Sending cross-border payments from Canada: the stack

By Polynopsis team · Last updated 28 October 2026

Collecting and sending cross-border payments from Canada takes registration with FINTRAC as a money services business (or foreign money services business) and with the Bank of Canada under the Retail Payment Activities Act, plus a Québec money-services licence for Québec activity, with end-user funds held in a trust account or in a segregated account backed by insurance or a guarantee. The usual stack pairs a safeguarding account from a provider such as Peoples Trust or Digital Commerce Bank with collections over pre-authorized debit, EFT and Interac e-Transfer through Stripe, VoPay or Zūm Rails, stablecoin conversion through Kraken or Cybrid, FX from Corpay or Convera with the Bank of Canada's daily rate as the published reference, and Lynx wires on business days.

Currency	CAD
Collection and funding rails	Lynx, ACSS and USBE (EFT, pre-authorized debits, direct deposits), Interac e-Transfer for Business, Real-Time Rail (RTR)
Holiday calendar	Canada bank holidays 2026 and 2027

The Canada market

The World Bank puts personal remittances paid from Canada at US$15,115 million in 2025, against US$15,227 million in 2024 (World Development Indicators, updated 8 October 2026). source
Canadians made 26.7 billion retail payment transactions worth C$12.9 trillion in 2025, a 5.7% increase in value on 2024, according to Payments Canada's Canadian Payment Methods and Trends report published 6 October 2026; Payments Canada's systems cleared and settled C$103 trillion that year. source
Interac e-Transfer volume rose 14% to 1.6 billion transactions in 2025 and value rose 18% to C$663 billion. source
Lynx, Canada's high-value payment system, carried 13.6 million items worth C$93.3 trillion in 2025, a daily average of C$371.9 billion. source
The ACSS retail batch system handled 10.6 billion items worth C$10 trillion in 2025, a daily average of 42.3 million items. source
Twenty-two new members have joined Payments Canada since its membership opened to RPAA-registered payment service providers in 2025; the six approved on 1 October 2026 include Nium Canada, Remitly Canada and Pesapeer. source

Licensing: who can send money from Canada

Money services businesses operating in Canada, and foreign money services businesses that direct and provide services to clients in Canada, must register with FINTRAC before they begin to operate, even if they hold a provincial licence; FINTRAC charges no registration fee. source
FINTRAC registration is valid for two years and must be renewed before expiry; changes such as a new representative for service in Canada must be reported within 30 days. source
A foreign money services business must designate a representative for service who resides in Canada, and banks must confirm that a foreign money services business is registered with FINTRAC before opening an account for it. source
Money services businesses report to FINTRAC every international electronic funds transfer of C$10,000 or more they initiate or finally receive, within 5 business days, aggregating transfers under the 24-hour rule. source
Payment service providers with a place of business in Canada, and foreign PSPs that perform retail payment activities for end users in Canada and direct them at Canada, must register with the Bank of Canada under the Retail Payment Activities Act, even if not incorporated in Canada or registered with FINTRAC; registered PSPs file an annual report by 31 March. source
The Bank of Canada began supervising PSPs under the RPAA on 8 September 2025, starting with close to 1,500 applicants. source
In Québec, a person or entity operating a money-services business for remuneration, including funds transfer and currency exchange, must hold a licence of the appropriate class under the Money-Services Businesses Act; the Act assigns licensing to the Minister of Revenue, whose functions under it have been exercised by Québec's Minister of Finance since an order in council of 10 September 2025. source
Canadian Payments Act amendments that make PSPs supervised under the RPAA eligible for Payments Canada membership received Royal Assent in June 2024 and came into force on 29 September 2025; a PSP must be registered under the RPAA to apply. source
The CSA treats USDC and QCAD as value-referenced crypto assets whose issuers have filed undertakings (3 December 2024 and 20 November 2025), and registered crypto trading platforms in Ontario include Payward Canada (Kraken), Coinbase Canada and Cybrid Canada. source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Holding customer funds

