operating account.

While both offerings may appeal to businesses managing surplus cash or employee benefits, neither product supports core financial operations. There is no ability to:

• Send or receive EFTs, ACH transfers, or Interac e-Transfers®
• Issue corporate cards for employee spend
• Pay vendors or run payables workflows
• Automate reconciliation or integrate with accounting systems like QuickBooks or Xero

To open a Wealthsimple corporate account, a business must be a Canadian-controlled private corporation (CCPC) and not a sole proprietorship or partnership. Businesses are also required to link an external bank account using a third party like Plaid to move funds in and out.

One Wealthsimple user summarized it best on reddit: “It’s great for earning on idle funds, but you can’t run a business on it.”

What is Venn?

Venn is a financial platform built specifically for Canadian companies that need more than a savings account. It provides the infrastructure for day-to-day business finance, across currencies, borders, teams, and systems.

With Venn, businesses get access to real Canadian and U.S. account numbers, the ability to send and receive EFTs, ACH payments, Interac e-Transfers®, and international wires, as well as tools to automate payables, integrate with accounting systems, and manage team spending.

What Venn Offers:

• Local CAD and USD accounts (with CDIC protection via partner banks)
• Support for EFT, ACH, SWIFT, Interac e-Transfer®
• Corporate cards with 1% cashback and no currency limits
• Multi-currency support (CAD, USD, GBP, EUR) with automatic selection
• 0.25% FX fees on currency conversions
• Two-way sync with QuickBooks and Xero
• Invoicing and bill pay automation

Venn was built for operational finance teams, not just to hold cash, but to move it, manage it, and reconcile it in real time.

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Feature Deep Dive

Account Type

Why it matters:‍

For Canadian small businesses, especially those with U.S. operations or cross-border vendors, having access to local CAD and USD accounts is a foundational requirement. It impacts everything from receivables and payments to how quickly funds settle, and how much they cost.

Venn:‍

Venn provides true multi-currency accounts with local routing details, including real CAD and USD account numbers. This means businesses can send and receive ACH, EFT, and Interac e-Transfers® directly, without relying on third-party intermediaries or incurring unnecessary wire or conversion fees. Unlike many fintechs, these accounts are held via federally regulated institutions, giving Canadian founders a reliable backbone for both domestic and cross-border financial workflows.

Wealthsimple:‍

Wealthsimple’s corporate accounts are built primarily for investment, not operations. Funds must be moved in and out via an external business account, often creating friction when managing liquidity. There are no built-in tools for receiving payments, managing working capital, or running operational finance from the account itself, making it a better fit for idle capital, not active business use.

Transfers (International & Domestic)

Why it matters:‍

For any business managing payroll, vendor payments, or international suppliers, having flexible, low-cost transfer options is essential. The ability to move money efficiently, without unnecessary delays or fees, directly impacts cash flow and supplier relationships.

Venn:‍

Venn enables Canadian businesses to send and receive EFT (Canada), ACH (U.S.), SWIFT (global), and Interac e-Transfer® payments, all from a single platform. With real local account details, businesses can avoid cross-border transfer fees and gain more control over timing, visibility, and reconciliation. Most transfers settle on the same or next business day, and Interac is near-instant once onboarding is complete.

Wealthsimple:‍

Wealthsimple doesn’t support transfers natively. Instead, businesses must connect an external operating account via Plaid or Flinks, and move funds in and out manually. This introduces delays and additional operational steps, especially when managing recurring payments or reconciling cash movements. There’s no support for sending vendor payments, receiving client transfers, or initiating Interac e-Transfers® from within the platform for businesses.

Corporate Cards

Why it matters:‍

Corporate cards give Canadian businesses control over spending, simplify expense management, and enable cashback or rewards that go back to the bottom line. For finance teams, issuing and managing cards by role or department is now a standard operational need.

Venn:‍

Venn offers multi-currency corporate cards that come with 1% uncapped cashback. Unlike competitors, businesses only need one card for all supported currencies (CAD, USD, GBP, EUR), and Venn will automatically prioritize the matching currency, saving FX fees with every transaction. Businesses can issue unlimited virtual cards, set spend controls, and track team expenses in real time.

