This article answers common questions about how funds move in and out of your Float account. It includes information on funding options, withdrawals, transfer limitations, and applicable fees.
For more information regarding funding your Float account and the withdrawal process, please review our articles:
Connecting CAD Bank Accounts to Float
Connecting USD Bank Accounts to Float
Directory of Frequently Asked Questions
Funding & Top-Ups
Can I add funds to our Float account using EFT/ACH/Wire transfer?
Do I need to accept an e-Transfer that I send to Float?
Is it possible to reverse an e-Transfer to Float?
What should I do if I don’t recognize a top-up?
Withdrawals & Payouts
Can I withdraw my funds from Float by e-transfer or to another financial institution?
Can I pay vendors via e-Transfer?
Is there a fee to withdraw funds from Float?
Transfers Between Accounts
Can I move funds directly from one business's Float account to another business's Float account?
Is it possible to connect a second bank account to the same Float business?
Direct Deposit & Bank Connectivity
Can I send a direct deposit from Float to a Canadian bank?
Can I add funds to our Float account using EFT/ACH/Wire transfer?
Yes! Float Business Accounts (in both CAD & USD) have numbered accounts to allow you to deposit funds into Float via EFT/ACH or wire transfers. For more information on Business Accounts, please visit: Float Business Accounts Overview.
Can I send a direct deposit from Float to a Canadian bank?
Direct deposit forms cannot be sent from Float to any financial institution.
Can I move funds directly from one business's Float account to another business's Float account?
It is not possible to transfer funds between separate Float business entities to another. If your business has multiple Float business entities, you can withdraw funds from one Float business to your connected bank account, then fund another Float business from the connected bank account.
Can I withdraw my funds from Float by e-transfer or to another financial institution?
It is not possible to withdraw funds via e-transfer or to another financial institution. When you withdrawal funds from your Float balance, the funds will be returned to your connected bank account.
Do I need to accept an e-Transfer that I send to Float?
No. If your account is set up correctly, the e-Transfer will be auto-deposited. If you’re prompted to accept an e-Transfer and choose a destination account, it means your auto-deposit address hasn’t been registered successfully.
For more information, see: Interac e-Transfer: Fund Your Business with up to $25k CAD Instantly*
Is it possible to reverse an e-Transfer to Float?
No. Once an e-Transfer is sent to your Float account, it can’t be reversed. You can, however, withdraw the funds back to your connected bank account.
For more information, see: Withdrawing Funds from Float
Is there a fee to withdraw funds from Float?
There are no additional fees when withdrawing funds from your Float account to the connected bank account.
Is it possible to connect a second bank account to the same Float business?
You can link multiple bank accounts to your Float account, but only one can be set as your active funding source at a time. For details on how to update or remove a connection, check out our article How to Change or Disconnect a Bank Account Connection.
What should I do if I don’t recognize a top-up?
If you notice a top-up you don’t recognize in your Float account, please contact support@floatfinancial.com for assistance.
Can I pay vendors via e-Transfer?
No, Interac e-Transfer is only used for funding your Float account at this time.