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Float Business Accounts Overview

  • Updated

Float Business Accounts let you receive and store business funds with account routing details for EFT, ACH, and wire transfers. Your accounts earn up to 4% interest with no minimum balance requirements or lockups. Funds are CDIC-insured up to $100,000 CAD and held in trust. 

You can hold both CAD and USD, with no transaction fees on incoming payments. Business Accounts work alongside your Float Cards and spend management features in a single platform.

Please note: Float Business Accounts are not debit-enabled, so they cannot be used by third parties to pull pre-authorized debits at this time. 

This article will provide you with a high-level overview of Float Business Accounts. For a detailed guide on how to use Float Business Accounts to receive payments, please review this article.

 

What is a Float Business Account?

Float Business Accounts let you receive payments directly into your CAD or USD Float Cash accounts. 

Please read below to learn more about what's included in a Float Business Account:

 

Account Details

Float provides you with a set of account routing details for each CAD & USD Cash account.

These include: Account numbers, transit numbers, institution numbers, routing numbers, and SWIFT codes.

These details can be downloaded as a PDF to send directly to your customers.

For more information on where to find these details, please review the Help Centre article below:

Using Float Business Accounts to Receive Payments

 

Accepted Transfer Types & Limits

There are no restrictions on how many payments you can receive or how large they are.

Float supports the following inbound transfer types:

  • CAD: EFT & SWIFT Wire Transfer

  • USD: ACH, Fedwire and SWIFT Wire Transfer

  • Other Currencies: Swift Wire Transfer

 

Notes on Wire Transfers: 

  • Wires in currencies other than CAD & USD can be received. Wires in currencies other than CAD or USD will be converted to CAD at the best rates available when received, and credited to your CAD account.

  • Wires sent in CAD & USD will be credited to their corresponding accounts. 

 

Fees

There are no fees for receiving payments into Float. 

Float covers the cost of all incoming transfers, but the Sender's bank may charge them a fee (e.g., for sending a wire).

 

Inbound Payments History 

You can track all inbound payments from Banking > Accounts > Funding History.

These payments are also available in your Statements (Transactions > Statements)

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