Wealthsimple:‍

There are no corporate cards available with Wealthsimple. Businesses looking to manage spend or issue cards to employees would need to seek a separate provider and manage reconciliation manually across platforms.

Multi-Currency Support

Why it matters:‍

As Canadian startups and SMBs increasingly work with global customers, contractors, or platforms (e.g., Stripe, Shopify, AWS), the ability to operate in multiple currencies is no longer optional. Multi-currency support helps reduce FX fees, improve speed of settlement, and simplify reporting.

Venn:‍

Venn supports CAD, USD, GBP, and EUR accounts, each with local account details where applicable. This allows businesses to hold, send, and receive funds in these currencies without immediate conversion. More importantly, Venn’s platform automatically pulls from the matching currency when making payments, avoiding costly FX conversions. This flexibility is essential for agencies, SaaS firms, and eCommerce sellers with cross-border needs.

Wealthsimple:‍

Wealthsimple’s business products do not offer operational multi-currency functionality. Their corporate investment accounts may hold some USD-denominated assets, but there is no ability to receive payments in multiple currencies, issue invoices in GBP or EUR, or control FX timing. For businesses with even light international exposure, this becomes a limitation.

FX Fees

Why it matters:‍

Foreign exchange fees are a hidden tax on Canadian businesses. Whether you're paying vendors, converting client revenue, or transferring funds between accounts, FX markups can quietly erode margins, often adding up to thousands annually.

Venn:‍

Venn offers a transparent FX markup of just 0.25%, which is 80–90% lower than most major Canadian banks and significantly cheaper than fintech peers. This rate applies to conversions across CAD, USD, GBP, and EUR. For businesses that routinely move money across currencies, especially via platforms like Stripe or PayPal, this can mean substantial savings and faster access to funds.

Wealthsimple:‍

FX fees are not applicable in the operational sense because Wealthsimple’s corporate investment accounts do not offer transactional FX features. While FX may apply within investment portfolios, there are no tools to convert operational balances or manage cross-border business payments through the platform.

Interest on Balances

Why it matters:‍

For some Canadian businesses, especially those with large idle reserves or funding from investors, earning yield on cash can be part of a treasury strategy. The tradeoff is often between liquidity and returns.

Venn:

Venn is built for operational liquidity, not yield. The platform does not pay interest on balances, but this design is intentional. Venn focuses on enabling businesses to move money quickly, reconcile in real time, and avoid friction. Instead of yield, users benefit from cashback on spending, low FX costs, and automation gains.

Wealthsimple:‍

Wealthsimple’s primary value proposition for corporate accounts is yield. Businesses can earn up to 2.5% on idle capital held in non-registered or managed accounts. This makes it appealing for companies that want to park excess cash and optimize returns, but it comes at the cost of operational flexibility. Funds must be transferred out to make payments or cover expenses. Interest rates are directly correlated to an individual's personal account tier.

Accounting Integration

Why it matters:‍

For finance teams, integration with accounting platforms like QuickBooks or Xero is essential to closing books accurately and efficiently. Manual reconciliation wastes hours, increases error risk, and slows down financial visibility—especially as transaction volume grows.

Venn:‍

Venn offers full two-way sync with QuickBooks and Xero, allowing all transactions (including card spend, transfers, FX, and invoices) to automatically push to the accounting system. Businesses can map accounts, automate reconciliation, and enforce receipt capture—all from within one platform. This not only accelerates month-end close but ensures audit-ready accuracy and frees up time for higher-level finance work.

Wealthsimple:‍

Wealthsimple does not integrate with any accounting platforms. Since their business accounts are not designed for operational spend, there are no features for categorizing transactions, exporting ledger data, or syncing with bookkeeping tools. Businesses using Wealthsimple must manage all accounting manually through their linked external account.

Payables Automation

Why it matters:‍

Accounts payable is one of the most time-consuming functions for Canadian SMBs. Automating vendor payments, due date tracking, and approval workflows can significantly reduce overhead while improving accuracy and compliance.