A PSP that holds end-user funds must, under subsection 20(1) of the RPAA, either hold them in trust in a trust account not used for any other purpose, or hold them in an account not used for any other purpose with insurance or a guarantee at least equal to the amount held. source
The safeguarding account must be provided by an entity described in section 13 of the Retail Payment Activities Regulations, such as a Canadian financial institution referred to in paragraphs 9(a) to (d) or (f) to (h) of the RPAA, and must have an account number distinct from the PSP's other accounts. source
PSPs must keep a ledger of the funds held for each end user, and the Bank of Canada sets as best practice daily measures to identify shortfalls, which must be reported in the annual report. source
End-user funds can be held as cash or secure and liquid assets such as cash equivalents and guaranteed investment certificates, but not residential mortgage-backed securities, common equity or corporate bonds and commercial paper rated A+ or below. source
A PSP must notify the Bank of Canada 30 days before any safeguarding insurance or guarantee is cancelled or terminated. source
Where a PSP holds end-user funds in trust at a CDIC member, CDIC insures up to C$100,000 for each beneficiary named in the trust if CDIC trust requirements are met; since 8 September 2025, registered PSPs are eligible to be professional trustees under the CDIC Act. source

Collection and funding rails

Rail	Operator	What matters	Source
Lynx	Payments Canada	Canada's high-value wire system, open on regular business days and closed at weekends and on federal statutory holidays. The payments cycle runs from 12:30 a.m. to 7:00 p.m. ET, with regular payments in Settlement Window 1 (12:30 a.m. to 6:00 p.m. ET).	source
ACSS and USBE (EFT, pre-authorized debits, direct deposits)	Payments Canada	Retail batch system for CAD items and US dollar items drawn on accounts in Canada; the previous day's net balances settle on the books of the Bank of Canada in the morning of each business day.	source
Interac e-Transfer for Business	Interac Corp.	Payments around the clock, with most landing seconds after they are sent; up to C$25,000 per transaction depending on the institution and account type, and up to 10,000 payments in one file, through 250+ financial institutions.	source
Real-Time Rail (RTR)	Payments Canada	New real-time exchange, clearing and settlement system. Payments Canada targets launch in Q4 2026 with initial direct Exchange participants, migration of Interac e-Transfer clearing and settlement from Q1 2027, and all initial participants at full volumes by Q3 2027.	source

The send-side stack, layer by layer

A starting shortlist for each layer, described from each provider's own documentation. Confirm terms, coverage and licences with each provider.

Sponsor banks and safeguarding accounts

Provider	What it does	Source
Peoples Trust (Peoples Group)	Professional Trustee Account, CDIC eligible, built to help PSPs meet RPAA safeguarding requirements by segregating client funds from operating funds, with tools and APIs for organising and transferring funds.	source
Digital Commerce Bank (DC Bank)	OSFI-regulated bank and Payments Canada member offering RPAA trust accounts for registered or applicant PSPs, with sub-accounts by user or merchant, transfers to its payment accounts and optional API access (C$75 per trust account and C$50 per sub-account).	source

Collections and pay-ins

Provider	What it does	Source
Stripe (Canadian pre-authorized debit)	Collects pre-authorized debits from Canadian bank accounts over Payments Canada's ACSS in CAD or USD, for businesses in Canada and the US, after collecting a PAD mandate; payment success is confirmed at T+4 business days.	source
VoPay	API and portal for sending, requesting and receiving Interac e-Transfer for Business payments up to C$25,000 each, alongside EFT, card, ACH and Visa Direct rails.	source
Zūm Rails	Platform that unifies US and Canadian payment rails, including EFT, Interac and Visa Direct, with card issuance and KYC tools.	source

Stablecoin ramps

Provider	What it does	Source
Kraken (Payward Canada)	OTC desk offering request-for-quote trading with CAD, USD, USDC and USDT among quote currencies, automated settlement against account balances, and a minimum order of US$50,000 equivalent.	source
Cybrid	API through which a KYB-verified Canadian business funds a CAD account by EFT, converts CAD to USDC, and pays out on-chain, to a foreign bank account through a remittance plan, or by CAD EFT or Interac e-Transfer.	source
zerohash	Granted OSC exemptive relief on 30 July 2026, with a four-year sunset, to buy and sell specified value-referenced crypto assets with clients in Canada on an immediate-delivery basis without holding client fiat or crypto; registered with FINTRAC as a foreign MSB.	source

