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.
Frequently Asked Questions
How is Float able to offer such low FX rates?
How do I get access to Float FX?
What if I don't have access to USD?
Do I need to connect a USD bank account to have a USD cash balance on Float?
How do I convert funds between CAD and USD?
How long does conversion take?
Can I withdraw converted funds back into my bank account?
What features do I have access to with a USD cash balance?
Is the rate guaranteed in the event of a technical error?
Can I reverse the conversion if I changed my mind?
Where can I see a record of the transfer after converting funds?
How is Float able to offer such low FX rates?
Float keeps our FX rates low by avoiding the two biggest ways banks usually profit from foreign exchange: inflated base rates 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Traditional banks rely on outdated fee models like FX markups, NSF charges and monthly account fees.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 rates 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. A USD bank account is required to withdraw converted funds though. 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
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 back 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 Float Yield 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 changed 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 Banking > Funding History. You can also download your PDF or CSV Statements which include all FX conversions and associated details by navigating to Transactions > Statement.
Do FX converted amounts export to my accounting system?
No, Float doesn't 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 Transactions > 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