CAD business accounts: how to receive and pay Canadian dollars

Canadian clients pay suppliers by EFT, wire or Interac e-Transfer. With CAD details in your company's name, they pay you the same way. Here is how it works.

Rashidatou K.Payments editor

Published: 28 May 2026
Reading time: 2 min read

Canada is the US's largest trading partner and a big market for agencies, software companies and exporters. Many founders bill Canadian clients in USD by default, and the client's bank converts at its own rate, or the client asks to pay in CAD. A CAD account in your company's name fixes both.

How Canadian account details work

Field	Format	What it identifies
Institution number	3 digits	The bank
Transit number	5 digits	The branch
Account number	Usually 7 to 12 digits	The account

For electronic payments, the institution and transit numbers are often written together as a routing number (a leading 0, then the institution and transit numbers). For international wires into Canada, a SWIFT code is used as well.

How Canadian businesses pay

Rail	Used for	Timing
EFT (ACSS batch)	Supplier payments, payroll	1 to 2 business days
Lynx	Large, urgent payments (wires)	Same day, real-time settlement
Interac e-Transfer	Smaller payments	Usually near-instant
Real-Time Rail	Instant payments, being built by Payments Canada	Instant, when live

Canadian accounts payable teams pay most suppliers by EFT in regular runs. Giving them EFT details is the easiest way to get paid on time.

Why bill in CAD

The client pays in its own currency, with no conversion on its side.
You choose when to convert, at a rate you can see. See mid-market rate and FX markups.
If you have Canadian costs, such as contractors, software or ad spend, you pay them from the CAD balance without converting twice.

Paying in Canada

To pay a Canadian contractor or supplier, you need their name, institution, transit and account numbers, or an email for Interac e-Transfer if your provider supports it. A local EFT payout avoids a SWIFT wire and its intermediary fees. See bulk payments explained.

CAD on Rivet

Rivet's Scale plan adds local CAD account details in your company's name, beside USD, EUR and GBP, so Canadian clients pay you by EFT like a local supplier. On every plan you can pay out to Canadian accounts in CAD. See Bank accounts and Pricing.

Questions people ask

Can a non-Canadian company open a CAD account?

Canadian banks usually want a Canadian presence. Several payment providers issue CAD account details to companies registered elsewhere, so Canadian clients can pay them by EFT like a local supplier. Check which countries the provider accepts.

What is a transit number?

A five-digit number that identifies the branch where an account is held in Canada. Together with the three-digit institution number and the account number, it lets a payer send an EFT or wire to the account.

How long does an EFT take in Canada?

Usually one to two business days, through Payments Canada's batch system. Large-value wires through Lynx settle the same day. Interac e-Transfer is typically near-instant but has lower limits.

Should I invoice Canadian clients in CAD or USD?

In CAD if you can receive it cheaply. Many Canadian businesses prefer paying in their own currency, and invoicing in CAD avoids their bank converting at its own rate. Hold the CAD or convert it at a rate you can see.

Sources

Written by

Rashidatou K.

Payments editor

Rashidatou writes Rivet's guides to how money moves between countries: the payment rails, what each one costs, and the account details a company needs to get paid in another currency. Every figure in Rashidatou's articles is traced to the scheme rulebook, the regulator or the provider's published price list, and those sources are listed at the end.