This article answers common questions on Float Business Accounts. It includes information on how to receive funds, supported currencies, where the funds will be deposited, and transfer limitations.
How do I receive money into my Float Business Accounts?
Float Business Accounts (in both CAD & USD) have numbered accounts to allow you to receive funds into Float via EFT/ACH or wire transfers.
Funds held in your accounts will automatically earn interest. For more information on interest for your Float Business Accounts, please see below.
Are there any fees for inbound payments?
No, Float covers all inbound payment fees for you as the recipient of payments!
The sender's bank may charge them fees (e.g., for sending a wire transfer).
Float and our partner bank do not charge any fees for receiving funds through SWIFT. However, SWIFT transfers may pass through intermediary banks that can deduct fees before the funds reach your account. The amount you receive can depend on how the sender’s bank instructed the payment (e.g., SHA vs. OUR) and which intermediaries processed the transfer. These fees are outside of Float’s control.
How long does it take to receive funds into my Float Business Account?
Float makes funds available immediately when they are received in your Float Business Account.
For more information on timelines to receive funds, please review the article below:
Inbound Transfer Timelines to Float Business Accounts
Is there a limit on the amount of funds I can receive?
EFT: No limit
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ACH:
Same-day ACH transfers have a daily limit of $1,000,000 USD
Next-day ACH transfers have a daily limit of $5,000,000 USD
There is an annual limit of $15,000,000 USD for ACH transfers
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Fedwire:
Daily limit of $5,000,000 USD
There is an annual limit of $15,000,000 USD for Fedwire transfers
Wire (SWIFT): No limit
Please note: Some banks may impose their own EFT limits. We advise reaching out to your bank to determine if they have transfer limits imposed.
What do I input if I'm being asked for an "Account Number" when sending a wire (SWIFT) transfer?
The IBAN in the Wire (SWIFT) transfer details can be provided in the account number field for the Wire (SWIFT) transfer.
To locate the IBAN, go to Accounts > Cash CAD/USD > Account Details > Wire (SWIFT).
Am I charged conversion fees when sending a wire to Float?
When sending wire transfers to your Float Business Account, your funds may be automatically converted to GBP by your bank before being sent to Float— resulting in unnecessary conversion fees.
Float cannot be held responsible for these conversion fees, so please ensure that you follow the instructions on adding a note in the payment remittance fields in the article linked below to avoid conversion fees:
How to avoid conversion fees when sending wires to Float
Funds Protection:
How are my funds protected?
Both CAD and USD funds are in trust under your business's name within dedicated trust accounts at Scotiabank. This means that funds are legally separated from Float’s own assets, and in the extremely unlikely event that Float Financial were to go out of business, your funds would remain safe.
In addition, we've partnered with Scotiabank to offer our customers CDIC insurance of up to $100,000 CAD (combined across both CAD and USD cash accounts).
Please note: Float is not a bank or CDIC member institution. Float is a registered MSB (Money Services Business) in Canada. We are also SOC2, Type 2-certified, ensuring adherence to robust security protocols as verified by independent audits.
For more information, visit our Trust Centre
What is CDIC insurance?
CDIC (Canada Deposit Insurance Corporation) is a federal crown corporation that protects deposits held at its member financial institutions in the event of one of those institutions failing.
Your funds held in Float (across both CAD and USD accounts) will be protected up to $100,000 CAD. This coverage applies to your combined CAD and USD cash account balances (USD balances are covered at their CAD equivalent value).
Sending & Receiving Funds Using Float Business Accounts:
Can I provide my numbered account details to my customers for pre-authorized debits so they can withdraw funds from my Float account?
No, you cannot provide your Float Business Account/deposit details to your customers for pre-authorized debits (PADs).
We only accept inbound payments sent in EFT (CAD), ACH (USD), or Wire.
Why don't I have access to my numbered account details?
While all Float customers are covered by CDIC insurance, inbound payments are not available to customers whose businesses fall into specific industries.
For more information on which industries are prohibited, please review this article
Do Float Business Accounts replace my bank account?
At this time, Float Business Accounts do not support some features including Pre-Authorized Debits (PADs) and therefore, cannot replace your primary bank account. We plan to support pre-authorized debits in the near future.
Due to a lack of support for PADs, Float Business Accounts can't be used as the funding accounts for payroll processing or registered with utilities providers for regular billing withdrawals.
Can US entities receive payments into Float?
No, at this time, US entities cannot receive funds into Float.
US entities will not have numbered account details.
Can I invoice my customers directly from Float?
No, you cannot invoice your customers directly from Float at this time.
You can share your Float Business Account details along with the invoice so they can make the payment directly to you using their own bank
Can I send or receive funds using cheques?
No, at this time, we don't support sending or receiving funds via cheque into Float Business Accounts.
Can I deposit other currencies into my USD Cash account?
No, only USD funds are deposited in your USD Cash account.
Inbound payments sent in currencies other than CAD & USD will be converted to CAD with best daily rate when the funds are received. These funds are deposited into your CAD Cash account.
Can I receive a USD EFT transfer into Float?
No, we don't currently support EFTs in USD; only CAD EFTs are available. This means that if you're trying to transfer funds from a Canadian-domiciled USD account to your Float USD Cash account, you should use a wire transfer.
If a customer sends you a USD EFT, it will be rejected. If this happens, please inform your customer to change their payment method and resend the payment.
How do I send USD funds from a Canadian-domiciled USD bank account to Float?
If you're trying to transfer funds from a Canadian-domiciled USD account to your Float USD Cash account, you should use a wire transfer.
