Float Launches ‘Float FX’ to Help Canadian Businesses Cut Currency Conversion Costs Amid Trade Tensions

TORONTO, April 3, 2025 – Float, Canada’s complete business finance platform, today announced the launch of Float FX, a new solution that enables Canadian businesses to easily and instantly convert funds at rates that are 90% lower than traditional banks. This launch is part of Float’s broader US spending package designed to support businesses with any degree of US operations, helping mitigate the impact of currency volatility, rising operating costs and overall trade tensions.

Float’s recent survey for The Financial Outlook of SMBs in 2025 report found that while 39% of Canadian businesses exchange currency weekly or monthly, over half struggle with high fees and poor exchange rates, while 41% find it challenging to manage CAD-USD fluctuations. These findings highlight the significant gap in Canada’s financial infrastructure, where outdated banking systems and slow processes make currency conversion costly and inefficient. Many businesses still rely on traditional financial institutions that require in-person visits, manual approvals or long settlement times, leaving them vulnerable to fluctuating exchange rates and hidden fees.

“With the Canadian dollar under pressure and potential trade disruptions looming, we designed Float FX to give Canadian businesses an advantage when operating across the border,” said Rob Khazzam, CEO and Co-Founder of Float. “Combined with offering high-yield interest on CAD and USD balances, Float provides material opportunities for companies to save on costs and protect margins—at a time when every dollar counts.”

At launch, Float FX offers market-leading fees of just 0.25% all-in—up to 90% lower than Canadian banks—along with seamless, built-in currency conversion within the Float platform. Businesses can convert, hold and spend USD all in one place, eliminating high costs, long delays and the need for a USD bank account.

“This FX solution was purpose built for the Canadian market from the ground up,” says Andrew Dale, Chief Financial Services Officer at Float. “That means we don’t use third-party tools that pile on additional costs for business owners and operators. Instead, we worked backwards from what we know Canadian companies need and built exactly that.”

The new solution complements Float’s comprehensive suite of USD financial products for Canadian businesses, empowering Canadian businesses to:

• Instantly convert between CAD and USD and vice versa at industry-leading rates of 0.25%.
• Easily manage USD and CAD balances directly within Float—without needing a US-domiciled account.
• Issue USD cards, pay US vendors via wire or ACH and reimburse US employees within Float.

Float FX is available now for all Float customers. Businesses can start taking advantage of Float’s market-leading FX rates immediately, with no minimum or maximum transaction limits.

About Float
Float is Canada’s complete business finance platform, combining modern financial services and software to help businesses spend, save, and grow. Trusted by more than 4,000 Canadian companies, Float provides high-limit corporate cards, automated expense management, next-day bill payments, high-yield accounts and fast, friendly support—all built in Canada, for Canada.

For more information, visit floatfinancial.com. 

Media Contact:
Dana Krook
Content & Communications Lead
dana.krook@floatfinancial.com

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