Airwallex vs Wise: Which works best for your business in Canada?
This guide breaks down the differences between Airwallex and Wise in Canada for making and receiving business payments
Interac Online unavailable for business payments in Canada? Here are some alternatives
Interac Online is no longer available, which leaves many Canadian businesses seeking new ways to manage online payments. While Interac e-Transfer still works for some personal and small business needs, it doesn’t always support larger transactions or cross-border payments. Businesses that previously relied on Interac Online for client billing or e-commerce now require efficient alternatives.
In this article, we're exploring alternatives—from traditional banks and modern fintechs to Wise Business— comparing features like transfer limits, fees, speed, currency support, and more.
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Overview and usage of Interac Online
Interac Online was a service that allowed customers to pay directly from their bank account when shopping online, offering an alternative to credit cards for e-commerce transactions. Primarily used by personal customers, some small businesses also used it to accept payments through their websites.
However, most major Canadian banks have discontinued Interac Online due to declining usage and a shift toward faster, mobile-friendly payment methods like Interac e-Transfer and debit contactless payments.
Business use cases before discontinuation:
- Accepting payments directly from Canadian customers without using credit cards
- Lower transaction costs compared to credit card processing
- Payment option for businesses operating on thin margins or avoiding chargebacks
Why was it discontinued?
- Low merchant and user adoption over time
- Advancements in alternative payment tools, such as real-time e-transfers and tap-to-pay debit
- Limited support on mobile devices
Bank‑based Interac e‑Transfer options as business alternatives
With Interac Online no longer available, many Canadian businesses have turned to Interac e‑Transfer for Business, a tool offered by major banks that enables secure payments directly from one Canadian bank account to another. It’s a familiar, fast, and low-cost option for domestic transactions, but it also comes with limits.
Features and limitations
Transfer limits
Business Interac e‑Transfer limits vary depending on the bank and account type. Typically, limits range from 3,000 to 25,000 CAD per transaction, with daily, weekly, and monthly caps.
Fees
Fees depend on account tier and volume. For example, Scotiabank charges 1.00 CAD per Interac e‑Transfer for business accounts with fewer than 20 transfers/month1, but there are also some plans that offer free transfers. Most banks like TD, CIBC, and BMO charge 1.50 CAD or less per transfer2,3,4, though premium business packages may also include free e-Transfers.
Integration & automation
Even though Interac e‑Transfer for Business offers features like account number routing and bulk payments, integration with accounting or payroll systems is limited compared to fintechs. In most cases, there are usually:
- No real-time API integration with most major banks
- Limited automation for high-volume transfers
- Manual processes are often needed for reconciling transactions
Banks supporting business e‑Transfers
Most major Canadian banks offer Interac e‑Transfer for Business, with varying fees and limits:
- RBC
Offers Interac e-Transfer for Business with support for account number routing and real-time payments. You can send up to 25,000 CAD per transfer5. - Scotiabank
Interac e‑Transfer for Business is available through Scotia OnLine and ScotiaConnect. Transfer limits depend on the account with fees starting at 1.00 CAD per transfer for plans with under 20 monthly e‑Transfers1. Some packages also include free transfers. - TD
Business customers can use Interac e‑Transfers at a fee of 1.50 CAD per transfer and expect limits of 3,000 CAD per day or 20,000 CAD per month2,6. - CIBC
Supports Interac e‑Transfers for business accounts. Limits and fees vary by account package, with most transfers costing around 1.50 CAD or less3,7. - BMO
Offers Interac e‑Transfer for Business with fees and limits that depend on the specific account tier. High-volume accounts may include free transfers.
Business Interac e‑Transfer fees & limits
Each bank offers slightly different limits and fee structures for business accounts using Interac e‑Transfer. Here’s a quick breakdown:
| Bank | Fee per Transfer | Transaction Limits | Weekly Limit |
|---|---|---|---|
| RBC5,8 | 1.50 CAD | Up to 25,000 CAD | Not disclosed |
| TD2,6 | 1.50 CAD | 3,000 CAD per transfer per 24 hours and 20,000 CAD per 30 days | 10,000 CAD |
| BMO4,9,10 | Business plans include 2 free Interac e-Transfers; after that, it's 1.50 CAD per transfer. | Send between 3,000 and 25,000 CAD using Online Banking.
| Not disclosed |
| CIBC3,7 | 1.50 CAD | Up to 3,000 CAD within 24 hours and 30,000 within 30 days | Up to 10,000 CAD |
| Scotiabank11,12 | 1.00 CAD per Interac e‑Transfer via Scotia OnLine, but some plans offer free transfers ScotiaConnect: Not disclosed - customers will need to check the Service Schedule | Up to 25,000 CAD | Not disclosed |
Neobanks and fintechs for business payments
As Canadian businesses seek more and more efficient and cost-effective payment solutions, neobanks and fintechs have emerged as viable alternatives to traditional banking, offering innovative features tailored to the needs of modern businesses.
