Send Money lets you pay recipients in their local currency, directly from your CAD or USD Cash balance. Float converts the payment for you, so your recipient is paid in the currency they expect.
Guide Overview
How to Add a Recipient in an International Currency
How to Send Money in an International Currency
Conversion Fees and Currency Exchange Rates
Frequently Asked Questions (FAQs)
- How much does it cost?
- Why did the amount change from what I saw when I scheduled the payment?
- Can I fund these payments from a connected bank account?
- Is there a payment limit?
- Do I need extra business verification to use this?
How to Add a Recipient in an International Currency
- Go to the Payments page > Select the ellipses beside "Send Money" > Select "Manage Recipients"
- Select "Add Recipient +" > Fill out the recipients details:
- Recipient Type (Business or Individual)
- Recipient Name
- Currency
- Payment destination country (country where the receiving bank is located)
- Select "Enter manually" and add the payment details:
- Payment method (available methods depend on currency and destination country)
- Payment details for the selected payment method
- Add the address:
- This would be the individual's or business's registered physical address
- Not the receiving bank's address
- [optional] Enable automatic payment confirmations
- Automatically send remittance and proof of payment to the recipient when the payment is approved for release
- Select "Save Recipient"
You can also add a recipient while sending a payment, or invite them to submit their own payment details by email. For more details, see: Managing Send Money Recipients + FAQs
How to Send Money in an International Currency
- Go to the Payments page > Select "Send Money"
- Search and select the recipient you've previously created
- Add the required payment details:
- Amount
- Currency
- Funding Source
- Payment Date
- Payment Purpose
- [optional] Upload an attachment or add a memo
- Select "Review" to review the payment before sending it
- Once reviewed, select "Submit for Authorization"
Once submitted, the payment will move to the Needs Authorization tab of the Payments page, where an authorizer will need to authorize the payment before the scheduled payment date.
Conversion fees and currency exchange rates
Float charges a 1.5% currency conversion fee whenever the currency for a Send Money payment doesn't match your Cash balance's currency and needs to be converted to pay it.
For example, a EUR Send Money payment paid from your CAD Cash balance. If the bill currency matches your Cash balance's currency, there's no conversion and no fee.
Float includes this fee in the estimated debit shown for the payment. Once you've selected your funding source on the payment, you'll see it. Float will show the estimated amount that will be debited from your Cash balance, based on the total payment amount and the current exchange rate between the bill's currency and that of your Float Cash balance's currency.
For example, a €65.00 EUR Send Money payment paid from your CAD Cash balance, at an exchange rate of 1 CAD = 0.65 EUR (rate for illustration only), would show an estimated debit of $100.00 CAD, which includes Float's 1.5% conversion fee.
List of supported currencies and their available payment methods
| Currency | Payment Method |
|---|---|
| CAD | Wire |
| USD | Wire |
| GBP | Wire or SEPA |
| EUR | Wire or SEPA |
| AUD | Wire |
| JPY | Wire |
| SEK | Wire |
| NOK | Wire |
| CHF | Wire |
Frequently Asked Questions (FAQs)
How much does it cost?
Float charges a 1.5% conversion fee on every payment, and the standard $20 wire fee is applied to all wire payments.
Why did the amount change from what I saw when I reviewed the payment?
The rate shown when you review the payment is an estimate. It's confirmed only when the payment is released, so it can move slightly in between.
Can I fund these payments from a connected bank account?
No. International currency payments can only be made from your CAD or USD Cash balance.
Is there a payment limit?
Yes. There's a $250,000 CAD / $250,000 USD maximum per payment.
Do I need extra business verification to use this?
No. If your business is already CA-KYB'd or US-KYB'd with Float, you're all set. No additional verification is needed to send payments in international currencies.