Business Bank accounts

Alternatives to Relay for Canadian businesses

Piyush Singh

29.03.25 (last updated)

Read time 4 minutes

Relay has made a name for itself as a business banking and payments platform in the US, but if you’re in Canada, it’s not currently an option. However, that doesn’t mean you’re short on choices. Whether you need an account to manage business expenses, send international payments, or get paid with minimal fees, there are plenty of alternatives that fit the bill.

From Wise to PayPal, Square and Stripe, we're breaking down the best Relay alternatives for Canadian businesses, so you can keep your business running without a hitch.

We'll be looking at:
Payoneer Wise Stripe PayPal Square What is the best alternative to Relay for Canadian businesses?

Payoneer

A popular global payments platform, Payoneer is widely used by businesses and freelancers who need to receive and send payments globally.

It allows users to hold and manage multiple currencies while offering local bank details in USD, EUR, GBP, CAD, and more—making it easier to receive funds from clients and marketplaces like Amazon, Upwork, and Fiverr.

Covering over 190 countries and 70+ currencies, Payoneer provides businesses with a convenient way to manage global transactions. However, while payments between Payoneer users are free, receiving funds from clients via credit card, ACH, or PayPal come with additional fees¹.

Key features	Key considerations
Free payments between Payoneer accounts	Annual account and card fee of $29.95 USD
Local receiving accounts in 10+ currencies	Currency conversion fees up to 3.5%
Works with major e-commerce platforms and marketplaces	ATM withdrawals cost $3.15 USD per transaction
Batch payments for paying up to 200 invoices at once	Fees of up to 3.99% for receiving payments via credit card, ACH, or PayPal

Wise

Wise Business is a powerful alternative for companies looking to send, receive, and manage money internationally without the hidden fees of traditional banks. Unlike banks that apply markups to exchange rates, Wise offers the mid-market rate with transparent fees starting at just 0.48%². Businesses can hold and convert over 40 currencies, receive local account details in 23 currencies—including CAD, USD, GBP, and EUR—and pay suppliers or employees in over 160 countries.

Designed for global businesses, Wise integrates with major accounting software, supports batch payments for up to 1,000 invoices at once, and provides Wise Business cards for team spending worldwide with no foreign transaction fees. However, while Wise is a cost-effective option, it doesn’t offer business credit, lending, or in-person banking services.

Key features	Key considerations
Mid-market exchange rate with low conversion fees	One-time setup fee of 55 CAD to get local account details
Hold and convert money in 40+ currencies	No business credit or lending options
Receive local account details in 23 currencies	USD wire transfers cost 6.11 USD
Free same-currency transfers between Wise accounts	No physical branches for in-person banking
Batch payments for up to 1,000 invoices	ATM withdrawals over 350 CAD/month incur a 1.75% fee + 1.50 CAD per withdrawal

Stripe

Stripe is a leading payment processing platform designed for businesses of all sizes, particularly those in e-commerce and SaaS industries. Supporting over 135 currencies³, Stripe makes it easy for businesses to accept payments worldwide via credit cards, bank debits and digital wallets.

Businesses can choose between Standard accounts with pay-as-you-go pricing or Custom plans tailored for high-volume operations⁴. Its powerful APIs give businesses the flexibility to build custom checkout experiences, automate invoicing, and sync with accounting tools. That said, Stripe’s multiple fees⁴ can start to stack up, and setting up advanced features may require some more technical know-how.

Key features	Key considerations
Accepts payments in 135+ currencies	Standard processing fee of 2.9% + C$0.30 per domestic card transactions
Pre-built e-commerce solutions for quick integration	Additional 0.8% fee for international card transactions
Advanced developer tools for custom checkout experiences	2% currency conversion fee for cross-border transactions
24/7 customer support via phone, chat, and email	There is a 7 day waiting period for the first payout⁵. Subsequent payouts can take 1-4 business days to process⁶
Supports digital wallets like Apple Pay and Google Pay	Requires some technical expertise for setting up and customizing

PayPal

A popular global platform, PayPal Business caters to businesses of all sizes, from startups to large enterprises. It allows merchants to accept payments through all major credit and debit cards, and customers don’t even need a PayPal account to make a purchase.

Businesses get access to useful features like built-in invoicing, subscription billing, and e-commerce integration to make managing daily transactions easier. However, while it offers convenience, its fees⁷—especially for international transactions—can be higher than other options.

Key features	Key considerations
Accepts payments via credit cards, debit cards, and PayPal balance	Domestic transaction fees start at 2.90% + a fixed fee
Offers business financing and credit options	International payments incur an additional 1.00% fee
Customers can pay without a PayPal account	Currency conversion fees range from 3% to 4%
Integrates with e-commerce platforms and accounting software	Instant withdrawals to a debit card come with a 1.50% fee and there are high fees for receiving international card payments (3.90%–4.10% + fixed fee)

Square

Square is a payment processing and business management platform designed to serve businesses of all sizes, from solo entrepreneurs to large retailers. It allows businesses to accept payments in person, online, and through mobile devices, offering flexibility in how they manage transactions.

With free point-of-sale (POS) software included, Square is particularly popular among small businesses looking for an all-in-one payment and sales solution. While it doesn’t support multi-currency accounts, it does allow international card payments, with conversions handled by the card issuer.

Key features	Key considerations
No monthly fees⁸ for the basic plan, making it accessible to small businesses.	No multi-currency support—transactions are processed in CAD, with conversions handled by the card issuer
Fast payouts, with instant transfers available for a small fee⁹	Processing fees apply, including 2.5% for credit card transactions and 3.3% + $0.15 for manually keyed-in transactions⁸
Industry-specific solutions tailored for retail, beauty, and restaurants	Limited customization compared to developer-friendly platforms like Stripe
Free POS software included with every account for seamless transactions	24/7 phone support is only available on premium plans
Supports online, in-person, and mobile payments, with options for tap, chip, and swipe	Not ideal for complex international operations, as it lacks cross-border banking features.

What is the best alternative to Relay for Canadian businesses?

Choosing the right alternative to Relay depends on what your business needs most. There’s no one-size-fits-all solution, but Canada has plenty of great options for business banking and payments.

If you’re looking for low-cost international transfers, seamless payment processing, or better multi-currency support, there’s a provider that can help. By comparing your options and considering fees, features, and ease of use, you can find the best fit to keep your business finances running smoothly.

Sources:

Sources verified on 28 March 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.