Venn:‍

Venn includes built-in accounts payable automation that supports bill uploads, vendor management, scheduled payments, and full reconciliation. Businesses can route payments via EFT, ACH, Interac e-Transfer®, or SWIFT, all from within one interface. Integration with accounting platforms ensures that payables data stays synced and auditable. This is particularly useful for finance teams with high invoice volumes or remote teams.

Wealthsimple:‍

Wealthsimple does not support vendor payments or AP workflows of any kind. Businesses cannot send EFTs, schedule recurring bills, or set up approval chains. Any payments must be made through a linked external business account, which must be managed separately, adding friction and the risk of missed payments or errors.

Invoicing

Why it matters:‍

For many small businesses, invoicing is at the core of how revenue is generated. An integrated invoicing tool helps businesses get paid faster, track receivables, and reduce the need for separate billing software, especially when it supports multiple currencies and automated reconciliation.

Venn:‍

Venn has native invoicing tools that allow businesses to issue branded invoices, accept payments via credit card or bank transfer, and reconcile them directly within the platform. Invoices can be sent in CAD, USD, GBP, or EUR, without triggering FX fees if matched to the correct account. Combined with automated receivables and accounting sync, this helps streamline cash flow and eliminate spreadsheet tracking.

Wealthsimple:‍

Wealthsimple does not offer any invoicing capabilities. Since its business accounts are focused on investing idle capital, there are no tools to send, receive, or reconcile payments from clients. Businesses would need to use external software (e.g., FreshBooks, Wave) and manage payments through a separate financial provider.

Corporate Investment Accounts

Why it matters:‍

Businesses with surplus cash or investor capital often look for ways to earn yield while waiting to deploy funds. Corporate investment accounts can help maximize returns—but only if they don’t compromise operational liquidity or access.

Venn:‍

Venn is not designed for passive investment returns, it is built for real-time access, liquidity, and operational control. Businesses that prioritize cash flow management, transfers, and expense control will find Venn far more useful for day-to-day finance. While Venn does offer investment products like GICs, its platform is focused on movement, not idle storage of funds.

Wealthsimple:‍

Wealthsimple offers corporate investment accounts tailored to Canadian-Controlled Private Corporations (CCPCs). These accounts are designed for earning up to 2.5% interest on idle capital, depending on market conditions. However, these are non-operational accounts, funds must be moved in and out through a linked external bank account. There’s no ability to pay bills, send transfers, or manage financial operations directly from the account.

Wealthsimple Work: Group RRSPs and TFSAs

Why it matters:‍

Offering group benefits like RRSPs, TFSAs, and FHSAs can help attract and retain employees, especially in a competitive hiring market. For many SMBs and startups, access to easy-to-administer plans is a growing priority.

Venn:‍

Venn does not currently offer any group savings or benefits products. Its platform is focused on streamlining operational finance: payables, receivables, card spend, accounting integration, and FX management. However, Venn can be used alongside any third-party benefits provider to centralize financial controls while outsourcing employee investment plans.

Wealthsimple:‍

Wealthsimple offers Wealthsimple for Work, a suite of group savings plans that includes RRSPs, TFSAs, FHSAs, and non-registered accounts. These are easy to administer and give employees access to Wealthsimple’s low-cost investment platform. While these features are entirely separate from business banking or payments, they provide value for companies looking to offer workplace benefits without using a traditional HR or payroll provider.

Wealthsimple vs. Venn: Strengths and Considerations

When evaluating financial platforms for Canadian businesses, it’s important to understand not just features—but operational fit. Here’s how Wealthsimple and Venn compare when it comes to real-world business finance needs in 2025.

