Alternatives to Zelle for Canadian businesses

Zelle is a go-to payment app in the US that lets people send money fast using just an email or phone number—no banking details needed. Zelle isn’t available in Canada, so Canadian businesses need to look for fast, reliable alternatives. In this guide, we’ll explore some of the best alternatives to Zelle in Canada, including Wise for simple, low-cost international transfers.

Why might Canadian businesses want a Zelle alternative?

Canadian businesses need more than just a way to send money—they need fast, affordable solutions that work locally and internationally.

Many Canadian businesses also deal with international clients, suppliers, or freelancers. That’s where challenges like high bank fees, poor exchange rates, and slow processing times can get in the way. An alternative with global reach and transparent pricing can make managing payments a whole lot easier.

The best Zelle Business account alternatives in Canada

While Zelle isn’t available for Canadian businesses, there are plenty of alternatives that offer similar—or even better—functionality, especially when it comes to cross-border payments and business-friendly features.

Interac e-Transfer for business

Interac e-Transfer is one of the most widely used domestic payment tools in Canada. It allows businesses to send and receive funds using an email address or phone number³, with payments deposited directly into a linked bank account.

Key features:

• Real-time transfers for faster cash flow⁴
• Supports batch payments and automated processing
• Incredibly secure

Key considerations:

• Only supports Canadian dollars
• Not suitable for international transfers
• Daily and per-transaction limits may apply depending on your bank

Cross-border bank payment services

If your business regularly deals with clients or suppliers in the US, a cross-border banking solution from a Canadian bank could make things easier. Several major Canadian banks—including TD, RBC, and BMO—offer US-based business accounts that are specifically designed for Canadians. These accounts are opened through the bank’s US affiliate (like TD Bank in the US) and give you access to services on both sides of the border.

Typical features include:

• US-based bank accounts that let you receive and hold USD
• Online transfers between your Canadian and US accounts
• Wire transfers, bill payments, and mobile banking access in the US
• US-issued business debit cards for spending and withdrawals in USD

These accounts are helpful if you invoice US clients in USD or want to avoid converting currencies every time you pay US vendors.

Key features:

• Easy to manage funds in both CAD and USD under one banking relationship
• Ability to pay US bills and vendors as if you had a US business
• Access to customer service and banking tools from a familiar Canadian institution

Key considerations:

• Currency conversion fees still apply when moving money between currencies
• Wire transfers and cross-border payments can be slow and expensive
• These accounts typically don’t support other currencies beyond USD and CAD
• May require opening a separate business profile with the US banking arm of your Canadian bank

While cross-border bank accounts are convenient for basic US transactions, they’re not always the most cost-effective solution—especially if your business deals with currencies beyond CAD and USD or requires faster international payment solutions. In those cases, Wise Business may be a better-value option.

Wise Business account

Wise Business offers a flexible way for Canadian companies to manage international payments without hidden fees. Unlike banks that add markups to exchange rates, Wise uses the real mid-market rate, with conversion fees starting from 0.48%⁵.

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
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It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

• Business registration
• The business registered and trading addresses
• The industry you’re in
• Online presence
• Name, date of birth, country of residence - for all stakeholders
• Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

• Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
• Play Store Canada: 4.7/5 stars with 1.28M+ reviews

PayPal for business

PayPal is one of the most widely used online payment platforms, making it a familiar and trusted choice for businesses of all sizes. With PayPal Business, merchants can accept payments via all major credit and debit cards, PayPal balances, and even alternative methods like digital wallets.Customers can pay without creating a PayPal account, which helps reduce checkout friction.

Businesses can also access financing options directly through PayPal, such as working capital and business loans based on sales history, as well as handy features built-in invoicing, subscription billing, and e-commerce integration to make managing daily transactions easier.

Key features:

• Accepts major credit and debit cards
• Customers don’t need a PayPal account to pay
• Built-in invoicing and recurring billing tools
• Easy integration with shopping carts and marketplaces

Key considerations:

• Transaction fees start at 2.9% + a fixed fee for domestic payments⁶
• Additional 1% fee on international payments⁶
• Currency conversion fees range from 3–4%⁶
• Instant withdrawals to a debit card incur a 1.5% fee⁶

Other payment Solutions

Stripe and Square are two powerful platforms that support both online and in-person payments.

Stripe might be a good fit for tech-savvy businesses. With its developer-friendly APIs, it allows for highly customized payment flows, seamless online checkouts, and automated billing. It supports over 135 currencies⁷ and integrates easily with major e-commerce platforms and accounting tools like QuickBooks and Xero.

Square, on the other hand, shines in retail and service-based environments. It provides free POS (point-of-sale) software, hardware options for in-person transactions, and supports tap, dip, swipe, and mobile payments. Businesses can also access features like digital invoicing, online store setup, and team management tools. Instant transfers are available, although fees apply.

Things to keep in mind:

• Stripe charges 2.9% + 30¢ for most online card payments. Additional fees may apply for international cards or currency conversions⁸.
• Square charges 2.5% for credit card-present transactions, 0.75% + 7¢ per debit transaction and 2.8% + 30¢ per transaction when a card isn’t present⁹.
• Neither platform offers multi-currency accounts or traditional banking features like wire transfers or foreign currency holding.

Comparison of Zelle Alternatives for Canadian Businesses

While Zelle isn’t available in Canada, there are plenty of options for Canadian businesses looking to send and receive payments quickly. Whether you need local transfers, international payments, or checkout tools, the right choice depends on your business needs.

Final Thoughts on Zelle Alternatives for Canadian Businesses

While Zelle isn’t available in Canada, as you’ve seen, there’s no shortage of reliable alternatives to help your business send and receive payments efficiently. From Interac e-Transfer for domestic transactions to PayPal, Stripe, and cross-border bank accounts for more traditional setups, each option has its strengths depending on your business needs.

Choosing the right payment solution really depends on what your business needs most—whether that’s keeping costs low, sending money quickly, or integrating easily with the tools you already use.

If you’re dealing with customers, suppliers, or teams across borders, Wise offers a simple way to manage international payments without the usual headaches. With transparent fees, support for 40+ currencies, and tools built for growing businesses, Wise helps you stay in control of your money.

Sources:

1. Zelle small business FAQs
2. Zelle® FAQs - Security, Sending, & Receiving Money
3. Send & receive money with Interac e-Transfer for Business
4. Interac e-Transfer Payouts | Send Real-Time Payment Transfers
5. Wise Business Fees & Pricing: Only Pay for What You Use
6. Fees | Merchant and Business | PayPal CA
7. Work with multiple currencies | Stripe Documentation
8. Stripe - Pricing & Fees
9. Square Processing Fees, Plans and Software Pricing