FX and liquidity

Provider	What it does	Source
Bank of Canada daily exchange rates	Indicative daily average rates built from aggregated quotes from financial institutions, published once each business day by 16:30 ET.	source
Corpay Cross-Border	CAD wire payments, direct credits, drafts and receivables, forwards and options, and multi-currency accounts.	source
Convera (Canada)	FX payments, forward contracts and FX options for Canadian businesses.	source

KYC and KYB providers

Provider	What it does	Source
Trulioo	Business and beneficial ownership verification connected to the federal and all 10 provincial business registries, returning standardised BN9 and BN15 numbers and audit records for FINTRAC requirements.	source
Interac verification service	Lets customers verify their identity with their online banking login at participating banks and credit unions such as BMO, CIBC and Desjardins, drawing on a network of data providers across Canada.	source
Canada's Business Registries (ISED)	Free federal search of business information from the registries of Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Québec, Saskatchewan and Corporations Canada.	source

Bank data and open banking

Provider	What it does	Source
Flinks	Retrieves account details, balances, transactions and statements from 15,000+ institutions across North America using OAuth, direct bank APIs and screen scraping, for personal and business accounts.	source
Plaid	Supports over 10,000 institutions across the United States and Canada, with product availability varying by country; Plaid recommends /accounts/balance/get for real-time balance on non-US bank accounts.	source

When money can leave Canada

Lynx and the ACSS run Monday to Friday except statutory holidays. Remaining 2026 closures are Remembrance Day (Wednesday 11 November), Christmas Day (Friday 25 December) and Boxing Day, observed on Monday 28 December, so CAD wires sent after Lynx closes on Thursday 24 December next settle on Tuesday 29 December. source
Lynx regular payments run in Settlement Window 1 from 12:30 a.m. to 6:00 p.m. ET; the window from 6:00 p.m. to 7:00 p.m. ET is reserved for interbank lending and repaying Bank of Canada intraday loans. source
ACSS items such as EFT credits and pre-authorized debits settle on the books of the Bank of Canada the morning after clearing, and US dollar items in USBE settle through correspondent banks in New York. source
As of October 2026 Payments Canada describes the Real-Time Rail as launching in the coming weeks; it is built to give businesses and consumers access to their payments any day, any time. source
Canadian pre-authorized debit collections through Stripe confirm success at T+4 business days, with funds available at T+5, and a CAD account can reject a USD debit up to 5 business days later. source

Corridors from here

Frequently asked questions

Which registrations does a cross-border payment company need in Canada?

FINTRAC registration as a money services business, or as a foreign money services business if it has no place of business in Canada, renewed every two years. It also registers with the Bank of Canada under the Retail Payment Activities Act, and needs a Québec licence of the appropriate class for money services in Québec.

How must a PSP safeguard end-user funds in Canada?

Hold them in trust in a trust account used for no other purpose, or in a segregated account with insurance or a guarantee at least equal to the funds. The account must come from an eligible institution and the PSP must keep a ledger per end user. In a trust account at a CDIC member, CDIC insures up to C$100,000 per named beneficiary if its trust requirements are met.

Is Canada's Real-Time Rail live?

Not yet. Payments Canada targets launch in Q4 2026 with initial direct participants and plans to migrate Interac e-Transfer clearing and settlement from Q1 2027.

How much can a business send by Interac e-Transfer?

Interac e-Transfer for Business allows up to C$25,000 per transaction, depending on the institution and account type, and up to 10,000 payments in one file.

When are Canadian payment systems closed over Christmas 2026?

Friday 25 December and Monday 28 December, when Boxing Day is observed. Remembrance Day, Wednesday 11 November, is also a closure day.

Can a payment company join Payments Canada directly?

Yes, if it is registered under the Retail Payment Activities Act. Canadian Payments Act amendments allowing this came into force on 29 September 2025, and 22 new members have joined since, including Nium Canada and Remitly Canada.

Sources

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