Can Float provide a US Tax ID if a bank requires one to send an ACH payment?
No, we're unable to provide a US Tax ID for ACH payments.
We would recommend that you send a wire transfer if possible, or use an alternative bank/payment processor.
What do I do if I'm being asked for a "Sort Code" when sending a wire transfer?
If you're being asked to enter a Sort Code, please reach out to your bank to obtain this information.
Please use the IBAN provided in your Wire (SWIFT) account details, as this will help your bank determine the correct Sort Code.
Can I receive money via Interac e-Transfer into Float?
Yes, you can receive funds via Interac e-Transfer into Float, provided the transfer is sent to an email address that you register in your business's Float Accounts settings. See: Interac e-Transfer: Fund Your Business with up to $25k CAD Instantly*
All e-transfers sent to the email address that you register will be auto-deposited to your Cash CAD account.
It is not possible to send Interac e-Transfers from Float.
How can I change the billing address associated with my numbered account details?
To change the billing address associated with your numbered account details, please review this article and then submit a request to support@floatfinancial.com
What if I'm sent money in a currency other than CAD or USD?
If you're sent funds in a currency other than CAD or USD, it will be converted to its CAD equivalent based on the exchange rate on the date the funds are received.
These funds are deposited in your CAD Cash account.
Where can I see my inbound payment history?
You can see your history of deposits in your Funding History by going to Accounts > Funding History.
What do I do if I have to refund a customer after they've sent me money?
If you need to refund a customer who has already sent you money, follow the steps below:
Request a withdrawal of funds to your bank account and send the money to your customer outside of Float
Why don’t I always receive the full amount of a SWIFT wire transfer?
Float and our partner bank do not charge any fees for receiving funds through SWIFT. However, SWIFT transfers often travel through one or more intermediary banks before reaching your Float account. These intermediary banks may deduct fees, which reduces the amount you actually receive.The way the payment is sent also matters:
- OUR (sender pays fees): The sender’s bank is supposed to cover all transfer fees so you receive the full amount. In practice, some intermediary banks may still deduct charges.
- SHA (shared fees): The sender pays their bank’s fees, and you may see deductions by intermediary banks before the funds arrive.
- BEN (beneficiary pays fees): Rarely used, but in this case all fees are deducted from the payment before it reaches you.
Because intermediary bank fees are outside of Float’s control, we can’t guarantee that the full amount sent will always equal the amount received.
What if the deposit fails?
If a deposit fails, please reach out to the Sender to ensure they've inputted your account details correctly.
Do inbound payments export directly to my accounting system?
No, Float doesn't support exporting inbound payments directly to your accounting system at this time. This will need to be done manually by downloading a statement. The statement includes all inbound payments received to assist with manual reconciliation.
How to reconcile inbound payments in your accounting system:
Navigate to Accounts > Statements
Select between PDF or CSV download
Locate the account and currency you want (e.g., Cash CAD, Charge CAD, Cash USD, Charge USD)
Use the date field dropdown menu to select the period you need
Click Download PDF/CSV
Locate the inbound payment(s) in the statement and manually create them in your accounting system to reconcile your books
Interest:
How can I qualify to earn interest?
Float Business Accounts offer Canadian businesses a straightforward way to earn interest on CAD and USD cash balances held within your Float Business Accounts. With Float Business Accounts, your earning scale with your balance.
Balances of $50,000 or more (CAD or USD) earn 4% annual interest on your entire balance
Balances below $50,000 (CAD or USD) earn 2% annual interest on your entire balance
Interest is calculated daily based on your closing daily per-currency, per-account cash balance (as of 10:00 PM Eastern), minus any pending Float card transactions and paid monthly. Interest earned each month is added to your Float balance on the first day of the following month.
Are there lockups on funds?
No lockups, and this isn’t a GIC. Customers can easily withdraw funds.
Withdrawals will take 2-5 business days to arrive in your connected bank account.
When do I start earning interest?
Float funding balances start earning interest from the first dollar. Interest payouts occur on the first day of every month, reflecting the previous month’s daily closing balances.
How is interest calculated and paid?
Float Business Accounts' interest is an annualized rate, calculated daily and paid monthly on Float balances.
Interest is calculated based on the closing daily Cash balance (as of 10:00 pm Eastern), less any pending Float card transactions (non-Charge customers only). Interest earned in each month is calculated separately for CAD and USD and added to your Float balance(s) on the first of the following month.
Please note: Businesses must be KYB approved in order to have interest paid into their Float balances.
Is there a maximum balance that can earn interest?
Interest is paid on balances up to:
$1,000,000 CAD
$1,000,000 USD
Funds exceeding these amounts do not earn interest.
How can I see my interest rate payouts?
You can check your current interest rate and see your earned interest by following these steps:
Go to Accounts > Overview > Cash (CAD or USD) to open the account details
Hover over the Interest icon within the Cash account page to see your interest rate and how much you have accrued for the month
Float Business Account payouts are automatically added to your CAD or USD cash balance on the 1st of each month.
To view your total payout for each specific month, head to Transactions > Statement > Total Rewards > Interest.
Can I receive both interest and Float Cashback rewards?
Yes! Customers earn both interest on Float Cash balances with Float Business Accounts and cashback rewards on card spend, in both CAD and USD.
For more on cashback, see: Float Cashback FAQ
How can Float give better rates than the banks?
We've negotiated a great rate, and we believe in passing the interest earned on your funds back to you. It's all part of making Float the best financial services solution for your business.