Airwallex
| Pros | Cons |
|---|---|
| No fees on domestic CAD transfers, including Interac e-Transfers13 | Primarily designed for mid-to-large enterprises |
| Multi-currency accounts in over 20 currencies | Limited physical presence in Canada, which may be a downside for businesses that prefer face-to-face service |
| Fast international transfers, with 95% arriving within the same day or a few hours | |
| Multi-currency corporate cards with real-time controls | |
| API solutions for custom integrations |
Trustpilot Canada: 3.3 out of 5 stars out of 1,792 reviews
Remitbee Business
| Pros | Cons |
|---|---|
| Unlimited CAD/USD exchanges15 | Supports only certain currencies. |
| Free Interac e-Transfers on amounts over 500 CAD, with a low 2.99 CAD fee for smaller transfers14 | Limited integrations - currently doesn’t support major accounting software integrations |
| Multiple payment methods, including debit cards, EFT, and bill payments | May have transaction limits |
| Convert up to 1M Canadian dollars per day | Primarily focused on remittance services |
| Free global remittance over 500 CAD and competitive currency exchange services | |
| Tailored services for Canadian businesses |
Trustpilot Canada: 4.6 out of 5 stars out of 541 reviews
Wise Business
| Pros | Cons |
|---|---|
| Hold and convert money across 40+ currencies at the mid-market rate | Not all features available in every country |
| Minimal fees starting at 0.48%16 | No physical branches for in-person banking needs |
| Local account details to receive payments in over 20 currencies | |
| Free invoicing and payment tools | |
| Wise Business Card available with no foreign transaction fees to spend in 150+ countries | |
| One-time setup fee of 55 CAD16 |
Trustpilot Canada: 4.3 out of 5 stars out of 264,223 reviews
PayPal
| Pros | Cons |
|---|---|
| Globally recognized payment platform, widely used by businesses and customers alike | Relatively high fees which can add up on large or frequent transactions |
| Multiple payment options, commercial transactions, QR codes, invoicing, and mass payouts | No Interac e-Transfer support |
| Processes all major credit and debit cards | Exchange rates include a markup above mid-market rates, making international transaction costs more expensive. |
| Customers don't need a PayPal account to pay | |
| Integrates with most major eCommerce platforms, accounting software, and offers API access for custom solutions. |
Trustpilot Canada: 1.3 out of 5 stars for 34,414 reviews
Fintech Business Payment Features
With seamless integration options, competitive fees, and innovative features, many Canadian entrepreneurs are turning to fintech providers for cost-effective payment solutions
Business-friendly fintech solutions
| Provider | Interac e‑Transfer | CAD Fee | Integrations/Checkout |
|---|---|---|---|
| Airwallex | Yes | No fee for domestic transfers (including Interac e-Transfers) | Xero, QuickBooks, NetSuite; API, eCommerce plugins, payment links, hosted checkout |
| Remitbee | Yes | 2.99 CAD for transfers below 500 CAD, Free for transfers above 500 CAD14 | Debit, EFT, Bill Payment; 100% online platform with 24/7 support |
| Wise Business | Yes | Small, flat fee and a percentage of the amount that's converted17 | QuickBooks, Xero; API, invoicing, bulk payments, Interac e-Transfer support |
| PayPal | No | Variable fees depending on transaction type and currency. For example: Commercial Transactions: 2.90% + fixed fee per domestic transaction18 No Interac e-Transfer support | Extensive integrations including eCommerce platforms, invoicing, payment buttons |
Comparing all alternatives
Interac e‑Transfers remain a convenient choice for some Canadian businesses, but they come with clear limitations. Most banks impose daily or weekly transfer caps, per-transfer limits under 25,000 CAD, and fees of around 1.00–1.50 CAD per transaction. Interac also isn’t always integrated into payment or accounting systems, which can slow down operations.
Neobanks and fintechs offer more flexibility, but only a few support Interac e‑Transfers fully. Options like Airwallex and Remitbee offer CAD support and competitive fees but may lack comprehensive integrations or transparency around international exchange rates.
Wise Business stands out for its combined domestic and international coverage. It supports Interac e‑Transfers, offers local account details in CAD and multiple currencies, and uses the mid-market rate without hidden fees. For Canadian businesses needing to streamline payments at home and abroad, Wise remains one of the most complete and cost-effective options available.
Sources:
- Your Guide to Fees and Interest Schedules - Scotiabank
- TD Canada Trust EasyWeb Messages
- CIBC Basic Business Operating Account - Fees and Details
- Terms & Conditions - BMO
- Interac e-Transfer® for Business - RBC Royal Bank
- TD Interac Limits
- How to send and receive money with Interac e-Transfer at CIBC
- Learn more about Interac e-Transfer fees - RBC
- Better Banking Guide for Business - BMO
- Digital Business Banking: Save Time & Money – BMO Canada
- Interac e-Transfer for business - Scotiabank
- Your Guide to Fees and Interest Schedules - Scotiabank
- Plans & Pricing | Airwallex Official Site
- Our fees and pricing | Remitbee
- Send Business Payments to US in Smart way | Remitbee
- Wise Fees & Pricing: Only Pay for What You Use
- Send Money with INTERAC e-Transfer - Wise
- Fees | Merchant and Business | PayPal CA
Sources verified on 12 August 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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