Wealthsimple – Strengths for Canadian Businesses

• Offers corporate investment accounts for Canadian-Controlled Private Corporations (CCPCs)
• Provides employee savings plans through Wealthsimple Work (Group RRSPs, TFSAs, FHSAs)
• Familiar user experience for teams already using Wealthsimple for personal investing

Wealthsimple – Considerations and Gaps

• Not a business banking platform: No ability to send EFTs, Interac e-Transfers®, ACH, or wires
• No operational finance tools: Cannot pay vendors, issue cards, or integrate with accounting software
• Limited eligibility: Not available to sole proprietors or partnerships
• Requires linking an external business account to fund or withdraw capital

Venn – Strengths for Canadian Operational Finance

• Provides local CAD and USD account details for domestic and international transactions
• Enables EFT, Interac e-Transfer®, ACH, and SWIFT payments directly from the platform
• Offers corporate cards with 1% cashback, auto multi-currency logic, and no spend caps
• Integrates natively with QuickBooks and Xero for automated reconciliation and faster month-end
• Supports invoicing, payables automation, and vendor management
• Designed for Canadian businesses that need to move, manage, and reconcile funds, not just hold them

Venn – Considerations

• Does not offer yield-bearing accounts or employee savings plans
• Does not currently offer investment or group benefit products

Is Wealthsimple a Business Account?

Wealthsimple is not a fully complete business account or business banking platform. It offers investment tools for incorporated businesses and group RRSP solutions for employees, but lacks core functionality like payments, team spending, FX, or accounting sync.

Choose a Financial Platform Built for Business Operations

If your business needs to move money, not just earn interest on it, Venn offers a full suite of tools built specifically for Canadian operational finance.

Get access to real Canadian and U.S. account numbers, Interac e-Transfers®, low-cost FX, corporate cards, and automated reconciliation, all from a single platform.

Explore Venn for your business

FAQ: Common Questions Users Ask About Wealthsimple (Especially Business Use)

Does Wealthsimple offer business banking accounts?

No. Wealthsimple offers investment-focused corporate accounts for CCPCs, but it does not support business payments, vendor management, or team spending.
If you need a full business finance platform with CAD and USD accounts, Interac e-Transfers®, EFT, and accounting integrations, Venn is a purpose-built alternative.

Can Wealthsimple send Interac e-Transfers® or EFTs for business?

No. Wealthsimple does not offer native money movement tools like EFTs or Interac e-Transfers®. Funds must be moved through a linked external bank account. Venn supports sending and receiving Interac e-Transfers®, EFTs, ACH, and SWIFT payments directly from your business account.

Does Wealthsimple offer corporate or prepaid business cards?

No. Wealthsimple does not offer any card products for business users. Venn provides multi-currency corporate cards with 1% cashback and auto currency selection—no manual conversion or spend caps.

Can I integrate Wealthsimple with QuickBooks or Xero?

No. Wealthsimple corporate accounts do not support accounting integrations or reconciliation features. Venn offers two-way sync with QuickBooks and Xero, helping finance teams automate month-end close.

Who is eligible for a Wealthsimple business account?

Only Canadian-Controlled Private Corporations (CCPCs) can open a corporate account. Sole proprietors and partnerships are not eligible. Venn also supports incorporated businesses, including startups and scaling SMBs.

How long does it take to open a Wealthsimple corporate account?

It typically takes 1-3 weeks, depending on documentation and review. Users report some delays due to verification steps. Venn’s onboarding is fully digital and most businesses are live within 1 business day.

Does Wealthsimple offer group RRSPs or employee savings plans?

Yes. Through Wealthsimple for Work, businesses can offer Group RRSPs, TFSAs, and FHSAs. It’s a good option for companies seeking accessible employee benefit programs. Venn does not currently offer group savings plans, but can be used alongside Wealthsimple to manage financial operations.

Can Wealthsimple accounts hold or send U.S. dollars (USD)?

Only self-directed investment accounts can hold USD, and they are not built for operational business use. Venn provides local USD account details, lets you send and receive USD payments via ACH and wire, and reduces FX costs with 0.25% conversion fees.

What’s the best alternative to Wealthsimple for business banking in Canada?

If you need to operate your business, not just earn on idle funds, Venn is a robust alternative. It combines local CAD and USD accounts, payment tools, cards, FX management, and accounting automation in a single platform.

_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of September 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}