What is Float FX?

Users can now convert funds between their CAD and USD cash balances directly within Float, benefiting from industry-leading rates and instant conversion times. This seamless experience provides easier access to Float's suite of USD financial tools with no external USD bank account required.

Please note: Users will need to be complete US business verification accounts before being able to use converted funds for USD Cards and Bill Pay. For more information on our US business verification requirements and how to apply, please review our help centre article here: How to Apply for USD Spend.

Directory of Frequently Asked Questions

How is Float able to offer such low FX fees?

Float keeps our FX fees low by avoiding the two biggest ways banks usually profit from foreign exchange: inflated base fees and high transaction fees. Most banks mark up both - Float doesn't.

Traditional banks rely on outdated fee models like FX markups, NSF charges and monthly account fees. These aren’t tied to the actual cost of providing the service; they’re just legacy revenue streams.

At Float, we’ve taken a different approach. Our FX product is built to be transparent and cost-efficient from day one. That means no hidden fees and no unnecessary markup. Just great fees passed straight back to your business.

How do I get access to Float FX?

All businesses have access to Float FX automatically! You will be able to navigate to Banking > Accounts and see the option to "Convert Funds".

Do I need to connect a USD bank account to have a USD cash balance on Float?

No! With Float FX, you will be able to connect your CAD bank account to move funds into Float, and then convert these funds into USD. It is required to connect a USD bank account to withdraw converted funds. See: Connecting USD Bank Accounts to Float.

Can I spend in USD after converting funds?

In order to spend USD through Float USD Cards, Bill Pay and Reimbursements, your business will need to be approved for USD Spend. See: How to Apply for USD Spend

How do I convert funds between CAD and USD?

Please see our help centre article for detailed instructions on how to convert funds here: How to Convert Between CAD and USD Balances

Can I convert funds to or from currencies other than CAD and USD?

No! Float currently supports CAD and USD funding only, so these are the only currencies you can convert between.

How long does conversion take?

Converting funds is instant!

Can I withdraw converted funds back into my bank account?

If you have connected a bank account in the same currency to Float, you will be able to withdraw funds by following the steps in this help centre article: Withdrawing Funds from Float.

If you do not have a bank account connected with the same currency, you will need to convert funds back into the original currency before withdrawing.

What features do I have access to with a USD cash balance?

Having a USD cash balance allows users to earn interest on their balance.

Users with a USD cash balance who have completed US business verification will also be able to issue USD cards, pay US vendors via wire or ACH and reimburse US employees within Float (professional plan only).

Is the rate guaranteed in the event of a technical error?

No, in the event of a technical error, you would need to restart the conversion process with the current calculated rate.

Can I reverse the conversion if I change my mind?

We are unable to reverse conversions. You can initiate a new conversion back to the original currency. However, rates may change.

Where can I see a record of the transfer after converting funds?

FX transfers appear under Accounts > Funding History. You can also download your PDF or CSV Statements, which include all FX conversions and associated details, by going to the Accounts page > Statements tab.

Do FX converted amounts export to my accounting system?

If you're connected with QBO, Xero or NetSuite, Float does not support exporting FX conversions directly to your accounting system - this will need to be done manually by downloading a statement. The statement includes all FX conversions that you can manually enter.

How to reconcile FX transfers in your accounting system:

Navigate to Accounts > Statements
Filter the date and currency > click PDF Statement or CSV Statement
Locate the FX conversions in the statement and manually create them in your accounting system to reconcile your books

If you're connected with Microsoft Dynamics, Float does support exporting FX conversions directly to your accounting system. FX conversions will export to Dynamics as Journal Entries.

How are Float FX rates determined?

When you convert funds between currencies on Float, we use live, real-time exchange rates sourced from the interbank market (the same market banks use to trade currencies with each other).

On top of this live rate, Float applies a small, clearly defined conversion fee (for example, 25 basis points, or 0.25%). This fee is added to the rate you see at the time of conversion; there are no hidden markups.

Note: Foreign exchange markets are open Monday to Friday. If you initiate a conversion outside of market hours (for example, on a weekend), the rate will be based on the last available market rate, and the conversion will be processed when markets reopen.

This approach ensures your conversion is priced fairly and transparently, using real market data whenever markets are open.